With immediate effect,  Sankey Prasad becomes Chairman and  Managing Director  (CMD)  of  India and CMD  of  the Middle East  engineering business, operating  under the name  Colliers Project Leaders Middle East. 

 Investment management firm Colliers  announced  Wednesday  that Sankey Prasad will expand his leadership role to include project  managers  in the Middle East. 

  With immediate effect,  Sankey Prasad becomes Chairman and  Managing Director  (CMD)  of  India and CMD  of  the Middle East  engineering business, operating  under the name  Colliers Project Leaders Middle East. 

  “It  will also take a significant stake in  Colliers’  rapidly growing project management business in the Middle East, supporting the  region’s thriving  real estate market  combined  with  its Colliers’  existing real estate services business in the Middle East  region. , “It says.  

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 “There is no immediate deadline or  limit  for FPIs to liquidate  their shares,”  sources said. Sebi had earlier asked  FPI  to  reduce this  exposure by January 29, 2024. 

  Foreign portfolio investors (FPIs) will  have  seven months to liquidate their holdings if they  fail to  meet the  January-end deadline  set by the Securities Commission, top sources said. and India Exchange set out  to  reveal  data about their  investors.  

 In August last year, the Securities and Exchange Board of India (Sebi)  issued a circular  asking  high-risk  FPIs to hold  more than  50%  of their  assets under management  in  the form of shares of  a single  group. company  or  having aggregate shares  in  the  Indian  Stock Exchange worth more than  Rs 25,000 crore,  disclose  detailed  details of all entities holding  ownership, economic  interest  or exercising control in  REIT.  

 “There is no immediate deadline or  limit  for FPIs to liquidate  their shares,”  sources said. Sebi had earlier asked  FPI  to  reduce this  exposure by January 29, 2024. 

  If  the REIT continues  to meet the  enhanced disclosure  criteria  by the end  of  January, it will  have an  additional  10/30  business  days to provide the  necessary  additional  details, it  said. “Even  then,  if they  don’t  provide any details, they  will  have  another six  months to reduce their  assets,” the source  said.  

 Sources said  REITs that meet enhanced disclosure  criteria  as of October 31, 2023  have until the end of  January 2024  to rebalance their holdings if they  wish.  

  According to stock exchange data, FPI  sold  shares  worth over Rs 27,000 crore between January  17 and 23  in the cash  market. According  to data from National Securities Depository Ltd  (NSDL), FPIs sold a net of Rs 19,308 crore of local stocks as of January.  Net  inflows from FPIs,  after  taking into account  their investments in IPOs and  markets debt, stood at  Rs 4,439 crore in January. 

  The  Sebi  circular  comes  into effect  from  November 1, 2023.  As per  the standard operating procedure (SOP) issued by  the depository of FPIs  on additional disclosure norms,  FPIs  are  not currently compliant  investment limits as  of  October 31,  2023 will  be  subject  to  this de-risking  within 90 calendar  days,  i.e.  January  29, 2024  (the settlement  date), unless they fall  within one  of the  following categories: exempt items.  

 According to sources, FPIs  may be  asked  to provide enhanced disclosures  that  are expected to be significantly  lower  than  estimates  in the consultation paper and  SEBI board  notes.  In May, Sebi had said that based on  data as of March 31, 2023, FPI assets under management  worth  around Rs 2.6 lakh crore  could  be identified as high-risk  FPI and need  to  be Reveal more.  

 Sources said  enhanced  disclosure exemptions  have been  granted  to  REITs that  are sovereign wealth funds (SWFs),  companies  listed  on  several  global  stock  exchanges,  mass  retail  funds They  and other  pooled investment vehicles  are managed  with  globally  diversified  holdings.  

 The markets regulator  has imposed  additional disclosure norms for  high-risk  FPIs after  observing  that  some  FPIs  held a  concentrated portion of their equity  portfolios  in a  company/group of companies.  

 Such concentrated investments raise  concerns and  the  possibility that  backers  of such  companies/groups of companies  or other investors acting in  concert may use  the FPI route  to circumvent the requirements legal  requirements such as  disclosure requirements  under  the Regulations. Sebi said, 2011.  (SAST Regulations) or maintaining  minimum public shareholding  (MPS) in the listed  company. 

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 As per CBDT, a taxpayer is a person who  has filed a return of income for the relevant assessment year (AY) or in  which  case tax has been deducted at source  during  the relevant financial year but the taxpayer has not filed the  return. 

  The direct  tax-to-GDP ratio, which reflects the share of taxes in  total  output generated in the country,  touched  a 15-year high of  6.11%  in  fiscal  2022-23,  according to  time-series data  announced  by the  power plant.

 The Department  of Direct Taxes (CBDT) under the Ministry of Finance showed  this on  Tuesday. This  comes with  an increase in the  number of Indian taxpayers  to 7.4 crore in FY23, up  6.3% over  FY22, even as  fiscal momentum –  the  pace of taxes compared to  the  nominal  growth rate of  the economy – decreased to 1.18.  in  2022-23, compared with  2.52 in 2021-22 and 1.29 in the pre-Covid year  2018-19. 

