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Indian rupee breaks 7-day winning run, down 18 paise at 70.87 a dollar

MUMBAI: Snapping its seven-day rising streak, the Indian rupee on Monday fell by 18 paise to close at 70.87 against the US dollar amid softening crude oil prices.

The domestic currency had gained a healthy 220 paise in the last seven trading sessions.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.48 against the US dollar. It gained further ground to hit a high of 70.30, following dollar selling by exporters.

The local unit, however, pared the initial gains and finally settled the day at 70.87 to the US dollar, down 18 paise over its previous close.

The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday on lower crude oil prices and foreign capital inflows.

The forex market was closed Friday on account of Guru Nanak Jayanti.

“The rupee appears to have put in a medium term bottom, driven by the sharp drop in crude oil, decline in foreign selling and improving prospects for the domestic economy,” said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Meanwhile, foreign institutional investors (FIIs) made fresh purchases worth Rs 62.74 crore Monday, as per provisional data.

Traders said bullish trend in the equity market as well as easing crude oil prices restricted the the rupee’s fall.

Brent crude was trading at $59.64 per barrel.

Meanwhile, the 30-share Sensex settled 373.06 points, or 1.07 per cent, higher at 35,354.08. While, the broader NSE Nifty jumped 101.85 points, or 0.97 per cent, to finish at 10,628.60.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.7144 and for rupee/euro at 80.2660. The reference rate for rupee/British pound was fixed at 90.6478 and for rupee/100 Japanese yen was 62.47.

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RBI can transfer Rs 1 lakh crore to Rs 3 lakh crore to govt: BoAML

Reserve Bank of India’s surplus reserves, which are available for transfer to the government, have been estimated at between Rs 1 lakh crore to Rs 3 lakh crore by Bank of America Merrill Lynch. According to a report by the investment bank, there is no legislative bar on the central bank transferring reserves beyond its annual surplus.

BoAML’s report comes at a time when the government and the RBI will assign a panel with the task of identifying the amount of capital that the central bank needs to continue holding. There is uncertainty over whether the government expects RBI to sell assets and transfer part of reserves. Following the RBI board meeting on November 19, one board member said that the next meeting on December 14 will focus on how much RBI would transfer from its future surplus.

According to the report authored by Indranil Sen Gupta and Aastha Gudwani both economists, with BoAML, the surplus funds with the RBI are to the tune of 0.5 per cent to 1.5 per cent of the country’s gross domestic product (GDP). The report has concluded that the central bank has more capital than it needs.

“Contingency reserves, at 7 per cent of book, are far higher than the BRICS (ex India) average of about 2 per cent. Revaluation reserves are also on the higher side relative to BRICS central banks. Re1 of depreciation adds $5.5bn. Overall reserves, at 28.3 per cent of RBI book, are well above the 18 per cent proposed by the RBI’s 2004 Usha Thorat group,” the report said. It pointed out that if the reserves were capped at 20 per cent, higher than the 18 per cent prescribed by Usha Thorat committee, the amount released would Rs 3.1 lakh crore as current reserves are 28.3 per cent of RBI’s book.

This is contrary to the stand taken by the central bank and some observers that that India needs a higher level of reserves than other emerging markets given the size of its current account deficit and because of its susceptibility to oil price fluctuations and foreign portfolio flows.

Providing a break up of its estimate of surplus capital the report states that capping contingency reserve at 3.5 per cent of RBI’s balance sheet would release Rs 105500 crore. At this level the contingency reserve would be still 75 per cent higher than the average for other BRICS nations – Brazil Russia, China, South Africa. “Also, limiting the appreciation cover in the RBI’s currency and gold revaluation account (CGRA) to 25% (ie, Rs53.25/USD) will release about Rs72000 crore to the fisc. The current CGRA balance, of Rs 7,82,000 crore, covers appreciation of Rs 19.55/$, till Rs 51.45/$, that is, 27.5 per cent appreciation,” the report said.

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Government to infuse Rs 42,000 crore in PSU banks by March; next tranche likely in December

NEW DELHI: The government will infuse Rs 42,000 crore in the state-owned banks by March-end and the next tranche would be released as early as next month, a senior finance ministry official said on Monday.

