International financial services regulator IFSCA will finalise a revised norms for direct listing of companies at GIFT City by early-July, Chairman K Rajaraman said on Wednesday
 

New Delhi: International financial services regulator IFSCA will finalise a revised norms for direct listing of companies at GIFT City by early-July, Chairman K Rajaraman said on Wednesday.

Rajaraman said the highest decision making body of the International Financial Services Centres Authority (IFSCA) will approve the norms by end of June and the same will be notified by early July.
 

"Based on our interactions with various users, we have realized that our regulations need a little update. Therefore, what we have done in the last two months is to update our listing regulations," he told reporters here.

He, however, did not specify the exact changes that will come out in the revised norms.

Though unlisted companies can list on the international exchanges even now, he said the companies will be able to list under the revised norms by August.

For the companies already listed in India, capital market regulators Sebi has to amend a slew of its existing regulations before such entities access the foreign money through the GIFT City, he said.

Securities and exchange board of India (Sebi) will take up to three months for making the necessary amendments in its frameworks, he said, adding that the IFSCA has already provided its inputs on the matter.

In the case of already listed domestic companies, the equity issue at IFSCA will be akin to a follow-on public offer, he said, assuring that the IFSCA will clear issuances within a month.

Companies engaged in sectors such as e-commerce and technology startups, or those having headquarters overseas with substantial business in India are expected to look for direct listing and accessing global capital from the IFSCA, he said.

Activities on the direct listing front will also help grow the number of brokerages and merchant bankers at the GIFT City, he said, adding that at present there are 50 brokerages there who primarily trade in Nifty-50.

The inclusion of India in global bond indices will up the interest in the overseas direct investment route, he said.

To a query on raising sovereign green bonds, Rajaraman said all the decks are now clear between the Reserve Bank and IFSCA, and added that it is now upon the government to decide when it plans to undertake the issuance.

Investment in the sovereign green bonds will be in dollars but the paper will be denominated in Indian rupees, he added.

On the proposed merger between India INX and NSE IX being called off, Rajaraman said the authority has been informed of the decision and welcomes the operation of two separate exchanges as it will drive innovation and deliver better services.

Meanwhile, Rajaraman said the IFSCA has authorized IIBX, the bullion exchange at the GIFT City, to launch gold futures and the product will get rolled out in the next 15 days. In a few months, it will also look at launching silver futures, he added.
 

Since its inception, IIBX, which acts as a spot exchange, has seen trades of 10 tonnes in gold and over 1,000 tonnes in silver, Rajaraman said, attributing the high activity in the latter to the comprehensive economic partnership agreement (CEPA) signed with UAE.

He also said that the authority expects a lot of Indian companies who are into offering book keeping, accounting and taxation services to make best use of the recently announced norms on the subject and operate from the GIFT City, because there is a big demand for such vocations in the West.

NABARD on Wednesday opened offices at Khunti, Pakur and Latehar, thereby covering all 24 districts in the state of Jharkhand
 

New Delhi/Ranchi: The National Bank for Agriculture and Rural Development (NABARD) on Wednesday opened offices at Khunti, Pakur and Latehar, thereby covering all 24 districts in the state.

The NABARD which works closely with financial institutions, state government agencies, NGOs and other stakeholders to provide financial and non-financial support targeted at rural development said it has also posted six women officers as District Development Managers (DDMs).
 

"NABARD now has a DDM Office in all 24 districts of the state. These offices will serve as the nerve centres for planning, execution, and monitoring of NABARD’s developmental interventions at the district level," the company said in a statement.

SK Jahagirdar, Chief General Manager of NABARD Jharkhand, stated that the lady officers are sensitive to the needs of women and children in rural areas.
 

"They bring a unique perspective and approach to developmental activities. The lady DDMs, in addition to their regular DDM responsibilities, will focus on addressing the specific challenges women and children face in their respective districts," Jahagirdar said.

The six DDMs were posted in Khunti, East Singhbhum, Godda, Ramgarh, Hazaribagh and Ranchi.

"With the establishment of these new DDM offices, NABARD is not just expanding its reach but fundamentally transforming the landscape of rural development in Jharkhand. This strategic move ensures that the transformative benefits of development are accessible to the most marginalised sections of society, thereby fostering more sustainable and inclusive growth," Jahagirdar said.

