EPFO Favors Larger Investment in Public Sector Bonds for Higher Returns

New Delhi,Mar,12: Employees’ Provident Fund Organisation (EPFO) can now invest up to 50% of the net worth of an AAA- rated PSU and 40% of that of an AA-rated PSU. There has also been an upward revision in the investment limit for public sector banks with AA+ and AA rating from 45% to 50% of their net worth.

With this decision, EPFO is now in a position to park a larger chunk of its corpus worth Rs 3.5 lakh Cr in corporate bonds of PSUs. The decision was taken by Central Board of Trustees (CBT) on Thursday coming in the wake of EPFO having exhausted the existing limits of investment for AA- rated PSUs (25% of net worth) and AAA-rated PSUs (40% of net worth) such as Power Grid Corporation, Power Finance Corporation, IDBI Bank and Corporation Bank. EPFO is permitted by regulation to invest only 30-60% of its corpus in the bonds of state-held companies, banking and financial institutions, while the balance is invested in Government securities.
The Labour Minister, Mr Mallikarjun Kharge asserted, “The increased exposure to such public sector institutions will help us get more interest, while saving money. Higher returns would also help us finance the increased interest payout in the next fiscal.”

EPFO has suspended further investment in the scam-tainted LIC Housing Finance, until the CBI’s investigation into the multi-crore bribes-for-loan scandal is completed. Retirement fund manager, EPFO has invested up to Rs 454 Cr in the bonds of the LIC Housing Finance Company till date. The current investment norms enable investment up to Rs 846 Cr. However, EPFO, which can invest balance Rs 392 Cr in the housing finance company, has decided not to do so pending completion of the CBI’s investigation into the housing finance racket.

Is Gulf Emerging as the New Tax Haven after Switzerland for Indians?

Mumbai, Mar,12. The past few months have seen an unusual spurt in deposit flows into several banks in Dubai, Abu Dhabi and the UAE financial centres. Interestingly, the surge in deposits has come about following a pact between India and Switzerland on August 30 to exchange sensitive information on tax-evaders. The treaty was viewed as India’s first step towards obtaining information on funds stashed away in Swiss banks’ accounts. A similar agreement with Bermuda, another tax haven had been reached too.

If data compiled by the Central Bank of UAE is any indication, total bank deposits surged more than $11 billion in October compared to an average monthly growth of $2.7 billion since January 2010.

Speculation is rife that money is moving out of Swiss banks and Dubai is an obvious choice for Indians as there is no tax. The modus operandi for such transaction is often floating of a firm staffed with local directors (many of them being Indians working in the Gulf) in Dubai Free Trade Zone. Subsequently, funds are wired from a tax haven (say, Switzerland) to a bank account opened in the firm’s name. The money finally ends up in a local bank and the newly-established firm receives and shows it as consultancy fee from international clients or as trading income

Indian Banks’ Share in Global Banking Pie to Nudge 2.8% by 2015

Mumbai, Mar,12. If the forecast by a McKinsey & Company report is any indication, the share of domestic banks in the global banking pie could almost double from the current (or the end of financial 2009)1.5% (revenues worth $2850 bn) to 2.8% (revenues worth around $4000 bn) by the end of fiscal 2015. The underlying assets of the domestic lenders could nudge $3 trillion and deposits could go as far as around $2.3 trillion. In the backdrop of this stupendous growth, the banking and financial sector will continue to be the mainstay of the Indian economy.

The report also predicts that the next decade could see at least 5-6 domestic banks figure in the top global 100 list. Consolidation among the banks could also pick up.

The revenues of the domestic lenders more than quadrupled over the past decade from $11.8 bn in 2001 to $46.9 bn in 2010. Also, their net profit rose almost nine-fold from a meager $1.41 bn in 2001 to 12.06 bn in 2010.

Moreover, market capitalization of the top 5 lenders in the country including SBI, ICICI Bank and PNB is expected to rise higher from 55% in 2005 to 66% by the end of the current fisca

Indian Banks’ Share in Global Banking Pie to Nudge 2.8% by 2015

Mumbai, Mar,12. If the forecast by a McKinsey & Company report is any indication, the share of domestic banks in the global banking pie could almost double from the current (or the end of financial 2009)1.5% (revenues worth $2850 bn) to 2.8% (revenues worth around $4000 bn) by the end of fiscal 2015. The underlying assets of the domestic lenders could nudge $3 trillion and deposits could go as far as around $2.3 trillion. In the backdrop of this stupendous growth, the banking and financial sector will continue to be the mainstay of the Indian economy.

The report also predicts that the next decade could see at least 5-6 domestic banks figure in the top global 100 list. Consolidation among the banks could also pick up.