The government earlier this year pumped Rs 11,336 crore in five PSBs – Punjab National Bank, Allahabad Bank, Indian Overseas Bank, Andhra Bank and Corporation Bank – to improve their financial health.

“We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,” the official said.

He said that large PSBs such as State Bank of India and Punjab National Bank (PNB) may not need more capital infusion in the current financial year ending March 2019.

“Some big state-owned banks like SBI and PNB may not need further capital infusion from the government in 2018-19. PNB has already received regulatory capital twice so far,” the official said.

State-owned banks will need less capital to meet their capital adequacy norms, as the Reserve Bank of India last week decided to defer the deadline for them to meet the global norms or Basel-III requirement by a year till March 2020.

The RBI Board last week, while deciding to retain the capital adequacy requirement for banks at 9 per cent, agreed to extend the transition period for implementing the last tranche of 0.625 per cent under the capital conservation buffer (CCB) by one year — up to March 31, 2020.

Rating agency Moody’s Investors Service had last week said the decision of the RBI board to extend the timeline for banks to implement Basel III guidelines is ‘credit negative’ for PSBs.

The government announced the Rs 2.11-lakh crore capital infusion programme in October last year. According to the plan, the PSBs were to get Rs 1.35 lakh crore through recapitalisation bonds, and the balance Rs 58,000 crore through the raising of capital from the market.

Out of the Rs 1.35 lakh crore, the government has already infused about Rs 82,000 crore through the bonds.

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Director Shankar reveals ‘2.0’ sequel might be on the cards | Hindi Movie News

Director Shankar is all set with his next major release ‘2.0’, starring Rajinikanth and Akshay Kumar to hit the screens this Friday. The movie is the sequel to his 2010 film Enthiran (Robot), which starred Rajinikanth and Aishwarya Rai in the lead roles. The Big-Budget-director was recently in Mumbai to promote the release of his film and revealed some interesting news regarding the sequel to ‘2.0.’

Shankar opened up about the possible sequel to ‘2.0’ but the director is very sure that it will happen only if Superstar Rajinikanth agrees to act in it. The director stressed that he cannot imagine anyone else playing the role of Chitti other than Rajinikanth himself.

Shankar also said that ‘3.0’ can happen only when he gets the right thought and convincing script. He said it is not about taking the franchise further but to entertain the audience through Chitti which is loved by all, from children to adults. Shankar said, “Like Superman, Batman and Spiderman, I wanted the franchise of Robo in the country.”

‘2.0’ has already crossed the 100 crore club even before its release by massive advance bookings. The movie is very much expected to break the opening day collections record which is currently held by Aamir Khan’s ‘Thugs of Hindostan’, which had collected over Rs 52 crore on its first day. With a budget of Rs 600 crore, ‘2.0’ is the most expensive Indian film ever made. Apart from Rajinikanth and Akshay Kumar, the movie also casts Amy Jackson in the female lead.

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Timeline: The turbulent journey of Jet Airways

Jet Airways Ltd, the biggest full-service carrier in India, has been under dark clouds for the past few months.

While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own.

Saddled with a debt of about Rs 80.52 billion ($1.14 billion) as of Sept. 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch. The airline has a market capitalisation of 35.03 billion rupees as of last close.

The Tata conglomerate is now likely to be the potential white knight for the debt-laden company, but no proposal has been made yet.

Here’s how the story unfolded:

May 3 – Jet shares fall 12.3 percent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier

May 23 – Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that ‘may create uncertainties’

Aug 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure

Aug 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale

Aug 9 – Airline defers board meet for first-quarter results

Aug 11 – After State Bank of India chairman says Jet’s loan is on the bank’s watch list, Jet says it is regular in payment obligations to all banks

Aug 13 – Airline reaffirms that it is considering various options to meet its funding requirements

Aug 15 – Report says U.S. private equity firm Blackstone Group LP is in talks to buy a stake in Jet’s frequent-flier loyalty programme JetPrivilege

Aug 20 – Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal

Aug 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years

Sept 4 – Government plans relief package for airlines

Sept 6 – Jet says it paid salaries to 84 percent of its employees after reports emerge that pilots warned ‘non-cooperation’ over salary default

