KSCC carrying out humanitarian services in Dubai during COVID-19 pandemic
Dubai (Press Release): A non-profitable social organisation, KSCC is delivering a great service to the community during this pandemic situation.
Karnataka Sports and Cultural Club (KSCC) is a civil organization registered under Community Development Authority (CDA) involved in implementing various UAE government initiatives, blood donation drives, health campaigns, sport events, charity works, awareness programs and much more.
KSCC is currently actively liaising with Dubai government authorities in discharging the needs and requirements of the people in these challenging covid-19 pandemic times. It is also involved the activities such as logistics, co-ordinating stores, mobilizing isolation centres, equipping quarantine facilities and volunteering services.
During these testing times, KSCC is also facilitating the Guidance to the general public, follow-up upto 122 covid positive cases, counselling the affected, assisting the references and providing the ever-necessary emotional support by setting up a team of 24 reserved persons for call center helplines.
As per the request from DHA (Dubai Health Authority) KSCC has successfully organized the blood donation drive and donated upto 141 units of blood with the help of KSCC members & supporters.
Apart from above, KSCC is also engaged in serving needy by distributing the food provisional kit (Yestahloon) from the very 1st day of lockdown till day by their special task force team under guidelines of CDA, and also taking into consideration the month of Ramdan, team is successfully distributing Ifthar food & provision kit with the help of donors.
In the 1st Phase, KSCC covered 2421 beneficiaries by providing 440 provisional food kits, 435 food pack and 529 Iftar kits. As per the CDA guidelines, club is also engaged in following up the health condition of senior citizens living in UAE.
KSCC special team is also engaged in clearing documentation and formalities related to dead body repatriation until its final procedures and handing over to relatives with help of UAE governments authorities. Total 5 dead bodies are repatriated in their 1st phase of service.
KSCC is also having a center controlled special task team to assist all above activities during the covid-19 pandemic to continue the services to general public.
KSCC thanks all Government authorities, Members in different task team, supporters and Sponsors company MAERSK, MALABAR GOLD & DIAMOND and TAMIL ENTREPRENEUR for their support and also request extend their support to consolidate the above demanding service and deliver our best possible assistance not only because it is the month of Ramadan, but also our responsibility to reach out to the poor and needy, during this fight against Covid-19.
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STT hike in F&O aimed at curbing speculative trade, protect small investors: Sitharaman
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Sunday said the increase in STT in F&O is aimed at curbing high-risk speculative trade and discouraging gullible investors who were losing huge amounts of money in the derivatives market.
The Budget has proposed an increase in the Securities Transaction Tax (STT) on futures contracts to 0.05 per cent from 0.02 per cent.
STT on options premium and exercise of options are proposed to be raised to 0.15 per cent from the present rate of 0.1 per cent and 0.125 per cent, respectively.
Addressing a post-budget conference, Sitharaman said the government is not against derivative trade, but wants small investors, who are facing huge losses, to stay away from the speculative F&O market.
"This nominal increase is purely aimed at speculation, only to deter them, to discourage them. We are not against it (F&O trade), but small investors are facing losses, so how can we be quiet, so it (STT hike on F&O) is to deter such investments," Sitharaman said.
According to studies by Sebi, over 90 per cent of retail investors' trades in the F&O segment lead to losses, and the capital markets regulator has also taken steps to reduce volumes in the past.
Market regulator Sebi has also cautioned small and retail investors against trading in the F&O segment, underscoring the need for responsible investing.
Addressing questions on the intention behind the STT hike, Revenue Secretary Arvind Shrivastava said it has been done to discourage speculative tendencies and handle systemic risk in the derivatives market.
"The government's intention is to discourage speculative tendencies, and the increase in rate is essentially in that direction. So, it is meant to essentially handle the systemic risk in derivative markets," he added.
Shrivastava said even after this increase, the rates of STT will remain modest compared to the volume of the transactions that are happening.
The hike in STT is aimed squarely at high-volume derivative trading, rather than the cash equity market, and is expected to meaningfully increase transaction costs for active and short-term trading strategies.
Sitharaman further said the highest-ever capital expenditure of Rs 12.22 lakh crore announced for 2026-27 works out to be 4.4 per cent of GDP.
The capital expenditure for FY27 is 10 per cent higher than the Rs 11.11 lakh crore budgeted capex announced in FY26.
"We have announced that Rs 12.22 lakh crore is coming through public expenditure. This time it is 4.4 per cent of GDP, which is the highest at least in the last 10 years, it could even be the highest if you were to take data from earlier periods," Sitharaman said.
The capital expenditure was 2.5 per cent of GDP in 2021-22 and around 4 per cent of GDP in 2024-25. The government's capital expenditure was Rs 2.35 lakh crore in 2015-16.
She further said that the 4.3 per cent fiscal deficit target for FY27 is "realistic and responsible". The Budget has proposed to lower the fiscal deficit to 4.3 per cent in FY27, from 4.4 per cent in FY26.
Asked about the budget not making any big announcement for poll-bound states, Sitharaman said there are various announcements, including industrial corridors across the eastern and western parts of India. "So there is enough to cover election states and all other states," she said.
