Citizens' Issues
33 complaints received against Patanjali ads
Over 30 complaints against advertisements of yoga guru Ramdev's Patanjali Ayurved Ltd were received between April 2015 and July 2016, parliament was told on Monday.
 
In total there were 33 complaints received during last one year against Patanjali for self regulation of advertising content as per the findings of Consumer Complaints Council (CCC), Minister of State for Information and Broadcasting Rajyavardhan Rathore told the Lok Sabha in a written reply.
 
The Department of Consumer Affairs has informed that 17 out of 21 advertisements complained against were considered to be in violation of Advertising Standards Council of India (ASCI) code, he said.
 
"Six product packaging communications were also considered to be in violation of ASCI code for self regulation of advertising content," the minister said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Key bill for quicker, easier debt recovery passed by Lok Sabha
The Lok Sabha on Monday passed a key bill empowering banks to take possession of collateral, except for farm land, in the case of loan default, even as Finance Minister Arun Jaitley asserted that a culture should not be promoted where banks only are responsible for recovery of loans.
 
"We should not create this culture where somebody can just take loan and be under an assumption that now it is the headache of the bank, I will sleep well, and bank should be answerable," Jaitley said while piloting the the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016.
 
The bill, which seeks to amend four laws - the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996 -, aims at faster recovery of debt by PSU banks, which are grappling with Rs 4 lakh crore of NPAs and Rs 8 lakh crore of stressed assets.
 
Jaitley said any section of society should know it pretty clearly that "when it takes loans, the loan amount has to be paid back".
 
"Nobody can move on theAassumption, whether it is large industry or small industry of MSMEs, that loans will not be given back," he said as he answered queries from members including Saugata Roy (Trinamool Congress), B Mahtab (Biju Janata Dal) and N.K. Premchandran (Revolutionary Socialist Party) on the bill.
 
However, Jaitley ruled out any waiver in the event of education loan defaults, saying "some compassion" has to be shown if someone is unemployed, though clarifying that the loan cannot be written off totally.
 
"Internationally, educational loans have become very successful. Most children in higher education are supporting themselves through education loans. Loans are then repaid. Even as of today in India, the percentage of NPA in educational loan is reasonably high. Therefore, some compassion will have to be shown when somebody is unemployed or does not get a job," he said. 
 
The bill was passed by a voice vote after the amendments moved by opposition members were either withdrawn or negated.
 
Replying to queries on the bill from Lok Sabha members, including Mahtab and Tatagatha Sathpathy (both BJD), Roy and Sushmita Dev (Congress), the Finance Minister said the new law will empower the Reserve Bank of India (RBI) to examine the statements and any information of Asset Reconstruction Companies related to their business.
 
The bill further empowers the RBI to carry out audit and inspection of these companies, and the central bank may penalise a company if it fails to comply with any directions issued by it.
 
The changes in the Sarfaesi Act allow secured creditors to take over a collateral against which a loan had been provided, upon default in repayment, and also provides that the process will have to be completed within 30 days by the district magistrate.
 
"The present law simplifies the procedure by which there will be quick disposal of pending cases of banks and financial institutions by the debt recovery tribunal," Jaitley said.
 
He told Premchandran that farm land has been kept out of the purview of the Act.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex struggling to head higher – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were overbought, but there was no sign of weakness as yet.  The major indices of the Indian stock markets were trading in the red on Monday and closed with small losses. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Profit booking, along with lower crude oil prices and apprehensions over two upcoming global events, subdued the Indian equity markets on Monday. The key indices closed the day's trade on a flat note, as heavy selling pressure was witnessed in capital goods and banking stocks. The equity markets had receded after they touched new intra-day highs in almost a year. On the NSE, there were 528 advances, 910 declines and 45 unchanged. However, global cues from the Asian markets were positive. The BSE market breadth was tilted in favour of the bears -- with 1,563 declines and 1,178 advances
 
The country's largest carmaker Maruti Suzuki India on Monday reported a 12.7% increase in its total sales in July, to 1,37,116 units as compared to 1,21,712 units sold in the same month last year. The company in July posted its highest ever monthly domestic sales to 1,25,778 units, up 13.9% from 1,10,405 units sold in the year-ago month, the car maker said in a filing to BSE. In July, sales of mini segment cars fell by 7.2% to 35,051 units as compared to 37,752 units sold in July 2015. The company said its total passenger cars sales in the month grew by only 2.2% to 93,634 units as compared to 91,602 units sold in the corresponding month last year. Sales of utility vehicles soared by a whopping 151.3% to 17,382 units in July this year from 6,916 units in the corresponding month last year while sales of vans grew 24.1% to 14,748 units in July as against 1,887 units in the same month last year. Exports during the month increased marginally by 0.3% to 11,338 units as compared to 11,307 units in July last year, the carmaker said. The company’s shares closed at Rs4,869.80, up 2.41% on the BSE.
 
Commercial vehicles major Ashok Leyland Ltd on Monday said it closed last month selling 10.492 units, down by 5% over the comparable period last year. In a statement issued here, the company said it sold 10,492 units, down from 11,054 units sold in July 2015. While the company experienced seven per cent lower volume sales in the medium and heavy vehicles segment, it logged 4% growth in the light commercial vehicles segment. However, for April-July 2016 Ashok Leyland sold a total of 41,657 units - up from 39,208 units sold during April-July 2015. The company’s shares closed at Rs91.60, down 4.03% on the BSE.
 
Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) cut the price of transport fuels on Sunday effective from midnight, of petrol by Rs1.42 a litre and of diesel by Rs2.01, both at Delhi, with corresponding decrease in other states. Making its previous fortnightly revision in fuel prices on July 16, IOC had cut petrol by Rs2.25 a litre and diesel by Rs42 paise, both at Delhi. Petrol per litre from Monday will cost Rs61.09 in Delhi, Rs64.97 in Kolkata, Rs65.70 in Mumbai and Rs60.65 in Chennai. Similarly, diesel will cost Rs52.27 in Delhi, Rs54.57 in Kolkata, Rs57.47 in Mumbai and Rs53.73 in Chennai. 
 
Key macro-economic data, coupled with the government's efforts to build political consensus on a major economic legislation and quarterly earnings results, are expected to steer the Indian equity markets in the course of the week. The global liquidity tap, thanks to global central banks, needs to further support the markets, if commensurate growth in corporate earnings and other macro data does not materialise. The net FPI (Foreign Portfolio Investors) flows in July, 2016 crossed Rs12,600 crore, even as domestic institutional investors continued to remain net sellers. On a weekly basis, figures from the stock exchanges showed that FPIs purchased stocks worth Rs3,719.63 crore during the last week.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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