Why we are obsessed with money

What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

How the RBI actually helps you

RBI

Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

The year of the bond, once again!

We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Five new financial goals for you this summer

I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

  • Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

  • Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

  • Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

  • Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

  • Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Seeking financial freedom? The time is NOW!

John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

Young Turks: Here’s the success story of venture fund Aspada

Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

EPFO onboards Air India, takes into fold 7,453 airline employees for social security benefits

Retirement fund body Employees’ Provident Fund Organisation (EPFO) has onboarded Air India Limited for social security benefits like PF, pension and insurance, and has received contributions for about 7,453 employees for the month of December from the airline, a labour ministry statement said on Saturday. The Tata Group took over the debt-ridden airline from the Government of India. Air India had applied for EPFO coverage, which has been allowed, the retirement fund body said.

“EPFO onboards Air India for social security coverage to service the social security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act, 1952 which has been allowed vide gazette notification on January 13, 2022 — with effect from December 1, 2021,” the ministry statement said.

These employees of Air India now will be entitled to benefits like an extra 2 percent employer’s contributions in their PF accounts at 12 percent of their wages. Earlier they were covered under the PF Act of 1925, where the contributions to the PF was at 10 percent by employer and 10 percent by employee.


Also read: Air India back to the Tatas, takes off with ‘renewed passion’


The EPF Scheme 1952, EPS 1995 (employees pension scheme) and EDLI 1976 (group insurance) will now be applicable to the employees. A guaranteed minimum pension of Rs 1,000 per month will be available to employees and pensions to family and dependents in case of death of employee.

An assured insurance benefit in case of death of member will be available in the range of minimum Rs 2.50 lakh and maximum Rs 7 lakh. No premium is charged to the EPFO covered employees for this benefit.

The ministry informed that since 1952-53, Air India and Indian Airlines were two separate companies that were covered under PF Act, 1925. In 2007, both the companies merged into one company, Air India Ltd. Under the PF Act, 1925, benefit of provident fund was available but there was no statutory pension scheme or insurance scheme. The employees used to participate in self-contributory annuity-based pension scheme. Based on the scheme parameters, the accumulations used to be paid to the employees. There was no minimum pension guarantee and no extra benefit in case of death of a member.

Also read: Air India management committee retains all four Air India directors

Backwardation for Brent is at $6.92 a barrel, the widest since 2013. What does this mean?

The six-month market structure for Brent crude oil futures reflects a “scarcity premium” that has been the widest this week since 2013. Known as backwardation, this premium is a sign of the tight oil market underpinning prices amidst a wider energy crunch.

On Friday, Brent futures settled at $90.03 a barrel, after touching $91.70 earlier, the highest level since October 2014. US crude prices soared to $86.82 per barrel, after climbing to a seven-year peak of $88.84 during the session. As a result of tight oil supplies, backwardation for Brent reached $6.92 a barrel, the widest since 2013.


Also Read | Crude oil prices hit 7-year peak on political risks, supply crunch


What is backwardation?

Backwardation occurs when a futures contract price is lower than the price for near-term oil delivery or the current spot price. When prices of futures contracts are lower than the spot price, traders are prompted to sell oil at the spot prices and buy the futures contracts for a profit. As a result, spot prices fall over time and this continues till it converges with the futures price.

The opposite of backwardation is contango where the spot price is lower than the futures oil price. In contango, the prices of oil are expected to rise over a period of time.

Why does backwardation happen?

Backwardation can happen when the current demand for oil is higher than the future contracts. One of the reasons for the high current demand is a shortage of oil in the spot markets.

What is happening in the markets now?

The oil cartel Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia (OPEC+) have not raised their production levels, which is one the main factor underpinning the prices currently.

One of the main factors underpinning prices at present has been the inability of major producers in the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia to raise their production levels. The markets have also reacted to the attacks by Yemen’s Houthi group on the United Arab Emirates and the possibility of a military conflict in Ukraine that could disrupt the energy markets.

“So far there has been no supply disruptions in Eastern Europe, so guess the risk premium related to those tensions is not so high,” Reuters quoted UBS analyst Giovanni Staunovo as saying. He added, “Some investors still prefer to hold their exposure.”


