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Money & relationships: 5 ways parents can pass on money-related anxiety to their children

Latest Updates - CA Mitesh Your very money traits and habits form the foundation for your children's money behaviour when they become adults. Find out about your money behaviour that may be causing stress in your children and how to stop yourself from doing so. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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View: Why India should follow Swachh Data Mission to collect the right data for policymaking

Latest Updates - CA Mitesh By Rekha JainThe defining feature of NITI Aayog’s policy for artificial intelligence (AI) is its focus on social sectors and empowering citizens. This is highlighted by its ‘AI for All’ motto. Some of its pilot deployments were cited in the RAISE (Responsible AI for Social Empowerment) 2020 virtual global summit on October 5-9.While algorithms are integral to AI applications, an equally important part is data. AI applications require large, complex datasets comprising both structured and unstructured data across several domains. Large datasets are broken into training data and testing data. Using training data, the software ‘learns’ to detect patterns in the underlying data. Subsequently, the testing data is used to validate the learnt algorithms or pattern-matching techniques. These are then fine-tuned to develop more robust AI solutions for prediction, planning and allocation of resources.Datasets that may be used for public policy purposes are available with government departments and ministries. While large amounts of digital data are available with GoI, such data should be made available publicly, with due focus on the privacy of individuals as per the Personal Data Protection Bill.The existing National Data-Sharing and Accessibility Policy (NDSAP) for facilitating access to GoI data and data created with public funds can be the basis for access to government datasets.As per NDSAP, a variety of data (raw, derived, spatial, non-spatial, etc) is mandated to be in a machine-readable form, periodically updated and proactively available. Seeking proposals for AI applications in the relevant domains can then be done through hackathons, regular processes or contests, using the available datasets.To be able to use this data for AI, not only does the data need to be accurate and properly formatted, it also needs to be representative of the underlying context. For example, it has been found that AI applications in the US based on testing datasets that predominantly contained facial data of White people did not recognise Black people. Similarly, if training datasets have data only from a particular region in India, then predictions for another region may not be accurate. Such requirements are more critical when dealing with different socioeconomic categories. Government collection of data often does not consider this dimension explicitly.Further, NDSAP data is available at different levels of aggregation. Some of the data is at the district level, others at the state level, with the latter not being available at a lower level of aggregation. Most of the data is dated. Some datasets do not indicate the year of the data, essentially rendering it useless for any decision-making.Some datasets do not have raw data, but only percentages (as a number, not as a formula in Excel), limiting flexibility in analysis. Also, due to the fragmented nature of the data and differing formats across departments, it is not possible to link such data for analytics purposes without a lot of heavylifting.So, analysis has to be conducted across ministries — which is often not possible. Since there is little focus on data quality at the stage of capture, its quality is suspect, as often data is first captured manually and then transcribed into a digital format.Using AI for policymaking, therefore, requires an overhaul of the processes for data collection, storage, standards, formatting and dissemination. Since data is the basic building block for AI, the focus of ‘AI for All’ should also be to identify mechanisms for developing schema for the metadata, identifying the interlinkages between data elements, and for collecting, verifying and updating the data in all ministries and government departments. Such a mission could be named, Swachh Data Mission, with the same — if not more —rigour and focus of the Swachh Bharat mission.(The writer is principal adviser, Broadband India Forum) Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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India sends Oil Minister Pradhan to Kuwait to offer condolences on demise of former Emir