He said the priorities of NABARD for the year are agriculture infrastructure development, especially increasing the irrigation coverage in the state and promotion of oilseeds, pulses and horticultural crops.

Organic and natural farming, climate resilient agriculture, and climate change mitigation will form the focus for NABARD, he added.

CIPL on Wednesday said it has secured a Rs 114-crore project for the comprehensive maintenance of IT infrastructure from Indian Oil Corporation Limited (IOCL)
 

New Delhi: Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major.

The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027.
 

"Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company," CIPL said in a statement.

As part of the contract, CIPL will deploy more than 400 engineers to manage the regular maintenance of IT infrastructure across 131 locations of Indian Oil nationwide.

"The contract, valued at Rs 114 crore, pertains to annual maintenance and Facility Management Services (FMS) for all divisions of Indian Oil across the country," the statement further said.

Noida-based CIPL has earlier served several PSUs (public sector undertakings) like ONGC, SPMCIL, PFMS, NTPC and Airport Authority of India (AAI), among others.

The company had secured a Rs 137-crore contract from state-owned Security Printing and Minting Corporation of India Limited (SPMCIL) in August last year.

IRDAI on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements
 

New Delhi: Regulator Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements.

Issuing a master circular which consolidates all regulations with regards to life insurance policies, IRDAI also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
 

The latest master circular follows a similar exercise by the regulator for general insurance policies.

"This is an important step in the series of reforms taken up by the insurance regulator with interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," IRDAI said.

According to the master circular, the facility of partial withdrawal under pension products is allowed enabling the policyholders to meet their specific financial needs for important life events like higher education or marriage of children; purchase/ construction of residential house/flat; medical expenses, and treatment of critical illness.

In case of surrender of policies, reasonableness and value for money is to be ensured for both surrendering policyholders and continuing policyholders, IRDAI said.

Further, the regulator said robust systems should be in place for grievance redressal of policyholders.

"In case the insurer does not appeal against the award of insurance ombudsman and does not implement the same within 30 days, a penalty of Rs 5,000 per day shall be payable to the complainant," the circular said.

Insurance companies have also been asked to put in place mechanisms to improve persistency, curb mis-selling and avoid financial loss to the policyholders and also enhancing long-term benefits to them.

Dredging Corporation of India Ltd (DCIL) has secured a contract worth over Rs 2,000 crore from Syama Prasad Mookerjee Port Authority in West Bengal
 

New Delhi: Dredging Corporation of India Limited (DCIL) has secured a contract worth over Rs 2,000 crore from Syama Prasad Mookerjee Port Authority in West Bengal.

The contract is for maintenance of dredging in the Hooghly Estuary primarily in the shipping channel leading to Haldia Dock, DCIL said in a statement.

The value of the five-year contract is Rs 2,015.88 crore, the company said.
 

The Hooghly Estuary is a vital waterway for maritime trade, and maintaining its depth is essential for the safe passage of vessels to and from the Haldia Dock. The maintenance dredging is crucial for ensuring the navigability of the shipping channel, thereby facilitating smooth and efficient maritime operations in the region, it said.

DCIL Chairman Madhaiyaan Angamuthu said the company will meet the stringent requirements of the project.
Based in Visakhapatnam, Andhra Pradesh, DCI caters to dredging and allied services to ports, Indian Navy, fishing harbours and other maritime organisations.

NBCC has bagged a Rs 100 crore contract from Oil India to construct a centralised core repository with advanced laboratory facilities at Guwahati in Assam

New Delhi: Navratana PSU NBCC (India) Limited has inked a memorandum of understanding (MoU) with Oil India Limited (OIL) for the construction of OIL’s centralized core repository with advanced laboratory facilities at Guwahati, Assam. "This work is valued at Rs 100 crore approximately," NBCC said in an official statement.

The MoU has been signed by Oil India's Executive Director (E&D) SalomaYomdo and NBCC's Executive Director (Engineering) Pradeep Sharma in the presence of OIL's CMD Dr Ranjit Rath, NBCC CMD KP Mahadevaswamy, NBCC's Director (Projects) Saleem Ahmad and other senior level officials from both the organisation.

