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The Centre on Monday reduced the import duty on Masur dal to zero and also halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent, in a bid to boost domestic supply and check rising prices.

A notification in this regard was tabled in the Rajya Sabha by Finance Minister Nirmala Sitharaman. The Minister said that the basic customs duty has been reduced from 10 percent to nil on lentils (masoor dal) originated in or exported from countries other than the US.

Also, the basic customs duty has been reduced from 30 percent to 20 percent on lentils (masoor dal) originating in or exported from the US, she said. Further, the Agriculture Infrastructure Development Cess on lentils (masoor dal) has been reduced from the present rate of 20 percent to 10 percent, she added.

The retail price of masoor dal has increased by 30 percent to Rs 100 per kg now from Rs 70 per kg on April 1, this year, as per the data maintained by the consumer affairs ministry.

India Grains and Pulses Association (IGPA) Vice Chairman Bimal Kothari had early this month said, "India annually needs 25 million tonnes of pulses. But this year, we are expecting a shortage."

The government had introduced the Agriculture Infrastructure and Development Cess (AIDC) on certain items, including petrol, diesel, gold, and some imported agricultural products, this fiscal in a bid to boost agriculture infrastructure.

Article Source:- Moneycontrol

"I will definitely not take the COVID-19 vaccine no matter what. Will not let our body get injected with unknown chemicals". This was a tweet by 25-year-old Trisha Gupta on May 1, the day when India opened up COVID-19 vaccination to every citizen above the age of 18 years. Gupta had almost forgotten about this tweet but was promptly reminded of it during her job interview on May 24.

"The first question the interview panel asked me was the reasons behind this tweet. They also wanted to know my views on unvaccinated staff being barred entry into workplaces. I was dumbfounded because I didn't realize that this would be noticed," says Gupta who had applied to multiple companies for a software analyst role.

While her job application process is still under review, Gupta realized that she couldn't get away with tweeting anything in the future.

'Keyboard warriors' is a term used to refer to highly-opinionated individuals who speak their minds online on social media. Nothing wrong with it, except that companies are now taking notice.

The very first thing that is being scrutinized by the hiring managers at Indian workplaces is whether the candidate is active on social media; if yes, what do they post about.

Personal posts about daily life including life updates or views about celebrities/films/television shows are largely ignored. However, posts badmouthing individuals or organizations are taken note of.

For instance, you have quite an employer on a bitter note or could have been treated unfairly. There is a thin line between what is acceptable and what isn't. Increasingly, recruiters prefer employment issues to be handled offline one-on-one or legally rather than on social media.

This is especially true of sensitive cases like sexual harassment or caste-based discrimination at workplaces. On one hand, posting about it online will help draw wider attention to the matter but may also turn away job offers.

Recruiters say that at the core of it, what corporates are looking for is whether the candidate shows signs of irrational and/or violent behavior, racism, casteism, misogyny, religious animosity, and views towards the LGBTQ community.

Your personal views may not lead to a job rejection but be prepared to answer tough questions.

Digital marketing professional Senthil Kumar often posted on his Facebook timeline about the wage gap being a myth and how women were given an unfair advantage at workplaces.

Ironically, his interviewer for a similar position at a fintech firm was a woman. And, the first question was about this post and on what basis he had formed this opinion.

"I was eventually hired for the job but I was quizzed thoroughly about my social media posts. During the interview, the interviewer presented data from various companies to show that the wage gap among genders wasn't a myth. I just posted something without putting much thought but I guess these things are being noticed by recruiters," he said.

Kumar's case was not of a serious nature and only pointed to a lack of awareness on this matter.

But, explicit messages with obscene content and/or open call for violence against a group, persons would land you in trouble. While you could be booked under cyber laws for online harassment, it could also cost a job.

Recruitment managers are cognizant of the fact that there is a risk of the brand reputation getting hampered if candidates with past history of online hatred and trolling are hired.

Even liking or retweeting such views would prove costly, as Danica D'Costa realized.

"I had liked and retweeted a series of tweets which included caricatures of some prominent politicians. I took it as a joke but the prospective employer wasn't convinced that it was satire," said D'Costa.

While the company where she interviewed for a financial analyst told her that she wasn't qualified enough for the profile, D'Costa says that she met all the requirements and the sole reason for rejection is her social media views.

In a vibrant democracy, the share of views online is part and parcel of the system. But with changing dynamics about social media content and allied regulations, employers want to err on the side of caution.

Article Source:- Moneycontrol

Rasmi Ranjan Das, a Joint Secretary in the Ministry of Finance, is among a distinguished group of 25 tax experts from around the world appointed as members of the UN tax committee for the 2021 to 2025 term.