The revenues of the domestic lenders more than quadrupled over the past decade from $11.8 bn in 2001 to $46.9 bn in 2010. Also, their net profit rose almost nine-fold from a meager $1.41 bn in 2001 to 12.06 bn in 2010.

Moreover, market capitalization of the top 5 lenders in the country including SBI, ICICI Bank and PNB is expected to rise higher from 55% in 2005 to 66% by the end of the current fisca

want to Build a Plant Stand this is the way

Plant Stand an introduction:

Plants are a beautiful way to make your home a nice and natural place to be in plants has the ability enhance the loveliness of a home within as well as outdoors. A plant brings the color and pleasure into any area and anyone’s life. Having an eye-catching plant stand can have the ability to enhance the positive mind-set that come from growing plants and flowers around the living area. Plant stands come in multiple styles and can be constructed from wood, metal, plastic or other materials as well. Plants requires some special attentions, So we must give our favorite plant some additional elevation and added presence in home by constructing a plant stand for it. This simple stand can be placed well on the floor or on the table. One can make changes in the dimensions as per the requirement for the larger plants. Anyone who likes houseplants is very much interested in displaying his plants. This easy project will definitely help the houseplant lovers to overcome the space problem. This plant stand generally comes with a small second shelf, which can be also used for knick-knacks or a second smaller plant. Here we suggest you about how to make wood plant stand.

Before Getting Started

You need to have some instrument like Drill, Ruler, Drill Bit, Saw and Sand paper .

The materials required for Plant Stand:

Six 4 by 16 inch Boards, Wood glue,15 Wood Screws, Dry Cloth, 2 foot Screw Type Clamp, Four 3 foot Long Spindles, Two 2 by 12 inch Boar and 9 by 9 by 1 inch Board

Place five of the 4-by-16 inch boards uniformly side by side.This arrangement must result in a perfect square of 16 inch. The remaining 4-by-16 inch piece of board should be arranged across the center of other five boards. Then a wood screw is drilled into the center, where the cross piece exactly meets each of the other five boards. After this, the square is turned over the over to rest on the cross piece. Next, a line of wood glue should be marked between each of the five pieces. Then with the help of cloth glue should be rubbed in between the boards and excess glue must be wiped off. Now, the clamp should be placed on the long sides of the boards and this is winded tightly over there. This configuration must be allowed to dry completely.

The leg supports are most important part of the stand so it can be made carefully while waiting for drying of the glue. Now, one of the 2-by-12 inch boards should be taken and it is laid in flat position. Then with the help of ruler measure 1 inch and point is market from either end. A hole drilled which is large enough to hold up the screw portion of the spindle (well most spindles needs a ¼- to ½-inch hole) at both markings. This step is repeated with the other 2-by-12 inch boards.

Now one of the spindles should be inserted, side of the screw facing downward direction, into the each hole to make sure they fit perfectly. If the spindle seems be more tight, then hole must be drilled again using an up and down stroke, which will cut off some wood. Then the spindles are removed for the next step.

Replace the clamp from the top that you have constructed in Step 1. Revolve the square back over so the top became inverted. Measure in from either side of the cross piece 1 ½ inches with the help of ruler and draw a line for the further work. Line up and about the two 2-by-12 inch boards along the either side of the cross piece between these marks that earlier done. Drill three wood screws into each of the selected boards that will be done one at every end and one in the middle of it.

Paint the sides of the drilled holes with the help of wood glue. Screw a spindle into every hole so it is comfy. Allow the surplus glue to come out from the hole. Don't wipe this wood glue off, as it will help to hold the spindle. Allow the glue to dry before proceeding further to next step.

get the 9-by-9 inch square board and cut off their corners to make them fit for the construction. With the help of ruler, assess 1 inch off of every corner from side to side and mark the lines over them. This will become four small triangles. Saw the corners off and remove them. This square will be converted into a second shelf inside the legs of the stand.

Place the 9-inch square about 1 foot above from the foundation of the legs. The stand should still be quiescent on its head. Mark the place where you positioned the square on the outer surface of each leg and take away the square from there. Drill a hole into every leg at the marking. Substitute the square to be consistent with the holes around it. Drill one wood screw through every leg into a angle of the square.

Make sure the whole thing is dry and sturdy. Turn over the plant stand straight to the stand on their legs. Sand down any uneven edges with the help of sandpaper. Paint or stain as per your likings.

Suggestions:

Select the quality material for making the plant stand, cutting and pre drilling the can save time and effort, while working with tools and or chemicals, safety glasses are advisable to hold. Masks are also required to be worn while working with some specific types of wood and wood finishes or paints to protect your lungs. Working with power tools can be hazardous. Always use caution with care and pay attention every time while working