Further, NBCC and OIL are also in final stages of discussion for undertaking various other works, such as the execution of hospital, group housing, guest house, installation of solar rooftop panels etc. in Assam. The anticipated value of the these works is Rs 900 crore approximately.

In the recent past, NBCC has received work order from Kochi Metro Rail Limited valuing Rs 700 Crore for the developing 17.4 acres in Kakkanad and Ernakulam, Kerala.

Similarly, NBCC will also be executing the construction of boy’s hostel for Hindu College, University of Delhi with an approximate value of Rs 70 Crore. The company will also be executing the construction of office-cum-training institute of Institute of Company Secretaries of India (ICSI) at Khaitabad, Hyderabad with an approximate value of Rs 9 crore.

New Delhi: Numaligarh Refinery Limited’s (NRL) biorefinery, which is India’s first bamboo-based refinery, is expected to start producing ethanol by July-end or the beginning of August, Managing Director Bhaskar Jyoti Phukan told PSU Watch. “We expect to start producing ethanol by July-end or the beginning of August,” said the MD. The biorefiniery is a joint venture of NRL and Finnish companies Chempolis and Fortum. It is being built at a cost of Rs 40 billion and is India’s first refinery which will use bamboo as feedstock to produce 50,000 tonnes of ethanol, 16,000 tonnes of furfural and 11000 tonnes acetic acid per annum.
 

NRL biorefinery will be commissioned in eight phases: MD

Earlier, news reports had claimed that the biorefinery will be commissioned by March 2024. On being asked if there was a delay in commissioning, the NRL MD said, “No. It’s a complex technology which is being deployed in India for the first time. The commissioning is already underway since March. Two phases of the commissioning are complete. And we are positive that we will be able to produce ethanol by July-end or August.” The commissioning of the refinery is being done in eight phases, two of which are complete.

India is the world’s third-largest consumer and importer of crude oil. It meets about 85 percent of its oil requirement through imports. To reduce this dependence on imports and to strengthen its energy security, the government has been looking to develop the market for biofuels. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, who took charge of the ministry for a second time on June 11, has listed biofuels as a priority area for the Modi government’s third tenure. The country has introduced E100 fuel, or ethanol 100, recently in March this year, and aims to increase the blending of ethanol with petrol to 20 percent by 2025.

SAIL is in the process of selecting a vendor to execute the project. The company is expected to finalise the party by end-October and then go for the second phase of board approval
 

Public-sector behemoth Steel Authority of India Ltd (SAIL) has firmed up plans to build a state-of-the-art steel plant at Burnpur for ?36,000 crore, which promises to be the single-largest investment in an industrial project in Bengal in recent times.

The central PSU has received the initial board approval for the project, which will come up near the existing IISCO Steel plant and have a capacity of 4.08 million tonnes (mt). SAIL is in the process of selecting a vendor to execute the project. The company is expected to finalise the party by end-October and then go for the second phase of board approval.

If all goes to plan, the new plant is likely to go on stream by 2029. Given the proposed configuration, the PSU is looking at the project as a new unit rather than an expansion of the existing 2.5mt plant. The new facility will come up in the area where there used to be an old plant.

While the existing plant focuses on long products (wires, rods, bars) used in construction, the new one will produce flat products (hot and cold rolled coils), which are used in automobiles and consumer durables.

The new IISCO plant — expected to create a flurry of economic activity and give a boost to the economy of adjacent regions in West and East Bardhaman, Purulia and Bankura — is part of SAIL’s ambitious target to scale up capacity to 35mt from 20mt by 2031, entailing a combined investment of ?110,000 crore.

As part of this phase of expansion, SAIL will look at fresh capacity addition across all the company’s existing sites in Durgapur, Bokaro, Rourkela and Bhilai.

The management has prepared the pre-feasibility reports for Durgapur and Bokaro, with plans to go for stage-1 approval from the board soon.

Chequered history

Established in 1918, The Indian Iron & Steel Company Ltd (IISCO) marked the beginning of the iron and steel industry in the country. The first blast furnace of the company went into production in 1922.

After a stellar run for four decades, the company fell into hard times by the mid-1960s before it was nationalised in 1972. It became a wholly owned subsidiary of SAIL by 1979 and finally merged with the PSU in 2006.