Latest Updates - CA Mitesh New Delhi: Reflecting the importance it places on ties with oil-rich Kuwait, India on Sunday dispatched Petroleum Minister Dharmendra Pradhan to offer condolences to the leadership of the Gulf nation on the passing away of its former Emir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah. Pradhan is carrying letters from President Ram Nath Kovind and Prime Minister Narendra Modi to the new leadership of Kuwait. "Embarked on a two-day visit to Kuwait to offer condolences to the Kuwaiti leadership on behalf of the Govt. of India on the passing away of former Emir of Kuwait His Highness Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah," Pradhan tweeted. Embarked on a two-day visit to Kuwait to offer condolences to the Kuwaiti leadership on behalf of the Govt. of Indi… https://t.co/U68aCSgOYN— Dharmendra Pradhan (@dpradhanbjp) 1602408596000 In a statement, the Ministry of External Affairs (MEA) said Pradhan will also convey greetings on behalf of India to Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah on assuming responsibilities as the new emir of Kuwait and Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah as the Crown Prince. It said Pradhan is visiting Kuwait on October 11 and 12 to offer condolences on behalf of the government of India to the Kuwaiti leadership on the "sad demise" Sheikh Sabah Al-Ahmed. Kuwait Emir Sheikh Sabah Al Ahmad passed away at a US hospital on September 29. He was 91. India had observed a day of national mourning on October 4 as a mark of respect to the Kuwaiti leader. External Affairs Minister S Jaishankar had visited Kuwait Embassy here on October 1 to convey India's condolences. "India and Kuwait maintained close and friendly relations under the leadership of the late Amir. He was a true friend and well-wisher of India in guiding and strengthening bilateral engagements for the mutual benefit of the people of the two countries," the MEA. It said both countries continue to take forward their "historic relationship" in diverse areas and have also cooperated closely to deal with COVID-19. Kuwait is a strategically important country for India in the Gulf region. It is India's sixth largest crude oil supplier. The Indian community with a strength of about 10 lakh is the largest expatriate community in Kuwait and is regarded as the community of first preference among the expatriates. Professionals like engineers, doctors, chartered accountants, scientists, software experts, management consultants, architects; technicians and nurses; retail traders and businessmen are present in Kuwait, though a large proportion consists of unskilled and semi-skilled workers. Kuwait's Sovereign Wealth Fund (SWF) is reported to have invested USD 2 billion in India since 2017, taking the total investment in the country to USD 5 billion. "I will be delivering letters from Hon. @rashtrapatibhvn Shri Ram Nath Kovind and Hon. PM Shri @narendramodi to the new leadership of Kuwait," Pradhan said. "I will also convey good wishes on behalf of PM Shri @narendramodi and the people of India to HH Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah on assuming responsibilities as the new Emir of the State of Kuwait and HH Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah as the Crown Prince," Pradhan tweeted. "Look forward to meet the new leadership in Kuwait to further strengthen the multi-faceted India-Kuwait relationship and take forward our historic relationship in diverse areas," he added. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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India's jewellers brace for worst sales in 25 years amid coronavirus scare

Latest Updates - CA Mitesh By Swansy AfonsoIndia’s jewellery sales are set to plunge to the lowest in a quarter of a century as a lockdown to combat the rapidly spreading coronavirus brings the industry to a standstill.Demand in the world’s second-biggest gold consumer has already tumbled, slammed by record high domestic prices and as the economy heads for the slowest pace of growth in 11 years. That pain is set to deepen as the virus spooks buyers and jewellery stores shutter their stores after Prime Minister Narendra Modi and state leaders imposed an almost-complete lockdown across much of the country.Purchases are estimated to plummet 30% in 2020 from the 690 tons last year, N. Anantha Padmanaban, chairman of the All India Gem and Jewellery Domestic Council, said in a phone interview from Chennai. That would make it the smallest annual purchase since the 477 tons bought in 1995, according to data compiled by Bloomberg based on World Gold Council reports.“2019 itself was a very bad year after July and this year we have already lost this month,” as a majority of stores across of the country will be closed for most of this week at least until further advisories from the government, he said, adding that 11 of his own stores in the southern Indian state of Tamil Nadu will be shut till March 26. “April is going to be the same, with May-June also expected to be weak,” for demand, he said.Concerns about the virus have seen the local gem and jewellery sector come to a halt with virtually no footfall in stores and many jewelers shutting shops located in malls and shopping complexes. Titan Co., the nation’s biggest jeweler by market value, has shut stores and manufacturing units until March 29, and will review the situation at the end of the period, it said.Mumbai’s Zaveri Bazaar, the largest bullion market in the country, will also be closed until further notice and that could cut demand by as much as 40% in the coming weeks, according to Prithviraj Kothari, president of the India Bullion and Jewellers Association Ltd.Muted DemandThe trade body along with the Gem & Jewellery Export Promotion Council are exploring ways to help the thousands of small workers employed in the industry who earn daily or weekly wages as many of them would lose jobs if the current situation is prolonged, Padmanaban said. The industry is seeking an extension for repayment of loans and a reduction in the import tax on gold to 4% from the current 12.5% to help jewelers, the trade group said.“This is something that none of us in our generation have experienced and none of us know when this is going to end,” Chirag Sheth, a consultant at the London-based Metals Focus Ltd., said by phone from Mumbai. Demand in the next two quarters will remain muted, he said. “So essentially the savior for demand will be the fourth quarter -- and how much is that quarter going to save?”India’s stock indexes posted their worst losses on record Monday, as the world’s second-most populous nation went into a lockdown after the number of coronavirus cases in the country surpassed 400.“A lot of people will be scarred, a lot of people will be scared,” Sheth said. “Look at the wealth destruction that has happened in the stock market and everybody is badly bruised. So will I buy gold? No.” Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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EPFO directs field offices to timely credit pension to 65 lakh EPS beneficiaries

