Moditaxonomy: India’s Tax Collection Triples Under 10 Years of Modi Rule
New Delhi: In a significant fiscal development, India is witnessing a projected threefold increase in its tax collection under the decade-long governance of Prime Minister Narendra Modi. The net direct tax collections, a combination of personal income tax and corporate tax, have shown a remarkable upward trajectory. Historical Growth: The net direct tax collections have […]
Punjab National Bank Eyes Rs 7,500 Crore Boost through Capital Infusion in FY25
Punjab National Bank (PNB), one of India’s largest public sector banks, has announced a significant fundraising plan for the financial year 2024-25. The bank’s board of directors has approved a proposal to raise equity capital amounting to Rs 7,500 crore. This capital increase will be conducted in one or more tranches using different methods such […]
Green Funds Optional for Banks & NBFCs: RBI Clarifies Framework in FAQs
The Reserve Bank of India (RBI) recently clarified that it is not mandatory for banks and Non-Banking Financial Companies (NBFCs) to raise green funds. However, if they choose to do so, they must adhere to the prescribed framework. This announcement was made in a set of Frequently Asked Questions (FAQs) regarding the ‘Framework for Acceptance […]
Tamil Nadu Boosts Five Startups with Rs 6.5 Crore Equity Injection
The Tamil Nadu government, under the leadership of Chief Minister MK Stalin, has recently sanctioned an equity investment of Rs 6.5 crore to five startups as part of the Tamil Nadu Scheduled Caste/Scheduled Tribes Startup Fund. This significant investment demonstrates the state government’s commitment to supporting entrepreneurs from the SC/ST communities and fostering innovation across […]
Think Globally, Code Desi: India’s Generative AI Revolution Begins
India is at the forefront of a significant shift in the field of generative artificial intelligence (AI), with a focus on creating technologies and solutions tailored to its unique needs. This burgeoning sector is seeing a collaboration between government bodies, private enterprises, and educational institutions, aiming to establish India as a global hub for AI […]
RBI’s Big Push for Digital Payments: Extending PIDF Scheme till 2025
The Reserve Bank of India (RBI) has recently announced the extension of its Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This extension marks a significant move in the ongoing efforts to enhance the payment infrastructure across the country. Originally launched in January 2021, the PIDF scheme had a three-year timeframe. Its primary […]
Taxman Tightens Grip: I-T Department Scrutinizes Employers & Employees for TDS Mismatch
In a significant move to enforce accurate tax compliance, the Income Tax Department of India is intensifying its efforts to reconcile discrepancies between the tax deducted at source (TDS) by companies and the declarations made by employees in their annual Income Tax returns. The department is employing a meticulous verification process, scrutinizing various aspects such […]
Safeguarding Savings: EPFO’s New Timeframes Aim to Combat Account Fraud
The Employees’ Provident Fund Organisation (EPFO) has recently introduced new regulations to streamline the process of freezing and de-freezing Provident Fund (PF) accounts. These measures aim to boost efficiency and security while safeguarding the funds against potential risks like fraud, impersonation, and forgery. Under the new Standard Operating Procedures (SOPs), the timeframe for freezing accounts […]
Deepfake Alert: Govt Sounds Wake-Up Call for Banks and Fintechs
In a significant move to counter rising cyber threats, the Indian government has recently issued a warning to banks and fintech companies about the growing risks associated with deepfakes. This warning comes in light of the increasing exploitation of artificial intelligence (AI) technologies by cybercriminals, particularly in the financial sector. Deepfakes, which involve the use […]
Beyond Rupees: CBDT Modernizes Safe Harbour Rules for Intra-Group Loans with Foreign Currency
The Central Board of Direct Taxes (CBDT) in India has recently announced significant amendments to the Income Tax Rules, specifically pertaining to intra-group loans and their classification under safe harbour provisions. These changes, which come into effect from April 1, 2024, represent a notable shift in the tax framework for such financial transactions. Key highlights […]