INTERNATIONAL ACCOUNTING STANDARDS
Derivative products on Indian bonds see strong global demand
Overseas investors are flocking to Indian assets through a derivative product ahead of government bond inclusion in the JPMorgan index, accounting for 30% of $10 billion flows into local debt in nine months.
Fortifying the Forces: Agnipath scheme may see significant changes following Army survey
The Indian Army is set to implement major changes to the Agniveer scheme following feedback from an internal survey. These changes include extending the service tenure from four to eight years, increasing the retention rate of Agniveers to 60-70%, and raising the induction age for technical services to 23 years. The modifications aim to address concerns about inadequate expertise and improve the scheme’s effectiveness. The proposals will be reviewed by the Prime Minister's Office, with final decisions expected soon.
International Road Federation calls for reducing GST on helmets from 18% to nil
In a statement issued on Wednesday, IRF said removing GST on helmets will make standard helmets more affordable for the masses and will discourage them from buying helmets of substandard quality, thereby reducing chances of head injury and death among two-wheeler riders during a road accident.
International Road Federation wants no GST on helmets to make it more affordable
The International Road Federation (IRF) has urged the GST Council and Ministry of Finance to reduce the tax on helmets from 18% to nil to promote their use for safety. IRF highlighted the vulnerability of two-wheeler riders in road accidents and emphasized the importance of standard helmets to reduce fatalities.
Own midcaps? Do a check & balance exercise to avoid decision of haste: 7 midcaps from different sectors with an upside potential of upto 49%
Every now and then the market goes through phases, where it prefers a certain set of stocks, not based on sector but based on the overall market cap. So, sometimes it is large caps, at other mid-caps. Now this partially happens, due to the flows which are coming to markets. For example, if more flows are coming to mid-cap or multicap schemes there is bound to be out performance in the mid-cap space. Now what it does is that it tends to create a sudden surge in mid-cap. Similarly when there is an outflow like the kind of one which we saw in March this year, midcap stocks tend to decline sharply. Essentially, it is the flows which impact the broader matrix of how midcaps behave. So there are phases not owning a midcap stocks appeared to sin and then there phase, where owning them appears to be sin. But if one focuses on the underlying business and some critical parameters, there is a possibility of getting rid of these phases of anxiety which keep coming to the street and create long term wealth.
'Made in India' bullet trains with top speed of 250 kmph in making
The Indian Railways has assigned the Integral Coach Factory (ICF) to manufacture two standard-gauge bullet trains this fiscal year, aiming to address delays in negotiations with Japanese suppliers over costs. These bullet trains, capable of speeds up to 250 kmph, will operate on the Mumbai-Ahmedabad High-Speed Rail corridor. Built on the Vande Bharat platform, the trains face tight delivery timelines. The project has been delayed due to land acquisition issues, and experts believe achieving the target speed within this fiscal year is challenging.
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NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
RBI releases finalised framework for Indian fintech sector's self-regulatory body
The Reserve Bank of India (RBI) has finalized a framework for self-regulatory organizations (SROs) in the fintech sector, considering stakeholder feedback on draft norms from January 15. These SROs will be industry-led, responsible for regulatory standards, ethical conduct, market integrity, dispute resolution, and fostering transparency, the central bank said in a statement.
Delhi hospital fire: How unchecked private nursing homes thrive amid high costs & poor infra
The high costs of medical care at private corporate hospitals in Delhi, combined with inadequate infrastructure at government facilities, have led to a significant increase in the demand for private nursing homes. Unfortunately, these facilities often disregard regulations, with little effort from the administration to ensure compliance and accountability.
Canada Student Visa: Eligibility criteria, application process and the documents you need
Indian students are attracted to Canadian universities for higher education. Admission to top universities requires excellent academic records. A study permit from the Canadian High Commission is essential for studying in Canada.
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case
The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
112th International Labour Conference: India and other countries to come up with legal framework on bio hazards
The International Labour Organisation will introduce a legal framework to protect the global workforce from biological hazards, emphasizing the impact of Covid-19. India and 186 other countries will discuss this at the 112th International Labour Conference in Geneva, focusing on standalone legislation, occupational safety, health, and national policies for prevention and protection.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
"My Brother, PROUD": Virat Kohli pays tribute to Indian footballing legend Sunil Chhetri
Sunil Chhetri announced his retirement on his official social media accounts with a 10-minute video, reminiscing the first time he was called up to represent the national side and about his decision to call time on his career.
