G-Sec Gateway Opens: Indian Markets Get a Liquidity Boost as RBI Allows Lending and Borrowing
In a significant development for the Indian financial market, the Reserve Bank of India (RBI) has implemented the Government Securities Lending Directions, 2023. This directive, effective immediately as of December 27, 2023, marks a major step in the central bank’s efforts to deepen the bond market in the country. The initiative for the lending and […]
No More Backroom Deals: Commerce Ministry Pushes for Open and Transparent Export Leadership Selection
The Commerce Ministry of India has recently proposed new bye-laws for the election of office-bearers for all Export Promotion Councils (EPCs), including the apex exporters’ body, the Federation of Indian Export Organisations (FIEO). This significant move is aimed at making the election process more inclusive and representative of various stakeholders. Key aspects of the proposed […]
Districts Take Center Stage: DGFT and E-Commerce Join Forces to Supercharge Local Export Powerhouses
New Delhi: In a significant move that promises to reshape India’s export landscape, the Directorate General of Foreign Trade (DGFT), an arm of the Commerce Ministry, is gearing up to sign agreements with several global e-commerce giants. This initiative is part of a broader effort to leverage the ‘Districts as Export Hubs’ initiative, aiming to […]
Streamlining E-Commerce Taxes: CBDT Clarifies ONDC’s TDS Compliance Requirements
The Central Board of Direct Taxes (CBDT) has issued clarifications regarding the applicability of Tax Deducted at Source (TDS) liability for e-retailers operating on the Open Network for Digital Commerce (ONDC). As per the recent FAQ released by the CBDT, e-commerce operators are required to deduct TDS at the rate of 1% from the gross […]
Fairness First: RBI Delays New Loan Penalty Rules, Giving Banks, NBFCs More Time to Embrace Transparency
The Reserve Bank of India (RBI) has recently extended the deadline for banks and non-banking financial companies (NBFCs) to implement modified norms for levying penal charges in loan accounts. This extension provides an additional three months, moving the deadline to April 1, 2024. Initially, these norms were scheduled to take effect from January 1, 2024. […]
E-Commerce Turnaround: Meesho Swings to Profitability after 90% Loss Reduction
Meesho, a Softbank-backed e-commerce company, has reported a remarkable shift in its financial performance, marking its first-ever profitable quarter in the financial year 2024. This significant milestone was achieved in the second quarter that ended in September 2023. Despite not disclosing the exact profit figures for the July-September period, the company’s financials show a promising […]
InCred Charges Ahead: Secures $60 Million, Joining India’s Unicorn Club
In a remarkable achievement for the Indian fintech sector, InCred has officially gained unicorn status after successfully raising $60 million in a Series D funding round. This milestone makes InCred the second company to achieve unicorn status this year, following Quick commerce platform Zepto. The Mumbai-based non-banking finance company (NBFC) InCred, known for its impactful […]
Goodbye FirstCry: Ratan Tata Makes Surprise Move, Sells All Shares In Upcoming IPO
Ratan Tata, the veteran industrialist and former Chairman of Tata Group, is set to make a significant move in the business world by divesting his entire holdings in FirstCry, a prominent omnichannel platform for baby and mother-care products. This decision comes as FirstCry prepares for its Initial Public Offering (IPO). Tata initially invested in Brainbees […]
Delivery Tax Debate Heats Up: Zomato Challenges Rs 401.7 Crore GST Notice
Zomato, the prominent online food delivery service, has recently faced a substantial financial hurdle. The company received a show cause notice from the Directorate General of GST Intelligence (DGGI), Pune Zonal Unit, demanding an explanation for an alleged tax liability. The notice, issued under Section 74(1) of the Central Goods and Services Tax Act, 2017, […]
India’s Ambitious Goal: $1 Billion in Banana Exports Over Next 5 Years
India is setting its sights high in the agricultural export sector with a bold goal to increase its banana exports to USD 1 billion over the next five years. This ambitious target comes on the heels of a successful trial shipment of fresh bananas to the Netherlands, utilizing a sea route for transportation. This initiative […]