Tag: proposes

HDFC Bank logs 19 pc growth in net profit, proposes Rs 19 dividend

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Chennai: Private sector HDFC Bank Ltd on Saturday said it had closed FY23 with a 19.3 per cent increase in net profit and the Board has proposed a dividend of Rs 19 per share.
The HDFC Bank said it had closed FY23 with a net profit of Rs 44,107.7 crore (previous year Rs 36,961.33 crore) on a total income of Rs 192,800.4 crore (Rs 157,263 crore).
Net revenues (net interest income plus other income) for the year ended March 31, 2023 were Rs 118,057.1 crore, as against Rs 101,519.5 crore for the year ended March 31, 2022.

The company’s provisions for FY23 stood at Rs 11,919.67 crore (Rs 15,061.83 crore).
While the gross non-performing asset (GNPA) as on 31.3.2023 stood at Rs 18,019.03 crore (Rs 16,140.96 crore) the net NPA as on that date was at Rs 4,368.43 crore (Rs 4.407.68 crore).
The Board of Directors at its meeting held on April 15, 2023, proposed a dividend of, 19.00 per share (Rs 15.50 per share).
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.3 per cent as on March 31, 2023 (18.9 per cent as on March 31, 2022) as against a regulatory requirement of 11.7 per cent which includes Capital Conservation Buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB), HDFC Bank said.

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( With inputs from www.siasat.com )

April 15, 2023
Ladakh Administration Proposes 5.69 Lakh Kanals For Firing Range, Seek Public Objections

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SRINAGAR: The Union Territory of Ladakh plans to declare a field firing range in the Drass area of Kargil district, covering 5.69 lakh Kanals of land. The UT administration has issued a notification inviting objections from the general public.
The notification, issued by Umang Narula, advisor to LG Ladakh and administrative secretary, Home of the Union Territory, stated that objections must be communicated to the Deputy Commissioner of Kargil within two months from the date of issuance.
The Ladakh administration plans to allow field firing and artillery practice on a 5,69,911 Kanals and 17 Marlas area in village Matayen Kharu, district Kargil for five years, according to a proposal issued under sub-section (3) of section 9 of the Maneuvers, Field Firing and Artillery Practice Act, 1938.
The law requires that the State/UT administration issue an intention notice before designating an area as a field firing range for use by the forces. In 2017, the government of the former state of Jammu & Kashmir designated an area of 4,80,000 Kanals (60,000 acres) located at Mandalthang, Shayok in Durbuk sub-division, Leh district as a field firing range for five years. (KNO)

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#Ladakh #Administration #Proposes #Lakh #Kanals #Firing #Range #Seek #Public #Objections
( With inputs from : kashmirlife.net )

March 16, 2023
Barred from hosting Int’l events after Ukraine war, Russia proposes to host SCO Games with India

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New Delhi: In a proposal which could put India in a tricky situation, Russia has offered to host the inaugural Shanghai Cooperation Organization (SCO) Games, despite a ban imposed by the International Olympic Committee (IOC) on its member nations to take part in sporting events in that country.
Russian Sports Minister Oleg Matytsin, who is currently on an official visit to India, has put forward an initiative to hold the first SCO Games in his country, the Russian Sports Ministry said in a statement on Wednesday.
“We propose to consider Russia as a possible country to host the SCO Games in coordination with the SCO chair state for another calendar year,” Matytsin was quoted as saying in the Russian Sports Ministry statement.
“The activities of the association could be aimed at strengthening ties in the development of Olympic, non-Olympic, Paralympic and national sports; the association will promote sports activities among the SCO member states.”
The statement said Matytsin participated in a meeting with the heads of ministries and departments that oversee the development of physical culture and sports in the member states of the SCO, including representatives from Russia, India, Kazakhstan, China, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan.
There could be far reaching consequences if the proposal is accepted by the member countries of the SCO as the IOC has last month asked the international spots federations and National Olympic Committees not to take take part in any event in Russia and Belarus following the Ukraine war.
The IOC is, however, planning to allow Russians and Belarusians to return to competition ahead of qualifying events for the 2024 Paris Olympics as neutral athletes without national symbols.
“With regard to the sanctions…unanimously re-affirmed and called for a reinforcement of the sanctions already in place: No international sports events being organised or supported by an IF or NOC in Russia or Belarus,” a statement of the IOC said on January 25 said after its Executive Board meeting.