Latest Updates - CA Mitesh Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees' pension scheme (EPS) beneficiaries amid the coronavirus outbreak. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Reliance to raise face mask production capacity, pay contract employees wages even if no work

Latest Updates - CA Mitesh New Delhi: To deal with the coronavirus pandemic, Reliance Industries on Monday announced a raft of measures, including ramping up production capacity to 1 lakh face masks per day, free fuel to emergency vehicles carrying Covid-19 patients and free meals in various cities to support the livelihood of those impacted by the outbreak.In a statement, the company said a hospital run by its CSR arm has readied India's first 100-bedded facility at one of its hospitals in Mumbai for patients who test positive for COVID-19.Also, the company said it will continue to pay contract and temporary workers, even if work has halted due to this crisis.Reliance will provide free fuel for all Emergency Service vehicles used to transport Covid-19 patients while Reliance Foundation will provide free meals across various cities to those whose livelihood has been hit by the outbreak. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Invest in ETFs during fall to profit on rise

Latest Updates - CA Mitesh There are a few reasons why investments in index ETFs make sense now for such investors. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Coronavirus impact: Honda Cars suspends production till March-end

Latest Updates - CA Mitesh Honda Cars India Ltd (HCIL) on Sunday said it has decided to suspend production at its two manufacturing plants in the country till the end of this month in view of the coronavirus outbreak. Production operations at both its manufacturing plants in Greater Noida (Uttar Pradesh) and Tapukara (Rajasthan) will be temporarily suspended from March 23 till March 31, HCIL said in a statement.The company's associates working in corporate offices, including zonal and regional locations for all functions, will primarily work from home, except for those involved in running essential services that require physical presence or minimal staffing for a few critical activities while abiding by the government regulations, it added. The company's leadership will closely review the situation and the next course of action will be taken accordingly, the company said. The current intention is to restart production on April 1, 2020, however, this will be dependent upon advice from the government, health authorities, and market and supply conditions, it added. "In these trying times, health, safety and well-being of our associates, their families and community at large are of utmost importance," HCIL President and CEO Gaku Nakanishi said. The company stands by them during this tough phase and urges everyone to take all possible measures to prevent COVID-19 from spreading further, he added. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Coronavirus: Cinema operators seek exemption on taxes, loan moratorium for one year

Latest Updates - CA Mitesh NEW DELHI: Cinema operators have requested the government for exemption on statutory dues and loan moratorium for one year, as the sector has been hit hard with many state governments ordering closure of multiplexes in the wake coronavirus outbreak in the country. Cinema exhibitors have also asked for a waiver of the minimum demand charges on electricity by several discoms, said Multiplex Association of India (MAI) in a statement. "The developments due to the outbreak of COVID-19 in the previous six to eight weeks have made us run into possible bankruptcies," said MAI in a letter written to the government. MAI also said that the exhibition industry is facing "extremely adverse times" as the average footfalls has come down by 30 per cent since February. "While the virus fear was pulling down the footfalls drastically, the cinema closures directives issued by all the state governments brought the business to a calamitous standstill," it added. From March 12, 2020, when the first directive was issued by the Kerala government, till March 17, 2020, the entire multiplex industry has came to a halt, with virtually every state government directing closures. "In a space of less than five days, all the 3,500 multiplex screens across the country were closed for operations," said MAI adding in the "absence of revenues, the cashflow has completely stopped, resulting into extreme distress". The cinema exhibition industry provided direct jobs to close to two lakh employees. "Being a manpower-intensive industry, salaries form a massive operating expenses, which has remained constant in these times. Over and above the salaries, rent and maintenance charges, electricity charges and other administrative charges have delivered a massive blow to the cash position of the multiplex operators," it added. Seeking a relief, MAI has asked to provide interest free loans for three years with one year moratorium to multiplexes immediately to help them tide over this period of crisis and prevent any kind of default on salaries, electricity dues, loans & interest repayments etc. It has also asked for "exemptions on all taxes - including GST, Show Tax, Local Body Entertainment Taxes and Property Taxes for one year from the date of resumption of normal cinema operations". It further said that MAI would support the 'Janta Curfew' initiative and will continue to raise awareness about the coronavirus pandemic. Total Number of screens in India stood at 8,750, of which 3,100 are in multiplex and rest 5,650 are single screens. MAI operates 3,100 screens including both multiplex and single screen format. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Coronavirus: Equity MFs give 25% negative returns to investors