  Tax revenue expenditure – which represents the share  of  spending  on tax collection  in  total tax  revenue – fell slightly  to  0.51%  in FY23, the lowest level since 2000-01, but  increased in absolute  terms.  to Rs 8,452 crore, the highest  since 2000-01, the year for which data  was  last available,  according to  CBDT  data.  

  Fiscal momentum  stood at (-)1.21 in 2019-20 and it  has  not  been calculated  for  FY  2020-21  due to fall in  nominal GDP and tax  revenue over  the previous year. Tax  momentum  improved to 2.52 in 2021-22 due to  low base effect. Now,  the  tax  dynamic has declined  to 1.18 in  2022-23, although tax  growth  was recorded at  17.79%  in 2022-23, higher than  the  nominal GDP  growth of 15.11 %.  

 A tax  dynamic  greater than 1 reflects a faster  rate of tax  growth  relative to  the  country’s  national income.  

 Net direct tax collections, which reflect collections after  tax  refunds,  “rose 160.52%  to Rs 16.63  billion  in FY  2022-23, compared to  Rs 6.39  billion  in  2013-14,”  CBDT said in a  report. declare. He said total  direct tax  revenue  stood at Rs 19.7 lakh crore in FY 2022-23,  up  173.3 per cent from Rs 7.21 lakh crore in FY  2013-14.  On a  year-over-year  basis, net direct tax  revenue  increased  17.8%,  while  total  direct tax  revenue increased 20.5%.  

 While the number of  income tax  filers  increased to 7.4 crore in  the  financial year 2022-23,  of which 6.97 crore were individuals,  there is no  corresponding data  on taxpayers.  In the previous financial year 2021-22, while  taxpayers  stood at 6.96 crore (with 6.55 crore individuals),  total  taxpayers stood at 9.37 crore  –  a  difference  of 2.41 crore  crore – this shows  that a significant number of taxpayers are  taxed through  as TDS but  do  not  file  income tax returns.  

 As per CBDT, a taxpayer is a person who  has filed a return of income for the relevant assessment year (AY) or in  which  case tax has been deducted at source  during  the relevant financial year but the taxpayer has not filed the  return. 

  Of  the  government’s total  tax  revenue,  direct tax  revenue  accounted for 54.62 per cent  in  the  financial year 2022-23,  the highest in four years. The  share of  direct  taxes  in total taxes  stood at  52.27%  in FY22,  46.84%  in FY21,  52.42%  in FY20 and  54.83%  in  FY19 .A  higher  ratio of  direct  taxes  to indirect taxes  is considered progressive  because  indirect  taxes hurt  the poor more than direct taxes.  

 Among states and union territories, Maharashtra accounted for 36.4 per cent (Rs 6.05 lakh crore) of the  country’s total  direct tax  revenue  in the financial year 2022-23, followed by Delhi  with 13, 3%  (Rs 2.22 lakh crore),  from Karnataka.  at  12.5% ​​(Rs  2.08 lakh crore) and Tamil Nadu at  6.4%  (Rs 1.07 lakh crore).  Collectively,  these four states accounted for  68.6%  of  total  direct tax  revenue  in FY23. 

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 The world’s  largest buyer of  sunflower oil  usually imports  most of  it  from the Black Sea region  through  the Red Sea. However, recent Houthi attacks have  forced  shipping companies to reroute trade between Europe and Asia  to  Africa, increasing  delays  and costs. 

  India’s  sunflower oil imports are  expected  to  fall  in  the  coming months as  prices rise, as  freight  rates rise,  prompting buyers to  switch  to  vegetable  oils, trading officials at Reuters said. Competitors are  available at  discounted prices.  

 The  world’s largest buyer of  sunflower oil  usually imports  most of  it  from the Black Sea region  through  the Red Sea. However, recent Houthi attacks have  forced  shipping companies to reroute trade between Europe and Asia  to  Africa, increasing  delays  and costs.  Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said high  freight rates have  pushed  the  cost of  transporting  sunflower oil above  soybean oil  in India for the first time in nearly a  decade.  a  year.  

 “Sunoil imports  have increased sharply  in  recent  months due to  its  price advantage  over  soybean oil.  However,  the company has  lost this advantage  due to increased shipping costs,”  he said. 

  Traders said crude  sunflower oil imports are currently  priced  at  around $943/tonne,  including  costs,  insurance and freight (CIF),  to  India for  delivery in February,  while  soybean oil Crude oil  is  priced  at  about 935 USD/ton  and crude palm oil  is  at  933 USD.  

 Two months ago, sunflower oil was trading at a  price lower than soybean oil by  $120 per  ton,  which encouraged Indian traders to increase  imports of solar oil.  In December,  India’s solar oil  imports more than doubled from  the previous month, reaching  260,850 tons. 

  Soybean oil  imports in December  increased  1.8% to 152,650  tons,  but remained significantly below the average imports of 306,000 tons in the marketing year  ending  October 2023. 