“No flag, anthem, colours or any other identifications whatsoever of these countries being displayed at any sports event or meeting, including the entire venue.
“No Russian and Belarusian Government or State official should be invited to or accredited for any international sports event or meeting.”
In another statement issued on February 28, the IOC recommended international sports federations and sports event organisers not invite or allow the participation of Russian and Belarusian athletes and officials in international competitions.
“…the IOC EB strongly urges International Sports Federations and organisers of sports events worldwide to do everything in their power to ensure that no athlete or sports official from Russia or Belarus be allowed to take part under the name of Russia or Belarus,” it said.
“Russian or Belarusian nationals, be it as individuals or teams, should be accepted only as neutral athletes or neutral teams. No national symbols, colours, flags or anthems should be displayed.”
The global body said it had arrived at the decision after consultation with IOC members, the entire network of athletes’ representatives, the international federations and the National Olympic Committees.
Russia’s proposal though contained no details of when the event could take place, or how large it would be.
Under the circumstances, taking part in an event in Russia could invite ban from the IOC. The Indian Olympic Association (IOA) was banned by the IOC for 14 months from December 2012 to February 2014, one of the reasons being government interference in its functioning.
The participation of India athletes in multi-sport events like the Olympics, Asian Games and Commonwealth Games is done through the IOA.
The top brass of the Indian Olympic Association (IOA) and sports ministry couldn’t be reached for a comment.
Most Olympic sports have excluded athletes from Russia and its ally Belarus since shortly after the start of Ukraine War.
Last month, 35 countries in a signed statement criticised the IOC for its plans to allow Russians and Belarusians to return to competition ahead of qualifying events for the 2024 Paris Olympics as neutral athletes without national symbols.
But, on the other hand, the Olympic Council of Asia in January invited Russian and Belarusian athletes to compete at the Asian Games scheduled to be held in Hangzhou, China, from September 23 to October 8 and qualify for the 2024 Olympics, though the details and the modalities are yet to be worked out.
On Monday, Tajikistan Football Association also invited Russia to participate in the inaugural Central Asian Football Association Championships in June along with seven other national teams, including Uzbekistan, Turkmenistan, Kyrgyzstan, Afghanistan and Iran.
Russian football teams have been barred from European and FIFA competitions since the invasion of Ukraine in February last year.
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#Barred #hosting #Intl #events #Ukraine #war #Russia #proposes #host #SCO #Games #India
( With inputs from www.siasat.com )

March 15, 2023
Barred from hosting Int’l events after Ukraine war, Russia proposes to host SCO Games with India

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New Delhi: In a proposal which could put India in a tricky situation, Russia has offered to host the inaugural Shanghai Cooperation Organization (SCO) Games, despite a ban imposed by the International Olympic Committee (IOC) on its member nations to take part in sporting events in that country.
Russian Sports Minister Oleg Matytsin, who is currently on an official visit to India, has put forward an initiative to hold the first SCO Games in his country, the Russian Sports Ministry said in a statement on Wednesday.
“We propose to consider Russia as a possible country to host the SCO Games in coordination with the SCO chair state for another calendar year,” Matytsin was quoted as saying in the Russian Sports Ministry statement.
“The activities of the association could be aimed at strengthening ties in the development of Olympic, non-Olympic, Paralympic and national sports; the association will promote sports activities among the SCO member states.”
The statement said Matytsin participated in a meeting with the heads of ministries and departments that oversee the development of physical culture and sports in the member states of the SCO, including representatives from Russia, India, Kazakhstan, China, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan.
There could be far reaching consequences if the proposal is accepted by the member countries of the SCO as the IOC has last month asked the international spots federations and National Olympic Committees not to take take part in any event in Russia and Belarus following the Ukraine war.
The IOC is, however, planning to allow Russians and Belarusians to return to competition ahead of qualifying events for the 2024 Paris Olympics as neutral athletes without national symbols.
“With regard to the sanctions…unanimously re-affirmed and called for a reinforcement of the sanctions already in place: No international sports events being organised or supported by an IF or NOC in Russia or Belarus,” a statement of the IOC said on January 25 said after its Executive Board meeting.

