Gaurav Bansal

[ad_1] The government on Friday denied reports suggesting GST levying on UPI transactions exceeding Rs 2,000, calling such claims “completely false, misleading, and without any basis.”In an official statement, the finance ministry said, “Currently, there is no such proposal before the government,” dismissing concerns that had surfaced earlier.The ministry also clarifyed the tax framework, explaining that GST is only applicable on charges like the merchant discount rate (MDR), which are relevant for certain payment methods.However, in January 2020, the Central Board of Direct Taxes (CBDT) eliminated MDR on person-to-merchant (P2M) UPI transactions.“Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions,” the ministry stated.UPI, or Unified Payments Interface, has witnessed a remarkable surge in usage, with transaction values skyrocketing from Rs 21.3 lakh crore in 2019-20 to a soaring Rs 260.56 lakh […]

[ad_1] The rupee experienced its strongest weekly gain in a month, closing at 85.37 against the dollar, driven by increased foreign portfolio inflows into Indian equities. A persistently weak dollar and bullish sentiment towards emerging Asian currencies, including the rupee, further contributed to the currency's rise. Markets were closed on Friday for Good Friday. MUMBAI: The rupee rose on Thursday to log its best weekly performance in a month as foreign portfolio inflows into equities picked up and as the dollar remained on the defensive amid concerns about how tariffs would affect the US.The rupee closed at 85.37 against the dollar, up from its close at 85.59 in the previous session. The currency rose about 0.8% week-on-week, its best weekly gain since March 17.The markets are shut on Friday for the Good Friday holiday. Persistent weakness in the dollar has […]

[ad_1] MUMBAI: Markets regulator Sebi is looking at ways to sort out issues relating to the initial public offering (IPO) of NSE, the largest stock exchange in India in terms of turnover. Sebi set up a committee to look into various issues related to NSE's IPO, the regulator's chairman Tuhin Kanta Pandey said on Thursday.The Sebi chief was speaking to reporters after delivering his speech at CII's annual corporate governance summit. He said NSE was also asked to resolve all the issues related to the IPO and that it would be done at the earliest. It's been about nine years since NSE first filed its papers to go public, but several issues, including Sebi investigations against the exchange and some court cases, stalled the process.However, the Sebi chief said that for institutions run with both a social motive and a […]

[ad_1] India's foreign exchange reserves rose by $1.567 billion to reach $677.835 billion for the week ending April 11, the Reserve Bank of India said on Friday. The reserves have shown continuous growth for sixth consecutive week.The overall forex kitty witnessed an increase of $10.872 billion, reaching $676.268 billion in the previous reporting week ended April 4. The foreign currency assets, which constitute a significant portion of the reserves, increased by $892 million to $574.98 billion, according to Friday's data release.The highest level of forex reserves was recorded at $ 704.885 billion in September 2024.When expressed in dollar terms, the foreign currency assets reflect changes in value of non-US currencies such as the euro, pound and yen maintained in the foreign exchange reserves.Gold reserves increased by $ 638 million, reaching $ 79.997 billion during this period, RBI said.The apex bank […]

[ad_1] NEW DELHI: National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by the BCCI and Byju’s board member Riju Raveendran, rejecting their request to withdraw insolvency proceedings and allow a settlement between debt-ridden edtech firm and the cricket board.The appellants had challenged the February 10, 2025 order by the Bengaluru bench of the National Company Law Tribunal (NCLT), which directed that their settlement proposal be submitted to the newly formed Committee of Creditors (CoC).This CoC includes US-based Glas Trust, the trustee representing lenders to whom Byju’s owes $1.2 billion.The Chennai NCLAT bench, comprising Justice Rakesh Kumar Jain and Jatindranath Swain, sustained NCLT's directives, noting that since the settlement proposal came after CoC formation, it requires the lender body's approval under IBC section 12A.BCCI and Riju argued that their Section 12A application, filed before CoC constitution, should follow Regulation […]

[ad_1] India’s growth of becoming a global powerhouse in the automobile industry is being slowed down by a lack of innovation, according to a new report by NITI Aayog.The report further noted that this drawback was mainly due to inadequate infrastructure in research and development as India's spending on the sector remains among the lowest in the world, especially when compared to leading automotive nations like Germany, Japan, and the United States.“One of the most critical barriers to India’s growth in the global automotive sector is the lack of innovation, largely driven by inadequate Research and Development (R&D) infrastructure,” the report noted.The report added "This underinvestment severely limits the country's ability to compete in emerging technologies such as EVs, autonomous driving, and smart mobility solutions".While Indian manufacturers are known for their efficiency in producing low-cost, high-volume vehicles, the absence of […]

[ad_1] Wallet refunds will take up to 90 days: BluSmart BENGALURU: Electric cab aggregatorBluSmart has pushed the timeline for refunding wallet balances to users to 90 days, up from six days earlier this week, amid a pause in ride bookings across cities where it operates.Several users have taken to social media to express concerns over the lack of clarity over the refund. As of Thursday, bookings remained unavailable on the BluSmart app in Delhi-NCR. Customers with balances in their BluSmart wallets have been advised to wait for up to three months for refunds if services do not resume. In an email sent to customers, the company said, “We’ve decided to temporarily close bookings on the BluSmart app. We truly appreciate your support. While we strive to be back soon to serve you with same warmth and smile, we will initiate […]

[ad_1] The US Equal Employment Opportunity Commission (EEOC) is investigating dozens of allegations that Tata Consultancy Services (TCS), India's largest IT outsourcer, discriminated against its American workers based on age, race, and national origin. The claims primarily come from professionals over the age of 40, many of whom say they were targeted in layoffs while Indian colleagues, including those working on H-1B visas, were spared, reported Bloomberg.TCS, which has more than 6,00,000 employees globally, responded to the allegations by labeling them as "meritless and misleading." A company spokesperson said, “TCS has a strong track record of being an equal opportunity employer in the US, embracing the highest levels of integrity and values in our operations.”The complaints, which started surfacing in late 2023, have raised concerns about the company’s treatment of non-South Asian employees. As the EEOC investigation continues, the agency […]

[ad_1] NEW DELHI: The United States has told the World Trade Organization (WTO) that its decision to impose tariffs on steel and aluminium imports was taken on national security grounds, not as a safeguard measure, a key distinction that challenges India’s formal complaint filed earlier this month.In a communication dated April 17, the US said the tariffs were imposed under Section 232 of US trade law, which authorizes the President to restrict imports that threaten to impair national security. "The US notes that the premise for India's request for consultations under Article 12.3 of the Agreement on Safeguards is that the tariffs are safeguard measures," the communication stated. “The President imposed the tariffs on steel and aluminum pursuant to Section 232, under which the President determined that tariffs are necessary to adjust imports of steel and aluminum articles that threaten […]

[ad_1] Fitch Ratings on Thursday cut India’s GDP growth estimate by 10 basis points to 6.4% for the current fiscal, but retained the projections for the next financial year, on concerns over a severe escalation in global trade war.“It is hard to predict US trade policy with any confidence. Massive policy uncertainty is hurting business investment prospects, equity price falls are reducing household wealth, and US exporters will be hit by retaliation,” Fitch said in its special update to quarterly Global Economic Outlook (GEO). Fitch also cut the world growth projections in 2025 by 0.4 percentage points and China and US growth by 0.5 percentage points from its March GEO.“Fitch Ratings’ forecasts for world growth have been sharply lowered in response to the recent severe escalation in the global trade war. World growth is projected to fall below 2% this […]