Latest Updates - CA Mitesh New Delhi: Equity-oriented mutual fund schemes delivered a negative return of about 25 per cent to investors over the last one month as the broader market witnessed significant downtrend amid coronavirus-triggered recession fears.The 44-player mutual fund industry is not immune to the economic blowback of COVID-19, and going ahead, small and mid-cap equity schemes will continue to remain under pressure in the short to medium term on account of volatility in the markets, said Krishna Karwa, Senior Research Analyst, at iFAST Financial India.According to data compiled by Morningstar India, all the equity scheme categories -- equity linked saving scheme (ELSS), mid-cap, large & mid-cap, large-cap, small-cap, mid-cap and multi-cap have given negative return in the range of 25-26 per cent between February 19 and March 18, 2020.Individually, large and mid-cap funds have given a negative return of 26.63 per cent followed by large-cap (26.58 per cent), ELSS (26.47 per cent), multi-cap (26.45 per cent), small-cap (26.32 per cent) and mid-cap (24.84 per cent).Notably, all the funds fell less than their respective benchmark indices during the bear market.The benchmark Sensex crashed about 30 per cent during the same period, falling from 41,000 level to 29,000 level, following the coronavirus pandemic, decline in international crude oil price and the Yes Bank fiasco."We have seen such falls in the market multiple times before, while pessimism may remain for sometime given the uncertain situation with the spread of the coronavirus. But as we have seen in the past over the long term markets will recover," Morningstar India Director- Manager Research Kaustubh Belapurkar said. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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RBI extends restrictions on PMC Bank by 3 months

Latest Updates - CA Mitesh MUMBAI: The Reserve Bank of India (RBI) on Saturday said it has extended regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for three more months till June 22, 2020.The RBI had put a six-month regulatory restriction on the bank on September 23, 2019, after finding out certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL."It is hereby notified for the information of the public that the validity of the directive dated September 23, 2019, as modified from time to time, has been extended for a further period of three months from March 23, 2020 to June 22, 2020, subject to review," the RBI said in a release.It could be noted that unlike in the case of commercial banks, the RBI has no powers to draw up an enforceable scheme of reconstruction of a cooperative bank."Nevertheless, in the interest of the depositors and the stability of the cooperative banking sector, the RBI, in consultation with various stakeholders and authorities, is trying to work out a scheme for revival of the bank," the release said.The restriction on PMC included barring the bank from lending and accepting fresh deposits.The RBI also superseded the board and the management of the bank and appointed an ex-RBI official as the administrator at the bank. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Market recovers nearly 6% but D-Street still wary of lockdowns

Latest Updates - CA Mitesh Sensex, Nifty log biggest one-day gain since 2008 fin crisis. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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No emergency corpus? Now is the time to build it

Latest Updates - CA Mitesh An emergency corpus is critical in uncertain times like this even if it means individuals have to move from equity to debt for the moment. Once an emergency corpus is in place, investors could restart their equity SIPs. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Royal Enfield clears BS-IV stock even as other two-wheeler makers have unsold inventory

Latest Updates - CA Mitesh Mumbai: The maker of Bullet and Classic motorcycles Royal Enfield on Friday became one of the first automakers to sell out all inventory compliant with the outgoing BS-IV emission norms.BS-IV norms compliant vehicles cannot be registered in India beyond 31 March as the new BS-VI emission norms will become applicable from 1 April.“Starting March 21, 2020, all Royal Enfield stores across India will retail only BS VI motorcycles,” the company said in a statement.The coincidence of the changeover date of the emission norms and the Covid-19 pandemic have gotten many automakers worried. The country’s largest two-wheeler maker Hero MotoCorp approached the Supreme Court seeking a 3-month extension to the deadline saying that it still has two weeks’ worth of unsold inventory in its channels.Earlier, a lobby of automotive dealers had also moved the apex court seeking a similar relaxation of deadline citing sales grinding to a halt due to the coronavirus scare.Two-wheeler dealers were especially impacted given that they have the most unsold BS-IV inventory. Discounts between 11-15% were being extended by two-wheeler retailers across the country, ET reported on Friday.Royal Enfield had initiated the transition to BS-VI norms in January, the company said. “Various teams have worked closely with the backend and frontend channel partners to ensure a smooth and hassle-free transition,” its statement read. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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Aviation ban may cause shortage of ventilators in India