Sept 20 – Income Tax department conducts survey at Jet’s premises

• Over two dozen passengers on a Jet flight are treated for minor injuries after the plane loses cabin pressure

Oct 4 – Rating agency ICRA downgrades here the company’s long term loans and NCDs, citing impact of steep increase in jet fuel prices, rupee depreciation, delay in implementation of liquidity initiatives

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report “speculative”

Oct 30 – U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways

Nov 5 – Report says Tata aims to buy the 51 percent stake in the airline owned by Naresh Goyal, and Etihad Airways’ 24 percent stake, and merge Jet with Vistara

Nov 12 – Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challenges

Nov 13 – Tata Sons begins due diligence to buy Jet, reports say

• Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline

Nov 15 – Shares surge nearly 25 percent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made

Nov 20 – Tata Sons may go slow on Jet deal after some directors from Tata’s board expressed concerns, according to media reports

Nov 21 – The airline says news on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative

Nov 22 – Independent director Ranjan Mathai resigns, citing rising pressure from other commitments

Nov 26 – Report says Naresh Goyal may hand over Jet Airways ops to Etihad Airways

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Prashant Damle: Theatre Review: Eka Lagnachi Pudhchi Goshta | Marathi Movie News

Taking a cue from modern-day marital situations, writer-director Advait Dadarkar presents a story of Manisha and Manoj’s life from premarital to post-marital days. While the setup is modern, the traditional values are retained, making this sequel of the hugely popular play Eka Lagnachi Goshta a laugh riot.

The play starts with Manisha (Kavita Lad-Medhekar) giving a recap of her and Manoj’s (Prashant Damle) married life, and then taking you ahead with their current situation where everyone has gotten busy with their respective lives and their son Advait too has moved to Bangalore for higher studies. Manisha feels that their love life has lost the charm and wants to revive the old times, but Manoj seems to have deleted the old memories. To add to this, he is advised by Puru sir that having an extramarital affair is the key to a happy life. Though Manoj takes that ‘advice’ seriously, he realises his mistake while romancing the young office employee Kashmira.

The play unfolds in a series of hilarious situations and some clever lines. Prashant and Kavita are effortless and the pair’s chemistry is easy and crackling. And yes, the popular songs Hi pari asmani and Sukh mhanje nakki kay asta too feature in the play, much to the audience’s delight, making Eka Lagnachi Pudhchi Goshta a must watch.

Writer and Director: Adwait Dadarkar Genre: Comedy/ Drama Cast: Prashant Damle, Kavita Lad-Medhekar, Atul Todankar, Pratiksha Shivankar, Mrunal Chemburkar, Rajsinh Deshmukh, Parag Dange Language: Marathi Highlight: A comical drama that ensures a laugh riot and refreshes some nostalgic moments.

Pics: Shashank Sane

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Indian Rupee: Rupee rises 39 paise to 70.30 against US dollar in early trade | India Business News

MUMBAI: Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark.

Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee.

At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close.

The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows.

The forex market was closed Friday on account of Gurunanak Jayanti.

In the last seven trading sessions, the rupee has gained a healthy 220 paise.

Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices.

Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed.

Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday.

Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.

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Sensex, Nifty turn choppy as IT, pharma stocks fall

MUMBAI: The BSE benchmark Sensex pared early gains and turned choppy after opening over 200 points higher Monday, led by fall in IT and pharma stocks amid strengthening rupee.

The 30-share Sensex pared early gains and was trading 4.38 points, or 0.01%, higher at 34,985.40.

The NSE Nifty too witnessed similar movement, and was trading 10.15 points, or 0.09%, higher at 10,536.75.

Infosys, TCS and Sun Pharma were the biggest contributors to the losses on bourses in early trade, falling up to 2.13%.

Yes Bank, Adani Ports, ONGC, Vedanta and Kotak Bank were among other lop losers, dropping up to 5.55%.

On the other hand, Bharti Airtel, Axis Bank, Asian Paints, HDFC and PowerGrid rose up to 1.77%.

Investors also booked profits at higher levels after indices opened on a strong note.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark and was trading at $59.47 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.

Elsewhere in Asia, Japan’s Nikkei rose 0.65%, Taiwan’s benchmark index was up 0.83%, and Shanghai Composite Index rose 0.29%.

