SBI & Others restrict lending terms for auto dealers as car sales slump

State Bank of India (SBI) has fixed loaning terms drastically for auto vendors, as indicated by a source and an inward notice seen by Reuters, trying to decrease its introduction to hazard from a part amidst a sharp downturn. State Bank of India (SBI) has fixed loaning terms drastically for auto vendors, as indicated by a source and an inward notice seen by Reuters, trying to decrease its introduction to hazard from a part amidst a sharp downturn.  The shadow banking emergency that started to unfurl in India during mid-2018 has developed for the current year. The liquidity mash in non-bank financing, higher protection expenses and ascends in tax assessment have served to press the vehicle area, with month to month auto deals falling by 17-20% since April.  Month to month traveler vehicle deals in June fell by the greatest edge in 18 years. In one inward notice for financing vendors selling vehicles made by Hyundai Motor Co's India unit, SBI said it is overhauling the loaning terms as a result of "developing worry" in the carmaker's portfolio. Comparable updates have been sent to vendors for every other brand, said a senior SBI official mindful of the issue, however Reuters has not seen reminders…

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme ( CLSS) Featured

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN) - Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), given the anticipated evolution of urbanization & the ensuing housing demands in India. Eligibility The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India. In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy. The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY. Beneficiary The beneficiary family will encompass husband, wife and unmarried children. (An adult earning member regardless of marital status can be treated as a independent household in MIG category) Coverage: All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.

Goods and Services Tax (GST) rate structure finalised, majority of items in 12% and 18% tax slabs Featured

India progressed a step closer towards executing the Goods and Services Tax (GST) after the centre and the states hit a consensus on the rates and structure of the aspiring tax reform. However, the second and final day of the fourth Goods and Services Tax (GST) council convention on Friday is likely to be prickly, with both sides set to debate the sharing of administrative powers under the new tax regime. The Goods and Services Tax (GST) has been one of the key things that has grasped the attentiveness of the market given its repercussions on earnings of companies. The government has kept a hefty number of articles under 18% tax slab. The government classified 1211 items under diverse tax slabs. Here is the comprehensive item wise list of Goods and Services Tax (GST) Slabs 2017. Zero Taxation Goods : No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.  Services : Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST. 

Advisory for implementing mitigating controls against Wormable Ransomware Featured

As you would be aware, a self-propagating ransomware (WannaCry) outbreak has disrupted several organizations globally. We hope the IT systems implemented at your end are safe and secure against this and such threats, and the required mitigating steps would have been taken in this regards by your organization.  Towards the same, kindly refer the enclosed advisory issued by the Reserve Bank of India, Cyber Security and Information Technology Examination (CSITE) cell on May 13, 2017 vide advisory no. 8/2017. The advisory refers to an Indian Computer Emergency Response Team (CERT-In) issued advisory CIAD20170024 dated May 13, 2017, which elaborates the details about the subjected ransomware and the recommended preventive measures. The advisory also refers the CERT-In vulnerability note CIVN20170032 issued on March 15, 2017. This note details the Microsoft vulnerability which is getting exploited by this ransomware. Enclosed herewith are all the above mentioned three advisory notes for your reference and required action. Some of the key mitigation steps which we would recommend implementing on priority are enumerated below: Apply patches to Windows systems (servers as well as end user computers) as mentioned in Microsoft Security Bulletin MS17-010 Maintain an updated antivirus software on all systems Update signatures/rules at Intrusion Detection…

Why shouldn’t the China crisis worry you?

Markets dwindling, economies struggling and Governments fumbling!! Sounds catastrophic, doesn’t it? Well not quite that catastrophic like a typical “2012” movie or a Zack Snyder directed Superman vs. General Zod fight scene. Nevertheless the present economic situation of the world is quite precarious. China, the manufacturing hub of the world is on the brink of an economic meltdown.  For the first time in decades, its economy has shaken up with a jolt. While the inflation rate is growing leaps and bounds, producer prices have undergone a free fall. It might not be long before the inflation rate puts the Chinese economy into tantrums. To add to the woe, the global purchaser USA is suffering a serious dearth of cash flow. It is a widely known fact that the biggest consumer of credit on Mother Earth is the United States of America. But now the cash required to feed it’s credit is drying up slowly which might pose a serious problem to the global economy. Other nations too are feeling the heat owning to the fact that the two mighty economies of the world is going through an economic slowdown.  This is particularly true for the Asian economies which have been…