New E-commerce Startup Alert! Binny Bansal’s “OppDoor” Focuses on Global Expansion Services
Binny Bansal, the co-founder of Flipkart, has launched a new venture named ‘OppDoor’, a platform designed to assist e-commerce companies in expanding their operations globally. This venture represents Bansal’s re-entry into the e-commerce space following his exit from Flipkart. OppDoor, previously known as Three State Ventures Pte Ltd, is registered in Singapore and was founded […]
Ordering In Gets More Expensive: ₹4 Zomato Platform Fee Adds Extra Bite to Bills
In a significant move, Zomato, a leading online food delivery platform, has announced an increase in its platform fee, raising it to ₹4 per order across key markets. This change, effective from January 1, 2024, represents a 33% hike from the previous fee of ₹3. The decision follows a series of fee adjustments that began […]
RBI Signals More Bank Dividends: Relaxed Norms on the Horizon
The Reserve Bank of India’s (RBI) proposal for new norms on dividend declaration by banks is a significant regulatory development in the Indian banking sector. The draft norms, which are open for comments until January 31, 2024, introduce several key changes and requirements that will affect how banks in India manage and distribute their profits. […]
Skills Ministry Leverages Gati Shakti Data to Design Training Programs for Infrastructure Development
The Ministry of Skill Development and Entrepreneurship (MSDE) in India has taken a significant step forward by developing a gap-analyser tool. This tool is designed to facilitate a detailed one-on-one mapping of skill training centers in proximity to key infrastructure projects. The primary objective of this initiative is to accurately identify the indicative needs for […]
Landmark Move: GST Dispute Resolution Gets a Boost with Principal Bench Notification
The Central Government of India has recently taken a significant step in the domain of Goods and Services Tax (GST) by establishing the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi. This development, effective immediately from the date of publication in the official Gazette, marks a pivotal moment in […]
A Step Towards Equality: Women Employees’ Right to Nominate Children for Pension
The recent amendment to the Central Civil Services (Pension) Rules by the Government of India, enabling female government employees and pensioners to nominate their children over their husbands for the family pension in cases of marital discord, is a landmark decision. This modification represents a significant shift in recognizing the autonomy and rights of women […]
Unlocking Growth Potential: SOP for IEM Changes Empowers Entrepreneurs and Boosts Investment
In a significant move to enhance ease of doing business and transparency, the Department for Promotion of Industry and Internal Trade (DPIIT) has revamped its Industrial Entrepreneurs Memorandum (IEM) portal. This update, initiated in March 2021, introduces a streamlined, paperless process for the grant of IEM. The IEM is a mandatory filing for industrial undertakings […]
Short-Term Fix for FCI: Rs. 50,000 Crore Loan to Meet Funding Requirements
The Food Corporation of India (FCI) had planned to raise Rs 50,000 crore as short-term loans from banks to finance its operations due to the insufficient release of food subsidy expenses by the Centre. However, following the release of Rs 20,000 crore by the finance ministry towards food subsidy bills, FCI has deferred this plan. […]
RBI Statement: 97.38% of Rs 2,000 Notes Withdrawn, Remaining Notes Still Valid
The Reserve Bank of India (RBI) has confirmed that the Rs 2,000 banknotes continue to be legal tender despite the announcement of their withdrawal from circulation on May 19, 2023. This development comes amidst the central bank’s ongoing efforts to manage the country’s currency system. As of the latest update, approximately 97.38% of the Rs […]
Life Insurance Corporation of India Issued Rs. 806 Crore GST Demand Notice, to File Appeal
The recent GST demand notice issued to the Life Insurance Corporation of India (LIC) by the Deputy Commissioner of State Tax, Mumbai, for ₹806.3 crore, has raised significant attention in the financial sector. This demand notice, which pertains to the financial year 2017-18, includes a detailed breakdown of the sum: ₹365.02 crore is specified as […]