Financial Planning
Aadhaar number not a must for EPFO members

The EPFO stated that its 5 crore members need not necessarily have Aadhaar numbers to avail the benefits of PF body's schemes as these are excluded from Centre's Direct Benefit Transfer programme

Now the Employees Provident Fund Organisation’s (EPFO) over 5 crore members need not necessarily have Aadhaar numbers to avail the benefits of PF body's schemes as these are excluded from Centre's Direct Benefit Transfer (DBT) programme.

 

“The schemes under EPFO and ESIC have been excluded from the list schemes identified for implementation of Direct Benefit Transfer,” a labour ministry letter to the EPFO’s Central Provident Fund Commissioner stated.

 

Subsequently, the EPFO head office issued an office order to discontinue submission of monthly report on the progress of the work under the DBT scheme by regional offices.

 

At present, the money is transferred through NEFT and cheques. The scheme was excluded from the DBT scheme mainly because it was for distributing subsidies and grants and PF money is not a subsidy, an official explained.

 

Earlier this year in January, EPFO has asked the field staff to ensure the collection of data (Aadhaar) in respect of member joining on or after 1 March 2013 on a monthly basis and in respect of existing members by 30 June 2013.

 

According to the office order issued then, in case an employee does not have the Aadhaar number, the employer can issue an Enrolment ID (EID) as per the guidelines of the body. This EID would be converted into Aadhaar number later on, the order had said.

 

The body had also decided to seek the Aadhaar numbers of its pensioners through the banks.

 

Later in February this year, after drawing flak from unionist for the move, the PF body decided to put on hold the decision to make it mandatory for new members joining EPF scheme to provide Aadhaar number as credential for enrolment from 1 March 2013.

 

The EPFO order circulated in February had observed that getting the Aadhaar was a time consuming process and the (UIDAI) scheme covers only 18 states.

 

The remaining states are covered by the Register General of India under the National Population Register which would be digital database of country’s residents.

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Mumbai property tax: BMC extends deadline till 30th September

Following an uproar about the flawed methodology of calculating property tax, the BMC has now extended the last date for paying tax by three months

Municipal Corporation of Greater Mumbai (MCGM) or BrihanMumbai Municipal Corporation (BMC) has extended the last date to file property tax to 30th September. As per the previous order, the last date for paying property tax was 30 June 2013. When contacted, the official at the public relations department at BMC confirmed the extension.

 

As reported earlier, Moneylife Foundation has conducted several seminars and counselling sessions on the property tax issue affecting Mumbaikars, ever since the MCGM sent out demands for its hefty revised property taxes with arrears for the past three years. Anomalies in computation and the hefty new taxes have caused serious concern for home and property owners. The new taxes carry the threat of hefty penalties for non-payment; however after public outrage over the short time allocated to pay up, the MCGM deferred tax payment deadline from March to June.

 

Several persons had called us at Moneylife and were calling property experts to find out whether they are obliged to pay by 30 June 2013. All such people can now pay the tax until September end.

 

When the revised property tax notices were sent out, several organisations, including the Property Owners Association had announced plans to move court, but we find that none of the cases has been filed yet.

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Sensex, Nifty in a strong rally mood: Friday Closing Report

The market is likely to remain bullish for the next few days
 

The economic reforms, which were announced on Thursday, and the strengthening rupee helped the market settle over 2.5% higher and in the green for the second day. The market is likely to remain bullish for the next few days. The National Stock Exchange (NSE) registered a volume of 68.27 crore shares and advance-decline ratio of 1023:382.

 

The market opened higher on support from the oil & gas sector following the Cabinet Committee on Economic Affairs approving a hike in gas prices with effect from April 2014. Support from the Asian markets which were in the positive in morning trade also boosted investor sentiment.

 

The Nifty opened 68 points higher at 5,750 and the Sensex started the day at 19,093, a jump of 217 points over its previous close. The opening figures on the Nifty and Sensex were their intraday lows. Gains in oil & gas stocks and the strengthening of the rupee against the dollar pushed the benchmarks higher as trade progressed.

