Business News: RBI Fines PNB, Market Cap Record, Equity Forecast, Dwarka Toll Booths, Eco Strategies, Budget Deduction, EPFO Guidelines, Travel Surge

It has also imposed ₹1.31 crore on Punjab National Bank for its failure to comply with the directions regarding KYC and loan exposure norms after it inspected the bank's financial status as of March 31, 2022. PNB sanctioned loans against government receivables and failed to preserve customer identification records. Another example is that RBI canceled the license of Shimsha Sahakara Bank Niyamitha over bad financial health. During bank liquidation, from the DICGC funds, a return up to ₹5 lakh shall be made to the depositors, thereby mostly covering all depositors.

Equities Despite a slight decline in the Sensex, the market capitalization of BSE-listed companies touched an all-time high of ₹449.88 lakh crore on Friday. The 30-share BSE Sensex declined by 53.07 points to 79,996.60, reflecting indecision in the market. The Midcap and Smallcap indices outperformed and touched new highs. "The domestic bourses were mixed with banking sectors underperforming," said Vinod Nair of Geojit Financial Services. Investors now await the US non-farm payroll data for an idea about the trajectory of rate cuts by the US Fed. The Sensex touched an all-time record in intraday trade on Thursday before closing at an all-time high.

Respectable" equity market returns are likely over the next three years, but not as superior as in the past three years, said R. Janakiraman, CIO for Emerging Markets Equity at Franklin Templeton MF. He cited valuations at high levels due to India being in an early growth phase and an influx of IPOs. Barring a lower level of returns, equities are likely to continue outperforming. Franklin Templeton has recently crossed the ₹1 lakh crore mark of AUM. The fund house is eyeing to launch a slew of fixed income funds in the current quarter, while a new multi-cap fund will be open for subscription from July 8 to July 22.

The 27 km marvel on NH 48 connects Delhi and Gurugram through the Dwarka Expressway. It is a 16-lane expressway with India's first urban elevated expressway, having eight elevated lanes and eight-lane service roads. Besides, it is equipped with the country's widest toll plaza with 34 toll booths where the toll charge is Rs 105 for cars and Rs 355 for buses per side. It has advanced engineering where some stretches are up to four levels, and is envisioned to reduce Delhi-Haryana traffic. It will be the first highway in NCR to Metered Toll Collection based on Global Positioning System.

The sustainability in the Indian real estate sector is of much urgency in the light of climate change and environmental degradation. The contribution to national emissions from the real estate sector runs north of 22%, so following green practices has become paramount. The industry rapidly integrates into ESG criteria to drive the growth of green buildings. Key practices include obtaining green certifications, ecofriendly materials, enhancement of energy efficiency while moving on to renewable sources of energy, putting in place water conservation systems, clutching AI-based smart technologies. These not only enhance market value but also contribute to the very imperative goal of Net Zero Emissions by 2070.

It is expected that in Union Budget 2024, the standard deduction limit may be increased to Rs 1 lakh per annum under the new tax regime; therefore, an increase under this limit will impact directly on the pocket of the taxpayers concerning the enhancement of disposable income. Further, an increase pertaining to provision under Section 80C is expected, for which an official announcement is still awaited. The government has also been considering raising the income threshold for liability to tax from the present Rs 2.5 lakh to Rs 5 lakh, which is seen as a conduit to support the lower strata of-income segments, who have to bear more—which increased consumption could then be a fillip to the economy. The Budget is likely to be presented in Parliament around July 23/24, 2024.

EPFO has introduced new SOPs for freezing and de-freezing accounts with effect from July 4, which possibly could be frozen for 30 days and an extension of 14 days in case any doubtful activity is identified at the backhand, such as fraudulent withdrawal or impersonation. During freezing, actions like logins to the account, profile changes of the subscriber, and fund transactions shall not be possible in the account. It will be restored by the de-freeze options after verification. Categories A, B, and C classify accounts and establishments that require additional scrutiny and checking by the EPFO authorities in order to ensure safekeeping of the funds from unauthorized transactions.

Spends by Indians on foreign travel jump; outward foreign exchange remittances averaged nearly $1.42 billion a month in FY 2023-24, according to data from RBI, about five years ago, it was $400 million; travel now accounts for about 53.6 percent of the total, next only to this, that had improved with economic activity picking up and travel restrictions lifting after two years of the pandemic. Other areas that witnessed sharp increases included investment abroad by foreign investors, maintenance of close relatives, and the process of education remittances abroad.