Friday, July 09, 2010
The market surged last week as a hike in 2010 global growth forecast from the International Monetary Fund, revival of monsoon rains and expectations of strong Q1 June 2010 corporate earnings, boosted investor sentiments.
The key benchmark indices surged for the second straight day as expectations of strong Q1 June 2010 results, a recent upward revision in India's GDP growth forecast by the International Monetary Fund and the stock market regulator Securities & Exchange Board of India (Sebi)'s recent decision to cut exposure margins on stock derivatives, boosted sentiments. Except the BSE FMCG index, all the other sectoral indices on BSE were in green.
Prices drop on hopes of economic recovery
Bullion metal prices ended lower on Thursday, 08 July 2010 at Comex. Prices fell after the initial claims report by Labor Department, which fed into hopes that the U.S. labor market is on the mend thereby reducing appeal of precious metals as an alternate investment.
Life is like an ever-shifting kaleidoscope - a slight change, and all patterns alter. - Sharon Salzberg.
With the US market managing to stretch its winning streak to three sessions, and European stocks smiling again we expect another positive start back home. However, the pattern seems to be changing for the Asian markets which don’t seem to be too excited. This may just hold back the bulls unless global cues are supportive.
The market may extend Thursday (8 July 2010)'s 1% gains on firm Asian stocks which rose on the back of encouraging economic data in the US. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could gain 14.50 points at the opening bell.
Have you been wanting to apply for a permanent account number
(PAN), but postponed it thinking it would be time-consuming? Fear not, for the process is neither time-consuming nor complicated.
Also, do not fall for the thousands of ads that you find in public places offering services to get a PAN card “for Rs 200 only”. You can do it in less than half the amount — all it takes is a cheque or a demand draft for Rs 94, and a credit or a debit card transaction to get a PAN.
So, getting a fresh PAN card or a new one and even changing details such as address, name, etc, provided earlier all can be done using different forms at the same cost. This fee is inclusive of service tax and cess.
Getting the form
You can download the form from any of the following websites — www.utiisl.co.in, www.incometaxindia.gov.in or tin.nsdl.com. In case you are not able to access the Internet, then there are various IT PAN Service Centres where you can get the form. Even the Tax Information Network of NSDL offers physicals forms. Many brokerage houses also offer PAN forms.
In case you wish to apply online, then you need to go to www.tin-nsdl.com and select the relevant form to apply — request for change in information, new PAN, etc.
What else will I need?
You will need a photograph — 3.5 x2.5 cm, which is to be attached, any one identity proof, one address proof and the cheque or demand draft for paying the fee. The cheque or DD has to be in favour of “NSDL-PAN”.
What documents are valid?
For submitting the identity proof, you can attach any one of the following documents:
School leaving certificate
Property tax assessment order
Voter’s ID card
Bank, credit card, depository (demat account) statement
The documents permitted as address proof are:
Electricity/ telephone bill
An attested copy of these documents must be provided with the application.
How long will it take?
Getting a PAN takes anywhere between 15-45 days, depending on the details provided and the supporting documents. In case you have less time on hand, then using the online procedure is faster. You have to fill Form 49 (A) and submit it online. The payment can be made using a credit or debit card. However, an additional Rs 5 must be paid as bank surcharge on the payment.
In case of an online application, the authorities will communicate in case of any discrepancies via email.
Signature & acknowledgment
If you are applying online, you will have to print the filled online form, attach a picture and sign in the box provided at the bottom. Don’t sign on the photograph as the application can be rejected if there is any mark on the photo.
On submission of the form online, you will be given a 15-digit acknowledgment number. Save this number, as all tracking regarding the status of your PAN card, etc, can be done using this number.
Cheque/ DD payments
If you are paying via cheque or DD, the cheque is to be dropped at HDFC Bank branches in your city. You can also personally submit it at NSDL’s Mumbai office — Trade World, A Wing, Kamala Mills Compound, Lower Parel. Telephone: 022-24994200
Applying online - the follow-up
Once you have submitted the form online, the printout in your hand along with the other essential documents and photo can be sent via courier to the NSDL centre in Pune. On the envelope don’t forget to mention the 15-digit acknowledgement number.
