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LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

1Mar By Press Trust of IndiaNo Comments

INDIA, News

LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

In a big push to digital payment drive, LIC is planning to provide Point of Sale (PoS) machines to its lakhs of agents who collect around Rs 1.5 lakh crore premium annually. "As part of the strategy for the less cash economy, LIC is also gearing up for providing PoS machines to its few lakhs active agents initially so that premium collection can be done in digitally," a senior official said. The state-owned insurance behemoth is also looking at initiating Aadhaar-linked digital transactions, the official said, adding that this will help policy holders in the rural areas to avoid payment of premium in cash and cash handling burden of agents would come down significantly. To begin with, LIC plans to provide PoS machines to about 1.5 lakh agents that would be ramped up in the future,...

TRAI Examining BSNL’s New App-Based Calling Service

19Feb By AnkitaNo Comments

INDIA

TRAI Examining BSNL’s New App-Based Calling Service

Telecom regulator TRAI is examining the limited fixed mobile telephony services of Bharat Sanchar Nigam following objections raised by the cellular operators, and a decision is expected soon. "Our team is working with BSNL...we have asked them for certain clarifications with a view to understand the entire architecture of the limited FMT service. And then we will take a view quickly," TRAI Chairman, RS Sharma told Pixr8. Cellular operators under industry body COAI approached the telecom regulator against the limited fixed mobile telephony services announced by BSNL. BSNL's limited fixed mobile telephony is an app-based calling service that virtually turns mobiles into cordless phones working in sync with landlines to make and receive calls within home premises. When contacted,...

How Much Profit ISRO Made on The Launch of World Record 104 Satellites?

16Feb By PriyankaNo Comments

INDIA

How Much Profit ISRO Made on The Launch of World Record 104 Satellites?

Yesterday, ISRO (India Space Research Organisation) has launched record 104 satellites beating Russia's record which was 37 satellites in one go. The record launch has established more credibility of ISRO in international space market. Apart from technology and its 100% successful foreign satellite launches, ISRO also challenging other international players on the pricing point. As per the data available, for a satellite launch SpaceX (company owned by Elon Musk) charge around USD 60 million, while ISRO charged an average of USD 3 million per satellite between 2013 and 2015. Last year in FY16, ISRO made 239 crore through commercial launch. The forex revenue for ISRO's commercial arm, Antrix Corporation, went up 204.9 percent in 2015. In 2016, ISRO launched 10 Indian satellites and 22...

15Feb By Press Trust of IndiaNo Comments

INDIA

Indian Government Approves Merger of 5 Associate Banks With SBI

The Cabinet today gave go-ahead to the merger of State Bank of India (SBI) and its associate lenders that would make the state-owned lender a global-sized bank. India's largest lender SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. "Kindly await a structured briefing on that," Telecom Minister Ravi Shankar Prasad said when asked if the Cabinet approved the merger of associate banks with the SBI. Meanwhile, SBI Chairperson Arundhati Bhattacharya said, merger of SBI and its associate banks is a win-win for both the sides....

Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service

15Feb By NitishNo Comments

INDIA, News

Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service

Encashing the growing demand for application-based cab services, the Indian Railways is all set to provide space for such facility at about 500 major stations, eyeing an annual profit of Rs 300 crores. Railway Minister Suresh Prabhu will unveil the new policy for app-based cab service next month along with providing parking space and kiosks near major stations. The Railways at present earns about Rs 122 crores a year from parking spaces across the country. With the new policy, the national transporter envisages Rs 200 crores more annually from these parking spaces, a senior official said. Though a passenger can still avail Ola or Uber service through the mobile application, allowing a kiosk and adequate parking space near busy stations is expected to ensure good business for the a...

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

14Feb By AnkitaNo Comments

INDIA, News

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

The government has made no provision for its ambitious India Aspiration Fund, part of StartUp India initiative, for the next financial year and has reduced the allocation to Rs 100 crore from Rs 600 crore made earlier for the current fiscal. In order to provide support to startups through Fund of Fund operations, IAF, with a corpus of Rs 2,000 crore, was launched by Finance Minister Arun Jaitley in August 2015 to enhance the equity availability to MSMEs. LIC was also made partner and co-investor in the India Aspiration Fund managed by SIDBI. As per the Budget 2017-18 document, the government had made allocation of Rs 500 crore for 2015-16 when the fund was launched. In the following year, a provision of Rs 600 crore was made but reduced significantly to Rs 100 crore as per the ...

