The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
After three consecutive years of infusing huge funds, foreign portfolio investors retreated from the Indian equity markets in a big way in 2022 with the highest-ever yearly net outflow of nearly Rs 1.21 lakh crore. The huge outflow, which surpasses by a big margin the previous record of Rs 53,000 crore net withdrawal in 2008, came amid aggressive rate hikes by central banks globally but 2023 is expected to be better on positivity about overall macroeconomic trends in India, experts said. Apart from global monetary tightening, volatile crude, rising commodity prices along with Russia and Ukraine conflict led to an exodus of foreign money in 2022.
Subhash Shankar Parab, a key accused in the Rs 7,000 crore diamantaire Nirav Modi bank fraud case, was "deported" from Cairo on Tuesday after a long diplomatic and legal process, officials said in New Delhi. A CBI team had gone to Egypt's capital to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in a Cairo suburb by Modi, the fugitive diamantaire, they said. The CBI had been chasing Parab, deputy general manager (finance) in Modi's Firestar Diamond and understood to be a key witness to the Letters of Undertaking (LoU) submitted to the Punjab National Bank (PNB) to siphon off over Rs 7,000 crore, they said.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
Several companies and technology heavyweights including Microsoft, Oracle and Salesforce are working to create a digital vaccination passport or health passport app in the hope that governments and airlines will require travellers to upload details of their Covid-19 tests and immunisation. The vaccine passport will effectively create digital credentials that could be the key to attending crowded events or even visiting countries.
When was the last time we heard this government speaking of the disaster in primary education, rather than Ganga cruises and cheetahs? Less money -- Rs 88,000 crore -- was spent by the Union government on education in its last Budget than has been allocated to the Bullet train, notes Aakar Patel.
Although the pact would focus mainly on the Pacific and the South China Sea region, any action designed to deter China with or without New Delhi's active participation is a welcome move, notes Commodore Venugopal Menon (retd).
With better preparedness and efficient planning and execution, toll restricted to a low level. Lesson from 1999 cyclone helped.
Four people were killed and at least 10 injured Monday morning after a fire broke out in a hotel here, prompting authorities to issue orders for demolition of the four-storey building after following the 'due process'.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
The Kolkata-class warship, the first of P15-B stealth destroyers, was launched by Minu Dhowan, wife of Chief of Naval Staff Admiral R K Dhowan, at Mazagaon Docks Ltd.
RIM is expected to account for 43% of incremental IT services revenue growth
I am not sure if Modi can ever act as a chowkidar, even if he wants to. But he can surely act as a thanedar, by ensuring a fast resolution of corruption cases once they come to light. Exemplary action is easier and will burnish his anti-corruption image, argues Debashis Basu.
Stock exchanges and other market infrastructure institutions as well as their top officials are liable to face penalties for lapses in handling and recitfying technical glitches, with Sebi putting in a place a stricter compliance system driven by "financial disincentives". The markets watchdog has come out with a detailed Standard Operating Procedure (SOP) for Market Infrastructure Institutions (MIIs) less than five months after a technical glitch halted trading at the country's largest bourse NSE for nearly four hours. There will be a "financial disincentives" structure for MIIs -- stock exchanges, clearing corporation and depositories -- for any business disruption beyond pre-defined time, according to a circular issued on Monday.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
'E-cigarette devices expose users to toxic metals like lead, arsenic, chromium and nickel,' warns Wellness Guru Roopashree Sharma.
Many employers now use ATS (Application Tracking System) to sort out the hundreds of resumes they receive daily. ATS examines resume based on keywords and is automatically rejected if the software does not find them, reveals Vidur Gupta, co-founder and director, Spectrum Talent Management.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
'We are working in association with the state government and other transmission companies to make sure that the city never experiences blackouts'
Former Arsenal manager and world governing body FIFA's current chief of global football development, Arsene Wenger will play a role in Indian football's grassroots programmes and talent development.
It is not the job of regulators to ensure that users make profits. It is not the job of regulators to prevent people from making losses. It is not the job of regulators to prevent people from doing stupid things, argues Ajay Shah.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
A business in India wanting access to maps and geospatial data would typically have to wait months before it got what it wanted. All this is set to change with the new guidelines on geospatial data, report Neha Alawadhi and Peerzada Abrar.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
Delays in promised service delivery were earlier settled between client and service provider. More organisations now opt for a legal settlement to save cost and protect investor sentiment, say analysts.
The redevelopment project of the Central Vista -- the power corridor of the country -- envisages a new triangular Parliament building, a Common Central Secretariat and the revamping of the three-km-long Rajpath from the Rashtrapati Bhavan to India Gate and new residences for the prime minister and the vice president.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
SVAMITVA is a new government project that primarily aims to demarcate abadi areas that includes inhabitant land, inhabited areas contiguous to abadi and wadis/basties in rural areas, using drone surveying technology.
Shut since December following violence owing to labour unrest at its Karnataka facility, Wistron, Taiwanese contract manufacturer for Apple Inc, said on Tuesday its operations in Bengaluru will start soon, as the state government asserted it was ready to extend all cooperation. "We are looking forward to restarting our operations and welcoming back team members," David Shen, CEO Wistron Smart Devices, said in a statement. He said since the violent incident at their Narasapura facility in Kolar district in December last year, the company has been working hard on improving across the board to raise standards and fix the issues.
The 77 ministers have been divided into eight groups to develop technology-based resources, create a pool of professionals for recruiting in their teams and other similar initiatives to be adopted in the offices of all ministers' offices to bring more transparency and further improve and efficiency of the Modi government, the sources said.
The remarks by Naidu in his last address as the country's Vice President came even as Telangana's ruling Telangana Rashtra Samithi RS said the welfare of poorer sections of society is not a freebie and that welfare measures taken by governments should continue.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Bug bounty hunters or independent ethical hackers are certified cybersecurity professionals or security researchers who crawl the web, scanning the systems for gaps through which hackers can sneak in and alert the companies, says Shivani Shinde.
'There should be total transparency in the system.'
What technologies do you fancy in your new car? Here are some popular cars in India with the most sought after technologies.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
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