  Rajesh Patel, managing partner at edible oil trading and brokerage firm GGN Research, said in  January, sunflower oil imports could fall to 225,000  tonnes  as  soybean oil  imports are  expected  to  cross  230,000  tonnes. 

 “In the coming  months,  sunflower oil imports  will decline  to around 200,000  tonnes  if the current price trend continues,” Patel said.  

 India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports  soybean oil  and sunflower oil from Argentina, Brazil, Russia and Ukraine.  Argentina  currently  offers solar oil  at more competitive prices than  countries in the  Black Sea  region,  said  an agent  with a global  trading company headquartered in Mumbai. He said shipping disruptions in the  Red Sea  will cause  India to buy more  soybean oil  from South America and less  solar oil  from the Black Sea  region.

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 The  United States,  China and Japan are the  major  stock markets in the world.  BSE’s  market  capitalization stood at Rs 366 lakh crore on Tuesday. 

 India’s stock market overtook Hong Kong to become the fourth-largest stock market for the first time, even as domestic indexes fell 1.5% on Tuesday. 

 According to a Bloomberg report, the aggregate value of stocks listed on Indian exchanges stood at $4.33 trillion on Monday, compared with Hong Kong’s $4.29 trillion. The United States, China and Japan are the major stock markets in the world. BSE’s market capitalization stood at  Rs 366 lakh crore on Tuesday. 

  Hong  Kong’s decline is largely  due to  China’s  eroding  attractiveness  and  is down nearly 36% from  its  record high. Analysts say  the  significant trend in global economic growth  today  is  China’s  underperformance  and  India’s superiority.  

 “Since the  collapse of major  Chinese stocks listed in Hong  Kong,  the Hang Seng index is near a 19-year low. This trend is  expected  to continue  as  the  outlook  for the Chinese economy and stock market  now looks bleak.  However, if the Chinese economy  picks up,  Chinese stocks will  recover because  their valuations are very low,”  an  analyst said.  

 On the other hand,  the  Indian stock  market will grow 20%  by  2023 amid  foreign  capital  inflows and  higher  growth prospects. 

  “This  important  milestone  highlights  the resilience and dynamism of  the Indian  economic landscape. As the  country moves forward,  investor confidence and  opportunity  converge,  pushing  the stock market to new  heights,  said Suman Bannerjee,  CIO of  Hedonova, a  Paris-based  hedge fund. 

  “This achievement  not only  marks  a  digital victory  but also  marks India’s  emergence as a key player in the international financial arena.  This  is a testament to the  country’s  economic  strength  and signals a promising trajectory for investors navigating the diverse and  dynamic  landscape of the Indian stock market,” he said.

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 The RoDTEP scheme, announced in January 2021, refunds  general taxes  and  duties,  such as VAT on fuel used in  transport,  mandi tax and  electricity tax.

  It  replaces  the  WTO-inconsistent  Merchandise Exports from India Scheme  (MEIS),  which had faced several challenges from WTO members. 

  The  Union  government  has no plans  to  review the Duty Free  on Exported Products (RoDTEP) scheme after the United States  and the European Union (EU)  imposed anti-subsidy duties  last year  on four  products.  Indian  products,  citing  violations  of  global trade rules. A  government official said.  

 The US and EU  imposed countervailing duties  (CVD)  on paper  records,  common  aluminum  alloy  plates  and  fake liquid  steel  following  an anti-subsidy investigation. 

 Countervailing duties  are  customs duties  on imported  products  that are imposed to  compensate for  subsidies  provided  by the exporting  country’s government to protect  the domestic industry.  “When US investigators  visit  manufacturing plants,  exporters  must demonstrate that they are receiving discounts, not incentives. They must  be able to  prove  that they  pay their  electricity  bill  and  value added  tax (VAT). But there are  document retention issues on  the  part of  our  exporters.  We are working on a process to  help  exporters  get acquainted  with the entire documentation process,” the official said. 

  “There is no need to  modify  the  project.  It is WTO compliant.  Very  few exporters  cannot present documents. Some  people mentioned  that  it  was  an incentive because there  had been an incentive before. Therefore,  our exporters will have to adapt to the documentation mechanism and the government will  help them  in the process,” the official added. 

  Dhar added that  the  implementation of  this system is of certain importance  as other countries are  likely to  look at it more closely  after the US and EU  imposed countervailing duties on Indian  products.  

He added that RoDTEP is  compatible  with the WTO,  but  the  WTO is  concerned with  transparency and predictability and the government  must  ensure that.  “Another thing is how we  do  it. There is a  monitoring problem.  The industry  has rightly argued  that  this rate is  too low.  Whatever the  policy, it  needs  to be  continuously  reviewed and  monitored  to  ensure proper compliance.  

Because  because of a single  black sheep,  we cannot  let the  entire project  be called into question. The government  needs  to be  cautious in its  implementation because  as  our exports  decline,  we need to count  every penny.  Because we  might  lose,” Dhar added.

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