Also Read | Strong US earnings lift global equities amid inflation, geopolitical concerns


Scarcity premium

In a report last year, Japanese bank MUFG had termed backwardation as a “scarcity premium,” saying that the trend was likely to continue for now.

“The blowout in Brent crude time spreads in recent trading days signals that the pathway (to) even higher oil prices remain firm,” the MUFG report had said in October last year.

Tennis: Ash Barty ends 44-year wait for home champion at Australian Open

Ash Barty ended Australia’s 44-year wait for a home winner at the Australian Open when the world number one staved off a fightback from American Danielle Collins to complete a 6-3 7-6(2) win on Saturday and pick up her third Grand Slam title.

Barty became the first Australian to win the event since Chris O’Neil captured the women’s title in 1978. O’Neil was present in the stands cheering as the crowd on the flooodlit Rod Laver Arena erupted when Barty converted her first match point with a forehand crosscourt winner.

Collins was the first to set up a breakpoint in the contest with some forceful groundstrokes but a calm and composed Barty found the range with her serve to get out of trouble. She then broke in the next game when her opponent served up a double fault.

Also Read | Australian Open: Sania Mirza-Rajeev Ram advance to mixed doubles quarters

Some uncharacteristic forehand errors from Barty allowed Collins, who will make her top-10 debut when the rankings are updated on Monday, to break early in the second set and the American let out a shriek of “Come On” to celebrate opening up a 3-0 lead.

The American broke Barty’s delivery, which looked almost impregnable this past fortnight, a second time in the set. But when Collins appeared to be on the verge of levelling the match as she served at 5-1, the Australian showed nerves of steel and raised her game.

Barty got the set back on serve and then dominated the tiebreak to complete a memorable comeback that left the home nation rejoicing all over Australia.

Get ready to pay Rs 10,000 as fine for driving a vehicle without reflective tape in Noida

New Delhi: Vehicles ply at a road with headlights on during a cold and foggy night in New Delhi, Sunday, Dec 29, 2019. (PTI Photo/Arun Sharma) (PTI12_29_2019_000171B)

To prevent accidents during inclement weather conditions, the Noida Police have mandated the use of reflective tapes on vehicles. The police can impose a fine of Rs 10,000 if they finds owners driving vehicles without the glowing tapes. The fine would be defined under the Motor Vehicles Act, said reports.

As part of the initiative, the Gautam Budh Nagar district traffic police installed reflective tapes on barricades and pillars on roads at the DND Flyway toll plaza recently.

“We have seen that sometimes, speeding vehicles hit the dividers at the toll plaza due to poor visibility. The reflective tapes improve visibility and safety for road users,” Hindustan Times quoted Ganesh Prasad Saha, deputy commissioner of police (traffic), Gautam Budh Nagar, as saying.

The decision was taken by the police to prevent accidents in foggy conditions. Roads around Noida are notorious for accidents caused by poor visibility. Reflective tapes are designed to help drivers see even in low light and at night. They play an important role in alerting commuters when the backlights of vehicles do not function properly.


Also read: 100 EVs can be charged at one time at India’s largest facility in Gurugram


Raghavendra Kumar, a volunteer with the Noida traffic police, said in foggy weather, accidents also occur when vehicles are parked on the road.

“People should not park their vehicles by the roadside. The police should also act swiftly and remove such vehicles to avoid accidents,” Kumar told Hindustan times.

In 2021, 368 people were killed in 798 accidents, data provided by the Gautam Budh Nagar traffic police revealed. A year earlier, 380 people were killed in 740 accidents. The total number of people injured in accidents in 2021 was 504, while the number was 528 in 2020.

Rule 104 to 104 D of the Motor Vehicles Act, 1989, makes it mandatory to install reflectors, reflective tapes and rear marking tape as part of the Automotive Industry Standards 089 and ASI090 regulations.

While private two- and four-wheelers are factory-fitted with a reflector on the rear side, commercial vehicles like trucks and tractors do not have such safety mechanisms, causing accidents.