 

The upmove continued in the noon session on a rally in metal, capital goods, power, PSU, banking, auto and oil & gas stocks. A positive opening of the key European markets also supported the sentiments back here.

 

Economic reforms announced on Thursday, the lower CAD and the strengthening rupee led the market to its high in the last half hour of trade. The Nifty rose to 5,853 and the Sensex climbed to 19,433 at their respective highs.

 

The market settled marginally off the highs and in the green for the second day in a row. The Nifty closed 160 points (2.81%) at 5,842 and the Sensex jumped 520 points (2.75%) to 19,396.

 

In line with the Sensex, the broader indices also ended higher. The BSE Mid-cap index surged 2.26% and the BSE Small-cap index climbed 1.37%.

 

Today’s rally saw all sectoral gauges settling in the green. The top gainers were BSE Metal (up 4.70%); BSE Power (up 4.15%); BSE Capital Goods (up 4.03%); BSE PSU (up 3.52%) and BSE Oil & Gas (up 3.37%).

 

Out of the 30 stocks on the Sensex, 29 stocks settled higher. The chief gainers were Jindal Steel & Power (up 7.89%); BHEL (up 6.90%); Tata Power (up 5.71%); Coal India (up 5.58%) and Sterlite Industries (up 5.23%). Hindustan Unilever (down 0.67%) was the lone loser on the index.

 

The top two A Group gainers on the BSE were—IFCI (up 17.79%) and Piramal Enterprises (up10.81%).

The top two A Group losers on the BSE were—Gitanjali Gems (down 9.99%) and MMTC (down 4.99%).

 

The top two B Group gainers on the BSE were—Simran Farms (up 20%) and Indo Borax Chemicals (up 20%)

The top two B Group losers on the BSE were—JMD Telefilms (down 19.82%) and Unisys Softwares & Holding Industries (down 19.78%).

 

Of the 50 stocks on the Nifty, 47 ended in the in the green. The major gainers were JSPL (up 7.40%); BHEL (up 7.33%); Reliance Infrastructure (up 6.53%); BPCL (up 6.32%) and Tata Power (up 6.20%). The losers were HCL Technologies (down 2.81%); Ranbaxy Laboratories (down 2.39%) and Hindustan Unilever (down 0.54%).

 

Markets across Asia settled firm on positive economic news from Japan and speculations that the US Fed will not take a decision of scaling down its bond buying programme any time soon.

 

The Shanghai Composite advanced 1.50%; the Hang Seng surged 1.78%; the Jakarta Composite climbed 3.06%; the KLSE Composite advanced 1.25%; the Nikkei 225 jumped 3.51%; the Straits Times gained 1.04%; the Seoul Composite surged 1.56% and the Taiwan Weighted settled 2.26% up.

 

At the time of writing, the key European indices pared initial gains and were in the red while the US stock futures were trading with small gains.

 

Back home, foreign institutional investors were net sellers of shares totalling Rs1,043.27 crore on Thursday. On the other hand, domestic institutional investors were net buyers of equities amounting to Rs358.38 crore.

 

Hyderabad-based Suven Life Sciences has secured two product patents, one from Japan and another from the US, corresponding to its new chemical entities (NCEs) for the treatment of neurodegenerative diseases. The patents are valid through 2028 and 2029. The stock surged 5.36% to Rs24.55 on the NSE.

 

State-run power producer NTPC has tied up with German entity KfW for a fixed interest term loan facility of Euro 95 million (about Rs 738 crore). The loan facility would be utilised to part-finance the capital expenditure on renovation and retrofitting of electro static precipitators at various generation stations of NTPC to reduce the fly ash emissions. The stock gained 2.67% to close at Rs144.05 on the NSE.

 

McNally Bharat Engineering on Friday said that it received an order worth Rs265 crore from National Buildings Construction Corporation for the construction of housing units at NTPC’s Pakri project in Hazaribag district of Jharkhand. McNally Bharat surged 5.41% to close at Rs45.75 on the NSE.

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