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Indian Indices Trade in the Green
Tue, 28 Jun 11:30 am

After opening the day on a positive note, the Indian stock markets maintained their momentum and continued to trade in green. Sectoral indices are trading on a positive note with stocks from the capital goods and telecom sectors leading the gains.

The BSE Sensex is trading up 60 points (up 0.2%) and the NSE Nifty is trading up 17 points (up 0.2%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up 0.7%. The rupee is trading at 67.88 to the US$.

As per a leading financial daily, Power Minister Piyush Goyal said that there is a possibility of reducing tax rates if everyone pays their taxes. The minister further noted that if the entire society takes a decision to disclose black money, there will be a level playing field for all.

Goyal, while addressing an event organised by the Bharatiya Janata Party (BJP), stressed that the BJP is serious about the black money and had constituted a Special Investigation Team for the issue in the first meeting in the Cabinet.

One must note that the Indian government is losing out potential tax as only few Indians actually pay income tax. According to the most recent data released by the Income Tax department, only 1.25 crore individuals paid any income tax. Data from the World Bank shows that in 2011 the population of India was 124.7 crore. This basically means that in assessment year 2012-2013 around 1% of India's population basically paid income tax.

Among other things, the above data makes it clear that black money forms a major part of the Indian economy. As Vivek Kaul, editor of Vivek Kaul's Diary, states in one of his articles... "What this tells also tells us among other things, is that a major part of the Indian economy continues to operate in the black zone. Hence, a tremendous amount of black money is generated, on which income tax does not get paid."

The issue of tax evasion and black money remains a huge concern for the Indian economy. However, a major question that concern us is whether the tax collected by government is used productively? We don't think so. In our recent edition of The 5 Minute WrapUp we have unearthed the biggest black hole that's sucking your tax money.

Moving on to the news from finance sector, Housing Development Finance Corporation is planning to raise Rs 10 billion through issuance of debentures on a private placement basis.

The development is in a bid to augment the company's long-term capital resources. The proceeds of the issue will be utilized for financing/refinancing the housing finance business requirements of the corporation. The debentures will carry a coupon rate of 8.5% per annum.

HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. To know our view on HDFC, you can read our result analysis (subscription required).

Presently the stock of HDFC is trading up by 0.3%.

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