The committee, formally known as the UN Committee of Experts on International Cooperation in Tax Matters, guides countries’ efforts to advance stronger and more forward-looking tax policies adapted to the realities of globalized trade and investment, an increasingly digitalized economy, and worsening environmental degradation.

It assists countries in their efforts to prevent double or multiple taxations as well as non-taxation, broaden their tax base, strengthen their tax administrations, and curb international tax evasion and avoidance.

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The new Committee membership brings together tax practitioners with expertise in a wide range of areas, such as double tax treaties, transfer pricing, avoiding and resolving tax disputes, taxation of the extractive industries, taxation of the digital economy, environmental taxation, and value-added taxes. While nominated by their governments, committee members serve in their personal capacity, a statement issued by the UN said.

Das is Joint Secretary - (FT&TR-I), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance. Other members of the UN Tax Committee appointed by UN Secretary-General António Guterres hail from countries such as Nigeria, Chile, South Korea, Malawi, Mexico, Ireland, Indonesia, Myanmar, Angola, Russia, Canada, Norway, Germany, Italy, Sweden, and China.

Sun Pharmaceutical Industries Ltd, with a market capitalisation of more than Rs 1.6 lakh crore, rose by about 38 percent in the last one year, compared to the 48 percent rally seen in the Nifty50, and 40 percent gain in the Nifty Pharma index in the same period.

In line with the benchmark indices, the Nifty Pharma also touched record highs on Friday, at 14,715, but Sun Pharma has been consolidating in a narrow range after hitting a high of Rs 721.90 on May 11, 2021.

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Since then, the stock has been moving in a 100-point range. The recent price action pushed the stock above the crucial resistance zone of Rs 665-670, which opens the door for the stock to challenge its 52-week high of Rs 721.

Experts feel that a breakout from the resistance levels, with high volumes, gives comfort to the bulls, and the next target is placed at Rs 810, which translates into an upside of over 17 percent from the July 16 price of Rs 688 on the BSE.

Sun Pharma is India’s top drugmaker and the world’s fourth-largest specialty generic pharmaceutical company. The company develops, manufactures, and markets branded and generic formulations and active pharmaceutical ingredients (APIs) in India and the rest of the world.

“Sun Pharma has been in a long-term uptrend. The stock, unlike its peers, is moving steadily and giving periodic dips. This price action has led to the formation of a higher top, higher bottom structure, which is visible in weekly charts shown below,” Siddarth Bhamre, Director, Alternate Investments & Research, InCred Capital, said.

“This positive price structure is ensuring that the stock moves decisively above its previous resistance zone of Rs 665-670 in September 2018. From a short-term perspective, the stock is moving above its resistance of Rs 685-690, with volumes higher than the previous day in the first two hours of the trade,” he said.

Bhamre further added that long formations were observed at the beginning of the last week, which ensured a bounce from its support range of Rs 660-665. All the above factors suggest the stock may continue its upward trend.

The stock can be bought in the range of Rs 685-695, for a target of Rs 810, and a stop-loss can be placed below Rs 652. The time horizon is two months, recommends Bhamre.

Article Source:- Moneycontrol

Industry body Confederation of Indian Industry (CII) has urged for a creation of a pandemic pool as the devastating impact of the COVID-19 crisis has made financial, administrative, and social systems fragile and vulnerable.

CII said that a majority of the pandemic-related risks have been covered by insurance companies in the form of life and health claims.

However, the interruptions and halt in the economic machinery could not be covered by insurance companies in most countries as the loss due to the peril of state-imposed lockdown has not been an explicit inclusive clause in the standard insurance contracts, CII said. 

It further noted that although on an aggregate, insurance companies have been able to withstand losses caused by the pandemic, the total capital available with them is less than the capital required to absorb those losses.

"CII, therefore, urges all stakeholders to recognize the significance of having a dynamic pandemic pool which is governed by the availability of capital and modeled for greater capacity, to ensure the long-term viability of the risk management solution which is critical for a high impact-low frequency risk like a pandemic," it said.

Chandrajit Banerjee, Director General, CII, said: “The Government of India along with financial regulators including Insurance Regulatory and Development Authority of India (IRDAI) have been working relentlessly on supporting the lives and livelihood by announcing various reform measures, products (corona kavach) and packages during the pandemic."

CII said that some initial financial support from the government would be required, which could gradually be reduced to near-zero levels as the pool becomes self-sufficient with accumulated surpluses over a period of 12-15 years.

"This is the opportune time for India to have the first-mover advantage in the creation of the pandemic pool with a two-pronged strategy of going beyond the insurers and government by inviting international reinsurers to supplement capital contribution for the pool and to incentivize state governments to participate with additional supplementary capital for greater protection to their denizens," he added.