BharatPe founder’s wife also goes on leave amid company conducting independent audit

About a week after BharatPe founder Ashneer Grover went on leave, his wife Madhuri Jain Grover – who is also working with the company – has followed suit as the firm undertakes an independent audit of its internal processes and systems. According to sources, Madhuri – who is the Head of Controls – has gone on leave, and with the company undertaking an independent audit, there could be governance-related issues at BharatPe that could now come to the fore.

When contacted, BharatPe in a statement said the board is committed to the highest standards of corporate governance and “is doing an independent audit of the company’s internal processes and systems”. “BharatPe, through its legal firm, Shardul Amarchand Mangaldas, has appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to advise the Board on its recommendations. The Board strongly believes in protecting the interests of all stakeholders, including customers, employees and partners,” the statement said.

BharatPe did not comment on Madhuri’s exit. On January 19, BharatPe co-founder and Managing Director Ashneer Grover had said he was taking voluntary leave till March.

Earlier this month, an audio clip surfaced on social media with claims of Grover abusing and threatening a Kotak Mahindra Bank employee for missing out on share allotment during the initial public offering (IPO) of FSN E-Commerce Ventures, which operates online fashion and wellness company Nykaa. Grover was quick to deny the clip, saying it was “fake” and was put out by a “scamster” but he subsequently deleted the post. It later emerged that he and his wife Madhuri had in October 2021 sent a legal notice to Kotak for failure to provide financing for the Nykaa IPO.

On January 9, the Mumbai-based lender had responded saying it will take legal action against Grover. Kotak Mahindra Bank had acknowledged that the couple had in October sent a legal notice to it, without elaborating on the reasons for the same.

Sources said conducting an independent audit is not only on account of the legal notice, and probably indicates that the scope of investigation has expanded. They added that the audit includes areas like accounting, expenses and hiring practices.

BharatPe serves over 75 lakh merchants across 150 cities. The company has already facilitated the disbursement of loans totalling over Rs 3,000 crore to its merchants since its launch. BharatPe has raised over $650 million in equity and debt to date. Its investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others.

Read Also | Storyboard18 I As BharatPe faces heat, a look at how brands could tackle founder-led controversies

100 EVs can be charged at one time at India’s largest facility in Gurugram

India’s largest electric vehicle (EV) charging station has opened in Gurugram at the Delhi-Jaipur National Highway.
With a capacity of 100 four-wheeler vehicles, the charging station is the largest in the country by a large margin. The previous largest EV station was in Navi Mumbai which has 16 AC chargers and four charging ports.
“This station is now open with 96 chargers for technical inspection for various ‘Certification Compliance’ and ‘Safety Standards’ laid two weeks ago by the Power Ministry, Govt of India, and which also opened the doors for offering government land to government or public agencies and private entities for setting up charging stations on a revenue-sharing basis,” said Alektrify Private Limited, the company which developed the station.
The company is a tech-piloting-oriented enterprise.
“This EV charging station will not only boost (sic) electric vehicles industry in the region, but will also act as a benchmark for large EV charging stations across the nation in future,” the company added in a statement.
Continued development in the EV charging infrastructure across the country has been encouraged by the government, as a lack of proper support infrastructure has been attributed to the shortfall of EV production.
The government has been trying to encourage the adoption of EVs through various state and national level subsidies and schemes.
Abhijeet Sinha, National Programme Director, Ease of Doing Business Programme and Project Director of National Highway for Electric Vehicle attended the inauguration ceremony.
He said at the event, “India is on the verge of making investment in e-mobility charging infra set-up (which will be) highly competitive compared to fuel stations in terms of ease in licensing, commissioning, electrification, certification and to draw revenue equivalence with existing petrol pumps.”

IndusInd Bank Q3 Results: NII rises 11.4% YoY to Rs 3,793 crore; net profit up nearly 50% to Rs 1,241 crore

Pune-based IndusInd Bank Limited today reported a Net Interest Income (NII) of Rs 3,793.6 crore for the quarter ended December 31, 2021. In its quarterly earnings report, the bank said this was an 11.4 percent year-on-year increase. The bank’s Net Interest Margin for Q3FY22 stood at 4.10 percent as against 4.07 percent for Q2FY22 and 4.12 percent for Q3 FY21.