Address the envelope to: Income Tax PAN Services Unit, National Securities Depository Limited, 3rd floor, Sapphire Chambers, Near Baner Telephone Exchange, Baner, Pune - 411045
For those filing the form by the traditional route, the place from where you got the form can accept the application with documents. The NSDL office in Lower Parel too accepts the form and the cheque/ DD.
The NSDL website allows you to check the status of your PAN application. You need to provide the name and date of application as well as the acknowledgement number. Alternatively, one can check with the Tax Information Network by calling 020-27218080.
An email can be sent to email@example.com. You can also send an SMS — type NSDLPAN
R-Power raises Rs131bn debt for Andhra UMPP. (BS)
Bajaj Auto and the Renault-Nissan alliance today signed a MoU to produce the ultra-low-cost car which is likely to hit India and overseas market by 2012. (BS)
Bharti Airtel will expand its submarine cable offerings globally to target business opportunities in over 100 countries by 2013. (ET)
United Spirits to host seven fashion tours across India. (BS)
Jindal Power Limited, a subsidiary of JSPL, has decided to change the site of its proposed 1,320MW power plant in Angul district to avoid use of irrigated land for the project. (BS)
L&T Infrastructure Finance Company, a subsidiary of L&T, received the status of ‘Infrastructure Finance Company’ from RBI. (BS)
IOC said there will not be any revision in the oil price hike if global crude oil prices do not fluctuate wildly. (ET)
Axis Bank looking to sell all its 4,200 ATMs to third-party service providers. (BS)
Power Trading Corp is in talks with private equity fund SAIF Partners to sell up to 11% in unlisted unit PTC Financial Services (PFS). (ET)
Suzlon Energy has got an order from HPCL for a 25.5MW wind power project at Akal in Jaisalmer district of Rajasthan. (BL)
Godrej Consumer Products has completed the acquisition of Argentinian hair care company Argencos for an undisclosed amount. (ET)
Top managers from the private sector may soon be invited to apply for running state-owned telecom companies BSNL and MTNL. (BS)
HCL Infosystems acquires 60% stake in Dubai-based IT services and solutions company, NTS Group, for an estimated US$6.5mn. (BL)
The Network 18 Group is creating two new listed entities to simplify its holding structure and realign its businesses into broadcast and emerging media. (BL)
Jubilant Organosys demerges non-pharma business. (BL)
Titagarh Wagons acquired an ailing French freight car and rolling stock manufacturing company for Euro12.5mn. (BL)
Biocon plans to launch drugs in eye-care segment. (BL)
CCEA has granted a 3-year drilling moratorium to 30 deepwater block production-sharing contracts (PSCs) signed under various rounds of exploration till the fifth round of NELP, where drilling commitments are pending as on January 1, 2009. (BS)
The rate of wholesale food inflation fell for the second consecutive week to 12.6% for the week ended June 26. (BS)
India to grow at 9.5% in 2010, says IMF. (BS)
Passenger vehicles to register 12-13% growth in 2010-11, as per Siam. (BS)
Centre to award 100MW solar projects by August. (BS)
Imports of telecom equipment into India could face further delays as the Centre has just expanded the list of ‘core equipment’ that will now require mandatory security clearance. (ET)
Government will spend around Rs1.2bn in the next two years for an ambitious healthcare programme to prevent, detect and control the spread of cancer, diabetes, heart ailments and stroke. (ET)
National Bank for Agriculture and Rural Development will refinance crop loans worth Rs400bn in the current fiscal. (ET)
The government said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. (ET)
This week is again turning out to be a volatile one as bulls continue to dance to the global tune. After yesterday’s slippery trading session, bulls staged a smart come today. Benchmark indices in India enjoyed a bright and beautiful trading session amid one of the biggest global rallies in recent memory. In the US, the Dow ended above the 10,000 mark for the first time since June 28 on optimism ahead of the upcoming earnings season. Asian markets also ended with smart gains even the European markets are trading in the green.