CBDT Alerts Taxpayers on Advance Tax Mismatch
The Central Board of Direct Taxes (CBDT) has started an e-campaign to notify taxpayers whose taxes paid during the current fiscal year do not match their financial transactions. The campaign aims to increase transparency and promote voluntary tax compliance. What is advance tax mismatch? Advance tax is a system of paying taxes in instalments during […]
T-Hub and DST Introduce MATH Hub
T-Hub, India’s leading innovation ecosystem, has partnered with the Department of Science and Technology (DST), Government of India, to launch the Machine Learning and Artificial Intelligence Technology Hub (MATH) in Hyderabad. MATH is a Centre of Excellence (CoE) that aims to nurture startups, create jobs, and foster a supportive ecosystem for AI and ML technologies […]
RBI and Bank Indonesia: MoU for Local Currency Use
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to promote the use of local currencies for bilateral transactions. The MoU was signed by RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo in Mumbai on March 7, 2024. Benefits of local currency use The MoU […]
Infibeam Avenues: New Holder of RBI Payment Aggregator License
Infibeam Avenues, India’s first listed AI-powered fintech company, has received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company announced in a press release that it received the final authorisation on March 4, 2024, following the in-principle approval granted in […]
CEO Reveals Adani Defence’s 10-Year Plan
Adani Defence and Aerospace is set to make big investments in the defence sector in the next 10 years, according to its CEO Ashish Rajvanshi. The company aims to support the government’s ‘Make in India’ initiative and achieve self-reliance in defence manufacturing. Adani Defence and Aerospace: A Key Player in Defence Manufacturing Adani Defence and […]
Govt Mandates Warranty & Service Info for 4 Sectors
The government has taken a significant step to protect the rights of consumers and ensure transparency in the repair process of goods purchased. On Friday, the Consumer Affairs Secretary Rohit Kumar Singh held a meeting with the major stakeholders of four sectors — Automobiles, Consumer Durables, Mobile and Electronics, and Farming equipment — and directed […]
Govt Extends RoDTEP Benefits to SEZ Units
The government has announced the extension of the RoDTEP scheme support to additional export sectors, including SEZ units, to boost India’s export competitiveness in international markets. What is RoDTEP? RoDTEP stands for Remission of Duties and Taxes on Exported Products. It is an export promotion scheme that aims to refund various central, state, and local […]
RBI Tough Act: NBFCs Fear Bank Lending Impact
The Reserve Bank of India (RBI) has decided to raise risk weight on bank lending to those non-banking financial companies (NBFCs) where risk weights are below 100 per cent, by 25 percentage points. The move by RBI is expected to have significant ramifications, affecting loan growth, lending rates, and capital adequacy, particularly for weaker lenders […]
National Cooperative Database Launched by Amit Shah
Union Home Minister and Minister of Cooperation Amit Shah launched the National Cooperative Database (NCD) on Friday, March 8, 2024, in New Delhi. The NCD is an online digital dashboard that captures vital information about India’s vast cooperative sector. It serves as a crucial tool for efficient communication between the Central Ministry, States/UTs, and Cooperative […]
Pay to Nepalese Merchants Using UPI Now
In a landmark development, the Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal. This follows a tie-up between the NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd, Nepal’s largest payment network, in September last year. What is UPI and how does it work? UPI is an instant […]