With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
The commodity transaction tax (CTT) proposal has started taking its toll on commodity exchanges. According to exchange officials, the turnover of commodity bourses has dropped sharply on transaction tax proposal and reports that the government may ban Futures trading of more commodities. The turnover may get eroded by another 20-30% once CTT comes into effect. CTT was unique and it has not been imposed on any Futures market anywhere in the world.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
Exporters can make payment of fees through debit/credit cards.
The AA bench, in the order accessed by PTI, also rapped the probe officer of the I-T department in Mumbai for seemingly relying on "some press report/online articles" that Khan acquired the property for his benefit, which it said was "incorrect and impermissible in law."
The market regulator had first proposed such a facility to alert investors about trades being conducted in their accounts in August 2011.
"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Mukesh Ambani said at the company's annual general meeting.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
'I feel that since they know the problems, in the next 2 to 3 quarters, these problems could be resolved.' 'But they should realise that things are not working well right now.'demonetisation did not have a huge negative impact on the economy. But when it comes to GST, those who are looking for loopholes find it difficult to adapt.
Finding enough shows to air, creating content that gets people to pay and watch and wooing advertisers back into the fold are going to be the biggest challenges the M&E industry faces.
About 5.5 million users are looking for real estate online in India
ICICI Securities (I-Sec) has topped the Prime Database league table for money raised through initial and follow-on public offerings (IPOs/FPOs). Besides being No.1 in IPO transactions this year, the category-1 merchant banker is working on a lot of private equity transactions.
UIDAI has asked police to investigate, it was not fully convinced about nature of the incident
The 'Diwali Home Buying Fest' would be organised from Nov 3-9.
Every online user must put these additional security layer in place to prevent theft of their online identities and vital information like user IDs and passwords
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
In the next three years, PayPal, believed to be the world's most successful online payment service provider will absorb engineering freshers in product development. Do you have what it takes?
A national cyber crime and coordination centre meant to fend off such attacks is still awaiting approval
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
The government has imposed a penalty on e-commerce major Amazon for not displaying mandatory information, including the country of origin, of products sold on its platform, according to an official order. Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information. The ministry has imposed a fine of Rs 25,000 on Bengaluru-based Amazon Seller Services as well as each of its directors as per the provisions of the Legal Metrology Act, 2009 and the Legal Metrology (Package Commodities) Rules, 2011.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
Foreigners and NRIs would now be able to book train tickets in India online by using international debit and credit cards through IRCTC website.
New Delhi has emerged as the top e-commerce hub in India in 2012.
"If I am using data to build intelligence and personalisation for you, then it's meaningful," says Ankur Warikoo, co-founder and CEO, Nearbuy.
The government said that the unilateral changes are not fair and acceptable.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
Indian mobile commerce player Paytm on Tuesday launched Paytm Cash - a semi-closed wallet for online shopping.
The CBSE had announced that it had rationalised the syllabus for Classes 9 to 12 for the 2020-21 session by up to 30 per cent to make up for the academic loss caused due to COVID-19. However, it was the decision to drop topics related to Social Sciences which drew sharp reaction from opposition parties like the Congress, Left, Trinamool Congress, Nationalist Congress Party and Shiv Sena.
Realtors split on possibility of price fall, gold may replace cash in secondary deals.
According to the survey carried out by IDC recently, India scores the highest (8.5) on the happiness quotient of its banking citizens, followed by Indonesia (8.33), New Zealand (8.27) and China (7.93).
Founded in 2015, Meesho is one of the country's fastest growing social commerce platforms, and provides small and independent entrepreneurs with products and tools to start, maintain, and grow their businesses. Facebook's interest in the digital commerce follows Reliance Industries' entry into the hybrid e-commerce ecosystem.
The expansion into smaller towns is coming at a time when the online retail space has not only seen consolidation but is actually looking to collaborate with physical stores. Abhineet Kumar reports.
Future group firms have started getting large orders from Reliance Industries, its CEO Kishore Biyani said in an email to his employees on Tuesday. The group firms Future Consumer and Future Enterprises have recently received orders from Reliance Industries. This will be a big support for the cash-strapped future group firms before the completion of Rs 24,713 crore buyout of the country's second-largest retailer by Reliance Industries' arm. Ecommerce major Amazon has raised objections over the deal.
Every fifth phishing attack registered between May 2012 and late April 2013 targeted users of banks and other financial organisations.
Includes those dealing in high-value property and petrol pump owners
