As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
The stage is set for the loading of cash into automated teller machines (ATMs) through the cassette-swap mode with an initial four-phased roll-out across 30 cities from June 1. The lockable cassette-swap will do away with the current practice of open-cash replenishment into ATMs. Cash-in-transit (CIT) firm personnel, tasked with loading cash into ATMs, will not have to touch it anymore. Cash-handling will be done by CITs at the cash centre, and the task of taking into account the amount of cash remaining from the last cassette-load will also be made simpler.
US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers in India.
The star ingredient of many a delicious preparation is, of course, cheese!
Airports and hotels are among the smartest buildings.
'Elections are fought to win.' 'In our party, the leadership takes the final decision, and our leaders are very clear about it.'
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Shares of ICICI Bank may outperform those of HDFC Bank in the near-term, analysts said recently, after the Sandeep Bakhshi-led private sector lender reported a strong set of numbers for the July to September quarter (Q2) of financial year 2023-24 (FY24). The result, they said, reiterated that ICICI Bank is maintaining a sustainable and prudent growth led by tech-driven initiatives as against HDFC Bank, which is facing merger related challenges. According to analysts at Prabhudas Lilladher, ICICI Bank is valued at par with HDFC Bank at 2.2x/1.9x on FY25/26E core adjusted book value (ABV) basis.
Among index funds, the most popular products are funds tracking the Nifty 50 and Sensex, says Dwaipayan Bose, and explains the finer points of selecting the right index mutual fund.
For the consumer, there would be practically no impact on prices of essential medicines this year.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
'Laapataa Ladies opened a lot of doors for me.' 'I have gotten so much love from audiences and seniors in the industry that it's overwhelming.' 'I get calls from superstars. I'm holding my heart and it's like, "Oh my God, they are calling me? I am their fan and they love my work!"'
'Investors with higher risk appetite and longer horizon (more than one year) can invest in longer-duration funds like corporate bond funds, long-duration funds and gilt funds for maximum gain.'
The government had also stepped up its vigil at check posts.
Narayana Murthy had some caustic comments regarding the academic standards of IITs across the country, following which IITian and celebrated author Chetan Bhagat hit back with his own opinion. Whose side are YOU on?
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
'What I like about them is their stubbornness. If you doubt them, they'll double down on it and go even more stubborn.'
Contrary to reports, the defence ministry has not opened any other deal for investigation besides the AgustaWestland chopper contract, defence sources said on Friday.
The joint inspections is to ensure the safety, efficacy, and quality of drugs available in the country
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
'Not every county plays county cricket in England and not every state plays shield cricket in Australia'
'Gorkhas are terrific soldiers. They are known the world over for their fighting qualities.'
Agency's downgrade forms only a small portion of the bank's overall rating.
The guidelines have been prepared in line with the National Education Policy (NEP) 2020 that has envisioned that top universities in the world will be facilitated to operate in India.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The country's largest bourse National Stock Exchange (NSE) has put the NSE Prime initiative in cold storage following lukewarm response from India Inc, said people aware of the development. Inspired by Brazil's Novo Mercado, NSE had announced a separate platform which any listed company could be part of by voluntarily adopting a stricter corporate governance code. Launched in December 2021, NSE Prime was to formally take off within a year after empanelling companies.
Former Australia batsman Dean Jones feels the standard of bowling in international cricket has touched an "all-time low", voicing his concern at a time when 300-plus totals have become the norm in One-Day Internationals.
We need players with confidence in front of goal: Stimac after India's Asian Cup exit
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
'The world needs Gandhi now more than any other time in history.'
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
'I was confident that I would surely get into any of the IPL teams, but I was not picked.'
The loss of income has severely dented the loan repayment ability of small borrowers
Rising penetration of trade generic medicines is eating into the value growth of the domestic pharmaceutical market, showed a recent analysis. According to a Kotak Institutional Equities analysis, 70-110 basis points (bps) annual dent is expected from trade generics and Jan Aushadhi on Indian Pharma Market (IPM) growth at least until FY27-28 (see chart). Trade generic medicines are those that are not pushed into the market through doctor promotions.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