That year, then Prime Minister Manmohan Singh, with then Bengal chief minister Buddhadeb Bhattacharjee by his side, flagged off the expansion and modernisation of IISCO, which in effect was the construction of a new plant.

Though it was to be completed by 2009-10 at an estimated cost of ?9,600 crore, the project was finally commissioned in 2015 with a cost escalation of 72 per cent to ?16,480 crore. Prime Minister Narendra Modi was at Burnpur to do the honours along with chief minister Mamata Banerjee.

Industry observers say that coordination between the state and the Centre would be needed to pull off a project as large as that SAIL proposes to undertake now.

Though SAIL has the requisite land parcels, it could need administrative support to remove squatters. Given that a steel plant’s economic multiplier effect matches few others, the observers hoped that both sides would be able to rise above political differences.

“As a rule of the thumb, 6mt of materials need to be moved to produce 1mt of steel, which creates opportunity on the logistics side. Moreover, to support a steel plant, hundreds of small and medium units come up in the vicinity, creating indirect employment. The proposed IISCO plant can, therefore, have a transformative impact on the Asansol-Durgapur region,” they argued.

The KIOCL, a central public sector enterprise under the Steel Ministry and an iron-ore exporting unit, had planned to start mining operations at the Devadari Iron Ore mine in Sandur taluk of Ballari district. The company has plans to produce around 3 lakh tonnes per annum in 2024-25.

The newly appointed Union Steel and Heavy Industries Minister, H D Kumaraswamy, has made a significant move by approving Kudremukh Iron Ore Company Ltd (KIOCL) to operationalize the Devadari Iron Ore Mine. This decision marks the first official file signed by Kumaraswamy in his new role.

KIOCL, a central public sector enterprise under the Steel Ministry and an iron-ore exporting unit, aims to commence mining operations at the Devadari Iron Ore mine located in Sandur taluk of Ballari district. The company plans to produce approximately 3 lakh tonnes of iron ore per annum starting from the fiscal year 2024-25. The approval follows the company securing all necessary statutory clearances from various authorities, including the Indian Bureau of Mines, the Ministry of Environment and Forests, and the Karnataka State Pollution Control Board.

A mining lease agreement has been executed with the Mines and Geology Department of the Karnataka government, granting KIOCL the rights to extract iron and manganese ore over an area of 388 hectares for a period of 50 years. The operationalization of the Devadari Iron Ore Mine is crucial for KIOCL, especially after the closure of its previous mining operations in Kudremukh, Chikkamagaluru district, in 2006. Since then, the company has relied on ore sourced from Chhattisgarh for its plant in Mangaluru. The new mining operations in Devadari are expected to provide a much-needed boost to the company’s production capabilities and ensure a steady supply of raw materials.

ISRO and French space agency CNES, is engineered to deliver high spatial and high temporal resolution monitoring of Earth's surface temperature, emissivity, biophysical and radiation variables for surface energy budgeting at regional to global scale.
 

New Delhi: The TRISHNA mission, a collaborative endeavour between ISRO and French space agency CNES, is engineered to deliver high spatial and high temporal resolution monitoring of Earth's surface temperature, emissivity, biophysical and radiation variables for surface energy budgeting at regional to global scale, according to the Indian space agency.

The TRISHNA ((Thermal Infra-Red Imaging Satellite for High-resolution Natural Resource Assessment) mission addresses critical water and food security challenges, focusing on the impacts of human-induced climate change and efficient water resource management through evapotranspiration monitoring, ISRO said in statement on the occasion of the World Environment Day.

The launch schedule of the mission was not mentioned.

"TRISHNA's primary objectives include detailed monitoring of the energy and water budgets of the continental biosphere for quantifying terrestrial water stress and water use and high-resolution observation of water quality and dynamics in coastal and inland waters," it said.

In addition, as secondary objectives, the TRISHNA mission will also help in a comprehensive assessment of urban heat islands, detection of thermal anomalies linked to volcanic activity and geothermal resources, and precise monitoring of snow-melt runoff and glacier dynamics. The mission will also provide valuable data on aerosol optical depth, atmospheric water vapor, and cloud cover, it said.

According to ISRO, the scientific and societal benefits of TRISHNA are extensive. In agricultural water management, TRISHNA science data products will help to assess irrigation water use, issue advisories for water savings and enhance crop water productivity through efficient and sustainable water management practices, and better micro-watershed management.

"For climate monitoring, the mission will track key indicators such as droughts, permafrost changes, and evapotranspiration rates. Urban planners will benefit from detailed urban heat island maps and heat alerts; while water quality monitoring will aid in detecting pollution in coastal and inland water bodies. It will also help in identifying submarine groundwater discharge at the coastal fringes," it stated.

Additionally, TRISHNA will support the detection of subsurface fires and assessment of geothermal resources, while cryosphere monitoring will evaluate snow cover and snow-melt patterns, contributing to improved hydrological models, it added.

The TRISHNA satellite is equipped with two primary payloads. The Thermal Infra-Red (TIR) payload, provided by CNES, features a four-channel long-wave infrared imaging sensor capable of high-resolution surface temperature and emissivity mapping.

"The Visible - Near Infra-Red - Short Wave Infra-Red (VNIR-SWIR) payload, developed by ISRO, includes seven spectral bands designed for detailed mapping of surface reflectance of VSWIR bands for generating important biophysical and radiation budget variables. The variables retrieved from the combination of payload data would help in solving surface energy balance to estimate surface heat fluxes," it said.

The space agency further said the satellite will operate in a sun-synchronous orbit at an altitude of 761 km, with a local time of 12:30 pm at the equator. This orbit will provide a spatial resolution of 57 metres for land and coastal areas and one km for oceanic and polar regions. The mission is designed for a five-year operational life.

Gold prices today: MCX gold futures for August 5 traded with gains of 0.6%, reaching ?72,955 per 10 gm, while MCX Silver futures for July 5 surged by 1.44% to ?91,750 per kg.
Gold and silver are shining brighter on Thursday (May 6). The rally comes amid a retreat in the dollar and Treasury yields, fueled by expectations of US interest rate cuts possibly beginning as early as September.
Investors are awaiting the US non-farm payrolls data for further insights.

As of 0540 GMT, spot gold climbed 0.6% to $2,368.99 per ounce, building on a 1% gain from the previous session.

US gold futures also rose by 0.5% to $2,388.20.
In the domestic market too, gold futures traded positively.
MCX gold futures for August 5 traded with gains of 0.6%, reaching ?72,955 per 10 gm, while MCX Silver futures for July 5 surged by 1.44% to ?91,750 per kg.

The dollar index slipped 0.1%, hovering near a two-month low, while benchmark US 10-year Treasury yields remained close to their weakest levels in over two months.

Analysts attribute this to investors shunning the US dollar following weaker-than-expected ADP data, ahead of the crucial non-farm payrolls report.

Tim Waterer, chief market analyst at KCM Trade, noted, "The fundamental outlook still looks constructive for gold as we move closer towards possible Fed rate cuts in the second half of the year. Though the $2,300 level could come into question on the downside if we get a particularly strong NFP figure."

As markets eagerly await Friday's non-farm payrolls data, a Reuters poll suggests that a majority of forecasters anticipate the Federal Reserve to cut its key interest rate in September, with another cut likely later in the year.

Lower interest rates diminish the opportunity cost of holding non-yielding assets like gold, hence fueling the rally in precious metals.

Silver's surge amid geopolitical uncertainties and inflation has boosted interest in silver ETFs. While investors contemplate adding silver ETFs for portfolio diversification, the question remains: Is now the opportune moment for investment?
In 2024, silver has surged significantly, driven by geopolitical uncertainties,  inflation, and rising hopes of US Federal Reserve rate cuts. This has made silver exchange-traded funds (ETFs) an attractive option for a broader investor base.

Enhanced Version

Silver's surge amid geopolitical uncertainties and inflation has boosted interest in silver ETFs. While investors contemplate adding silver ETFs for portfolio diversification, the question remains: Is now the opportune moment for investment?

In 2024, silver has surged significantly, driven by geopolitical uncertainties, inflation, and rising hopes of US Federal Reserve rate cuts. This has made silver exchange-traded funds (ETFs) an attractive option for a broader investor base. Reports indicate that silver funds have delivered an average return of 26.08% this year alone. Given this context, investors might consider silver ETFs as a strategic addition to their portfolios. But is now the right time to invest in silver ETFs?