Meanwhile, the Dow Jones Industrial Average fell 178.74 points, or 0.73 percent, to 24,285.95 on Friday as the US energy sector tumbled on continued weakness in oil prices.

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How divorce hits finances – Times of India

When Aditi Singh decided to part ways with her husband over a decade ago, division of finances and property was the last thing on her mind. As a result, she failed to get a share of what was rightfully hers. However, Singh is hardly alone in not understanding what is rightfully hers to keep when a marriage falls apart.

During divorce proceedings, overriding emotions can lead to a skewed division of assets. The losers are often women, especially those who do not take part in making financial decisions during the marriage or are ignorant of their rights.

Know your rights

The law says any investments made in the name of the woman will be a part of her wealth in the event of divorce. Earlier, the woman would be the sole beneficiary of such an investment under the Prevention of Benami Property Act. Now, after a recent Delhi HC order on the Benami Act, a purchase made by the husband from his known sources of income in his wife’s name will no longer be considered benami and he can claim a share in it. But, any gift received by the woman at the time of marriage and during the time she remains married is her property. This is known as streedhan.

Alimony and maintenance

Besides streedhan, a woman is also entitled to alimony. Mrunalini Deshmukh, a Mumbai-based lawyer says the court decides the alimony amount after considering the wife’s working status and family’s overall financial status. She adds that alimony should not be confused with child support. Take the case of Chennai-based Sandhya Natarajan, who got custody of her son after divorce. She did not demand alimony for herself hoping to get maintenance for her son although she qualified for both as her salary was very little compared to her husband’s and she had no savings. Natarajan did not start a legal fight for what was due to her either as she did not have enough money to engage a lawyer. Deshmukh says in such a situation, the wife can ask for interim maintenance from her husband till the divorce is finalised.

After the divorce

Once the dust settles, it is important for the affected parties to rejig their financial plans. Experts say the first step is to determine the new net income and expenses. At this point, one should not lose sight of long and short-term goals.

Suresh Sadagopan, Founder, Ladder7 Advisories, says building an emergency fund is priority. While most financial goals may change, there could be some goals that may remain entangled with one’s former partner like child’s education or marriage. Experts suggest that it is better to get a lump sum for child support and invest it in proper instruments to avoid any future conflicts.

Budgeting for the alimony Alimony can affect the budget of both the parties and their respective tax outgoes. For the receiver, regular alimony may constitute a great portion of the monthly income. So taxes on alimony should be carefully understood to estimate the net cash flow.

In a one-time settlement, the lump sum can feel like a windfall. Experts suggest that lump sum alimony is better than regular payouts as the the lump sum can be utilised better for future needs. For the spouse paying regular alimony, no deductions can be claimed on it.

Some names have been changed to protect identities

WHAT IS STREEDHAN

• Jewellery (gold, silver, precious/semi-precious stones, alloy), property and valuables like car, paintings, artifacts, furniture etc gifted to the woman at marriage, before marriage and during the course of her marriage. During dispute, a list of all the items signed by two witnesses can be given to make a claim

• Gifts can come from anyone—husband, in-laws, parents, friends, relatives etc

• Woman’s earnings before or after marriage from employment or business. Any savings or investments made from her earnings

WHAT DOES NOT BELONG TO HER

• Ornaments like a gold chain or ring, and other valuables gifted to the husband by the wife’s parents at the time of marriage and through the duration of marriage

• Any movable or immovable asset bought by the husband in the wife’s name without passing it on as a gift

• Earnings of the woman spent on household cannot be claimed back

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Apple faces antitrust trial in US top court over ‘App Store monopoly’

WASHINGTON: When iPhone users want to edit blemishes out of their selfies, identify stars and constellations or join the latest video game craze, they turn to Apple Inc’s App Store, where any software application they buy also includes a 30% cut for Apple.

That commission is a key issue in an antitrust case that will reach the US Supreme Court on Monday. The nine justices will hear arguments in Apple’s bid to escape damages in a lawsuit accusing it of breaking federal antitrust laws by monopolising the market for iPhone apps and causing consumers to pay more than they should.