Further, the bank reported a total consolidated income of Rs 9,614.34 crore on the back of a growth in its retail, corporate, and wholesale banking businesses. The income was just over a percentage point higher than that reported in the September quarter.

As per its quarterly earnings report, the bank recorded a quarterly increase in its net profit to Rs 1,241 crore–an 8.26 percent increase quarter-on-quarter and 49.5 percent year-on-year rise. The bank’s operating profit stood at Rs 3,312 crore, up 12 percent YoY and nearly 3 percent QoQ.

However, the lender witnessed a deterioration in its asset quality as the gross non-performing assets (NPAs) rose to 2.48 percent of the gross advances in the reporting quarter, up from 1.74 percent YoY but down from 2.77 percent QoQ, while net NPAs stood at 0.71 percent as against 0.8 percent the previous quarter and 0.22 percent in December 2020.

“Our GNPAs and restructured book have reduced during the quarter, while Provision Coverage Ratio was consistent at 72 percent.  NIM improvement was driven by a continued reduction in cost of deposits,” Sumant Kathpalia, MD and CEO, IndusInd Bank, said during an earnings call.

“While COVID remains a risk, impact of the recent wave on business has been limited. Our microfinance portfolio saw slippages in line with our expectations and provisions are sufficient to meet any future challenges,” he added.

India’s wheat shipment to Afghanistan via Pakistan to begin in early Feb: Report

India’s wheat shipment to Afghanistan as part of its humanitarian aid to the trouble-torn country through the Pakistani soil is expected to start early next month as New Delhi and Islamabad have finally agreed on the modalities after months of discussions, a media report said on Saturday. India has been pitching for providing unimpeded humanitarian aid to Afghanistan to address the unfolding humanitarian crisis in the country. It has already announced sending 50,000 tonnes of wheat and medicines to Afghanistan by road through Pakistan.

Pakistan last year allowed India to send 50,000 metric tonnes of wheat to Afghanistan by using its land route after the humanitarian situation worsened in the wake of the Taliban’s takeover of Kabul. Diplomatic sources told The Express Tribune newspaper that the shipment would start in early February.

According to the modalities, India has to transport the total amount of wheat within 30 days of the first consignment. The two countries have decided to cooperate on Afghanistan despite their otherwise tense relationship.

It took both the sides several weeks of discussions to agree on the modalities. Initially, Pakistan wanted the transportation of humanitarian assistance goods to Kabul in its trucks under the banner of the United Nations.

But India made a counter proposal and wanted the food grain to be shipped to Afghanistan either in Indian or Afghan trucks. The two sides then agreed that wheat would be carried by Afghan trucks and a list of Afghan contractors was shared with Pakistan. Foreign Office spokesperson Asim Iftikhar Ahmad told reporters on Friday that all arrangements were now put in place and Pakistan was waiting for the date of the first consignment.

India had sent a proposal to Pakistan on October 7 last year seeking the transit facility to send 50,000 tonnes of wheat and life-saving medicines to the people of Afghanistan via the Pakistani soil and it received a response from Islamabad on November 24. Asked about humanitarian aid to Afghanistan at an online media briefing in New Delhi on Friday, Ministry of External Affairs Spokesperson Arindam Bagchi said the government is committed to provide humanitarian assistance to the Afghan people, comprising food grains, Covid vaccines and essential life-saving drugs.

“During the last few weeks, 3.6 tonnes of medical assistance and 5,00,000 doses of Covid vaccines have been supplied,” he said. The process to procure wheat and to arrange its transportation is currently underway, he said, adding that this takes some time.

Earlier this month, UN Secretary-General Antonio Guterres warned that millions of Afghans are on the verge of death, urging the international community to fund the global body’s $5 billion humanitarian appeal, release the country’s frozen assets and reignite its banking system to avert a major economic and social collapse. Afghanistan has been under Taliban rule since August 15 last year when the Afghan hardline militant group ousted the elected government of president Ashraf Ghani and forced him to flee the country and take refuge in the UAE.

Read Also | Taliban increase payment in wheat as economic crisis deepens

Budget 2022: Formation of GST tribunal likely to be announced on February 1, suggests report

GST rate rationalisation exercise

The Centre may be looking to announce the formation of the Goods and Service Tax Appellate Tribunal (GSTAT) in the Union budget next week. The GSTAT will be the tribunal where taxpayers can bring their litigations. Right now they are forced to go to the country’s already burdened High Courts.

“The government has been receiving complaints that GST officials often pressurise taxpayers to pay the assessed tax amounts, even if assessees contend that such assessments are arbitrary and erroneous. Unable to file a writ petition in the high court, which is cumbersome, many taxpayers pay GST dues under protest,” a person aware of the matter told Hindustan Times.

While setting up a tribunal for indirect taxes would be something under the purview of the GST council, the Union Cabinet had given its approval to set up the tribunal for such matters in 2019.


Also read: Petition filed in SC seeking constitution of GST Appellate Tribunal


“The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by its president and shall consist of one technical member (Centre) and one technical member (state),” read a statement by the Cabinet Secretariat after the Cabinet had approved the setting up of GSTAT in 2019.

However, technical and logistical issues have prevented the creation of the tribunal.

Setting up a tribunal is already well within the provisions of the GST Act. Section 109 of the CGST Act “empowers the Centre to constitute, on the recommendation of Council, by notification, with effect from such date as may be specified therein, an Appellate Tribunal”.

While the law has the provision for setting up the national bench, state bench, and area benches for tribunals, the proposed GSTAT is expected to be a national-level bench.


Also read | Budget 2022: GST parity, a key to empower India’s MSMEs


Manyavar owner Vedant Fashions to float IPO next week

Virat Kohli and Anushka Sharma

Kolkata-based Vedant Fashions Limited, the owner of ethnic wear brands Manyavar, Mohey and Mebaz, is set to hit Dalal Street next week with its initial public offering (IPO). This will be the third public issue of the year, following AGS Transact Technologies and Adani Wilmar.

The public issue will open for subscription on February 4 and close on February 8. Anchor investors will be able to bid for the issue on February 3.

Vedant Fashions has set a price band of Rs 824-866 per share for the public issue. At the upper end of the price band, the issue is expected to fetch Rs 3,149 crore, Mint reported.

According to market observers, the shares of Vedant Fashions are commanding a premium price of Rs 105 in the grey market today, the Mint report said.

The public issue will be entirely an offer-for-sale (OFS) of 36,364,838 equity shares by existing shareholders and promoters Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. It will not consist of a fresh issue of equity shares. The Ravi Modi Family Trust is expected to trim its stake in the company by selling up to 18,182,432 equity shares.

Also Read | LIC IPO: Targeting early March, DHRP to be filed soon, says DIPAM secretary

Other shareholders like Rhine Holdings and Kedaara AIF are likely to offload 17,459,392 and 723,014 equity shares, respectively, Financial Express reported. Vedant Fashions will not get any proceeds from the issue as it is an OFS.

The Securities and Exchange Board of India (SEBI) had given its approval to Vedant Fashions to float the IPO on January 18. It filed the draft red herring prospectus on January 22. The company plans to list its shares on the BSE and National Stock Exchange (NSE) on February 16.

Only 35 percent of the issue will be available for retail investors, while half of it is reserved for Qualified Institutional Buyers (QIB). The rest 15 percent will be available for non-institutional investors. Investors can bid in lots of 17 equity shares and in multiples.

IIFL Securities, Axis Capital, ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital are acting as the book-running lead managers for the Vedant Fashions issue, while KFintech Private Limited is its registrar.

Vedant Fashions Limited is a leading retail fashion brand that sells wedding and celebration wear. ‘Manyavar’, the company’s flagship brand, is a market leader in wedding and celebration wear for men segment. The company also owns and runs other brands like Twamev, Manthan, Mohey and Mebaz. As of September 2021, the company had 546 exclusive brand outlets in India, US, Canada and the UAE.