The Rise of Silver ETFs

Silver ETFs are designed to provide investors with direct exposure to the price movements of silver, without the need to physically purchase and store the metal. This accessibility makes silver ETFs a popular choice among investors seeking to diversify their portfolios.

Chintan Haria, Principal of Investment Strategy at ICICI Prudential AMC, highlights the unique appeal of silver: “Investors can consider adding silver to their portfolios for diversification purposes, providing a buffer to an equity-debt portfolio. Unlike gold, silver has extensive industrial applications, creating consistent demand across economic cycles.”

Several Factors Contribute to the Strong Performance:

Industrial Demand

Silver's extensive use in industries, particularly in electronics and green technologies like solar panels, ensures steady demand, even when economic conditions fluctuate.

Investment Appeal

Silver also functions as a safe haven asset, similar to gold, making it an attractive option during periods of economic uncertainty and inflation.

Finite Supply

Haria points out the constraints on silver supply due to challenges in mining and refining, which can influence its price dynamics. The finite supply, coupled with rising demand, could lead to potential price increases.

Advantages of Silver ETFs

Silver ETFs offer several benefits that make them an attractive investment option:

• Transparency and Authenticity: Silver ETFs invest in high-purity silver and closely track its price movements.
• Cost Efficiency: With a low expense ratio, silver ETFs provide a cost-efficient way to manage investments, avoiding the higher costs associated with physical silver storage and insurance.
• Convenience: Holding ETF units in a demat account eliminates worries about theft or physical storage. "Investors can also access silver ETFs through a silver ETF fund of fund (FoF), which operates like any mutual fund, allowing for lump-sum or systematic investment plans (SIPs) without needing a demat account," Haria told CNBC-TV18.com.

Market Trends

Haria emphasizes the value of silver in an investment portfolio: “Silver's dual role as an industrial metal and an investment asset class makes it an attractive choice for discerning investors. Going forward, silver demand is likely to be robust.”

Market analysts agree that silver's performance will continue to be influenced by its industrial applications and investment demand. The evolving demand for technologies that rely on silver, combined with limited supply, suggests a positive outlook for silver ETFs. However, investors should be aware of the inherent volatility in commodity markets. While silver ETFs have shown strong returns, they are subject to fluctuations influenced by broader economic and industrial trends.

ITR filing: Maximise your income tax refund before the July 31 deadline by understanding applicable deductions, optimising investments, and seeking professional assistance if needed.

Enhanced Version

With the deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 approaching on July 31, salaried employees across India must be preparing to ensure they receive the maximum refund possible.

To aid taxpayers in this endeavor, we have outlined key strategies to optimize refunds and minimize tax liabilities:

Claim all eligible deductions and credits

Taxpayers should diligently claim all eligible deductions and credits available to them. This includes deductions for investments such as the Public Provident Fund (PPF), National Savings Certificate (NSC), Equity Linked Saving Scheme (ELSS), and insurance premiums under Section 80C. Additionally, tax credits for expenses like education loans (Section 80E) and medical insurance premiums (Section 80D) should not be overlooked.

Ensure accuracy and completeness of information

Accuracy and completeness in providing information are paramount when filing tax returns. Any errors or omissions can lead to delays or even rejections. Taxpayers should review all details, including income sources, investments, and expenses, to avoid discrepancies.

Utilize Exemptions for House Rent Allowance (HRA) and Leave Travel Allowance (LTA)

Individuals receiving HRA or LTA from their employers can avail exemptions by submitting rent receipts or travel bills, respectively. By utilizing these exemptions, taxpayers can reduce their taxable income and consequently increase their refunds.

File returns on time

Filing tax returns before the deadline not only avoids penalties but also ensures timely processing. Early filing allows taxpayers to receive refunds sooner, especially if they are eligible for them.

Keep records of investments and expenses

Maintaining comprehensive records of investments and expenses throughout the financial year facilitates accurate tax filing. Documenting transactions related to investments, charitable donations, and other deductible expenses enables taxpayers to claim the maximum refunds rightfully.

Seek professional assistance if necessary

For complex tax situations or if unsure about certain deductions, seeking professional guidance from tax consultants or chartered accountants can be beneficial. Tax experts can provide personalized advice and ensure that taxpayers maximize their refunds while complying with tax regulations.

