Government To Launch National Data Repository On June 28

New Delhi: The government will next week launch India’s maiden National Data Repository (NDR) that will assimilate, preserve and upkeep country’s vast sedimentary data for future use in oil and gas exploration and production.

Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan will on June 28 launch the NDR, which will aid India to switch over to an open acreage licensing regime where companies can choose areas they want to explore.

At present, the government selects and demarcates areas it feels can be offered for bidding in an exploration licensing round.

Under the open acreage licensing (OAL), companies can visit NDR and look at vast seismic data of currently producing fields and explored areas as also those of unexplored areas, official sources said.

From the areas that are not under any licensee, they can then carve out an area suitable to them and evince interest in doing exploration and production.

Once an area is selected, the government will put it up for bidding and any firm offering the maximum share of oil or gas produced from the area would be awarded the block.

Sources said already a vast amount of data has been populated – over 9.3 lakh line kilometres of 2D seismic, 2.8 lakh square km of 3D seismic and 1,717 well data.

It will aid India to switch over to an open acreage licensing regime.

The NDR will be wholly funded by the government of India and housed with the Directorate General of Hydrocarbons (DGH).

It will have the ability to store data online, near line and offline, and provide independent web-based access.

The DGH, they said, has already begun sale of geophysical data of speculative surveys in east and west coast of India in 2005 and 2008.

The mammoth volume of data collected by E&P companies and other agencies over more than six decades of activities was hitherto lying scattered at different work centres of ONGC, Oil India and DGH or held by the operating companies.

This necessitated an establishment of a system at national level that could assimilate, preserve and upkeep the vast amount of data which could be organised and regulated for use in future exploration and development, besides use by R&D and other educational Institutes.

With this objective, the government initiated the establishment of the NDR.

The NDR is a government sponsored project with state-of-the-art facilities and infrastructure to create E&P data bank for preservation, upkeep and dissemination of data so as to enable its systematic use for future exploration and development.

The DGH being the agency of the central government will be responsible for creation, setting up and operation of the NDR.

Sources said the OAL will be beginning of a new era in oil and gas exploration and production.

Till now, the government has awarded 254 exploration blocks under nine rounds of bidding between 2000 and 2012.

Prior to that, 29 discovered fields were awarded to private and foreign companies.

Of the 254 blocks awarded under the New Exploration Licensing Policy (NELP) between 2000 and 2012, 156 have already been relinquished due to poor prospectivity.


GST Registrations For Ecommerce, New Companies To Begin On June 25

New Delhi: Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.

Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sunday next and will remain open for three months.

The GSTN portal will now start accepting fresh registrations from June 25.

The registration will also start for GST practitioners, Tax Deductors at Source (TDS) and e-commerce operators, which are required to collect tax at source, GSTN said in a statement.

GSTN, the company providing IT backbone for the new tax regime, will offer another opportunity to existing tax payers to migrate, five days before the rollout of Goods and Services Tax (GST).

Out of the 81 lakh existing assessees, over 65.5 lakh have already migrated to the portal.

The GSTN portal will now start accepting fresh registrations from June 25.

Registration with the GSTN is necessary for doing business in the GST regime as businesses will have to upload monthly supply data as well as file return forms on this portal.

“People should not panic. If you are left out, you will get another opportunity because the law says anybody who is registered under taxes which are subsumed under GST if they have a valid PAN then they will be given a valid registration,” GSTN Chairman Navin Kumar said.

The portal will also be opened for enrolment of GST practitioners on June 25.

The GSTN portal was open from November 8 till April 30 and then again for 15 days in June for enrolment of existing taxpayers.

It will now be open again from June 25th for a period of 3 months for existing taxpayers registered under Central Excise/Service Tax/VAT etc, the statement said.


States’ Fiscal Deficit Soars To Rs. 4.93 Trillion In FY16

Mumbai: Led by the most populous Uttar Pradesh and the largest Rajasthan, the gross fiscal deficits of all the states skyrocketed to Rs. 4,93,360 crore in fiscal 2016 from Rs. 18,790 crore in FY1991, according to the latest RBI data.

According to the second edition of RBI’s statistical publication titled ‘Handbook of Statistics on States 2016-17’, which was released today, the gap is projected to improve to Rs. 4,49,520 crore as per the budget estimates of the states for fiscal 2017.

Uttar Pradesh had a fiscal deficit of a paltry Rs. 3,070 crore in FY91, which zoomed to Rs. 64,320 crore in FY16 and but is projected to improve to Rs. 49,960 crore in FY17.

According to the 16-year data, Rajasthan, which had a gross fiscal deficit of Rs. 540 crore in FY91, saw it soaring to Rs. 67,350 crore in FY16 and is projected to decline to Rs. 40,530 crore in FY17.

Maharashtra, one of the most urbanised and industrialised states, had a gap of Rs. 1,020 crore in FY91 but the same jumped to Rs. 37,950 crore in FY16 which is projected to improve to Rs. 35,030 crore in FY17.

States' Fiscal Deficit Soars To Rs 4.93 Trillion In FY16

On the other hand, Gujarat, which had seen rapid industrialisation during the period of data analysis, had only Rs. 1,800 crore in fiscal deficit in FY91 but the same had jumped to Rs. 22,170 crore in FY16 and is projected to further deteriorate in FY17 to Rs. 24,610 crore.

In fact from FY01, there was not a single year when the western state had shown improvements in its macro numbers.

In FY01 its fiscal gap stood at Rs. 7,990 crore which almost doubled to Rs. 15,150 crore in FY10 and further to Rs. 18,320 crore in FY15.

Another state projected to have higher deficit in FY17 is Andhra Pradesh at Rs. 20,500 crore, which was Rs. 17,000 crore in FY16 and a paltry Rs. 970 crore in FY91.

Similarly, Tamil Nadu, a state known for state freebies, is also projected to have a higher deficit at Rs. 40,530 crore in FY17, up from Rs. 32,320 crore a year ago and Rs. 1,130 crore in FY91.

Again, Karnataka, which had good finances in the past, is also estimated to post higher deficit in FY17 at Rs. 25,660 crore, up from Rs. 20,560 a year ago and Rs. 560 crore in FY91.

Similar is the case with Kerala, which is also slated to have higher deficit at Rs. 23,140 crore in FY17 from Rs. 17,720 crore in FY16 and a healthy Rs. 800 crore in FY91.

Reflecting its improved finances on the back of rising investments following better law and order situation, Bihar is slated to improve its finances with fiscal deficit of Rs. 16,010 crore in FY17 against Rs. 28,510 crore in FY16. The state which had for long been the badland of the nation had Rs. 15,90 crore deficit in FY91.

West Bengal, despite having high debt levels, has been improving its finances with its fiscal deficit projected to improve to Rs. 19,360 crore in FY17 from Rs. 25,180 crore a year ago and a healthy Rs. 1,630 crore in FY91.

The publication follows the ‘one-indicator-one table’ approach and covers all sub-national statistics on socio-demographics, state domestic product, agriculture, industry, infrastructure, banking and fiscal indicators across the states over a period ranging from 1950-51 to 2016-17.

It also offers data on state-wise availability of power, per capita availability of power, installed capacity of power, and power requirement, length of national highways, roads and state highways, and railheads.


Monsoon Session Of Parliament From July 17 To August 11

New Delhi: The monsoon session of Parliament will commence on July 17, the day voting for the presidential election will take place.

The Cabinet Committee on Parliamentary Affairs (CCPA) has recommended holding the session from July 17 to August 11, according to sources in the committee.

Monsoon Session Of Parliament From July 17 To August 11

The CCPA meeting, chaired by Home Minister Rajnath Singh, was held last evening after NDA presidential nominee Ram Nath Kovind filed his nomination papers.

The House may not function on the first day of the session on account of death of two sitting MPs — Lok Sabha member Vinod Khanna and Rajya Sabha member Pallavi Reddy.


Federal Bank Launches Rs. 2,000 Crore Share Sale To Institutions

Mumbai: Private sector lender Federal Bank Ltd has launched a share sale to raise Rs. 2,000 crore, with an option to increase the amount by Rs. 500 crore, according to a deal term sheet.

Federal Bank said in a regulatory filing on Wednesday it had launched a so-called qualified institutions placement of shares but did not give details.

Federal Bank Launches Rs 2,000 Crore Share Sale To Institutions

The bank is selling new shares in a price range of Rs. 111.50 to 116.70, equivalent to a 4.5 percent discount to the stock’s close on Wednesday at the bottom of the range.

Citi, Deutsche Bank, IIFL Holdings and Kotak Mahindra Capital are the banks on the deal.


Mutual Fund Managers Continue To Snap Up Banking Shares

New Delhi: Mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all time-high of over Rs. 1.44 lakh crore at the end of May, mainly due to cheaper valuations. In comparison, the figure was Rs. 90,014 crore at the end of May 2016.