Suggesting three points in order to raise capital for the pandemic pool, CII said that Pandemic Bonds in the form of risk-linked securities could be considered to raise at least 5 percent capacity or pool limit. It also said that insurance companies can issue bonds through special-purpose vehicles another suggestion is to have a larger private partnership and to tap capital beyond the insurance and reinsurance industry by including contribution or premium paid to the pool as eligible CSR expenditure, CII noted. 

Lastly, it also suggested a GST waiver on the premium collection of the pool, similar to other government-backed schemes in order to encourage enhanced contribution from individuals and businesses to be covered under it.

Article Source:- Moneycontrol

Global stock markets ended lower on Friday as investors grappled with fears of rising inflation and a surge in coronavirus cases while the dollar edged higher after upbeat U.S. retail sales data reaffirmed an economy in strong recovery mode.

The Commerce Department said retail sales rose 0.6% in June, contrary to an expected decline, adding weight to those who say inflation will run faster than the Federal Reserve forecasts and force interest rates to rise sooner than it projects.

Yet bond yields pared most initial gains, with the benchmark 10-year U.S. Treasury note trading at 1.2987%, or a scant 0.2 basis points higher on the day. The Fed's dovish outlook outweighed fears of a prolonged inflation spike.

Equity markets declined as investors turned risk-averse, with defensive stocks gaining both on Wall Street and in Europe.

MSCI's all-country world index, a gauge of global shares, closed down 0.62% at 719.17. The index scaled a record peak earlier in the week but lost 0.61% by the week's end.

In Europe, the FTSEurofirst 300 index fell 0.38% to 1,754.64. European defensive shares rose, with real estate, utilities, and healthcare up between 0.5% and 1% as worries about the coronavirus mounted.

England's coronavirus crisis could return again surprisingly quickly, the British government's chief medical adviser said, before lifting all pandemic-led restrictions on Monday despite rising COVID-19 cases.

In California, Los Angeles county will reimpose a mask mandate this weekend, the latest sign of public health officials struggling with rising cases of the Delta variant.

The slide on Wall Street is surprising given earnings from the companies that have reported second-quarter results so far have surpassed estimates by 22.1%, Credit Suisse said in a note.

Removing year-ago comparisons show earnings are up decently from levels two years earlier and inflation is likely running about 2.6%, once last year's low baseline is removed, said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.

"That should ultimately be acceptable to the (equity) market and permit an ongoing upward grind," Pride said. "My one hesitation is equity market valuations are high."

Economically sensitive industrials, energy, financials, consumer discretionary, and materials are projected to more than double earnings, while so-called big tech and non-cyclicals are expected to grow 36% and 10%, respectively, Credit Suisse said.

The Dow Jones Industrial Average closed down 0.86%, the S&P 500 slid 0.75%, and the Nasdaq Composite lost 0.80%.

For the week, the Dow lost 0.53%, the S&P 500 fell 0.97% and the Nasdaq shed 1.87%. The S&P 500 real estate index rose to a record high on Friday.

Gold prices dipped as a stronger dollar dulled bullion's appeal, while bond yields were subdued after Fed Chair Jerome Powell this week pledged "powerful support" to ensure the U.S. economic recovery does not falter.

Mark Haefele, chief investment officer at UBS Global Wealth Management, adviser to many of the world's super-rich, said he expected rates to move higher as the recovery fully takes hold.

"We believe the downward trend in yields will reverse as confidence in the economic recovery mounts. However, we see a rebound in 10-year yields to 2% by year-end as consistent with continued rally inequities."

In Europe, Germany's 10-year yield fell to a new three-month low in cautious trade ahead of next week's European Central Bank meeting.

Oil ended the week lower, sapped in volatile trade by expectations of growing supplies just when a rise in coronavirus cases could lead to lockdown restrictions and depress demand.

Brent crude settled down 12 cents at $73.59 a barrel. U.S. crude rose 16 cents to end at $71.81 a barrel.

U.S. gold futures settled 0.8% lower at $1,815 an ounce.

In foreign exchange, major currencies were little changed on the day but the dollar headed for its best weekly gain in about a month. The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.10% to 92.675.

The euro slid 0.02% at $1.1810, while the yen rose 0.17% at $110.0500.Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4%, weighed down by a 1.1% drop in China's blue-chip index and a 0.8% fall for Taiwanese shares.

The Asian weakness was in large part driven by lackluster earnings from TSMC, Asia's biggest firm by market capitalization outside China, which saw its shares fall 4.1%.

Article Source:- Moneycontrol