New RBI guidelines for debit and credit cards
As per RBI, during collection efforts, card issuers should not resort to intimidation or harassment of any kind.
In case an unsolicited card (i.e. one that has not been requested for) is issued or an existing card has been upgraded/activated without customer consent, the card issuer will have to reverse the charges and pay a penalty.
If a credit card application is rejected, the issuer will have to convey in writing the specific reasons.
Non-Banking Financial Companies (NBFCs) cannot issue credit cards without prior RBI approval.
For debit card issuance, banks should not force a customer to avail debit cards and should not link debit cards for availing any service.
- Prasol Chemicals, Senco Gold, and Kanyes Technology India have filed their draft documents for IPO with SEBI.
- The size of the LIC IPO may be decreased to Rs 21,000 crore, as per media reports. However, the reports added that there may be a greenshoe option of Rs 9,000 crore taking the total IPO size to Rs 30,000 crore.
- Sri Lanka’s inflation increased to 21.5% in March 2022.
- Serum Institute of India stopped making fresh batches of vaccine shots in December 2021 after its stockpile grew to 200 million doses: Adar Poonawalla
- Indian tech start-ups raised $7.2 billion in the January-March quarter of calendar year 2022, as per a report prepared by Nasscom in association with PGA Labs.
Other stocks in the news
BPCL: The government has decided not to go ahead with the privatization plan of BPCL for now and will revise the plan and introduce it later, as per Anil Agarwal, chairman of Vedanta Resources.
Wendt India: the board of the company has recommended a final dividend of Rs 45 per share.
Nykaa: announced the acquisition of an 18.51% stake in clean beauty brand Earth Rhythm for Rs 41.65 crore.
Pearl Global: wholly owned subsidiary Pearl Global (HK) has entered into a Share Purchase Agreement for the acquisition of 52.11% equity shares of Alpha Clothing.
Insecticides (India): received (along with its joint venture) a patent for ‘Novel Dithiolane Compound or a Salt’ or N-Oxide. It has also received one patent for ‘Novel Miticidal Benzylamides’.
DLF: will invest close to Rs 1,700 crore in developing about 3.7 million sq ft of office space and a data centre in Noida, as per a media report.
Somany Ceramics: announced that the modernization cum expansion of a production line of double fast firing (DFF) to produce large format wall tile has been successfully completed.
HDFC Life: board of directors is scheduled to meet on Tuesday, 26 April 2022, to consider raising funds by way of issuance of non-convertible debentures.
Macrotech: sold commercial office space in Thane locality for Rs 188 crore to National Realty Pvt Ltd.
Ashiana Housing: signed a Memorandum of Understanding (MoU) with the Government of Rajasthan for an investment of Rs 420 crore over the next three years in the city of Bhiwadi for the development of residential projects.
Zomato: announced 100% ‘plastic neutral deliveries’ from this month.
Greenshoe Option Word of the Day
Greenshoe option is a provision that allows companies that are raising funds through an issue (of bonds, or going for an IPO) to sell more than had been previously agreed upon.
The greenshoe option is also called the ‘over allotment’ option.
Usually, in the case of an IPO, the option is exercised either in case when the demand is higher than had been originally anticipated or to stabilise share price in case it falls below the issue price (this happens post the listing of the stock).
6 Day Course
saving tax under section 80C
Day 5 – Friday
Make note, section 80C isn’t the only way to save tax.
There are quite a few others.
Some of them are:
Section 80 CCD 1 (B)- NPS
Section 80E – exemption on interest for education loan
Section 80D – on health insurance premium
Section 10(13A) – house rent allowance
Section 80G – donations
Section 80U – disabled persons
Section 80DDB – medical ailments
Q. “Why all ELSS have almost same holdings? What is the meaning of Holding”
Ans. Holdings refers to the investments those mutual funds have made.
Different mutual funds have different kinds of investments/holdings.
Many ELSS mutual funds have similar holdings because the fund managers of those mutual funds all think those stocks will do well. But there are enough ELSS funds with different holdings also.