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

10Feb By PriyankaNo Comments

INDIA, News

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

The Cabinet today approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' with an outlay of Rs 2,351.38 crore to make 6 crore rural households digitally literate by March 2019. "The Union Cabinet chaired by Prime Minister Narendra Modi has approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' (PMGDISHA) to make 6 crore rural households digitally literate. The outlay for this project is Rs 2,351.38 crore to usher in digital literacy in rural India by March 2019," an official statement said. This is in line with the announcement made by the Finance Minister in the Union Budget 2017, it added. "PMGDISHA is expected to be one of the largest digital literacy programmes in the world," the statement said. Under the scheme, 25 lakh candidates will be trained in the fiscal year ...

RTI Revealed How Much Narendra Modi Government Spent Over Skill Development And The Number is Quite Shocking

8Feb By NitishNo Comments

INDIA

RTI Revealed How Much Narendra Modi Government Spent Over Skill Development And The Number is Quite Shocking

Prafful Sarda, very young Pune Based RTI Activist & owner of an Event management company had filed an RTI application with NSDC (National Skill Development Corporation) on following issues: 1) How much money allotted to NSDC in last 2 years 2) How much money spent in last 2 years (Through NSDC) 3) State-wise distribution Details 4) How much money allotted and Spent during 2004-2014 After Formation of Modi Govt, first time NSDC has been allotted with independent ministry, headed by Rajiv Pratap Rudy. As per BJP manifesto, Hon. Prime-minister Narendra Modi kept his word & allotted handsome fund for skill development to support people who are willing to work hard but lack of education they are not able to earn their daily bread & butter. Minister Rajiv Pratap Rud...

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

8Feb By NitishNo Comments

INDIA, News

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

Government has received over 1,300 complaints against direct selling and e-commerce companies till December 2016, Parliament was informed today. It also made clear that there is no proposal to bring in a separate law to regulate e-commerce platforms. Placing the details of complaints received by its National Consumer Helpline against direct selling and e-commerce companies in the Lok Sabha, Minister of State for Consumer Affairs C R Chaudhary said, "The received complaints were dealt with as per consumer grievance redressal procedure." A consumer can file a complaint relating to e-commerce transactions in the appropriate consumer forum established under the provisions of the Consumer Protection Act, he said in his written reply to the Lower House. As per the data, 1,386 complaints...

No Decision Yet on Apple’s Demand For Concessions: DIPP

6Feb By Press Trust of IndiaNo Comments

INDIA

No Decision Yet on Apple’s Demand For Concessions: DIPP

The government has not taken a final decision yet on the concessions being sought by US iPhone maker Apple for setting up a manufacturing unit in India, a top official said today. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that Apple has submitted certain demands for the government's consideration. "We had a meeting of all the concerned ministries and departments (on those demands) and we have asked them to look at those issues and take a view. No ministry has yet taken a final decision on any of those. But we are in touch with them," Abhishek told reporters here. He said the government supports all manufacturing, including value manufacturing, in the country by companies. "So we would definitely like to promote this. So we are coord...

Budget Extends Window For Startups to Avail Tax Benefits

2Feb By NitishNo Comments

INDIA

Budget Extends Window For Startups to Avail Tax Benefits

Finance Minister Arun Jaitley has proposed extending the window for startups to avail tax benefits to first seven years of existence, a move that will allow new ventures to extract full benefit of the permitted deductions. Earlier, startups were allowed to claim profit-linked deduction for three years out of the first five years of existence. "...the profit linked deduction available to the start-ups for three years out of five years is being changed to three years out of seven years," Jaitley said in his Budget Speech. Nasscom President R Chandrashekhar said, startups could not avail full benefits of the three-year clause as they typically tend to begin making profits only after a few years of operation. "By then, the window of benefit would end. Now even if the startup reports prof...

25Jan By AnkitaNo Comments

INDIA

Apple Ready With Blueprint For Manufacturing Unit in India

Apple Inc today indicated to the government that it is ready with a blueprint to begin manufacturing iPhones in India, but wants fiscal concessions, including Customs duty waiver on import of components. Apple executives made a detailed presentation on its road map for setting up a manufacturing unit in India to an inter-ministerial group headed by Department of Industrial Policy and Promotion Secretary Ramesh Abhishek, sources privy to the development said. The presentation was made by senior executives of the company, including Global Vice-President (iPhone operations) Priya Balasubramanian. It cited the country's business friendly ecosystem for keenness to start local manufacturing. With sales tapering in the US and China, Apple is eyeing India the fastest growing smartphone marke...