Petrol prices hiked by 3.14 Rs. Effective midnight

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Petrol price hike,US Dollar at high,

State-owned oil firms like ioc,bpcl and hpcl  raised petrol prices by Rs 3.14 per/litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil. The hike will be effective from midnight.

"Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per litre," a top government official said.

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Market Ragulator SEBI decision on Takeover Code| SEBI decision on Tekeover Code likely on June 30

Market regulator SEBI is likely to raise the trigger limit for open offer to 25 per cent when it takes a decision on the new Takeover Code for merger and acquisitions at its board meeting scheduled later this month.

"SEBI is likely to clear the Takeover Code in its board meeting scheduled on June 30," an official said.

An agreement seems to have emerged between the Finance Ministry and the capital market regulator for raising the trigger limit from 15 per cent to 25 per cent, as recommended by a SEBI panel but the government is not in favour of 100 per cent open offer, sources said.

"Certainly not 100 per cent," the official said when asked if the the open offer would be for the entire stake.



"More or less it would be between 50 per cent and 75 per cent," he added.

The SEBI committee headed by C Achuthan on a new Takeover Code had suggested that the acquiring company should make 100 per cent open offer, thus giving the exit option to all the shareholders of the target company.

Current norms mandate acquirer to make an open offer of 20 per cent in the target company.

The recommendation of 100 per cent open offer was opposed by the industry as it would have made acquisition a very expensive proposition.

As per the Sebi panel''s recommendations made in July last year, an entity buying 25 per cent stake in a company should make an open offer to the rest of the shareholders.

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Tips for protect our personal data from hackers | How to protect personal data

Personal finance expert Carmen Wong Ulrich shared advice during a talk on 'The Early Show on Saturday Morning' on how to protect personal information and what to do when hackers get their hands on it.

"The first line of defense is always your passwords, and the information on your computer," CBS News quoted Ulrich as telling co-anchor Betty Nguyen.

"Make sure you go right to your computer, change your log-in information and password information on everything from your credit card accounts to where you shop through retailers and your email, as well because, as we saw-Google and Yahoo - the hackers are coming in from everywhere," she said.



Ulrich, author of 'The Real Cost of Living', said almost three-quarters of us use the same password on several accounts.

"Please stop doing that! Protect the banking part as much as you can, because the hackers will come in from the company side. But they're coming in on your side, too," she implored.

"Also, use one computer, if you can, to do your banking. I know it's hard (with everyone using so many different devices). Try to do it all on one computer. That limits exposure.

"And, never, ever do banking or do transactions online on an open Wi-Fi. It's very tempting because it's so easy. You could be sitting in a coffee shop or the airport or wherever you are. Squatters will sit there and scour that Wi-Fi. So definitely don't do that.

"And don't use your debit card online. This runs counter (to conventional wisdom), because credit cards, people say, are bad. But a credit card protects you and your cash.

"Of course, there's (a) liability (limit) with your debit card. But who wants their accounts emptied of cash? Instead, use your credit card online, so at least you don't expose yourself, cash-wise," she stated.

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Useful tips for investment | Best options to invest a lump sum

You just got that BIG bonus you deserve but plucked up the courage not to treat yourself that 150 inch plasma television and save for a rainy day. You already have some systematic investment plans that you are steadily investing into, if not start now. Here are some tips. Now, let's look at options to park that big chunk of money you got.

1. Pay off a debt

Make a list of all of your debts and their interest rates. This includes housing loans, credit cards and student loans. If the interest on the debt is high you should pay off this debt before investing the money.

2. Park your funds into a fixed deposit

A person can invest an amount for a fixed duration. The banks provide interest rates depending on this loan amount and the tenure of deposit. Pick a bank that offers the highest interest rate and invest your lump sum.


3. Invest in the stock market

Indian private equities promise satisfactory returns and have more than 365 equity investments firms functioning under it. Investing in the share market yields higher profits. Influenced by unanticipated turn of market events, stock market to some extent cannot be considered as the safest investment options. Do, remember that even old experienced hands have lost out on massive sums of money with one miscalculation, so tread carefully.

4. Invest in Mutual Funds

A mutual fund company pools the money of many investors and invests it for them in a collection of securities by purchasing stocks, bonds, money markets and/or other securities. Mutual funds are subject to market risks so be prepared in case you find your NAV lower than the sum invested. Conduct a thorough research on the best mutual fund and select a well balanced fund (in case you are risk averse) before you invest. The advantage you have when investing in a mutual fund is that an expert makes the investments for you.

