Budget 2018: Middle class can hope for tax relief
Middle class can hope for a big relief in 2018-19 Budget, which will also be the last regular Budget of the NDA government, as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs, according to sources. The proposals before the ministry is to hike the tax exemption limit from the existing Rs. 2.5 lakh per annum to at least Rs. 3 lakh if not 5 lakh, they said. Besides, the tinkering of tax slab is also being actively considered by the ministry to give substantial relief to middle-income group, especially the salaried class, to help them tide over the impact of retail inflation, which has started inching up.
UIDAI allows face recognition for Aadhaar authentication from July 1
The Unique Identification Authority of India (UIDAI) has decided to enable face recognition as a means of biometric verification for Aadhaar, in addition to fingerprint and iris scans, from July 1. The move is meant to facilitate the authentication of those who are unable to verify biometrically due to their worn-out fingerprints, old age or hard work conditions. However, the facility will be allowed on a need basis and can be used only in “fusion mode”, which means people can use it only along with other existing means of authentication.
HDFC surges 6%, m-cap crosses Rs 3 lakh crore
HDFC, the country’s largest mortgage lender, soared 6.2 per cent to a record high on Monday after the firm raised about Rs11,300 crore from institutional investors, sparking price target upgrades by brokerages, such as CLSA and Deutsche Bank. The company’s market value crossed Rs3,00,000 crore briefly in early trades on Monday as the stock rose as much as 7.1 per cent to an all-time high of Rs1,886. The stock closed at Rs1,869.95.
Invest at least $1 billion into Aircel or go to NCLT, lenders warn Maxis
Faced with a massive Rs 170-billion non-performing asset, lenders have warned wireless telephony provider Aircel to either infuse more funds into the company or go to the National Companies Law Tribunal (NCLT). The lenders have called a meeting on January 19 to take a final call on the company’s future. The lenders want Aircel promoter, Malaysia-based Maxis, to invest at least $1 billion into the company so that it can meet financial obligations.
IDFC Bank to grow retail business with Capital First deal
IDFC Bank Ltd may have finally found a way to shed its infrastructure finance company image and become a people’s bank—by merging Capital First Ltd with itself. The merger could be a way for the lender to build its retail book, something it has been unable to do in the two-and-a-half years since becoming a bank. As of 30 September, IDFC Bank’s low-cost current account savings account (CASA) stood at 8.2% of its total deposits.
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