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Power Finance Corp-OFS for 5% of Equity Seller-Govt of India Offer Size 66mn shares 5% of Equity. Offer date :27-7-15(Monday) Allocation method: Price priority method at multiple clearing prices . Retail reservation/Disc: 20% of offer / 5% Disc. Floor price : To be declared latest by IST 5 pm on 25-Jul-15. Sent from BlackBerry® on Airtel

Despite Fatca clearance, MFs shun investment from US, Canada Even after the signing of a treaty between the governments of India and America to comply with the latter's Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments from their or from Canada. "The compliance requirement is very stringent and involves high costs. At present, we are not accepting any investments from the US or Canada until we figure out a way to be compliant and in a manner that does not escalate costs," said A Balasubramanian, chief executive at Birla Sun Life Asset Management. Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens. The Indo-US treaty was earlier this month. The Fatca guidelines require foreign financial institutions receiving money from US investors to report the offshore holdings of those investors to American tax authorities. These institutions have to make various declarations, such as name...

Government plans to cap premature withdrawal of PF money at 75% of total amount The government is planning to put a cap on premature withdrawal of provident fund (PF) money. The move is aimed at ensuring social security for workers in old age. The Employees' Provident Fund Organisation (EPFO) has proposed that an employee be allowed to withdraw only 75% of the overall kitty, instead of 100% as permitted under the existing Employees' Provident Funds Scheme, 1952, in case of resignation from a job or for any other use before retirement. The change, once implemented, will impact working people who tend to withdraw PF money between jobs or those planning to use it for either buying a house or for paying medical bills or for children's higher education or weddings. Pre-mature withdrawal before retirement on these counts as well would also be restricted to 75% of the overall amount. "The provision of 100% withdrawal at any time is being misused to a large extent. The idea of...

Tax free bonds worth Rs 40,000-cr to hit street this fiscal Tax free bonds worth Rs 40,000 crore is set to hit the market this financial year as the government has allowed seven entities to raise funds through this route. Experts believe these bonds will attract investors through it is agreed that the returns would be lower than what it was offered in the financial year 2013-14. The amount allocated to various entities include tax free bonds of National Highways Authority of India (NHAI) for Rs 24,000 crore, Indian Railways Finance Corporation (IRFC) for Rs 6,000 crore, Housing and Urban Development Corporation (HUDCO) for Rs 5,000 crore, Indian Renewable Energy Development Agency (IREDA) for Rs 2,000 crore and Power Finance Corporation Limited (PFC), Rural Electrification Corporation Limited (REC) and NTPC have been allocated Rs 1,000 crore each.  "All the issuances are expected to get fully subscribed. It may not happen in day one, but it would get decent ...