Monday, May 20

Tag: Indian government

Indian Government New Policy for Electric Vehicle Push in India
Automobile

Indian Government New Policy for Electric Vehicle Push in India

India includes some of the world's most polluted cities, the government is focused on ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the Indian government has planned to invest $1.4 billion toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in the Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger/charging stations has been reduced from 18% to 5%. Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption ben...
Indian Government start tracking system for Lost Mobiles next month
INDIA

Indian Government start tracking system for Lost Mobiles next month

The Indian government will launch a technology solution next month to enable detection of lost or stolen mobile phones that are operating in the country, an official said to Pixr8 News. The tracking system would make the detection of stolen mobile phones possible even if the SIM card is removed or unique code IMEI number is changed, the official revealed. The Centre for Development of Telematics (C-DoT) is ready with the technology and the service is expected to be launched in August. "C-DoT is ready with the technology. The telecom department will approach the minister for its launch after the Parliament session. It should be launched in the next month," a DoT official told Pixr8 News. The ongoing Parliament session will run till July 26. The Department of Telecom (DoT) ha...
To Remove Angel Tax, Indian Government Proposed Series of Steps
INDIA

To Remove Angel Tax, Indian Government Proposed Series of Steps

India Finance Minister proposed a series of steps to remove angel tax woes of start-ups and relaxation from income-tax scrutiny. In her maiden budget, the finance minister noted that start-ups in India are taking firm roots and their growth needs to be encouraged. "To resolve the so called angel tax issue, the start-ups and their investors who file requisite declaration and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums," she said. The issue of establishing identity of investors and the source of funds will be resolved by putting in place a mechanism of e-verification, she added. "With this, funds raised by start-ups will not require any kind of scrutiny from the income tax department," the minister...
Modi led Indian Government saved $9 billion after Aadhar implementation: Nandan Nilekani, Infosys Co-founder
INDIA

Modi led Indian Government saved $9 billion after Aadhar implementation: Nandan Nilekani, Infosys Co-founder

Nandan Nilekani, the co-founder and former CEO of Infosys said, the Indian government's Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists". The Aadhar card is a biometric identification obtained by residents of India. The program was launched by the previous UPA government under former PM Manmohan Singh and now supported by the current Narendra Modi led Government. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadhaar now has more than a billion people re...
Amazon and Flipkart pull down 400k products after a new Indian Law
News

Amazon and Flipkart pull down 400k products after a new Indian Law

After a new e-commerce regulation implemented by the Indian government to protect its domestic retail stores, the US-based leading e-commerce companies Amazon and Flipkart pull down an estimated 400,000 products in India. The new regulation for e-commerce businesses which was first announced at the end of 2018 imposes a ban on exclusive sales, prevents retailers from selling products on platforms they count as investors and applies restrictions on discounts and cashback promotions. Flipkart, owned by Walmart following a $16 billion investment pull as many as one-quarter of its products in order to comply with the rule.  Amazon estimated to have pulled as many as 400,000 products from sale in India. Initially, Flipkart and Amazon have applied for three-month relaxation to the n...
Indian Government is Reportedly Ensuring Aadhaar linkage
INDIA

Indian Government is Reportedly Ensuring Aadhaar linkage

The Indian government is actively taking into consideration the amendments to the Telegraph Act and the Prevention of Money Laundering Act (PMLA) to provide legal backing for mobile numbers and bank accounts to be linked to Aadhaar on a voluntary basis. The ministry of electronics & information technology has moved a proposal to this effect, which has gone through detailed legal scrutiny and is currently being examined by other stakeholder ministries, especially finance and telecom. Also, the proposal includes an amendment to the Aadhaar Act to recognise the virtual token that is used to prevent sharing of the actual Aadhaar number. The UIDAI has provided for this token through its rules, but stronger legal backing is now being sought. After several rounds of internal deliber...
In a first, Indian Government is Planning To Regularize Online Travel Booking
INDIA