Banking continues to be the most preferred sector with the fund managers as they cannot afford to take a bearish call on banking stocks, given the high weightage attached to the index.

“MFs have been adding exposure to the financial sector, especially banking stocks because of lower valuations due to price corrections and growth in corporate lending. Besides, bank’s NPA (non-performing asset) problem is getting sorted out,” said Kaustubh Belapurkar, Director Manager Research, Morningstar Investment Adviser.

Banking continues to be the most preferred sector with the fund managers

Further, experts expect that bank stocks would continue to be in focus in coming months as markets regulator Sebi yesterday eased its takeover norms for restructuring listed companies with stressed assets.

The relaxation, which will exempt investors from making a mandatory open offer subject to shareholders’ nod and some other conditions.

Sebi’s decision on restructuring in stressed firms comes against the backdrop of the government and the Reserve Bank of India (RBI) stepping up efforts to tackle the menace of bad loans, amounting to more than Rs. 8 lakh crore. Overall, the deployment of equity funds in bank stocks stood at Rs. 1,43,704 crore at the end of May 2017, compared to previous high of Rs. 1,34,596 crore in the preceding month, latest data available with Sebi showed.

Mutual funds are investment vehicles made up of a pool of funds collected from a large number of investors. They invest in stocks, bonds, money market instruments and similar assets.


Provide Adequate Transaction Details In Passbooks: RBI To Banks

Mumbai: The RBI today asked banks to provide “adequate details” of transactions in the passbooks and statements of accounts so that customers can cross-check them.

Earlier, the Reserve Bank had advised them to avoid inscrutable entries in passbooks/statements of account and ensure that brief, intelligible particulars are invariably entered with a view to avoiding inconvenience to depositors.

However, the RBI said it has come to its notice that many lenders still do not provide adequate details.

Earlier, RBI had advised banks to avoid inscrutable entries in passbooks.

“In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts,” the central bank said while prescribing a list of details to be provided.

The details to be provided by banks in passbooks, include name of the payee, mode of transaction, nature of the charges (like fee/ commission/ fine/ penalty), and loan account number.


Budget Your Finance And Consolidate Your Debts For Faster Repayment

When you have a variety of different debt and decide to merge all of them into one, this is known as debt consolidation. This particular option lowers your monthly payment. There are two forms of debt consolidation. Unsecured debt consolidation is when the lender does not have any right on your financial assets in case you delay or miss your payments. The other one is secure debt consolidation. Secured debt consolidation is when the loan you take is against your particular asset. Missing the repayment would mean the loss of your home.

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Circumstances for debt consolidation

There are certain situations under which you should opt for debt consolidation. You should opt for debt consolidation only if the calculated interest in lesser than what you were remunerating before. You should also check so that the total amount you are due to pay does not increase. Debt consolidation is like an eye opener.  You should use this as a sign to rearrange the way you spend your money. It allows you pay back any remaining charges to the old creditors for converting your mortgages.

Things to remember

Debt consolidation is supposed to help you reduce your financial burden. If it does anything other than that, you should reconsider your options. While filing for debt consolidation, proofread the documents you are submitting to the concerned firm.  To keep your savings secure, verify if there are any charges applicable for clearing your loan earlier than your designated time. If not, this could make you compromise on your savings.  A vital technical point to note is you are indebted to pay the company only if you are getting professional contractual advice from them. You are not entitled to pay the company for just discussing your financial issue with them without any advice.

Choosing debt consolidation loans

Always take advice from well-experienced people before making a decision regarding your finances. It is the same with debt consolidation. Talk to people and decide if it is the last resort you have or are there other ways out. Check out different websites over the net to compare rates and prices. Choose the one that gives you the best deal.  While checking, do not just concentrate on the headline interest rate. Compare the annual percentage rate to get the full idea. Avoid spending more than requires. Cut off your credit card to prevent any form of spending temptation.

Have detailed information

Debt consolidation is an apt option unless it endangers your home. Make sure you do not lead your home to any jeopardy. You can change your entire amount outstanding to a low-interest balance transfer card. It is the most inexpensive way for you to repay within a low-interest time. You can amalgamate your debts into an unsecured personal mortgage. You will require a decent credit card tally for lower interest rates. Before going for debt consolidation, think about what if in future you are unable to make the repayments. If you are spending too much on credit cards, you should first learn how to consolidate your credit carddebt problems so that you can avoid signs of problem debts.