The justices will ultimately decide a broader question: Can consumers even sue for damages in an antitrust case like this one?

Apple, which is appealing a lower court decision that revived the proposed consumer class-action lawsuit, says no, citing a decades-old Supreme Court precedent. The company said that siding with the iPhone users who filed the lawsuit would threaten the burgeoning field of e-commerce, which generates billions of dollars annually in US retail sales.

The plaintiffs and antitrust watchdog groups said that if the justices close courthouse doors to those who buy consumer products, monopolistic conduct could expand unchecked. “A lot of technology platforms will start making the argument that consumers don’t have standing to bring antitrust suits against us,” said Sandeep Vaheesan, legal director for the Open Markets Institute, a Washington-based antitrust advocacy group.

“Uber could say, we’re just providing communication services to ride-sharing drivers,” Vaheesan said. “If there’s an antitrust issue, the drivers can bring a claim but passengers do not have standing.”

The iPhone users accused Apple of violating federal antitrust law by monopolising the sale of paid apps, leading to inflated prices compared to if apps were available from other sources.

Though developers set the prices of their apps, Apple collects the payments from iPhone users, keeping a 30% commission on each purchase. One area of dispute in the case is whether app developers recoup the cost of that commission by passing it on to consumers. Developers earned more than $26 billion in 2017, a 30 percent increase over 2016, according to Apple. The firm said it is acting only as the agent for app developers who sell the apps to consumers through the App Store.

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Identify a money strategy – Times of India

Think about your financial life and decide how you will make your money work for your needs

What does the unknown and unexpected do to us? Are we so unsettled that we do not know what past experience to draw from to deal with a new situation? Personal finance is personal, because each of us responds differently to the unexpected. There is no single satisfactory answer. From among all the advice about goals, retirement, early saving, investing right, risk preference and disciplined investing, how do we choose our path? Where should we begin?

Strategic personal finance requires investors to think. And, it is strategic because it considers both actions and consequences. It is not a whimsical orientation that seeks to live the good life without the effort to earn the money to support it.

First, have we identified what we want our money to do? What purpose would it have to fulfil to satisfy us? There is a hierarchy in play. Safety and security for ourselves and our family is a primary survival goal. After having met the basic needs, do we know what we should do with the surplus? Our spending habits are dictated by our strategic orientation about what is important to us. Make sure you have enough for what matters to you.

Second, how do we behave when there isn’t enough to go around? How willing are we to make sacrifices? Or do we borrow to make up? Our saving habits are driven by strategic choices around money as a limited resource. If we dislike falling short, borrowing, or asking around, we willingly set money aside for the future.

Third, how accessible do we want our savings to be? Our choice of investment instruments depends on how we treat the assets we accumulate. Someone who fears falling short often, assets that can be accessed quickly is important. For someone worried about stability, looking up the value of investments often is an emotional need.

Fourth, how well do we stick to plans? Are we able to implement and execute ideas? Our ability to stay the course and remain in charge of our finances depend on how confidently we are able to make tactical choices. We are not disciplined investors if we let tactical unexpected events to keep modifying our strategic long-term plans.

A young earner who pays multiple EMIs, worries about credit card dues, is unable to make a career choice that takes him to a new city, needs help with strategic personal finance. A retired senior who lives frugally out of fear of outliving the assets, and is unwilling to incur expenses that can enhance the quality of her life, needs help with strategic personal finance. So, being in charge of our wealth is to stay focused on what we want our money to do for us, and driving decisions in that direction with discipline.

In all the years that I have heard ideas about money, I have not met a wealthy person who says money is not important. The wealthy enjoy the choices money offers. Some exercise those choices for the benefit of many; some focus on their comfort alone. Make your choices about wealth, and be sure you own it, whatever be your philosophical orientation towards money.

The author is Chairperson of The Centre for Investment Education and Learning

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How divorce hits finances – Times of India

When Aditi Singh decided to part ways with her husband over a decade ago, division of finances and property was the last thing on her mind. As a result, she failed to get a share of what was rightfully hers. However, Singh is hardly alone in not understanding what is rightfully hers to keep when a marriage falls apart.

During divorce proceedings, overriding emotions can lead to a skewed division of assets. The losers are often women, especially those who do not take part in making financial decisions during the marriage or are ignorant of their rights.