Latest Updates - CA Mitesh Mumbai: India’s ventilator manufacturers said the ban on commercial airlines to land in India would cause a shortage of vital components required to assemble the machines. They fear disruptions in the supply of the respirators that are essential to treat serious cases of coronavirus infection.Late on Thursday, India banned the exports of ventilators, certain kinds of masks, and textile raw materials for masks and coveralls, to prevent shortage of these in India. But for manufacturing the ventilators locally, companies said they needed imported components.ET spoke to several companies that supply ventilators to private and government hospitals. They said there was already a supply disruption due to shutdowns at component makers based out of Europe and China and that the ban on international flights would add to the strain.Mumbai-based Median Healthcare, a manufacturer, had placed an order for LCD screens used in ventilators that were due to arrive next week. It is worried that the ban would affect the arrival of the consignment and that it would not be able to meet the demand of customers that had placed orders.“We are in trouble. I have 25 units that needs to be assembled, but I do not have the parts required for its functioning. Without those parts, my order is incomplete,” managing director Nikunj Gada said. Gada said he has had enquiries for over 200 ventilators from various government district hospitals, but he couldn’t meet their demand because there were no stocks. Even sourcing these from abroad is becoming difficult as most international manufacturers are saying no delivery can take place in next 60 days, Gada told ET. In India, more than 15,000 people so far have been tested for Covid-19. On Thursday the number of those tested positive was around 170, out of which 19 had recovered. If the number of critical cases goes up, India’s capacity to handle those who need respiratory support will be stretched.According to rough estimates, there are about 30,000 ventilators in India — every state has a different number. Lifeline Biz MD Vineet Acharya said the ratio of ventilators per ICU was low in the country. “The ventilator crisis will come up if and when India reaches the number as Italy’s,” Acharya said. “Let’s hope we don’t reach the Italy numbers, because then we are in big trouble.”In Mumbai, which has seen the highest number of Covid-19 cases in India, the Kasturba Hospital that is treating patients has only four ventilators.There is a shortage of equipment in Mumbai as new procurements from the civic corporation hasn’t happened in the last few years, said a manufacturer who did not wish to be named. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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COVID-19: Railways suspends concessional tickets except for patients, students, Divyangjan from March 20

Latest Updates - CA Mitesh "Concessional booking of all tickets except for patients, students and the Divyangjan category for the unreserved and reserved segments is being suspended form 00:00 hrs of 20th March till further advisory," an order from the railways said. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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SpiceJet suspends international operations temporarily

Latest Updates - CA Mitesh NEW DELHI: After IndiGo, GoAir, Air India and Vistara, SpiceJet today announced cancellation of its international flights — barring the Kolkata-Dhaka service — starting this Saturday till the end of next month.“In view of the unprecedented situation arising due to COVID-19, SpiceJet is forced to temporarily suspend majority of its international operations from 21st March till 30th April, 2020. We will resume the suspended flights as soon as the situation normalises,” SpiceJet said in a statement.It, however, added that their Kolkata-Dhaka flight will continue to operate as per schedule. “Our Chennai-Colombo flight will restart from the 25th March, 2020 while our Delhi-Dubai and Mumbai-Dubai flights will resume from 16th April, 2020,” the statement further read.Vistara cancelled all its international flights on Wednesday followed after GoAir that grounded all its international operations. IndiGo and Air India suspended 65%-70% of their overseas flights and grounded several planes.As aviation industry in India is struggling to main a normal schedule due to COVID-19, aviation consultant CAPA-Centre for Aviation has predicted a significant impact on the local airline industry, including initial grounding of 150 planes, retrenchments and an April-June combined loss of up to $600 million for carriers excluding Air India.It had last week said many airlines in the world would go bankrupt if government assistance wasn’t forthcoming. The India report said without getting meaningful government support, some local airlines could run out of cash and shut operations by May or June.COVID-19, a global pandemic, has broken down the global aviation industry with airlines across the world having to cancel 30-90% of their flights. Airlines in the US and UK have asked their governments for bailout packages worth billions of dollars. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca