How much black money is out of India !!

Food prices to pinch Indians during festive season !

Consumers are likely to feel the pinch of rising food prices in the upcoming festive season, as erratic rainfall in growing areas and thin stocks coupled with high demand could push up prices further.

Higher food prices during festivals may also create fresh problems for the government, which has been struggling over the past several months to contain inflation.

India's food price index rose 7.33 percent in the year to July 16, government data on Thursday showed.

The unexpectedly sharp hike in key rates by the RBI on Tuesday will also add to consumers woes.

"Festivals are there from next month. They will boost demand. We may see further rise in prices of edible oil and pulses," said Badruddin Khan, associate vice-president, research, at Angel Commodities Broking.

Patchy rainfall in central and southern India at the beginning of monsoon season and heavy rainfall in July in few areas delayed sowing and affected growth of some crops, lifting prices ahead of the festive season.

Muslims in India will celebrate the holy month of Ramadan in August, while the 10-day long Hindu Ganesh festival falls in September . October will ring in the Durga festival and also Diwali, the biggest festival for Hindus.

"Every year during festivals sugar demand goes up. Stockists have raised purchases in the past few days. Demand will remain robust," said Ashok Jain, president, Bombay Sugar Merchants Association.

Record high sugar prices in the world market and the government's decision to allow exports of additional 500,000 tonnes also contributed to the price rise in domestic market.

Rising vegetable prices are also disrupting household budgets.

Average onion price at the country's largest wholesale onion trading hub in Lasalgaon, in Maharashtra, has jumped 55 percent in two months on depleting stockpiles from last year's winter-sown crop and plantation delay this year.

Onion is a key ingredient in most Indian dishes. Soaring prices of the vegetable have helped dislodge Indian state governments in the past, and rising food costs often spark street protests.

Traders said vegetable supplies have been disrupted due to erratic rainfall and are unlikely to improve before September .

Spot prices of chana, or, chickpea, the most consumed pulse in India, have also risen 24 percent in the past two months, while chana futures are now close to their highest level in nearly five years.

Prices of other pulses like tur, urad and moong have also risen over 10 percent during the period while sugar and soyoil prices are up over 4 percent.

"Lower area under groundnut and firmness in international market are supporting upside in edible oils," Khan said.

India meets nearly half of its edible oil requirement through imports, mainly of palm oil from Indonesia and Malaysia.

In 2009 higher prices of pulses, especially tur, had made headlines in the country. This year chana is likely to pinch consumers.

"Carry-forward stocks (of chana) have depleted, but stockists' demand is rising due to festivals. In next two-three months chana may rise by another 10 percent," said Nitin Kalantri, a dal miller based in Latur, Maharashtra.

Industry officials also attribued the rise in chana prices to the lower area under under kharif, or, summer-sown pulses.

"Sowing of kharif has been lagging due to poor rainfall. It has been hardening pulses segment," said Ashwini Bansod, a senior analyst at MF Global Commodities India.
Read more: http://goo.gl/rFmpr

Salary under Rs 5 lakh Axe tax returns

As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax returns from now, a finance ministry official said.

"No income-tax returns would be required for salaried persons earning up to Rs 5 lakh per annum. We would notify this in first week of June," outgoing Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters here.

The scheme would be applicable from assessment year 2011-12 onwards.

This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).

However, such tax payers would have to file returns if they want to claim refunds, Chandra said.

As per the Memorandum to the Finance Bill 2011, the government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns.

Read more: http://goo.gl/sD13o

Rail Budget 2011- No hike in train fares

For the third successive year, the Railway Budget for 2011-12 spared passengers of any increase in fares and proposed no hike in freight rates while introducing 56 new trains, including nine non-stop Duronto trains and three Shatabdis.

Presenting her third budget in UPA-II in the Lok Sabha, Railway Minister Mamata Banerjee announced a slew of concessions including reducing the eligibility age of senior women citizens from 60 to 58 years and the fare concession for men above 60 from 30 to 40 per cent.

Apparently with an eye on the coming Assembly polls in West Bengal, where she is projected as the chief ministerial candidate of the Congress-Trinamool combine, she came out with a number of projects for the state, including a metro coach factory in Singur, Rail Industrial Park in Nandigram, an integrated suburban network for Kolkata and 34 new services for the Kolkata metro.
Source: Rail Budget 2011- No hike in train fares

Indian stock mkt all set to rise next week

After a fall for three successive weeks, the stock markets are likely to witness a relief rally in the coming week on the back of normalcy in Egypt and a correcting trend in global crude oil prices.

The Bombay Stock Exchange bellwether has plummeted by 6.72 per cent or 1,278.92 points in the last three weeks on the macro concerns, including inflation and an 18-day long crisis in Egypt.

But analysts feel military rule after the exit of embattled Egyptian President Hosni Mubarak late on Friday is likely to lift the sentiment on the street.

"The start of the coming week should be on a positive note with the end of the crisis in Egypt. Besides, the market is in oversold zone and all the negative news have been discounted by the investors," Geojit BNP Paribas Financial Services Research Head Alex Mathews said.
source Indian stock mkt all set to rise next week

Black money list revealed !!

After two years of debates and controversies the list of eighteen Indians who have stashed ‘black money’ in the LGT bank of Liechtenstein is out.

The list which was officially handed over to the Indian Government on March 18, 2009 includes 12 trusts and 26 beneficiaries.

The list that Germany shared with India had 12 trusts out of which four belong to Indians.

According to Sources the amounts in the twelve accounts totals nearly to Rs 52 Crores.

The list has been leaked out of various media houses across the country. However, experts are of the view that this could be a plant – while the real account holders are some where out there.

Source: Black money list revealed