Know your rights The law says any investments made in the name of the woman will be a part of her wealth in the event of divorce. Earlier, the woman would be the sole beneficiary of such an investment under the Prevention of Benami Property Act. Now, after a recent Delhi HC order on the Benami Act, a purchase made by the husband from his known sources of income in his wife’s name will no longer be considered benami and he can claim a share in it. But, any gift received by the woman at the time of marriage and during the time she remains married is her property. This is known as streedhan.

Alimony and maintenance Besides streedhan, a woman is also entitled to alimony. Mrunalini Deshmukh, a Mumbai-based lawyer says the court decides the alimony amount after considering the wife’s working status and family’s overall financial status. She adds that alimony should not be confused with child support. Take the case of Chennai-based Sandhya Natarajan, who got custody of her son after divorce. She did not demand alimony for herself hoping to get maintenance for her son although she qualified for both as her salary was very little compared to her husband’s and she had no savings. Natarajan did not start a legal fight for what was due to her either as she did not have enough money to engage a lawyer. Deshmukh says in such a situation, the wife can ask for interim maintenance from her husband till the divorce is finalised.

After the divorce Once the dust settles, it is important for the affected parties to rejig their financial plans. Experts say the first step is to determine the new net income and expenses. At this point, one should not lose sight of long and short-term goals.

Suresh Sadagopan, Founder, Ladder7 Advisories, says building an emergency fund is priority. While most financial goals may change, there could be some goals that may remain entangled with one’s former partner like child’s education or marriage. Experts suggest that it is better to get a lump sum for child support and invest it in proper instruments to avoid any future conflicts.

Budgeting for the alimony Alimony can affect the budget of both the parties and their respective tax outgoes. For the receiver, regular alimony may constitute a great portion of the monthly income. So taxes on alimony should be carefully understood to estimate the net cash flow.

In a one-time settlement, the lump sum can feel like a windfall. Experts suggest that lump sum alimony is better than regular payouts as the the lump sum can be utilised better for future needs. For the spouse paying regular alimony, no deductions can be claimed on it.

What is streedhan What belongs to her • Jewellery (gold, silver, precious/semi-precious stones, alloy), property and valuables like car, paintings, artifacts, furniture etc gifted to the woman at marriage, before marriage and during the course of her marriage. During dispute, a list of all the items signed by two witnesses can be given to make a claim

• Gifts can come from anyone—husband, in-laws, parents, friends, relatives etc

• Woman’s earnings before or after marriage from employment or business. Any savings or investments made from her earnings

What does not belong to her • Ornaments like a gold chain or ring, and other valuables gifted to the husband by the wife’s parents at the time of marriage and through the duration of marriage

• Any movable or immovable asset bought by the husband in the wife’s name without passing it on as a gift

• Earnings of the woman spent on household cannot be claimed back

Some names have been changed to protect identities

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Govt hopes 4-5 banks will exit PCA

NEW DELHI: The government is hoping that four to five banks may come out of the RBI’s prompt corrective action (PCA) framework in the current financial year. PCA imposes lending and expansion curbs on the weak players.

Currently, 11 state-run lenders are under the framework and the government has been battling the regulator to review the norms to ensure that some of the players come out of the mechanism that will help the Centre push lending ahead of next year’s general elections. The improved performance of some of the players is expected to help too.

The government is expected to push liquidity issues, especially for NBFCs, along with central bank governance and more steps for weak banks at RBI’s next board meeting scheduled for December 14.

After much quibbling, the government managed to convince the RBI board to defer the creation of additional capital buffer by banks that will not just help reduce equity requirement by Rs 35,000-40,000 crore but also boost lending. At the end of the September quarter, several of the large players were unable to meet the criteria.

For example, IDBI Bank’s core tier-1 capital and the capital conservation buffer was under 4% against RBI’s 6% prescription, while UCO Bank and Allahabad Bank were seen as borderline cases. In case of other large players, such as Bank of India, core tier-1 capital and the capital buffer added up to 7.5% at the end of the September quarter.

The high level of NPA is seen to be the biggest problem, given that all the 11 state-run lenders were above the 6% threshold specified by the RBI.

At next month’s board meeting, the government is also hoping to get the regulator to do away with return on assets (RoA) as a criteria. Stock exchange filings showed that four of the 11 banks under PCA had positive RoA at the end of the September quarter.

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Women cricketers score in brand arena

NEW DELHI: It’s not just the playing pitch that Indian women cricketers are making a mark on. Off the field, too, they are raking in the moolah. At least three top players — Mithali Raj, Smriti Mandhana and Harmanpreet Kaur — have signed lucrative endorsement contracts. From peddling fruit juice and flaunting Australian diamonds to promoting cab aggregators and sporting shoe brands — they are doing it all.

Classy Raj has inked a deal with New Zealand-based bat maker Laver & Wood apart from playing brand ambassador for US cab-hailing company Uber and Rio Tinto’s Australian diamonds. Sources said the bat deal is worth Rs 20 lakh. Her teammate, 22-year-old Mandhana has the country’s largest bike maker Hero MotoCorp sponsoring her bat and European footwear retailer Bata has picked her as a brand ambassador. Mandhana, sources said, could be charging anywhere between Rs 40 lakh and Rs 50 lakh per year for an endorsement.

That’s not all. Kolkata-headquartered conglomerate ITC chose Indian T20 skipper Harmanpreet Kaur as the brand ambassador for its juice brand B Natural to push deeper into Punjab. Kaur, who hails from Moga in the northern state, charges around Rs 10 lakh a day for ad shoots and Rs 15-20 lakh per year for endorsing apparel and footwear, sources said. Tyre maker Ceat, which is one of the heavyweight bat sponsors with top cricketers such as Rohit Sharma and Ajinkya Rahane on its payroll, has also signed up Kaur.

Even teenaged batting sensation Jemimah Rodrigues has signed up with the Kiwi batmaker Laver & Wood.

“The team’s top-class performance at the global level has made women’s cricket popular among the game’s fans in the country,” said a Hero MotoCorp spokesperson. “Thanks to their consistent performances and the live telecast of the matches, players such as Mithali, Smriti and Harmanpreet have become household names, in the process immensely enhancing their brand value.”

There could be more deals in store. “We already have several individuals from the Indian team being recognised by brands as fit to endorse their products,” said Bunty Sajdeh, CEO, Cornerstone Sport, which manages Virat Kohli.

Companies are finding new ways of cashing in on the grassroots popularity of these cricketers. “A campaign featuring Kaur, which ran as a state-level contest, became a platform to identify and celebrate honest talent among girl children across Punjab in the cities of Bhatinda, Patiala, Jalandhar, Amritsar, Ludhiana and Chandigarh,” said an ITC spokesperson. He added, “There was an overwhelming response with 6,431 students participating in events across domains like knowledge, arts and sports. Winners will now compete for becoming the final ‘Harman XI’ in the state-level finals to be held next year.”

The riches did not come overnight. In a country dominated by male cricket lovers who enjoy watching the men’s team play, these women had to up the ante to compete for eyeballs. “The girls have taken a lot of effort off the field,” said current fielding coach of the Andhra Pradesh team Munish Bali, who has spent time training the Indian women’s national cricket team. “They are much fitter now.”

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[aminalatif]

Set a target for your investments

Imagine a cricketer coming in to bat, and on reaching 28 runs, taking off his helmet and waving to the crowd as if he had hit a century. He did it because his batting average till that point was 27.6 and he had set himself a target of exceeding that average. So scoring 28, he felt he had succeeded.

Not about cricket: That was a joke. However, it was not a cricket joke but an investing one. No batsman in the world would celebrate a paltry score, but there are plenty of investment managers who would. Some managers think if they have exceeded any given measure of average performance then they have achieved what they set out to do for their customers.

This thinking has permeated down to the customers as well. As a saver, what is it that you would have set out to do? To beat an index or some average? A lot of investors feel that as long as they have done that, they have achieved something. This is further reinforced by the media and analysts.

Which race are you running? What is the real benchmark that an investor should follow? What should this be based on? The self-evident answer is something that aligns with your own needs. ‘Need’ here encompasses the way you would invest as well as what you eventually expect from that investment. I looked up the investment performance of monthly SIPs in equity funds on Value Research Online and found that almost every fund had beaten the public benchmark.

Having said that, the only benchmark that matters is one that is based on your needs. A general benchmark makes no sense. How much money will you need in the future? Are your investments on track to achieve the target? Did you actually achieve the targets in the past? The answers to these questions, are all that matter. If the answers are mostly in the negative, then it doesn’t matter if your investment beat the fixed deposit rate or the Sensex. That’s not the race you were running.

Savings and investments are about having an idea of the amount one will need in the future, then investing for it, and then knowing, en route, whether one is going to get there. Unfortunately, there is no easier alternative.

The author is the Founder and CEO of Value Research

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No NBFC crisis, but cause for caution, says Crisil CEO

MUMBAI: The situation for non-banking finance companies (NBFCs) would have worsened had steps not been taken to alleviate the industry’s problems, according to Crisil CEO Ashu Suyash. She added that while there is still cause for caution, there is no crisis.

“We need to see support coming through for some of the stressed sectors,” said Suyash, addressing newspersons in Mumbai. Earlier this month, the rating agency had come out with a report which said that timely access to bank funding was critical for NBFCs.

Crisil Ratings senior director Krishnan Sitaraman said IL&FS was the first major default in the NBFC sector in over 15 years and had shaken lenders to the sector. What made things worse was that the debt markets in India lacked depth. The crisis was prevented from snowballing after public sector banks announced that they would buy assets from finance companies, providing them much needed liquidity.

“We are also seeing many of the finance companies raising long-term debt by issuing bonds to retail investors. A large part of the redemptions, which were due in November, have also gone through,” said Krishnan.

NBFCs were caught on the wrong foot when the crisis in IL&FS broke out. The inability of the infrastructure financier to repay debts caused credit to this sector to dry up. Many finance companies were in a spot as they had expanded their balance sheet with long-term assets using three-month funds, which they kept rolling over. Crisil sees headwinds getting stronger due to global factors. “We are seeing more conversations on protectionism and this is not ending. According to an S&P analysis, while a US-China trade war could knock out 100 basis points (1 percentage point) of growth from China, it would also reduce US growth by 100bps,” said Suyash. She said that in the past, India had the advantage of “imported growth”, which was unlikely now.

On the recent regulatory crackdown on rating agencies in the wake of the sudden default by IL&FS, Suyash said that raising the regulatory bar has put India right on the top in global standards. “It levels the playing field for us as we put all our methodology in the public domain,” she said.

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Govt’s new platform to alert regulators on risky entities

NEW DELHI: Wiser from the IL&FS collapse, the government is setting up an algorithm-based platform to alert regulators about companies which are perceived to be risky due to weak and stressed finances or have seen the exit of directors as well as auditors.

Modelled on the lines of the income tax department’s platform, the ministry of corporate affairs (MCA) has begun work on what is being called the Central Scrutiny Centre that will scan filings of all companies and raise red flags. The shortlisted entities are then proposed to be taken up for further scrutiny by the registrar of companies and may also be referred to other regulating agencies, sources told TOI.

Apart from various financial parameters, MCA is also planning to get assistance from other agencies such as the income tax department in identifying companies that will be taken up for scrutiny. For instance, companies that have filed their corporate returns but have not submitted their tax returns will be one area of cooperation for sharing of data, for which an MoU has already been signed.

The task of putting in place an algorithm has been given to the e-governance cell and the platform may be in place over the next few months, sources said. Some filing requirements are also expected to be tweaked to enable better use of data that is already available with the registrar of companies.

A large part of the identification will be based on financial parameters. For example, to identify possible shell companies, the government will keep tabs on companies with low equity base, low turnover but issuing shares at a hefty premium. Similarly, companies with low capital base but high turnover may also come under the scanner.

Further, sources said companies with high levels of leverage due to heavy borrowings may appear on the radar, too, with inter-corporate dealings to be one of the criteria that will attract scrutiny. “If something like this was in place, with adequate disclosure norms, we could have spotted the build-up of stress in IL&FS much earlier,” said a source.

Already, MCA has developed a mobile app that will have some sort of a database on companies that have not maintained their registered offices and are liable for their names to be struck off.

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