Government and Industry: PLI Schemes in Focus
The Production Linked Incentive (PLI) schemes are a key initiative of the Indian government to boost domestic manufacturing and exports in various sectors. The schemes aim to create national manufacturing champions, generate employment, enhance innovation and reduce import dependence. Here are some of the highlights of the PLI schemes and their impact on the economy. […]
IBBI’s New Rule: Same RP for Company and Guarantor
The Insolvency and Bankruptcy Board of India (IBBI) has revised its regulations to allow the same resolution professional (RP) to handle the insolvency process of a company and its personal guarantor. This amendment aims to enhance harmonisation and improve coordination between the two processes. Why this change? The IBBI introduced the Bankruptcy Process for Personal […]
Why Did RBI Ban Paytm Payments Bank? An Analysis
Paytm Payments Bank, a subsidiary of One 97 Communications Limited, has been barred by the Reserve Bank of India (RBI) from accepting deposits or top-ups to its accounts and services due to “persistent non-compliance and continued material supervisory concerns in the bank”. The ban will be effective from February 29, 2024 and will also prevent […]
CAIT’s Advice: Switch from Paytm Amid RBI Action
The Confederation of All India Traders (CAIT) has issued a cautionary advisory to traders and users of Paytm to switch to other payment options for business-related transactions following the RBI curbs on Paytm wallet and bank operations. The RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business activities due to […]
Exim Bank Gets Rs 9,000 Cr for Foreign Loan NPAs
The government has provided Rs 9,000 crore to Exim Bank of India as some of the loans extended to foreign countries turned into non-performing assets (NPAs). The bank had to invoke the government guarantee on these loans, which were given to some African countries over a decade ago. What are foreign loan NPAs? Foreign loan […]
I-T Dept’s Rs 1,260 Cr TDS Collection from Online Gaming
The government has collected Rs 1,260 crore in TDS from online gaming and crypto trade in the current fiscal year, according to CBDT Chairperson Nitin Gupta. The Central Board of Direct Taxes (CBDT) has revealed that it has collected about Rs 1,260 crore in taxes till now this fiscal after a new tax deduction at […]
CBDT Chairman: I-T Dept to Erase Petty Tax Demands
In a relief to about 80 lakh taxpayers, the income tax department will erase petty tax demands on its own, CBDT chairman Nitin Gupta said on Friday. What are petty tax demands? Petty tax demands are outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years […]
Sanjay Malhotra Caps Old Tax Relief at Rs 1 Lakh
The interim budget of 2024 has proposed a relief for small taxpayers by withdrawing outstanding direct tax demands up to Rs 25,000 for the financial years till 2010 and up to Rs 10,000 for the financial years between 2010 and 2014. However, there is a catch: the relief to a single taxpayer will not exceed […]
IRDAI Requires AYUSH Coverage in Health Insurance from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular on January 31, 2024, directing all general and health insurers to provide coverage for AYUSH treatments in their health insurance policies. AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy, which are alternative systems of medicine that have gained popularity in […]
SBI Chairman Khara Invites Paytm Customers to Bank
SBI chairman Dinesh Khara has said that the bank is ready to provide all support to merchants who want to shift from Paytm Payments Bank, which is facing regulatory action from RBI. Khara said that SBI Payments, a subsidiary of the bank, can offer various payment solutions such as QR scan code, POS machines and […]