Business

BMW i4 electric sedan launched

27-May-2022 951

Statesman News Service

Gurugram : With the launch of the BMW i4 today in Gurugram, BMW Group became the first car manufacturer to offer the most extensive portfolio of electric cars in India.

On the occasion, BMW Group India president Vikram Pawah said, “With the launch of the BMW i4, it’s the first electric mid-size sedan in the country. It combines sheer driving pleasure with sustainability. The car is a combination of BMW drive technology, high-voltage lithium-ion battery, rear-wheel drive, and advanced suspension kinematics, the BMW i4 gets an outstanding sporty feel. It is India’s longest-range electric vehicle. Absolute luxury with class-leading ambiance, generous space, and rear axle air suspension ensures maximum comfort even for longer trips.”

Mr. Vikram further informed that the group has installed 50 fast DC charging stations in 31 cities in the country to meet the demand for charging electric vehicles in India and will increase more charging stations soon in the country to meet the growing demand. The first-ever BMW i4 has been launched at an introductory ex-showroom price of Rs 69,90,000. It comes with a standard two-year warranty for unlimited kilometres. Repair Inclusive can extend warranty benefits from the third year of operation to the maximum fifth year without any mileage limitation. The batteries are covered by a warranty valid for eight years or up to 160,000 kilometres.

SBI hikes lending rate by 0.1%, EMIs to go up

17-May-2022 1336

New Delhi, (PTI) The country's largest lender State Bank of India has raised its marginal cost of funds based lending rate by 10 basis points or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers.

This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases.

The revision follows an off-cycle rate increase by the Reserve Bank earlier this month. The central bank hiked the repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent.

The lending rate revision by SBI (State Bank of India) is likely to be followed by other banks in the days to come.

With the increase, EMIs will go up for those borrowers who have availed loans on MCLR (Marginal Cost of Funds based Lending Rate), not for those, whose loans are linked to other benchmarks.

SBI's External Benchmark based Lending Rate (EBLR) is 6.65 per cent, while the Repo-Linked Lending Rate (RLLR) is 6.25 per cent effective April 1.

Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.

The revised MCLR rate is effective from May 15, as per the information posted on SBI website.

With the revision, one-year MCLR has increased to 7.20 per cent from 7.10 per cent earlier.

An overnight, one-month and three-month MCLR rose by 10 basis points to 6.85 per cent, whereas a six-month MCLR increased to 7.15 per cent.

Most of the loans are linked to the one-year MCLR rate.

At the same time, two-year MCLR increased by 0.1 per cent to 7.40 per cent, while three-year MCLR rose to 7.50 per cent.

Following the rate revision by RBI, several banks have already raised interest rates and some more are expected to follow in the coming days.

2022 Mercedes-Benz C-Class launched at Rs 55 lakh

12-May-2022 1842

Having a luxury car is the dream of every car lover but it’s always too expensive but now Mercedes Benz has launched the fifth generation C-Class in the Indian market with a starting price of Rs 55 lakh. The new-generation C-Class sedan gets exterior and interior design similar to the flagship S-Class sedan. Plus, for the first time, it gets mild-hybrid powertrain options across the range.

New Mercedes-Benz C-class prices start at Rs 55 lakh C200 petrol comes with a 1.5-litre engine good for 204hp C300d gets a 265hp 2.0-litre diesel; priced at Rs 61 lakh

New Mercedes-Benz C-Class: two diesel and one petrol engine options

Mercedes-Benz is offering the new C-Class with two diesel and one petrol engine options. The entry-level C200 petrol variant comes with a new 1.5-litre four-cylinder engine that churns out 204hp and 300Nm. This unit replaces the 2.0-litre engine from the outgoing model.

The C-Class diesel line-up for India starts with a C220d that is priced at Rs 56 lakh; it comes with a 200hp, 440Nm diesel engine. The top-spec C300d comes with the same powerplant, but with a healthy 265hp, 440Nm on tap and is priced at Rs 61 lakh.

The C200 and C220d variants of the new C-Class will be available in Avantgarde line, while the C300d will be available in a sportier AMG-line. The latter comes equipped with AMG-spec bumpers, a sportier grille and different alloy wheel design.

The C200 and C220d will be available in six exterior colour options – Salatine Grey, Mojave Silver, High-tech Silver, Manufaktur Opalite White, Cavansite Blue and Obsidian Black. Meanwhile, the C300d will be only available in the last three.

All three engines come mated to a 9-speed automatic gearbox as standard, and also get a 48V mild-hybrid tech with integrated starter generator (ISG) system that provides an additional 20hp and up to 200Nm of torque. Mercedes-Benz India claims a fuel economy of 16.9kpl for the C200 and 23kpl for the C220d, which makes the latter the most fuel-efficient Mercedes in India. As for performance, the brand claims a 0-100kph sprint time of 7.3 seconds for the C200 and C220d variants, while the C300d can do the same in 5.7 seconds.

The new W206 C-Class follows the design language of the A-Class, E-Class and S-Class stable mates, primarily by way of shorter overhangs, a more angular front end and new headlamp and tail lamp designs. In terms of dimensions, the new C-Class has a 25mm longer wheelbase at 2,865mm and the overall length is up by 65mm. The car is also wider by 10mm.

While the external proportions of the C-Class remain the same, Mercedes has given the new C-Class a completely new exterior and interior design. Those include prominent ‘power bulges’ on the hood, a revised glasshouse that has been moved slightly farther back to give it a cab-rearwards design and creases and character lines have been kept to a minimum, primarily to highlight the prominent shoulder line.

The interior of the car is also lavish and the price point at which we will get it is commendable

Income Tax Dept. conducts search operations on two real estate developers

15-Apr-2022 1273

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of the residential house of one of the key persons.

The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana. The search action, conducted on 16 November, covered around 40 premises, an official release today said.

The major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions.

During the course of search proceedings, documentary evidence in the nature of ‘agreement to sale’, (popularly known as ‘Biyana’ in local parlance), for certain properties have been found and seized. These documents indicate that the ‘agreement to sale’ for plots has been executed at much higher amount/rate as compared to the consideration disclosed in the registered sale deed of the plot. Further, incriminating documents such as loose sheets, excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered.

A preliminary analysis of the evidence clearly indicates the receipt of unaccounted cash by way of on-money on property transactions. Besides, certain other corroborative evidence supporting the receipt of on-money have also been gathered.

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of the residential house of one of the key persons.

In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc.

The search action has resulted in seizure of unaccounted cash of about Rs. 2.00 crore besides foreign exchange, and unexplained jewellery of about Rs. 2.30 crore.

Further investigations are in progress.

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