Electronic Financial News

Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers by enabling non-bank payment system operators to offer CBDC wallets. . According to the RBI's Statement on Developmental and Regulatory Policies issued on April 5, 2024, “Distribution of CBDCs through Non-bank Payment System Operators CBDC pilots in the Retail and Wholesale segments are underway with more use-cases and more participating banks. Continuing with this approach, it is proposed to make CBDC-Retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallets. This is expected to enhance access and expand choices available to users apart from testing the resiliency of the CBDC platform to handle multi-channel transactions. Necessary changes will be made to the system to facilitate this.” Further, the RBI governor said during his Monetary Policy Review speech, «The CBDC pilots are currently in operation with increasing number of use-cases and participating banks. It is proposed to make CBDC-Retail accessible to a broader segment of users by enabling non-bank payment system operators to offer CBDC wallets. This will also facilitate testing of the resiliency of CBDC platform to handle multi-channel transactions. „

Samsung Electronics estimated on Friday a more than 10-fold rise in its first-quarter operating profit, as rebounding semiconductor prices lifted earnings from a low base a year ago when there was a severe downturn in chip demand. The world's largest memory chip and TV maker estimated its operating profit rose to a better-than-expected 6.6 trillion won ($4.89 billion) in the quarter ended March 31.

CAIRNS, Australia—Standing on the bridge of a 270-foot U.S. Coast Guard cutter, Lt. Channing Meyer listed the recent upgrades to the 40-year-old ship.

A New York RIA has been charged for “widespread and longstanding failures” relating to electronic communications – and fined $6.5 million.

The Income Tax Department has now released the e-filing versions of the ITR-1, ITR-2, and ITR-4 forms for the financial year 2023-24 (assessment year 2024-25). This simplifies the process for taxpayers, allowing them to begin filing their income tax returns. The deadline for filing income tax returns (ITRs) for FY 2023-24 (AY 2024-25) is July 31, 2024.

manufacturing startup Zetwerk is betting big on the defence market and is looking to invest up to Rs 350 crore in the next few years to acquire foreign companies involved in manufacturing components for electronic warfare, setting up a new test facility in Tamil Nadu and creating a new drone manufacturing unit. In an interview with ET, Vishal Chaudhary, co-founder at Zetwerk, said the company is in advanced stages of acquiring firms that specialise in high precision manufacturing, which will compliment its current portfolio of electronic warfare equipment. The executive said the acquisition would be in the Rs 50-75 crore range and would most likely be from Europe. “We have to be very selective in the choice. At the end of the day, the application is aerospace and defence, so that sort of narrows the world and then there are certain international regulations where you can go and where you can’t. So, Europe is one of those potential areas where there are some very good companies,” Chaudhary said, adding that negotiations are at an advanced stage and the acquisition could be completed within six months.

Dixon Technologies, India’s largest electronics contract manufacturer, is in initial talks to buy a majority stake in the local phone-making unit of China’s Transsion Holdings, people aware of the details told ET. Transsion’s India business is valued at about Rs 700 crore, they said. The talks come amid greater scrutiny of Chinese firms operating in the handset ecosystem. The Centre wants Indian companies and executives to have more sway over the country’s mobile phone industry, currently dominated by Chinese handset brands, as part of an informal mandate, according to people with knowledge of the matter.

Supreme Court's decision to hear a plea seeking complete count of Voter Verifiable Paper Audit Trail paper slips in the forthcoming Lok Sabha polls has brought back the focus on the Election Commission of India's rationale in limiting the verification to five randomly selected EVMs. The poll panel has defended its rationale in courts and also found support from experts such as the Indian Statistical Institute which said the random formula was statistically sound. After a petition by over 20 political parties in 2019, SC mandated physical verification of EVM-VVPAT counts in 2% polling booths per constituency. Of the 20,687 polling stations where the mandatory physical verification of VVPAT slips was conducted on SC orders in 2019, eight cases of mismatch were found, which EC said were mainly due to 'easily explainable human errors'. The mismatch estimated at 0.0004% had no impact on the results in all eight cases, EC maintained.

Mumbai…April 1, 2024…Lifelong Online, one of India’s leading e-commerce brands for consumer goods, is proud to unveil its latest innovation, the Lifelong Android Home Projector series. Designed to revolutionize the home viewing experience, the Lifelong Projector series combines cutting-edge technology with unparalleled convenience, offering consumers an immersive cinematic experience right in the comfort of their own homes.

Sanjay Raut on Tuesday said the Maha Vikas Aghadi (MVA) is still interested in holding seat-sharing talks with the Prakash Ambedkar-led Vanchit Bahujan Aghadi (VBA), which has already declared candidates for several Lok Sabha seats. Talking to reporters, Raut reiterated his demand to scrap electronic voting machines (EVMs) and conduct polls on ballot papers, claiming that the BJP will bear the brunt if polling is not conducted on EVMs. Prakash Ambedkar was in talks with the MVA, comprising the Congress, the Nationalist Congress (Sharadchandra Pawar) and the Shiv Sena (UBT), for the Lok Sabha polls but recently announced candidates for 20 out of 48 seats. The Sena (UBT) leader claimed that Ambedkar's party stopped talks with the MVA, which had given it a proposal for five seats, including Akola, Ramtek, Dhule and a seat in Mumbai.

