From
Emerging India
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Hand-picked News For Busy NRIs & PIOs
Issue No. 143 Evening Edition IST
Corporate World . Politics . Investment Opportunities in India
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Headline News in this issue:
- End of an era? Swiss bank to bare secret A/Cs
- Azharuddin’s second innings
- Inflation dips to 13-month low
- Rupee may fall to 54 per dollar by end-2009
- NRIs' obligation to file tax return in India
- IcySpicy: ‘SRK touched hearts’
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SENSEX: 8,843.2 DOWN 58.3 % from 52-wk high
FOREX-Rs: USD 49.96 / EUR 62.93 / GBP 71.08
2009 - Is A Great Year For Investments In India
Do read Investment Advice for long-term investors in this issue.
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NRIs' obligation to file tax return in India
For most individuals, tax compliances begin and end with filing a tax return.
The India Income-Tax law requires a return to be filed by every individual whose total income during the financial year exceeds the specified threshold limit.
It is not very different for NRIs, although certain beneficial rules do exist.
An ‘NRI’ is a citizen of India or a person of Indian origin who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India.
There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year in question is less than 365. Finally, when an individual leaves India for taking up an employment outside India and his/her stay is less than182 days in the year of departure.
Rupee may fall to 54 per dollar by end-2009
The rupee fell on Friday to end the week down 0.2 percent against the dollar, its worst performance in nearly two months, as a grim global economic outlook triggered concerns of capital outflows from local shares. It may fall to 54 per dollar by end-2009.
End of an era? Swiss bank to bare secret A/Cs (TOI,Mum,20Feb09,Pg1)
UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.
It’s unclear how many of its clients’ names UBS will divulge.
Azharuddin’a second innings (TOI,Mum,20Feb09,Pg13)
Former cricket captain Mohd Azharuddin speaks at the Congress HQ in New Delhi after joining the party on Thursday. There were clear indications that he would get an LS poll ticket, most probably from Nizamabad in his native Andhra Pradesh.
He also hinted that he would contest, saying: “I am no longer the captain, only a player—whatever the party decides I accept; I have no choice.”
The induction has given rise to some heartburn in the Congress camp, with some leaders ruing the decision to take on board a cricketer who was banned from international cricket for match-fixing. The BJP too hit out, saying the Congress was the hub of all ‘fixers’.
For news in detail, visit The Times of India ePaper
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INFLATION DIPS TO 13-MTH LOW (ET,Mum,20Feb09,Pg1)
Cheaper edible oils and manufactured items bring down wholesale price index
INFLATION eased to a 13-month low of 3.92% for the week ended February 7 on the back of a sharp fall in the prices of edible oils and manufactured products.
Inflation based on the wholesale price index has eased sharply from a 16-year peak of 12.91% in August 2008, due to a sharp fall in commodity prices and slowing demand.
The drop in inflation has led to renewed calls for aggressive rate cuts to boost the flagging economy.
For news in detail, visit The Economic Times ePaper
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IcySpicy
‘SRK touched hearts’ (BT,Mum,20Feb09,Pg1)
... that’s what the trade is saying about his new film based on friendship and values
Who said, love me or hate me... but you can’t ignore me? Not Shah Rukh Khan, surely.
Though the Bollywood Badshah, home after his successful shoulder surgery, is saying just that about his home production Red Chillies’ last Friday release — Billu.
“The film’s sincerity is touching hearts. Whoever has seen this Priyadarshan-directed film, is talking about it. And whoever hasn’t, should go and see it,” said SRK. “I am getting loads of texts. People are liking the film, especially the last bit.”
It is true, the last 15 minutes of Billu, when Shah Rukh tugs at the heartstrings of the audience with a powerful and emotional dialogue, is replacing lost values in people. To that end, Billu reminds audiences of forgotten simplicities and displaced values in society.
“It’s a great risk that Shah Rukh Khan has taken. Hats off to him for making a film where the focus is not on himself, and where the story and performances are the stars,” said trade pundit Taran Adarsh, adding that “SRK could have made a hardcore commercial flick like Om Shanti Om and earned pots of money, yet he took a different path because he believed in the story.”
Trade analyst Komal Nahata agreed, “It’s a sincere product, one that doesn’t have to try hard to keep the story and morals straight. It works on it’s own. It has everything going for it, like good music, story and performances, all of which touch your heart.”
Taran revealed, “The film has done well overseas, considering the number of prints released was about 200. Family films, which we call socials, always have a slow start... but over a period they become blockbusters. Look at films like Baghban, Vivaah, Rab Ne Bana Di Jodi and Tare Zameen Par. All started on a slow note, but went on to become box office hits. Billu has the potential and there is one more weekend to come. Just give it some time.”
Girish Wankhede, Deputy GM, Cinemax, said, that the film started well with a 50 per cent collection. “It went onto 80 per cent across all our branches on the weekend, which is very good. People walked out appreciating the film... especially the ending.”
Taran added, “There was not a single dry eye in theatres. SRK’s dialogue is so powerful. To hold an entire audience with just his words is laudable. Shah Rukh makes you laugh and cry.” While King Khan himself said, “Even my kids cried.”
For news in detail, do visit Bombay Times ePaper
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END OF THE DAY STATUS OF THE STOCK MARKET:
Sensex came down by 2.2 % today.
SENSEX: 8,843.2 (-2.2%) NIFTY: 2,736.5 (-1.9%)
DOWN..58.3 % from 21,206.77 the 52-week high of SENSEX
UP...........14.9 % from 7,697.39 the 52-week low of SENSEX
Investment & Wealth Creation Advice:
Please note that our advice is primarily for investors and not for speculators. Investors typically invest with 12-60 month investment perspective. You will therefore find that our advice does not change substantially from issue to issue.
We expect Sensex to come down to 7000-8000 level in the next few months. So, it is going to be a very good time for investments in good stocks.
Also, those who want to invest in realty in India should wait for some time as the flat and land prices are expected to come down substantially in the next 3-4 quarters.
Do consult your investment advisor before making any investment decisions.
Do not purchase shares of a good company at a wrong price. Also, do not purchase shares of a bad company even at a very low price.
Do not put all your eggs in one basket. Diversify your portfolio to de-risk. Do not put more than 33% of your investible funds in stocks or mutual funds. Do not invest in stocks, mutual funds or realty when their prices are quite high. From the high levels, these prices normally come down by about 40-50% and that is when many people lose their hard earned money in a big way.
Make sure that you are not one of those big losers. Make sure that you invest when prices are low and divest when prices are high. Please note that 2009 is going to be a great year for investing your money in stocks, mutual funds & realty in India.
Click here to display NSE CNX NIFTY Chart
Disclaimer: Please make all your investments after taking expert advice. NRI.NewsIndia will not be responsible for losses, if any, incurred by you. Through NRI.NewsIndia, we are only making you aware of the investment opportunities in India at a broad level.
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