Misc - Wealth18.com

Apr242014 by wealth18.comNo Comments

Kosamattam Finance NCD April 2014 – Details & Review

Bonds

Kosamattam Finance Limited has opened its public issue of NCDs on 23 April 2014 and it closes on 22 May 2014 ( Closed early on 6-May-2014) Type of Instruments – Secured Redeemable NCDs Size of Issue - Rs 100 crores Listing – Proposed to be listed on BSE Credit Rating - BB by CARE Investment option – Monthly/ Cumulative Interest for 390 days, 18 months, 36 months, 66 months About Company Kosamattam Finance Ltd, headquartered in the southern Indian state of Kerala, is a NBFC lending money against pedge of used household gold jewellery “Gold Loans” in the state of Kerala, TamilNadu, Karnataka Andra Pradesh, Delhi and in the Union Territory of Poducherry. The Kosamattam group was originally founded by Mr. Chacko Varkey. His grandson, Mr. Mathew K. Cherian, the present Chairman and managi...

Apr232014 by wealth18.comNo Comments

Can NRIs invest in Public Provident Fund (PPF) in India?

NRI

Public Provident Fund (PPF) is one the best investment options in India which provides risk free & tax free returns (8-10%). But, Can NRIs take benefit of this investment option? Let’s discuss in detail. 1. I am an NRI. Can I open NEW PPF Account? No, an NRI can’t open a new PPF Account in India. However, he can maintain the existing PPF Account opened when he/she was resident. 2. I opened PPF account when I was in India but now I am working outside India. Can I continue with this PPF account? Yes. If the PPF account was opened when you were resident, then you can continue with this PPF account even after you become an NRI. Till 2003, NRIs were not allowed to contribute amount into existing PPF accounts opened when they were resident. However, in 2003, government allowed NRIs to con...

Apr172014 by wealth18.comNo Comments

Shriram City Union Finance NCD April 2014 – Details & Review

Bonds

Shriram City Union Finance has opened its public issue of NCDs on 16th April 2014 and it closes on 16-May-2014 ( Closed early on 21-April-2014) Type of Instruments – Secured Redeemable NCDs Size of Issue - Rs 200 crores Listing – Proposed to be listed on BSE & NSE Credit Rating - AA by CARE Investment option – Annually / Cumulative Interest for 3 yrs, 4 yrs, 5 yrs About Company Shriram City Union Finance Limited (SCUF) is a part of the Chennai based Shriram group of companies and the sister concern of Shriram Transport Finance. They are entering the debt market second time. SCUF is incorporated in 1986 and is registered with the Reserve Bank of India as a deposit-taking non-banking finance company (NBFC) with its presence in gold loans, small business finance loans, auto loans, two-...

Apr142014 by wealth18.comNo Comments

Should NRI file Income Tax returns in India ?

NRI

If you are an NRI, are wondering whether you need to file Income Tax returns in India, this post will help you . Any Income which accrue or arise in India, wil be taxable in India. For e.g common income which are taxable in India are - Bank Interest, Fixed deposit Interest, Profilt / Loss from Shares, Mutual Funds, Bonds, Rental Income, Profit / Loss from Sale of Property in India etc. When an NRI should File IT Returns in India? As an NRI, you should file your income tax returns in India, if you meet any of the following criteria – 1) Your taxable income in India during the year was above the basic exemption limit of Rs 2 lakh OR 2) You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit....

Apr142014 by wealth18.comNo Comments

Bank FD – Facts you must know before you invest

Banking

Bank Fixed Deposits are one of the most popular investment avenue for risk averse Indian investors. With benefits such as -decent interest rates (9 – 10%), capital safety, bank reputation, accessibility etc., it may seem to be good option. However, a prudent investor should carefully consider all the aspects before taking the investment decision. 1) Advertised Bank FD yield may be misleading In recent times, many banks in their advertisement show the Annualised yield from FD, which is misleading. For e.g in below SBI advertisement, you can see that SBI is advertising that you are getting annualised yield of 14.35% over 10 years. You may think it is better option as compared to PPF (giving 9%) or some Mutual funds who are giving 11-13% return. Well, you may be incorrect in thinking ...

Apr92014 by wealth18.comNo Comments

Transfer money to India – Best Exchange Rates Comparison

NRI

Over the last 1 year, Indian Rupee has depreciated against major currencies like USD, GBP etc the exchange rate is quite good if you want to convert foreign currency into INR and send money to India for Savings or Investment. So, What is the best way to transfer your money to India and get best exchange rates for your hard-earned money ? In the table below, I have included the Exchange rates indicated for GBP = INR by various money transfer services: Various Options to transfer money to India from UK, USA, Canada, Singapore, Australia, UAE, Europe & other countries 1. Transfer through Indian Banks having Branches abroad Normally, Overseas branches of Indian PSU banks give better exchange rates for transferring money to India. In my experience, SBI in UK offers the best exchange r...

Apr82014 by wealth18.comNo Comments

Tax Free Bonds – Should you invest in these?

Bonds

Tax free bonds are flavour of the market since 2012 with many Government & PSU companies raising thousands of crores from market via these Bonds. There Bonds are offering good returns for long duration as well as tax free income. In 2012-2013, Around 10 government owned companies raised Rs 50000 crores via tax-free bonds. Positive Points Safe & Secure - All tax-free bonds are issued only by government-owned companies. So they are unlikely to default. These are normally rated AA or higher. Tax FREE Interest - Interest received on these bonds are fully exempt from income tax. ( as per Section 10 (15) (iv) (h) of Income Tax Act, 1961) No TDS - Since the interest income on these Bonds is exempt from tax, no Tax Deduction at Source (TDS) is required. No Wealth Tax - Wealth Tax...

Mar282014 by wealth18.comNo Comments

NRI Bank Accounts – NRE / NRO / FCNR

NRI

As NRI, you can open following different type of Bank accounts in India based on your requirements: NRO - Non-Resident Ordinary Account NRE - Non Resident External Account FCNR (Foreign Currency Non Resident) NRE Account vs NRO Account vs FCNR Account - Key Features NRE NRO FCNR Type of Account Savings, Current, FD Savings, Current, FD FD Held in Currency INR INR USD, GBP, EUR, AUD, CAD Source of Funds Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Local Income in India (Rent, interest or dividend income). Transfer from existing NRE Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Deposit of Rupee funds generated in India No Yes No Repatriation Fully repatriable – both principal and Interest Restricted repatri...

Mar82014 by wealth18.comNo Comments

Revised Schedule VI in Excel & PDF Format

Misc

The revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010-11 and onwards. The text of the revised Schedule VI is available at https://www.mca.gov.in/ . Format-of-Revised-Schedule-VI-to-Companies-Act-1956 Format_of_Financial_Statements_under_the_Revised_Schedule_VI Format-of-Revised-Schedule-VI-to-the-Companies-Act-1956-in-excel

Feb172014 by wealth18.comNo Comments

Ennore Port Tax Free Bonds – Feb 2014 – Details

Bonds

Ennore Port is targeting to raise up to Rs 500 crore with an option to retain over-subscription up to Rs.750 crore. It has AA Credit Rating. The issue is open from 18-Feb-2014 to 14-Mar-2014 . However, it may close early, depending on response. Ennore Port Tax Free Bonds Details Series I Series II Series II Tenor 10 Years 15 years 20 years Interest Paid Annual Annual Annual Coupon Rate 8.61% 9.00% 9.00% Effective Pre-Tax Yield (30% tax slab) 12.46% 13.02% 13.02% Effective Pre-Tax Yield (20% tax slab) 10.84% 11.34% 11.34% Effective Pre-Tax Yield (10% tax slab) 9.60% 10.03% 10.03% Minimum Application Rs 5000 Maximum Application Rs 10 lacs ( Retail) Issue Opens on 18-Feb-14 Issue Closes on 14-Mar-2014 (May close early) About the Company ...