A key Japanese central bank report says that sentiment among big manufacturers has sagged but optimism hit a three-decade high among large business outside the manufacturing sector

Voter Verified Paper Audit Trail (VVPAT) paper slips in elections. In the existing practice, only five randomly selected EVMs in each assembly segment of a Lok Sabha seat are verified through counting of Voter Verified Paper Audit Trail (VVPAT) paper slips. The Congress party hailed the notice as an “important first step" and said the matter should be decided before the Lok Sabha elections 2024 begin.

Chinese stocks ended slightly lower on Tuesday, as sentiment remained muted between optimism over improved manufacturing activity data and hopes for more stimulus measures. Hong Kong stocks rose, led by energy and technology shares. Xiaomi was under the spotlight, with its shares surging as much as 16%, as the electronics maker's sporty electric vehicle launched last week drew strong interest. ** At the close, the Shanghai Composite index was down 0.08% at 3,074.96, while Hong Kong's main Hang Seng index was up 2.36% ** The blue-chip CSI300 index was down 0.42%, with its financial sector sub-index lower by 0.34%, the consumer staples sector down 0.65%, the real estate index down 3.48% and the healthcare sub-index down 1.28%.

Shares of China's Xiaomi surged as much as 16% on Tuesday after the maker of smartphones and other consumer electronics last week launched a sporty electric vehicle whose design has been likened to Porsche's Taycan and Panamera sports car models. Xiaomi shares touched their highest since January 2022 on the first day of trading after the Easter holiday break and the first since it launched its first-ever vehicle.

fund houses to set up a sub-exchange which could be along the lines of the Shanghai Stock Exchange STAR Market. The SSE STAR Market has been touted as Shanghai's Nasdaq which allows Chinese companies in high-tech and strategically emerging sectors with greater access to capital markets. The move to set up such an exchange in India comes at a time when the government harbours ambitions of touching $1 trillion in electronics production in the next five years. The discussions are being led by Electronics industry body ICEA (India Cellular & Electronics Association).

India is drawing up near, medium and longterm goals in line with its target to become a developed economy by 2047, with a focus on electric mobility, digitisation of payments infrastructure and high-speed expressways, officials said. All central ministries will soon firm up plans indicating five-year budgetary requirements for better financial management, they said. Extended producer responsibilities for goods such as cars, recycling centres for electronic waste like cell phones, comprehensive soil surveys, measures to raise farm output, holistic skilling of the country’s youth, speedier production from auctioned mines and extensive assessment of Indian geology, and increased manufacturing output with lower emission intensity are some of the other key areas in focus.

NEW DELHI : Indian Railways has moved at record pace in the just completed financial year, reaching new milestones in various categories including freight loading, railway electrification, and new development. The national transporter also registered its highest number of restoration of bridges during the year, and expanded its programme to install automatic signalling and digital interlocking of stations–measures aimed at ensuring both smoother operations as well as a higher degree of safety. Indian Railways registered record freight loading of 1,591 million tonnes in FY24, as compared with 1,512 mt in the year before–also an indicator of higher economic activity.

South Korean technology giant Samsung Electronics has fallen behind in the artificial-intelligence race—at least in the first heat. It would be foolish to count it out, though. Recent signs indicate it might be narrowing the technological gap with rivals SK Hynix and Micron in high-performance AI memory chips.

National Highways Authority of India's 'One Vehicle, One FASTag' norm, which aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, has come into force from Monday, a senior official said. NHAI had extended the 'One Vehicle, One FASTag' initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users. «Multiple FASTags won't work… People who have multiple FASTags for one vehicle won't be able to use all of them from today (April 1),» the official told PTI. To enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas, the NHAI has taken the 'One Vehicle, One FASTag' initiative that aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle.

ministry of road transport and highways has issued detailed standard operating procedures for recording and digitising the sanction process for all road projects with effect from April 1, 2024. “The move is aimed at ensuring paperless, informative, transparent and accountable sanction process and has to be mandatorily followed for works being executed through the National Highways Authority of India,” it said in a notification. As per the notification, besides NHAI other stakeholders involved in construction of roads and highways will also be mandated to sanction projects based on the SOPs. These include the state government, the Border Road Organisation, the National Highways and Infrastructure Development Corporation and all project implementation units (PIUs) under the road ministry.

Stock market today: Dixon Technologies shares have been in uptrend for nearly one year. In this time, Dixon Technologies share price has risen from around ₹2,893 to ₹7,626.90 apiece level on NSE, logging around 160 percent rally in this time. So, this electronic manufacturing services company share is one of the multibagger stocks in India.