Day: January 27, 2021

FinMin releases Rs 12,351 cr to 18 states for rural local bodies grant

wayne January 27, 2021


The Finance Ministry on Wednesday said it has released Rs 12,351 crore to 18 states for providing grants to the rural local bodies.


This amount is the second instalment of basic grants released in the financial year 2020-21, the ministry said in a statement.



“The Department of Expenditure, Ministry of Finance has released an amount of Rs 12,351.5 crore to 18 States for providing grants to the Rural Local Bodies (RLBs),” it said.


The grants to RLBs are released as per the recommendations of the 15thFinance Commission to create community assets and improve the financial viability of the rural local bodies.


The 15thFinance Commission has recommended two types of grants basic and tied -to the RLBs.Basic grants are untied and can be used by the local bodies for location-specific felt needs except for salary or other establishment expenditure.


The tied grants can be used for the basic services of (a) sanitation and maintenance of open defecation free (ODF) status and (b) supply of drinking water, rainwater harvesting and water recycling.


“The grants are meant to ensure additional funds to RLBs over and above

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Blackstone-backed Aadhar Housing Finance files papers for $1 billion IPO

wayne January 27, 2021

Aadhar Housing Finance, backed by private equity firm Blackstone Group, has filed for an initial public offering (IPO) of up to Rs 73 billion ($999.68 million), draft papers submitted to the country’s market regulator, Securities and Exchange Board of India, showed on Tuesday.


The offering will comprise a fresh issue of shares worth up to Rs 15 billion by the housing financier and shares worth up to Rs 58 billion by BCP Topco VII, an entity managed by Blackstone that owns 98.72 per cent in the company.



The filing follows blockbuster IPOs by Burger King India and Mrs Bectors Food Specialities in December that cashed in on a stock market rally fuelled by improving outlook for an economy hit by the pandemic.


The filing also comes at a time when non-banking financial companies are under tighter scrutiny from the central bank after the collapse of some heavyweights in the sector.


Aadhar Housing Finance will use proceeds from the fresh issue to boost its capital base.


The company’s capital to risk (weighted) assets ratio was 47.84 per cent as of September 30, 2020.


It is one of the country’s largest mortgage

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Warning to declare foreign income before September deadline

wayne January 27, 2021

UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties.

David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC as soon as possible to ensure that they stay the right side of HMRC’s new legislation.
HMRC’s new “Requirement to Correct” legislation, which comes into effect on 30th September, requires UK taxpayers to inform HMRC if they are liable to pay any Income Tax, Capital Gains Tax or Inheritance Tax on offshore assets.

Redfern stated that “people might see the word ‘offshore’ and believe that it only applies to wealthy taxpayers with offshore bank accounts or investments, but even if your overseas income is less significant – maybe a holiday home from which you receive rental income – this legislation also applies to you.

If you receive any income from overseas, however small, you need to ensure that your tax affairs are in order before the Requirement to Correct legislation comes into play”.

Redfern added that those who are tempted to ignore HMRC’s warnings do so at

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