CareCover, a healthcare finance company, offers medical loans of up to 5 lakh rupees for the treatment of coronavirus. The loan is interest-free for one year and an interest rate between 12-15% will be charged for a period of 18-24 months. The minimum loan amount is set at Rs 15,000. This loan can be used by anyone between the ages of 21 and 60. An individual can register at Rs 999 per year. However, additional 3 members can be registered at Rs 500 per additional member.
Despite a Rs 3 excise duty raise per liter, this month's petrol and diesel prices got cheaper by Rs 2 a liter as crude oil remains stuck in a bearish phase. Today, state-run fuel retailers are cutting petrol prices by 16 paise/liters and diesel prices by 15 paise/liter. Had the government refused to increase excise duty to plug India's growing fiscal deficit, last week's fuel rate cut would have been much sharper. Despite softening crude oil levels, oil and diesel prices have sustained a decreasing trend as of February 27.
Vodafone Idea paid 3,354 crore rupees on Monday towards its adjusted gross revenue (AGR ) dues. With this payment, the total amount paid by telco to the Telecommunications Department (DoT) is approximately Rs 6,854 crore. According to the own assessment of the telecom company, its AGR contributions amount to Rs 21,533 crore, of which the principal amount has been pegged at Rs 6,854 crore. The Supreme court is expected to hear the modification plea on AGR dues between telcos and the DoT on March 17.
After the World Health Organization declared the new coronavirus to be a pandemic, insurers general declared that claims under defined benefit health insurance plans would not be applicable as this disease is not not included in these policies. However, claims arising from indemnity-based health insurance plans will be honored by the insurance companies. Under indemnified health insurance plans, insurers cover both treatment during the quarantine period and hospitalization costs, while in defined benefit plans, health care is paid in a lump sum regardless of actual hospital costs.
On Monday, the shares of SBI Cards and Payments Services Ltd made a weak debut on the stock exchanges. The shares opened at Rs 658, down 12.8% from its issue price of Rs 755 per piece. At 10:00 am, the script was trading 10% less than its issue price at 680.45 on the BSE. The SBI card listing took place at a time when global financial markets are upset by fears of the economic impact of the coronavirus which has killed more than 6,000 people so far.
From 18th March at 6pm, troubled private lender Yes Bank will resume its full banking services across 1132 branches in India. On March 5, the Reserve Bank of India imposed a moratorium on Yes Bank, limiting withdrawals to 50,000 rupees per depositor until April 3. From Wednesday evening, the bank customers will be able to withdraw more than Rs 50,000 from ATMs or even do online transfers using NEFT, IMPS and RTGS. The bank's UPI services, stopped since March 5, will also resume.
At the end of the four-day bidding cycle, the fifth-biggest IPO SBI Cards to reach the Indian market pocketed more than Rs 2 lakh crore as analysts went all out to encourage investors to subscribe. As the fear of a recession is rising high, investors are troubled whether to remain invested in the country's second-largest credit card issuer or Clean their hands-off the skrip. Last week, when the markets reported their worst fall in a single day, SBI Cards shares were allocated to investors.
The government is expected to announce a bailout for telecommunications companies in mid-April. It may include an extension of the payment period for adjusted gross revenue (AGR) that telcos owe to the government. Some possible interventions could include a payment plan in several instalments of AGR dues. The package will provide an overview of the sector, keeping in mind the ambitious roll out of 5G. With the Supreme Court ruling on the repayment, the government is unlikely to reduce the penalty and interest on the AGR dues.
The new debit and credit card rules to improve protection and to reduce fraud kick in on 16 March. RBI had released new rules in January to boost the consumer experience and enhance card transaction protection. Now, at the time the card was issued/reissued it directed banks to allow only domestic card transactions at ATMs and PoS terminals in India. Customers would have to individually set up their accounts for international transactions, electronic purchases, and contactless transactions.
With crude oil prices dropping, the government has agreed to raise a total of Rs 3 per liter for petrol and diesel for special additional excise duty and road and infrastructure cessation. While retail petrol and diesel prices are not expected to rise immediately, the move will carry an additional Rs47,000 crore in FY21 to the government. The new levies will earn about Rs1,958 crore more from central government petrol and diesel sales during the remaining 15 days of FY20.
GST hike proposal by handset makers and mobile retailers on mobile phones is a "counter-intuitive and insensitive" move that will put an extra Rs 15,000 crore burden on the common man, result in immediate job losses and Potential investment in production will seriously dampen. At the GST Council meeting chaired by finance minister Nirmala Sitharaman, the decision to increase GST on mobile phones to 18% from 12% was taken. However, handset makers said the reasoning for correcting the inverted duty structure by increasing GST is misguided.
Chicago's soybean futures dropped closely 1.5% with the market on track for its highest weekly reduction since July 2018 as mounting concerns about the coronavirus outbreak's economic impact pulled down global markets. Corn suffered its biggest weekly fall in over six months. Wheat was primed for loss for the third week. In a note, ANZ said terror spread through global markets, with resources steadily under pressure as policymakers struggle to avoid the pandemic. This week, the market has gone soft by 5%.
Bitcoin dropped to its lowest in nearly a year before a rapid bounceback as the panic of the novel virus sale reached across global markets on Friday. In highly volatile trade, Bitcoin fell more than 20 percent in overnight trading to around $3,850, its lowest since last year's March, before recovering some of its losses. At $5,270, it was last up to 9%. Bitcoin suffered its biggest daily loss, losing 40% as global financial markets crashed on Thursday.
Retail inflation rose 7.59% in January 2020, as food inflation remained in double-digit. After Covid-19 rapidly spread, the supply of food items increased and the demand decreased. As a result, the price of food items cut. This could help the Monetary Policy Committee (MPC), as they are struggling for a rate cut amid elevated inflation. This price cut could adversely impact rural consumption. Lowering food prices could cause a return of agricultural income distress, according to Credit Suisse.
There is no ban on the export of buffalo meat or fish, announced by the govt in Rajya Sabha. Sanjeev Kumar Balyan, the Minister of State for Fisheries, Animal Husbandry and Dairying said Rs 70,000 crore of buffalo meat and fish is in tune exports by India. He said the management of cowshed falls within the remit of the states. Not much assistance could be extended to Animal Welfare Board cowsheds despite its meager Rs 4 crore budget which also takes care of employee salaries and wages.
Parliament passed a bill on Friday that will give taxpayers the ability to resolve their tax disputes by paying only due taxes with a complete waiver of interest and penalty by 31 March. The Direct Tax Vivad Se Vishwas Bill was passed by voters and returned as a money bill by Rajya Sabha. It was authorized on 4 March by Lok Sabha. Under the plan, an extra tax contested by 10% must be collected in excess of tax liability.
The Reserve Bank of India (RBI) announced on Thursday it would conduct a six-month sale / buy swap of US dollars to provide liquidity to the foreign exchange sector. The decision was taken as markets around the world are facing severe selling pressure due to the spread of Coronavirus on extreme risk aversion. The first $2 billion sale/ buy swap auction will take place on Monday. The news comes in the background of the rupee falling against the US dollar to 74.34, close to its October 2018 all-time low of 74.48.
If your loan is expensive to keep, pay off the loan as soon as possible. It is better to take care of unplanned expenses so that high-interest personal loans and loans on credit cards may be avoided. Sometimes people want to take a loan to avail of the benefits of 24B and 80C. To close your loan prematurely, you need to give written information to your bank that you desire to close the loan. But the payable interest has to be cleared.