“No flag, anthem, colours or any other identifications whatsoever of these countries being displayed at any sports event or meeting, including the entire venue.
“No Russian and Belarusian Government or State official should be invited to or accredited for any international sports event or meeting.”
In another statement issued on February 28, the IOC recommended international sports federations and sports event organisers not invite or allow the participation of Russian and Belarusian athletes and officials in international competitions.
“…the IOC EB strongly urges International Sports Federations and organisers of sports events worldwide to do everything in their power to ensure that no athlete or sports official from Russia or Belarus be allowed to take part under the name of Russia or Belarus,” it said.
“Russian or Belarusian nationals, be it as individuals or teams, should be accepted only as neutral athletes or neutral teams. No national symbols, colours, flags or anthems should be displayed.”
The global body said it had arrived at the decision after consultation with IOC members, the entire network of athletes’ representatives, the international federations and the National Olympic Committees.
Russia’s proposal though contained no details of when the event could take place, or how large it would be.
Under the circumstances, taking part in an event in Russia could invite ban from the IOC. The Indian Olympic Association (IOA) was banned by the IOC for 14 months from December 2012 to February 2014, one of the reasons being government interference in its functioning.
The participation of India athletes in multi-sport events like the Olympics, Asian Games and Commonwealth Games is done through the IOA.
The top brass of the Indian Olympic Association (IOA) and sports ministry couldn’t be reached for a comment.
Most Olympic sports have excluded athletes from Russia and its ally Belarus since shortly after the start of Ukraine War.
Last month, 35 countries in a signed statement criticised the IOC for its plans to allow Russians and Belarusians to return to competition ahead of qualifying events for the 2024 Paris Olympics as neutral athletes without national symbols.
But, on the other hand, the Olympic Council of Asia in January invited Russian and Belarusian athletes to compete at the Asian Games scheduled to be held in Hangzhou, China, from September 23 to October 8 and qualify for the 2024 Olympics, though the details and the modalities are yet to be worked out.
On Monday, Tajikistan Football Association also invited Russia to participate in the inaugural Central Asian Football Association Championships in June along with seven other national teams, including Uzbekistan, Turkmenistan, Kyrgyzstan, Afghanistan and Iran.
Russian football teams have been barred from European and FIFA competitions since the invasion of Ukraine in February last year.
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#Barred #hosting #Intl #events #Ukraine #war #Russia #proposes #host #SCO #Games #India
( With inputs from www.siasat.com )

March 15, 2023
Indian-origin UK home minister proposes new crackdown on illegal migrants

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London: Britain’s Indian-origin Home Secretary, Suella Braverman, on Tuesday announced a new Illegal Migration Bill that will mean migrants arriving in the UK illegally on small boats will be “removed swiftly”.
The minister, whose father is of Goan heritage and mother of Tamil heritage, referenced her own migrant roots during her statement in the House of Commons to lay out details of the new “robust approach” against illegal migration.
“They will not stop coming here until the world knows that if you enter Britain illegally you will be detained and swiftly removed back to your country, if it is safe, or a safe third country such as Rwanda,” Braverman.
“And that is precisely what this bill will do. That is how we will stop the boats,” she said.
The Home Secretary said the new bill will mean last-minute judicial reviews “conducted late at night with no chance to make our case or even appeal decisions” are no longer allowed.
“Now, the United Kingdom must always support the world’s most vulnerable. Since 2015, we have given sanctuary to nearly half a million people. These include 150,000 people from Hong Kong, 160,000 people from Ukraine, 25,000 Afghans fleeing the Taliban.
“Indeed, my own parents decades ago found security and opportunity in this country, something for which my family is eternally grateful,” said Braverman.
“For a government not to respond to waves of illegal migrants breaching our borders would be to betray the will of the people we were elected to serve,” she said.

Under the new law, it will be her duty as Home Secretary “to remove” those entering the UK via illegal routes. This will take legal precedence over someone’s right to claim asylum although there will be exemptions for under-18s, those with serious medical conditions, and some “at real risk of serious and irreversible harm”.
Any other asylum claims will be heard remotely after removal. The bill allows for the detention of illegal arrivals without bail or judicial review within the first 28 days of detention, until they can be removed.
Besides a crackdown on unsafe boats crossing over from the French sea border, Braverman also revealed plans for an annual Parliament-set cap on migrants granted asylum in the UK through safe routes.
The bill, the full details of which are yet to be published in Parliament, comes after British Prime Minister Rishi Sunak indicated plans for a tough new law over the weekend.
“Make no mistake, if you come here illegally, you will not be able to stay,” Sunak told the Sunday Express’ newspaper.
Refugee charities and human rights groups have warned of the legal implications for vulnerable asylum seekers.
“Of course, the UK will always seek to uphold international law and I am confident that this bill is compatible with international obligations,” Braverman insisted in the Commons.
The Opposition Labour party has raised doubts about the legality and feasibility of the bill and the Liberal Democrats said ministers had drawn up “another half-baked plan”.
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( With inputs from www.siasat.com )

