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The petition on Change.org noted that the ingredient, brominated vegetable oil, has been patented as a flame retardant and is banned in Japan and the EU. Brominated vegetable oil, or BVO, is still used in other drinks, including Coca-Cola's Fanta and PepsiCo's Mountain Dew
The consumer organisation wants the UPA government to take corrective steps against the “one address-one connection” rule and re-issue a fresh set of guidelines, keeping in view the joint family set-up in the country
Ahmedabad-based Consumer Education and Research Centre (CERC) has opposed the anomalies in the implementation of the decision to reduce the number of LPG cylinders per connection. While questioning the recent ruling of the government that only one connection at the same address is eligible for six LPG cylinders per year under the subsidized quota, the CERC said, “This rule could hit the joint family culture in India as it will impose an additional financial burden of purchasing cooking gas at premium rates for big families that will be unable to survive on the limited quota.”
The joint family system is a deep-rooted trait in the Indian culture, CERC pointed out and appealed to the Centre to resolve the plight of thousands of such consumers who are part of joint families and will now have to bear an additional financial burden. CERC has outlined the threat that this “one kitchen one connection” rule will pose to the social fabric of the country.
In a letter to M Veerappa Moily, Union minister for petroleum and natural gas, the CERC, cited the example of a retired civil servant who will have to let go his LPG connection to stay with his 45-year-old son and daughter-in-law, both of whom have shown the same address at the gas office and are, therefore, entitled to only one subsidized connection.
CERC has also suggested ways through which the government can verify the number of people staying in a house and accordingly allot the subsidized connection. These methods include checking the municipal corporation bill, election card, telephone bill of the same address, which will help the authorities to avoid the misuse of this criterion.
CERC has asked the authorities concerned to take the required corrective steps against the “one address-one connection” rule and re-issue a fresh set of guidelines, keeping in view the joint family set-up in India. Else the consumer organization has also threatened legal action against the bodies concerned.
Last week, bowing to public pressure, the Cabinet Committee on Political Affairs (CCPA) chaired by prime minister Manmohan Singh raised the cap on subsidised LPG cylinders to nine cylinders per household from six.
In September, the Centre had decided that each household will get six cylinders of 14.2-kg per annum at the subsidised rate and any requirement beyond that would have to be procured at market rate.
Subsidised LPG costs Rs410.50 per 14.2-kg cylinder and any household requirement beyond the new cap of nine cylinders will have to be bought at Rs942 per bottle.
RS Butola, chairman, Indian Oil Corporation said consumers will get five subsidised cylinders instead of previously mandated three till 31 March 2013. From 1 April onwards they will get nine cylinders in a year, he said.
HDFC’s individual loan book witnessed robust growth of around 31%, including addition of loans sold during this December quarter
Mumbai: Housing Development Finance Corporation (HDFC) on Monday reported a 27.55% rise in consolidated net profit to Rs1,705.83 crore in the third quarter ended December 2012 on sound growth in individual loan book, reports PTI.
During the third quarter to end-December, total revenues of the home loan provider soared 58.8% to Rs10,128.58 crore compared to Rs6,379.96 crore reported a year-ago.
“We continue to post sound results on the back of robust loan growth, especially in the individual loan segment,” HDFC vice-chairman and chief executive Keki M Mistry told reporters.
HDFC’s total loan book stood at Rs1.61 lakh crore by the end of the December quarter, up 21.7% from Rs1.32 lakh crore reported in the same period last fiscal.
However, the market reacted negatively to the numbers and the HDFC counter closed nearly 1% down at Rs814.50, after hitting a high of Rs828.05 on the BSE, whose main index Sensex rose by 0.3% to 20,102 points.
“The individual loan book witnessed robust growth of around 31%, which includes addition of loans sold during this period,” Mistry said, adding that around 85% of the total growth in loan book came from individual loan segments with the rest coming from the non-individual segment.
The non-individual segment is likely to do good in the fourth quarter of the fiscal, he added.
On the net interest margin front, the housing finance company recorded a 4.1% NIM in the third quarter.
“We hope that the spreads will remain stable in the near future,” Mistry said.
HDFC also witnessed an improvement in the asset quality with gross non-performing asset (NPA) standing at 0.75% in this period compared to 0.82% reported in the same period last fiscal.
Its capital adequacy ratio stood at 17.5% as of December with a Tier-I capital standing at 14.9%. As per the company, its subsidiaries in life insurance, general insurance and mutual fund among others contributed around 33% of the net profit during the reporting quarter.
Replying to a question on the plans to list its life insurance business, he said the company will take a call after the new Insurance Bill is passed by Parliament.
On his expectations from the Reserve Bank of India (RBI) on 29th January, Mistry said the central bank is likely to cut the repo rate by 25 basis points (0.25%), which may be followed up in the next policy review in March.
He also said he does not expect a CRR (cash reserve ratio) cut on 29th January.