Financial Debts And Ways To Cope With It

Financial Debt is one of the most common occurrences you may face. A financial debt occurs when the borrower is unable to pay back the amount within his due time. Financial Debt, in the beginning, may be a little confusing to you, but you have to find a way out of it. Financial debt has pretty simple solutions, which if followed is bound to yield results. During the time you are in debt, you have to keep a tab on expenses, income, savings and different budgets.

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Managing your finances

Management of funds during a debt is of utmost importance. The first step to that is to form a budget. You should assign a certain amount as your designated monthly budget and have to be careful in maintaining it. No matter what happens, you cannot allow yourself to go beyond the budget. Make a list of things of your Needs and Wants. This way, you will have an idea about your immediate requirements. You can keep you wants on hold for some time till your finance stabilizes. Make a list so that you pay off your bills by the end of the month. It will prevent a financial backlog at the starting of the next month.

Emergency Funds and Insurance

A Health insurance for you and your family turns out to be very advantageous for a debt. In the event of medical emergency, you can use your health insurance to cover the expenses.  Hence, something as unpredictable as illness or accidents will not put a sudden strain on your finance. It is also vital for you to make an emergency fund.  An emergency fund is something where you out in a portion of your salary for emergency purposes. Having an emergency fund and a health insurance during a debt makes it simpler for you to save during a crisis.

Paying back your debts

To pay back your debts, you have to use a part of your income and part savings to maintain the balance. You can take up an extra job. It will help increase the revenue and make it easier to pay. You can make a plan of paying your debts. The smaller debts, you can pay back first. For the bigger debts, you can opt for a debt consolidation loan for bad credit; Debt consolidation is where all your large amount debts are converted into one loan. This loan has a lower interest rate than other loans. Lower interest rate means lower interest amount. You can also take help from non-governmental debt relief firms. They have the expertise as well as experience for all sorts of debt management.

Knowing your rights

It is important for you to be aware of your rights during a debt. You have the legal right to ask for the change in the payment arrangement for debts. You cannot go to prison on the eve of your inability to pay the dues. If the creditors feel that you have deliberately denied their payment even while you could afford it, they would ask for a negotiation. Many of your creditors are legally obliged to consider your request for a special payment arrangement during your financial hardship. Being aware of your rights will help you deal better with a stressful situation like these.

Regulate Your Finance As Per Your Savings

Debit cards and credit cards have taken the world by storm. The need to carry liquid cash has almost gone. Debit cards are when you use a card to make payments directly from your liked account in the bank. Credit cards on the other hand come with max limit.  Here, the card sponsors your buys and you have to refund those payments back to the bank with a certain amount of interest added to it. The problem arises when you reach the credit card limit and are unable to pay back on time, leading to debt. Uncalculated expenditure and the lack of any payment back up plan primarily lead to credit card debts.

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Control your savings

Control of the finances involves taking charge of the prevalent crisis in totality. The balance between savings and expenditure is a must. Maintaining a transparent relationship with the creditors will enable a proper management of debts. It’s essential that you and your creditors come to the point of agreement regarding the payment options. The frequency might depend on how the position of your income is, or how much of the debt has already been cleared. Coming to the point of agreement might help you in buying sometime as well as avoid legal consequences.

Seek for professional help

There are times when you and your creditor do not work out on a suitable repayment plan. Under those circumstances, you can always take help from government authorized agencies. There are Credit Counseling Organizations that help you with money management. They have trained and certified counselors whom you can share your financial situation with. They help with a personalized plan to repay your debt. The first session might last up to an hour, and include follow-up sessions as well. Sometimes your debt can be too tough to deal with in nature.

Settle your dues

They normally include a form of negotiation with your creditors. They encourage you to go for a settlement to resolve your debt. This settlement is a lump sum that is less than the total amount you have due. In this mode, you have to transfer a certain amount to an escrow-like account. It requires you to accumulate enough savings to pay any settlement that it reaches eventually. These programs often discourage monthly payment to their creditors. You should go for advices that you personally feel comfortable with and think are easier to clear.

Eliminate credit card debt

In case you and your creditor do not agree on the same mode or format of payment, you can always take help from government authorized agencies. There are Credit Counseling Organizations that help you with money management. They have trained and certified counselors whom you can share your financial situation with. They help with a personalized plan to repay your debt. The duration of your session might last up to an hour. Sometimes your debt can be too tough to deal with in nature. Knowing your steps of how toget out of credit card debt is simple, provided you follow it rigidly.