From small kiranas to banks to potentially entire FMCG chains all have a digital date with money transfers on cellphones.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
Unbanked customers can expect easier access to banking.
The Supreme Court on Friday dismissed a plea seeking stay on further sale of electoral bonds ahead of assembly elections.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
A 14.2-kg subsidised LPG cylinder will cost Rs 494.99 in Delhi, while non-subsidised LPG rates have been cut by a steep Rs 120.50 per cylinder
The mother-daughter duo has moved the Supreme Court seeking transfer of the case to Delhi besides registration of FIR against UP minister Azam Khan for his remarks.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
Good intentions and elaborate roadmaps apart, there is an urgent need for the Tamil Nadu chief minister to come up with branded schemes like MGR's meal scheme, asserts N Sathiya Moorthy.
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
The Securities and Exchange Board of India (Sebi) has directed Franklin Templeton MF to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and imposed a two-year ban on launching new debt schemes for alleged irregularities in running six of its debt schemes that were shuttered last year.
Using buyback as a divestment tool is not new, the amount raised this year is phenomenally high.
Business subsidies may attract tax
Growth, said HSBC, would be helped by higher public investment, bankruptcy code and direct transfer of subsidies
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
However, ration card, driving licence, voter identity card, Kisan passbook with photo, job card issued under MGNREGS and a certificate issued by a gazetted officer or a tehsildar will be admissible as proof of identity for people to get the benefits under the scheme till the time they get Aadhaar.
Later, there may be some tax relief aimed at the middle class and measures to benefit the sectors worst hit by Covid-19 and the resultant nationwide lockdown.
Maybe Modi could ask a patriarch of the stature of the late G D Birla to flesh out the details of a new company to manage government land privatisation.
Petroleum and Natural Gas Minister Dharmendra Pradhan speaks to Sheela Bhatt/Rediff.com.
Britain and China have clashed over the offer of British National Overseas passports to Hong Kong residents, observes Rup Narayan Das.
The said video, he had said, was handed over by the Iranians.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
ISI chief Faiz Hameed coerced the Taliban to announce an interim government guaranteed to preserve Pakistan's control over the levers of power in Kabul, observes Ambassador M K Bhadrakumar.
"There have been discussions on implementing UBI in J&K -- not just as a pilot in some districts, but in the entire state, according to Drabu's proposal in the state's Budget," said an official. "Finance Minister Arun Jaitley is also supportive of the idea. A presentation will now be made at the PMO."
Even a doomsayer like Nouriel Roubini says India is in a sweet spot. If only we'd live up to the promise, says Shekhar Gupta.
Summary of sports events and persons who made news on Tuesday.
This is the Centre's highest-ever budgeted capital outlay.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
Data mining with the object of ensuring that resources are properly deployed to legitimate beneficiaries is a valid ground for the state to insist on the collection of authentic data
Addressing his council of ministers in a video conference, Modi asked them to prepare business continuity plans to fight the economic impact of COVID-19 on a war footing, but also asserted that this crisis is an opportunity to boost the 'Make-in-India' initiative and reduce dependence on other countries.
Through this mobile application, the handset will be used for authenticating biometrics of customers making Aadhaar enabled payment.
Official sources said that the federal probe agency, which is investigating the PFI under the PMLA)tka since 2018, has found that at least Rs 1.04 crore were deposited in several bank accounts linked to the organisation between December 4 last year and January 6 this year in various parts of the country.
Congress leaders have hit out at the BJP governments at the Centre and in Karnataka, questioning its timing.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
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