5. A good down payment for real estate

Everyone should think of their home as an investment and if you have a sizeable enough chunk to make a down payment for a house. This is probably the largest and best asset to look at. Investing in real estate has become increasingly popular over the last fifty years and has become a common investment vehicle. There are, of course, blemishes on the face of what seems like an ideal investment. When you invest in real estate, money is made or lost behind the scenes, not when the final deal is made.

6. Invest in government securities

These are government debt obligation backed by the credit and taxing power of a country with very little risk of default. This includes short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds. Government securities are one of the safest in the market. G-secs can be bought either in the primary market (through RBI auctions) or from the secondary market. G-secs are available for tenure of three months (counting T-bills) to 30 years.

7. Investments in National Saving Certificate (NSC)

National Savings Certificate is a post-office savings scheme, backed by the government. The minimum amount of investment is Rs 100, with no upper cap. NSCs are sold in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000. The rate of interest is 8 percent per annum compounded half yearly. The amount invested in NSCs is eligible for tax deductions under Section 80C; however, the interest you earn would be taxable.

8. Investments in Public Provident Fund (PPF)

PPF is a government-guaranteed fixed income security. It provides regular savings by ensuring that contributions (which can vary from Rs.500 to Rs.70,000 per year) are made every year. An interest rate of 8% p.a. (compounded annually) is credited to the PPF account at the end of each financial year. The account matures in 15 years from the date of initial investment. One can then exercise an option of continuing the account for an additional block of 5 years or closing it.

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Maruti Suzuki sacks 11 at Manesar; production loss at 1,800 units

NEW DELHI: The country's largest car maker Maruti Suzuki India (MSI) today sacked 11 employees at Manesar facility, which has been crippled by a strike since Saturday resulting in a production loss of about 1,800 units so far.

"The services of 11 persons, who were inciting workers to go on an illegal strike and created an atmosphere where safety of people was in danger, have been terminated," MSI Chairman R C Bhargava told .

He said the workers had gone on strike without any notice, but added the management is continuing the dialogue with the striking workers.


Refusing to accept the worker's demand, Bhargava said: "There is no other union... If they have any issue, they should have at first written to us and discussed with us".

He, however, said the company is hopeful of finding an amicable solution soon.

According to some workers, the sacked employees include eight office bearers of the newly formed union, Maruti Suzuki Employees Union (MSEU), besides three other workers.

"We will resist any forcible move to evict those 11 people from the factory premises... The strike will continue," an agitator said.

Meanwhile, production at the plant came to a complete halt and the company is estimated to have incurred a loss of about 1,800 units so far as the workers' strike continued for the third day with no signs of immediate breakthrough.

The Manesar plant rolls out about 1,200 units every day in two shifts. The factory produces hatchbacks Swift and A-Star and sedans DZiRE and SX4.

"The situation remains the same as of now (as yesterday's)," a company spokesperson said.

MSEU General Secretary Shiv Kumar, who has also been sacked, claimed that the management last held discussions with them on Saturday regarding their demands.

"Today no talks happened with us. Instead, the management issued a notice informing about the termination... We will continue our strike till our all demands are met," he added.

The strike comes at a time when MSI has seen slowing down of sales as the auto industry grapples with challenges of rising fuel prices and interest rates.

In May, MSI's domestic sales grew by just 3.9 per cent to 93,519 units from 90,041 units in May, 2010.

The strike at MSI is an addition to the growing number of incidents of labour unrest across the Indian auto industry.

Earlier this year, a 50-day long strike since March 16 by a section of workers at the General Motor's Halol plant cost the firm to lose production of 2,000-2,500 units. The same plant came to a halt for four days when workers went on a strike from October 29, 2010, demanding wage hikes and the total production losses amounted to 450 units.

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New Rule of Income Tax |No Tax for Salary and interset up to Rs. 5 lakh| No tax return for salary and interest income up to Rs 5 lakh

New Delhi, Jun 6  In India, as many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards.

"No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this," a Central Board of Direct Taxes official said.

However, he said this would not cover income from other sources like house property, capital gains and gains from profession and business.



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).

Under the scheme, those salaried persons who want to claim tax refund, would have to file income tax return.

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.

Under the scheme, the salaried person wants exemption from filing IT return, has to disclose about the incomes like dividend and interest to his employer for tax deduction.

In the scenario, the Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.

The idea behind the move is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.

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