Mobile Financial News

India Post GDS Recruitment 2024: The Department of Posts, under the Ministry of Communications, has announced a big recruitment drive for 44,238 Gramin Dak Sevaks (GDS), Branch Post Masters (BPM), and Assistant Branch Post Masters (ABPM). This opportunity aims to expand India's postal services network.

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Uber have approached the finance ministry, Goods and Services Tax Council and the Authority for Advance Rulings (AAR) seeking clarity on whether their business was liable to tax or not. The move follows a decision from the Karnataka AAR that held that Bengaluru-based direct-to-driver app Namma Yatri was not liable to pay GST. The AAR, in the case of Juspay Technologies that runs the Namma Yatri mobility platform, relied upon the dictionary meaning of the word «through» and held that the mere act of linking service providers with customers through a digital platform did not constitute a supply of service and thus not liable to tax. Section 9(5) of the Central Goods and Services Tax Act, 2017 specifies that liability of GST on certain services has to be discharged by an electronic commerce operator if the services are supplied 'through" its platform. The Karnataka AAR held that as Namma Yatri was merely connecting the auto driver and passenger and its role ended on such connection, the supply was happening independent of its online application and, accordingly, Section 9(5) did not apply on it.

Consumer spending on mobile services in India slumped sequentially in the fourth quarter of FY24, which was reflected in lower revenues for telecom operators from their postpaid services business as well as reduced payouts for data services, according to an assessment collated by the telecom regulator. User spending on mobile services (post-GST) rose a modest 1.4% sequentially to about Rs 55,524.5 crore in the fourth quarter of FY24 — 44% lower than the 2.5% sequential growth clocked in the third quarter of FY24 — as per latest sector performance data issued by Telecom Regulatory Authority of India. According to analysts, the sequential dip in postpaid service revenue in the fiscal fourth quarter was caused by rising sales of low-value M2M (machine-to-machine) SIMs or 'connections'.

RBI ban on tech related loopholes, the newly appointed chief of Kotak Mahindra Bank, Ashok Vaswani in his maiden annual letter to shareholders has said that technology will be at the centre of the lender’s efforts to transform and scale further. Addressing the RBI order Vaswani added that the bank had much more to do to leverage technology. “It is evident that we have more to do… Changing customer expectations, the dramatic pace of business growth and the emerging risk landscape have meant that we have to move at a much faster pace,” Vaswani said. “We are absolutely committed to further enhancing our resources and commitments in this area and I am very confident that collectively, as a team – we will deliver and use this as an opportunity to leapfrog. It is also very clear that technology is going to be at the centre of our efforts to transform and hence, scale.” In April this year, the banking regulator had directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and banned it from issuing fresh credit cards.

Naveen KR, smallcase Manager, Senior Director, Windmill Capital. He also warns that over indexing in one section of the market might lead to erosion of capital. Edited excerpts:

security forces as ethnic tensions continued in the tribal-dominated Ganda Twisa in Tripura's Dhalai District on Saturday. The Internet has been snapped and large gatherings have been banned in the district and four people have been arrested. Officials said the attackers burnt houses, vandalised and looted shops and homes at Ganda Twisa on Friday night when Parameshwar Reang succumbed to his injuries after being assaulted by some miscreants on July 7. The Tripura home department suspended mobile Internet services in Dhalai district till Saturday midnight to prevent circulation of messages, videos and photographs.

ethnic tensions continued at tribal-dominated Ganda Twisa in Tripura’s Dhalai District on Saturday, authorities imposed prohibitory orders and deployed a huge contingent of security forces. The Internet has been snapped and large gatherings have been banned in a district in Tripura. Four people have been arrested. Officials said that attackers burnt houses, vandalised and looted shops and homes at Ganda Twisa on Friday night after Parameshwar Reang succumbed to his injuries after being assaulted by some miscreants on July 7. The Tripura Home Department suspended mobile Internet services in Dhalai District till Saturday midnight to prevent circulation of messages, videos and photographs.

bail to one Gangadhar Gunde whose counsel claimed that he was wrongly arrested by the CBI due to mistaken identity in an NEET paper case linked to Latur, Maharashtra. CBI had arrested the accused Gunde on June 26 from Dehradun. This case was initially registered by the Latur Police at Shivaji Nagar Police Station. Later on, the FIR was taken over by the CBI. Special CBI judge Ankit Singla granted bail to Gangadhar Gunde after hearing arguments of counsel for CBI and the accused.