The JDU has requested four cabinet berths, specifically targeting ministries related to infrastructure, agriculture, transport, and industries, sources added, while the TDP has sought 3–4 cabinet positions. Meanwhile, the LJP, which secured five seats, is seeking one cabinet position and one MoS post.
 

The Narendra Modi-led National Democratic Alliance (NDA) 3.0 government is expected to be sworn in on June 9 at 7 pm, with significant representation from its allies in the cabinet, according to sources from CNBC-TV18. The Bharatiya Janata Party (BJP) is anticipated to retain the Speaker post and allocate several key cabinet and Minister of State (MoS) positions to its allies, the sources added.

Both the Janata Dal (United) and the Telugu Desam Party (TDP) have emphasized the importance of adhering to a common minimum program and agenda following the government formation. The two parties have also expressed the necessity to review certain contentious issues such as the Uniform Civil Code (UCC) and the Agniveer scheme. Specifically, they have urged the NDA to set aside issues that could adversely impact the people of Bihar and Andhra Pradesh.

The JDU has requested four cabinet berths, specifically targeting ministries related to infrastructure, agriculture, transport, and industries, sources indicated. Meanwhile, the TDP has sought 3–4 cabinet positions. Additionally, the Lok Janshakti Party (LJP), which secured five seats, is seeking one cabinet position and one MoS post.

NDA MPs are scheduled to meet in Parliament on Friday, after which leaders will present a letter of support to the President, solidifying the BJP-led NDA alliance. NDA allies remain confident that the BJP will secure the backing of independent MPs, bringing their total seat count above 300.

PSUs with the most forest land footprint include NCL, CCL and SECL, said a report released by the Coal Secretary
New Delhi: Public Sector Undertakings (PSUs) with the most forest land footprint include Northern Coalfields Limited (NCL) (47.2 percent), Central Coalfields Limited (CCL) (40 percent) and South-Eastern Coalfields Limited (SECL) (32.9 percent), said a report titled “Greening Initiative in Coal & Lignite PSUs.” Ther report was released by Coal Secretary Amrit Lal Meena on Tuesday.
 

“As the year marks the 30th anniversary of the UN Convention to Combat Desertification (UNCCD), focus of World Environment Day, 2024 is on land restoration, desertification and drought resilience, under the slogan “Our Land. Our Future. We are #GenerationRestoration”. The theme emphasizes the importance of sustainable land management and the need to rehabilitate degraded lands to ensure a sustainable future for all. Coal Ministry has released a report titled "Greening Initiative in Coal & Lignite PSUs", which highlights the efforts of the PSUs in the coal and lignite sectors to restore and rejuvenate mined-out lands,” said the Ministry of Coal in a statement.

Meena commended the endeavours undertaken by CMPDI and the Sustainability & Just Transition Division of the Ministry of Coal in compiling this report. He also expressed his anticipation that the report would garner significant attention and be leveraged to augment green cover through the adoption of innovative techniques, such as seed ball plantation, seed casting via drones and Miyawaki plantation, within coal mines by other entities. It aims to outline the initiatives undertaken by the coal sector to increase green cover in coal regions through reclamation efforts.

“This report emphasises the consistent and earnest endeavours made by Coal/Lignite PSUs to mitigate the environmental impact of coal mining through ongoing reclamation and afforestation endeavours. The report presents greening initiatives carried out in both closed and active coal mines, alongside a blueprint for a more sustainable and eco-friendly future. The data provided has undergone validation through Remote Sensing Studies and on-site ground-truthing surveys at selected locations. This report stands as the initial comprehensive documentation of baseline data regarding greening efforts by Coal/Lignite PSUs, setting a standard for forthcoming scientific investigations,” said the Coal Ministry.

Contained within the report is a compilation of mine-specific data by the companies concerning land usage status, corresponding reclamation efforts and both current and planned plantations, both within and outside project sites. The amalgamated data is presented to depict land usage across coal mines, the extent of completed reclamation projects, and the varieties of plantations undertaken. Additionally, a roadmap has been outlined for future plantation initiatives planned until the fiscal year 2029-2030, taking into consideration the necessary advancements in effective land reclamation and the sustainable utilisation of mining-degraded lands.