New elss fund launched

Novi is designed to hold Facebook’s Libra digital currency, which means the money added to the wallet becomes a hybrid of a country’s local currency and Libra. It has an in-app fraud reporting, and a dedicated customer care support to raise a complaint. In the event of a fraud, the customer is eligible to receive a full refund. … [Read more...] about Today’s cache | Facebook’s new digital wallet, and more

NEW DELHI: The Central Board of Direct Taxes (CBDT) Thursday notified the minimum fee for fund managers managing offshore funds from India, in a bid to simplify regulatory environment and make India a more attractive destination for relocation of offshore funds. The floor rate for Category I foreign portfolio investors (FPIs), which includes pension funds and sovereign wealth funds, has been set as 0.1% of the assets under management, lower compared to private equity funds, alternate investment funds and Category II FPIs. Capping of fee for these entities has been kept at 0.3% of the assets under management or 10% of profits derived by the fund in excess of the specified hurdle rate or 50% of the total management fee. In case where the amount of remuneration is lower than the amount arrived at, funds can obtain approval from the Board. The changes have been made effective through amendment of Section 9A of the Income Tax Act on May 27. The Board had first floated the norms as a … [Read more...] about CBDT notifies minimum fees for managers of India-based offshore funds

Employees Provident Fund Organisation (EPFO) in its FAQs on reduction of Employees' Provident Fund (EPF) contribution to 10% for both employers and employees for May, June and July, 2020 has clarified that employees can also contribute at higher rate i.e. 12%. The higher contribution by an employee will go into Voluntary Provident Fund (VPF). Puneet Gupta, Director, People Advisory Services, EY India answers some of the common queries on VPF. Can an employee make VPF contribution? Is there a limit on the amount of VPF contribution that an employee can make?As per Section 6 of the Provident Fund Act, if an employee so desires, he/she can make provident fund contribution in excess of the statutory rate subject to the condition that the employer shall not be under an obligation to pay any contribution over and above its contribution payable under the law.Thus, an employee can make VPF contribution at any time while he/she is a contributory member of Employees' Provident Fund … [Read more...] about Voluntary provident fund: Investing, contribution, interest rate and other things to know

New Delhi | Bengaluru: The Ministry of Information Technology (MeitY) is fast-tracking its ambitious ₹5,000-crore fund-of-funds targeted at deploying much-needed domestic capital into India’s software products ecosystem, as the government looks to reopen the economy in a phased manner after a two-month lockdown. MeitY officials are expected to approach the finance ministry as early as next week with a detailed proposal for the Software Product Development Fund (SPDF), according to three sources aware of the developments. The SPDF was first announced in the National Policy on Software Products, which was approved by the Union cabinet in February last year. The Covid-19 pandemic-induced lockdown effectively shut down Asia’s third-largest economy, but with its gradual reopening under strict guidelines ministry officials are now speeding up the fine tuning of the fund and are expected to have a cabinet note ready by early-July. The ministry is also considering tapping … [Read more...] about MeitY fast-tracks work on ₹5K-cr fund-of-funds

By Eyk Henning and Gillian Tan SoftBank Group Corp. has named Akshay Naheta senior vice president, moving the Vision Fund managing partner to a new role as the company looks for ways to improve its governance and stem losses, according to people familiar with the matter. Abu Dhabi-based Naheta will assist SoftBank founder and Chief Executive Officer Masayoshi Son in managing the conglomerate’s investments function and will provide strategic advice to its global management team, said some of the people, who asked not to be identified because the appointment isn’t yet public. Naheta will start his new role in June, one of them said. Another Vision Fund managing partner, Tokyo-based Kentaro Matsui, will transition to a senior advisory role at SoftBank Group, one of the people said. The moves were mutual decisions and part of an effort to refine the originally $100 billion fund’s operating model, the person added. Both Matsui and Naheta -- whose previous roles were … [Read more...] about SoftBank hands new roles to two Vision Fund managing partners