Despite $125 billion debt, why is Pakistan increasing its defence budget to 18000 crore rupees
Pakistan faces economic strain with a $124.5 billion foreign debt, 42% of its GDP. It boosts military capabilities through major arms imports, mainly from China, accounting for 82% from 2019 to 2023. Despite economic woes, it increases defense spending by 15.4% in the national budget, totaling 18000 crore Pak rupees. This military expansion includes submarines from China. Reports suggest Pakistan may have secretly supplied arms to Ukraine, contradicting its neutrality stance. Public discontent grows due to economic hardships and perceived military dominance in resource allocation.
View: Why India struggles to keep its food safe
The Food Safety and Standards Authority of India denounced as “false and malicious” news reports that linked the spice scandal to a recent 10-fold relaxation on maximum permissible limits of pesticide residue. The country has the most stringent norms, the regulator said, even though others clearly seem to think otherwise.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
US says Israel's use of US arms likely violated international law, but evidence is incomplete
Biden administration suggests Israel's use of U.S. weapons in Gaza may breach international law, lacking specific evidence. Report underscores potential violations. Debate stirs over humanitarian aid restrictions and political motives, fueling tensions between the U.S., Israel, and Congress.
US says Israel's use of US arms likely violated international law, but evidence is incomplete
The Biden administration suggested that Israel's use of U.S.-supplied weapons in Gaza may have breached international law but stopped short of conclusive evidence due to wartime complexities. While finding "reasonable" evidence of violations, the report did not link specific U.S. arms to individual airstrikes. This assessment could influence future decisions on arms provisions to Israel. Critics argue the review overlooks clear Israeli blocks on aid delivery during the conflict, raising concerns about potential starvation among Palestinians in Gaza.
Has Israel followed the law in its war in Gaza? The US is due to render a first-of-its-kind verdict
The Biden administration is set to determine if Israel's actions in Gaza violate international and U.S. laws, amid scrutiny over its military support for Israel. This decision could influence the flow of weapons and aid to Israel. Critics question whether the U.S. will hold Israel accountable for alleged human rights violations, while supporters argue for maintaining strong ties with Israel. The administration's findings could impact future military assistance to Israel and have broader implications for U.S. foreign policy in the region.
Here's why Hong Kong and Singapore have announced a recall of MDH and Everest products
Hong Kong and Singapore have recalled popular Indian spice products from MDH and Everest due to the presence of carcinogenic ethylene oxide. The International Agency for Research on Cancer classifies ethylene oxide as a Group 1 carcinogen, prompting food regulators to take action. This article covers the details of the recall and the potential health risks associated with ethylene oxide in spices.
KPMG, Deloitte affiliates hit with US penalties for exam cheating
Exam cheating has plagued the auditor industry for years. KPMG in 2019 agreed to pay $50 million to the U.S. Securities and Exchange Commission (SEC) for a series of violations
Corporate actions this week: REC, SBI Card, HUDCO to go ex-dividend, Persistent Systems ex-split and more
There are a host of corporate actions scheduled for this week. Aditya Vision, Crisil, HUDCO, REC, and SBI Card will trade ex-dividend, while Persistent Systems will trade ex-split this week.
Global audit framework for local bodies in the works: CAG
Apex auditors, including India's Comptroller and Auditor General (CAG) Girish Chandra Murmu, are developing an international framework for auditing regional and municipal bodies to assess their performance. India aims to host a conference in September to deliberate on a preliminary draft of auditing standards for such entities.
Budget 2024: A perspective on direct tax to ponder
The government may make procedural amendments in the interim budget to bring clarity to the International Financial Services Centre (IFSC) and extend deadlines for tax concessions. Other expectations include changes to personal taxation, enhancements to standard deductions, and clarifications on assessment timelines and the use of Document Identification Numbers (DIN) on orders.
Big Four network and others under scrutiny over audit services
The National Financial Reporting Authority (NFRA) is investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA has raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client.
RBI forms working group to find framework for transition to credit-loss based provisioning system
The Reserve Bank of India has established a working group to propose a framework for a smoother transition to the expected credit loss-based provisioning system. The group, headed by R. Narayanaswamy, will provide inputs on technical aspects of the transition. The new system would be a shift from the current incurred loss-based provisioning regime. While there are concerns about the impact on banks' profits, India Ratings and Research believes that the healthy operating buffers and provision coverage ratio provide comfort. The group will also suggest factors for determining credit risk and recommend prudential floors for provisioning.
New accounting standard for insurance soon
The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told ET."The NFRA's suggestions are being evaluated. The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015," he added.
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