March 7, 2023
Boy proposes a girl with a heart-shaped balloon, US army shot it down mistaking it for spy balloon

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New York: Valentine’s week has begun and today people are celebrating Propose Day. Many people propose to their significant others or declare their love for them today. However, in a bizarre turn of events, the propose day becomes the most horrific day for a couple.

Reportedly, a man proposed his long time crush with a heart shaped balloon filled with hydrogen gas. The lady was about to respond to the crush when the heart-shaped balloon blasted. The lady slapped the man and went away.

Later it was learned that the balloon was spotted by the US army who mistook the balloon for Chinese spy balloon and shot it down by firing over 1000 bullets. Fortunately, none of the bullets caused any harm to anyone except to the couple.

The US army has accused the man of violating American sovereignty and international law. Man, on the other hand, has said that by shooting down its balloon, the US has violated the law of celebrating valentine week and warned that he reserves its right to take appropriate action in response.

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[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

February 8, 2023
FM proposes to do away with tax exemptions on high value life insurance policies

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New Delhi: Maturities of life insurance policies with an annual premium of Rs 5 lakh and above taken after April 2023 will now be taxed after Finance Minister Nirmala Sitharaman removed the tax exemptions on them.
For better targeting of tax concessions and exemptions, Sitharaman in her Budget on Wednesday proposed to cap deduction from capital gains on investment in the residential house to Rs 10 crore.
“Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value,” she said.
The proposal is “to provide that where aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April 2023, is above Rs 5 lakh, income from only those policies with aggregate premium up to Rs 5 lakh shall be exempt”.
This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023, the minister said.
Nidhi Manchanda, Certified Financial Planner, Head of Training, Research & Development at Fintoo, said that one of the major setbacks that are given in the finance bill is related to the taxability of the maturity proceeds of a life insurance policy.
“One should note that if an individual has more than one life insurance policy, which is issued on or after the 1st of April 2023 and also if the aggregate amount of premium of such policies exceeds Rs 5 lakh, then the maturity amount will be taxable,” Manchanda said.
The memorandum to the Finance Bill 2023 said that over the years, it has been observed that several high net-worth individuals are misusing the exemption provided under clause (10D) of section 10 of the Act by investing in policies having large premium contributions (as it is acting as an investment policy) and claiming exemption on the sum received under such life insurance policies.

Kapil Mehta, a co-founder, SecureNow Insurance Broker, said the proposal will dampen the interest of individuals to buy high-value traditional insurance. The government’s proposal may, however, increase the focus on term plans and pure risk covers, which is good.
“A concern is that it should not result in a significant shift towards purely investment-oriented unit link insurances,” he said.
Following the announcement in the Budget Speech, shares of ICICI Prudential Life Insurance Company dropped 10.97 per cent to close at Rs 402.55 on the BSE.
HDFC Life Insurance Company Ltd fell 10.96 per cent, Max Financial Services Ltd (9.45 per cent), SBI Life Insurance Company Ltd (9.31 per cent) and Life Insurance Corporation of India (8.38 per cent).
Life insurance stocks witnessed significant selling-on-demand concerns as the budget proposals made life insurance schemes less appealing as a tax-saving instrument, said Cyril Charly, Research analyst at Geojit Financial Services.
In order to curb misuse of the existing provisions, the memorandum said: “It is proposed to tax income from insurance policies (other than ULIP for which provisions already exist) having premium or aggregate of premium above Rs 5,00,000 in a year. Income is proposed to be exempt if received on the death of the insured person”.
The minister also proposed that a TDS at the rate of 20 per cent will apply on the withdrawal of taxable components from Employees’ Provident Fund Scheme in case of non-submission of PAN. Currently, such withdrawals attract TDS at the rate of 30 per cent.
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#proposes #tax #exemptions #high #life #insurance #policies
( With inputs from www.siasat.com )

February 1, 2023