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Markets end in red: Sensex down 187 points at 60,858, Nifty at 18,107

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Markets end in red: Sensex down 187 points at 60,858, Nifty at 18,107


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Moody’s unit says it is monitoring impact on rated portfolio in Adani Group

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Reuters | | Posted by Shobhit Gupta

Ratings agency Moody’s unit ICRA on Wednesday said it was monitoring the impact of recent developments on its rated portfolio in Indian conglomerate Adani Group, whose stocks have plunged after a report by a U.S. short-seller.

Listed companies of the conglomerate founded by tycoon Gautam Adani have lost $86 billion since last week after Hindenburg Research accused the group of using tax havens and flagged concerns on high debt levels. Adani Group has denied the allegations.

ICRA-rated Adani Group entities do not have any immediate refinancing requirements, but requirements are expected for some entities from fiscal year 2025 onwards, it said.

The firm said the Adani Group’s large debt-funded capex programme remains a key challenge, and some of the planned capex is discretionary in nature and could be deferred depending on its liquidity position.

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Maturity proceeds of insurance policies with premium over ₹5 lakh now taxable

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An individual will have to pay tax on the maturity amount of life insurance policies where the aggregate annual premium exceeds 5 lakh, according to a Budget proposal presented on Wednesday.

Finance Minister Nirmala Sitharaman in the Union Budget proposed “to provide that where aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above 5 lakh, income from only those policies with aggregate premium up to 5 lakh shall be exempt”.

Also Read: Budget 2023 brings special scheme for vulnerable tribal groups | Details

This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023, she said.

Nidhi Manchanda, Certified Financial Planner, Head of Training, Research & Development at Fintoo, said that one of the major setbacks that are given in the finance bill is related to the taxability of the maturity proceeds of a life insurance policy.

Also Read: The Budgetary maths, explained via three numbers

As per the Budget proposal, maturity proceeds of all life insurance policies (other than unit-linked insurance policies or ULIPs) that are issued after April 1, 2023, and have an annual premium of more than 5 Lakh will now be taxable.

“One should note that if an individual has more than one life insurance policy, which is issued on or after the 1st of April 2023 and also if the aggregate amount of premium of such policies exceeds 5 lakh, then the maturity amount will be taxable,” Manchanda said.

Post the Budget, the stock prices of HDFC Life Insurance plunged by 11 per cent and SBI Life Insurance slumped by 10 per cent.

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Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh

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PTI | | Posted by Shobhit Gupta

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to 30 lakh and Monthly Income Account Scheme to 9 lakh.

In her Budget Speech, the minister also announced a new small savings scheme for women.

Read here: Budget 2023 brings special scheme for vulnerable tribal groups | Details

“The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from 15 lakh to 30 lakh,” the minister said in her 87-minute long speech.

She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from 4.5 lakh to 9 lakh for a single account and from 9 lakh to 15 lakh for a joint account.

Read here: Budget 2023 Live Updates | ‘Who benefited? certainly not the poor’: Chidambaram

Announcing a new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.

“This will offer deposit facility up to 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she said.

Watch here: Modi govt’s women outreach; New deposit scheme launched | Limits for senior citizens raised

The minister also announced to that an integrated IT portal will be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.

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