A Maryland board led by Gov. Wes Moore has approved a $50.3 million emergency contract with a company that removed debris from the March collapse of the Francis Scott Key Bridge

electric vehicles, local production of advanced technology batteries and faster procurement of electric buses by public transport networks during the first hundred days in office. Top sources in the know told ET, the schemes being considered for approval include award of 10 GWh capacity under the PLI ACC (Production Linked Incentive Scheme for Advanced Chemistry Cells) to set up local units for making advanced batteries, a payment security mechanism for extending interest-free capital to automakers in case of default in payments by state-transport undertakings which will help facilitate widespread procurement and deployment of electric buses and the third chapter of the Faster Adoption and Manufacturing of Electric Vehicles (FAME 3). All three schemes have been put up for inclusion in the 100-day agenda to accelerate the transition towards clean mobility solution to realise net zero objectives, a senior official aware of the development said, adding, the Prime Minister is scheduled to chair a meeting of secretaries from across ministries later this month to freeze the 100-day plan.

Tata Motors' leadership in the SUV segment. From introducing India's first-ever SUV, the Tata Sierra, in 1991 to unveiling groundbreaking innovations like the compact SUV concept Nexon at the 2014 Auto Expo, Tata Motors has continually redefined the SUV category.

«There is enough competition in the telecom sector and the situation is not critical that requires intervention of the authorities. Consumers may feel some pinch of the price rise, but the hike has happened after three years,» one of the officials told ET, asking not to be named. India's three private telcoraised mobile tariffs by 11-25%, with the changes taking effect this week. As per analysts, this would increase the spending on telecom services in urban India to 2.8% of household expenditures in fiscal 2025 from 2.7% in FY24.

Saurabh Mukherjea, Founder & CIO, Marcellus Investment, says a new India is being born – the challenger franchises, roughly 6,000 companies below the top 800. The top 800 companies are the rulers, they make profits of around $60 million. But the fastest profit growth in the country is in the 6,000 companies below the top 800. According to Mukherjea, their job, in the last year, increasingly has been to load up on these new businesses as India's profit landscape changes dramatically. What are the key highlights of your new report and research study and what triggered it? Saurabh Mukherjea: What triggered it is in the two years after COVID, we realised that while the investee companies were continuing to generate 20% profit growth, there was a whole ecosystem of smaller companies – around 6,000 smaller companies – which are growing profits at 30-35%. These are not PE or VC-funded companies but were perfectly ordinary smaller companies that are growing profits at a rapid rate.

Target says it will no longer accept personal checks from shoppers as of July 15

electric vehicles, sections of EV makers said this time they wanted a subsidy policy with a definite timeline, rather than one that would be abruptly cut off like the previous one. “New changes are too sudden, especially for the automobile industry with its long lead times. We would want the new subsidy regime to last for at least two to three years to truly benefit the industry,” Amitabh Saran, chief executive of electric three-wheeler maker Altigreen, told ET. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.

ONDC) monthly transaction volumes hit 10 million in June last month with 6.1 million non-mobility transactions and 3.9 million mobility transactions, said Equirus Securities India Equity Research BFSI sector report on July 7. The open network has been adding one million transactions per month over the past two months, exhibiting strong growth, it said. Bulk of this incremental growth has been retail-driven, with non-mobility orders crossing 6 million transactions in June 2024 versus 3.6 million in March 2024,it added. Mobility transactions have declined to 3.9 million from 4.1million in March 2024, the report said.

income tax return (ITR) within 30 days of filing it, or all the time and resources you invested in filing it will be wasted. Verification of the ITR is the last step of the tax return filing process and is a mandatory requirement for processing of the filed ITR. The filed ITR will not even be considered for processing by the tax department unless you verify it using the prescribed methods. «If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961,» said the tax department on its website. Needless to say, if your filed ITR is not processed, you will not get income tax refund (if any) and it will be assumed that you have not filed your ITR. The deadline to file ITR for those not liable for an income tax audit is July 31, 2024, for FY 2023-24 (AY 2024-25).

Jill Biden is launching President Joe Biden's outreach to veterans and military families during a campaign swing through battleground states, drawing contrasts with her husband's Republican rival as the Biden team works to shift the conversation away from growing calls for the Democratic incumbent to drop his reelection bid after a damaging debate performance against Donald Trump. The first lady was to announce the formation of Veterans and Military Families for Biden-Harris during stops Monday in Wilmington, North Carolina; Tampa, Florida; and Columbus, Georgia. The states have large populations of veterans and military families. Her daylong tour is part of the Biden campaign's broader effort to rebound from the president's halting performance against Trump in last month's debate, which led a handful of House Democrats and others to call on Biden to end his campaign because they no longer believe the 81-year-old president is mentally and physically capable of defeating Trump in November's election.

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Mercedes-Benz India MD & CEO Santosh Iyer told the Times of India, «We need to see whether it makes sense… Investments can be done only if the tax advantage of 5% GST on EVs will continue for the next ten years… that gives us confidence.» Iyer added, «This will prompt us to do a business case to start with. Today, there is no business case.»