Reliance MF to acquire Goldman Sachs

In its first ever acquisition, Reliance Capital Asset Management (RCAM) on Thursday announced takeover of global giant Goldman Sachs mutual fund business in India for Rs. 243 crore in an all-cash deal as yet another foreign player exits the Rs. 13 lakh crore Indian MF market.

The deal, under which RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of Rs. 7132 crore, would also make Reliance MF the exclusive fund manager for the governments ambitious Central Public Sector Enterprises (CPSE) Exchange Traded Fund.

The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal, RCAMs parent firm Reliance Capital said in a statement.

Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and is also present in insurance, brokerage and wealth management among other areas.

 There is a sudden, inexplicable surge in money that Indians are sending abroad for " maintenance of close relatives". Such fund transfers typically add up to $10-20 million a month. But in July 2015, according to the latest available data, total remittance under this head crossed $124 million.

Also, money remitted in July to students studying in foreign colleges and universities rose more than six times in one year to $113.9 million.

What has caused the spurt in remittance? Tax experts suspect this could be an attempt to escape the American tax authorities.

Two senior financial services professionals ET spoke to believed that a large part of fund flow — particularly, remittance to relatives — could have been triggered by US-based Indians trying to escape the American tax authorities.

 Ever since the US government passed the Foreign Account Tax Compliance Act ( FATCA) to unearth black money of US residents outside the country, many Indians — who neither disclosed their bank accounts and investments in India nor intend to — have been trying to figure out ways to overcome the tax hurdle.
OMG THATS GONA HURT MODI IS FINDING BLACK MONEY

  Finance minister Arun Jaitley has faulted the Supreme Court verdict for re-legislating collegium system and said the judiciary acted like the "third chamber of the legislature" while quashing the legislation to establish the National Judicial Commission (NJAC) for appointment of judges.

"Having struck down the 99th Constitutional Amendment, the Court decided to re-legislate. The court quashed the 99th Constitutional Amendment. The court is entitled to do so. While quashing the same, it relegislated the repealed provisions of Article 124 and 217 which only the legislature can do. This is the third error in the judgement," Jaitley said in a signed article posted on his Facebook account on Sunday.

In reviving the collegium system, the finance minister apprehended that the Supreme Court has acted like the "third chamber of the legislature" and asserted that it "cannot" act like this. "The court can only interpret — it cannot be the third chamber of the legislature to rewrite a law," he argued.

JUVENILE

Panel to examine lowering age of juvenility from 18 to 15 years, death penalty for perpetrators of heinous rape cases

The Delhi government, on Monday, said it was working towards toughening its stand on crime, especially of a sexual nature, perpetrated by minors.

Chief Minister Arvind Kejriwal, who presided over a special session of the Cabinet earlier during the day, said a Group of Ministers had been constituted specifically for the purpose.

"There have been three cases of rape in Delhi over the past week which have rattled me and everyone in the Capital...Things cannot be allowed to continue like this any longer," Mr Kejriwal said.

"It has been decided to constitute a Group of Ministers under the chairmanship of Deputy Chief Minister Manish Sisodia and Home Minister Satyendra Jain which will examine the issue and prepare a report on the same to be submitted within 15 days to the Cabinet," he added.

The Chief Minister said the Aam Aadmi Party-led (AAP) government would seek to reduce the age of juvenility from 18 to 15 and recommend the death penalty for perpetrators of heinous sexual offences.

Late President A P J Abdul Kalam was a tad cautious about 'Make in India' campaign saying though it's "quite ambitious", it has to be ensured that India does not become the low-cost, low-value assembly line of the world.

On Digital India, he felt it has the potential to activate the knowledge connectivity needed in villages and remote areas and "we need to bridge the gaps of lower level of literacy, language and customised content, though".

These views are expressed in the soon-to-be published "Advantage India: From Challenge to Opportunity", one of the last books written by Kalam along with his aide Srijan Pal Singh.

The book, published by HarperCollins India, also has his unfinished speech of July 27 at IIM-Shillong where he collapsed only to breathe his last hours later.

The NDA government

"Well, let us be clear on this. 'Make in India' is quite ambitious. But we need such high aspirations... I agree with the infrastructure concern.

"India has seen an unbalanced infra growth -variations are rampant across states and sectors. For

instance, while the telecom and Internet sectors have made remarkable progress, many villages still are not connected with roads and power. Physical infrastructure cannot be ignored for manufacturing growth," he wrote.

He had a piece of advice: "We need to ensure that we do not become the low-cost, low-value assembly line of the world. If we go on that path, the growth will come at a great price and pain to the people."

His suggestion was that we need to do original research to design, develop and manufacture in India by using the ideas of the youth, the wisdom of the ages and the vibrancy of a democracy.


launched 'Make in India' in September last year. The programme aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

Town Hall in INDIA

Facebook CEO Mark Zuckerberg will be in India on October 28 to hold his next townhall Q&A session in the Indian Institute of Technology in Delhi.

Im heading to India and Ill be hosting our next townhall Q&A in Delhi on Wednesday, October 28 at 12 pm IST (11:30pm Tuesday Pacific time), Mr. ZUCKERBERG  posted on his Facebook page.

More than 130 million people use Facebook in India. Im looking forward to hearing directly from one of our most active and engaged communities, he added.

Zuckerberg, who has promised to post the video of the event on the same day, asked people to post questions as comments on the post.

amazon expects india to becomes it largest overseas market by overcoming the gross merchandise value of japan and Germany. the vice president of business of amazon said that they are targeting to increase the GMV in India to more than 10 billion. though he refused to disclose the current GMV but intended that it was above 2 billion mark. amazon is currently worlds number 1 online retailer with most of its sales in US.