In a first, Indian Government is Planning To Regularize Online Travel Booking

India government in a first its kind of move will setup certain guidelines for Online travel aggregators like Air B&B, Makemytrip, Yatra and Oyo to be recognised by the Tourism Ministry in order to operate, a senior official said. For the first time, the ministry has prepared a set of guidelines by which it will approve and classify online travel aggregators (OTAs) ensuring reliability of their services. The scheme for approval/re-approval of OTAs will be rolled out online by the end of this month and all applications and fee payment will have to be made on it, the ministry official said. "The scheme will set standards towards accreditation and add value to the dependability and reliability to the aggregators in the online space operating in the organised tourism sector," he a...
Indian Government Hikes the Interest Rate of Small Savings Schemes
INDIA

Indian Government Hikes the Interest Rate of Small Savings Schemes

The Indian government has come up with new hikes in the interest rate on small savings schemes including public provident fund or PPF and also on Kisan Vikas Patra or KVP. The interest rate of PPF has been altered to 8% interest rate for the October to December quarter, up from 7.6% in the current quarter. On the other hand, for the KVP, the interest rate has been taken to 7.7% from 7.3% in the current quarter. This means that KVP will now mature or double in 118 months as compared to 112 months earlier. The announcement regarding the change in these interest rates was made by the finance ministry today. The interest rate on small savings schemes, which are benchmarked to yields on government bonds, are revised on a quarterly basis. With the 10-year benchmark yield now above 8%, many...
Who is The Real Owner of NDTV? Pranab Roy or Mukesh Ambani!
Story

Who is The Real Owner of NDTV? Pranab Roy or Mukesh Ambani!

Disclaimer - The information in the article about the deal of NDTV and Reliance has been derived from various sources and we have tried our best to collect all the facts and come up with a clearer view of the case. The readers can go through the story and analyze the whole deal according to their point of view. For a long time, a question might have been troubling a lot of people in the business space: Who really owns NDTV, Roys or Ambani? NDTV founders Prannoy Roy, his wife Radhika Roy and their private holding company RRPR Holding raised a loan amounting to Rs 350 crore, without any interest, from Vishvapradhan Commercial (VCPL), a subsidiary of Mukesh Ambani's Reliance Industries Ltd (RIL) on 21st July 2009. It is said that in the form of a loan, this was basically an ...
No Change In Interest Rate Of Small Saving Schemes
Market

No Change In Interest Rate Of Small Saving Schemes

A large proportion of India’s population participates in the several government saving schemes. In this regard, a very important source of savings for the households in the country is made through the small saving schemes (SSSs) that include public provident fund, post office deposits, senior citizens savings scheme, time deposits and much more. The basic objective of the government through these schemes is to support the social security as well as help in resource mobilization for the government. Talking about the interest rate of these schemes, the rate of interest is slightly high as compared to that of other financial schemes. The interest rates were expected to be hiked but to the disappointment of the fixed income group and the savers, the government has not come up with any chang...
Now You Can Apply for Indian Passport Using Mobile Application
INDIA

Now You Can Apply for Indian Passport Using Mobile Application

In an effort to help Indian citizens to secure passport in hassle freeway, India’s External Affairs Minister Sushma Swaraj has unveiled a newer version of the mPassportSeva Mobile App. A statement issued by the Ministry of External Affairs said that the revamped version of the mobile app comes along with a unique scheme that allows Indian citizens to apply for passport on their mobile from any part of the country. The new improved version of the app was launched to mark the Sixth Passport Seva Divas. It is available on both Android as well as IOS platforms. Commenting on the benefit of the app, a statement by the ministry said: “With the launch of this mPassport Seva App, citizens would not require access to a computer and printer to apply for passport services.”    Describi...
The Helpful Startup Policies From Indian Government
INDIA

The Helpful Startup Policies From Indian Government

In the recent years, the Narendra Modi led Government of India has been focusing more and more on a wide universe of emerging startups, and for this, the government has been bringing in new programmes and opportunities for bringing out the best in these companies and help them in innovation and nurturing. Several initiatives have been undertaken by the government of our country to support the new entrepreneurship and to foster a culture of innovation among the youngsters which are considered by our Prime Minister as the future of India. With a huge and exceptional statistic advantage, India, in any case, can possibly improve, raise business people and make occupations for the advantage of the country and the world. Recognising the importance of innovative startups and women entrepreneur...