Provident Financial News

The new leader of state securities regulators said states have an important role to play in protecting investors from the potential dangers of digital assets.

ANZ, National Australia Bank and Westpac have joined Commonwealth Bank’s calls for global digital platforms to be regulated as payment service providers, pushing back on recent arguments by Apple and Google that they’re merely peripheral players.

Income Tax Appellate Tribunal (ITAT) and Goods and Services Tax (GST) tribunal will not be eligible for gratuity, pension and provident fund benefits, following changes in the rules introduced by the Centre. «Pension, Provident Fund and gratuity shall not be admissible for the service rendered in the Tribunal,» says the amended rule 13. Besides, it has made tribunal membership a full-time job. Earlier, serving high court or Supreme Court judges were sometimes appointed as chairperson or a member while staying in their existing service. So they were entitled to pension and other benefits. Now when a serving judge of any court is appointed as chairperson or a member of the tribunal, they will have to either resign or obtain voluntary retirement from their parent service before joining the tribunal.

MUMBAI : Lenders to Go First have turned wary of extending more loans to help the grounded airline return to skies, two people aware of the matter said, given the protracted legal battle between the company’s lessors and the resolution professional. The banks had agreed to grant an interim financing of ₹600-700 crore to help the low-cost airline take off with a lean fleet and stay afloat. “The lenders have already disbursed an interim financing of ₹100 crore to Go First," one of the two people said on condition of anonymity.

NEW DELHI : Monin, a French syrups company, is set to expand its production in India with a ₹300 crore investment in a new plant in Telangana. Although the company announced the plant in 2018, its groundbreaking is happening this week, said Olivier Monin, chairman, Georges Monin SA. The investment into Monin India Pvt.

hedge fund. Glas Trust Co., the trustee representing lenders who had extended a loan of $1.2 billion to the world’s most valuable education technology startup in November 2021, told a Florida court on 7 September that Byju’s transferred $533 million to Camshaft Capital Fund, a Miami-based hedge fund, allegedly established by a 23-year-old with no training or experience in investing. The lenders also told the court that the official address of the hedge fund in its regulatory filings is a US restaurant chain, IHOP.

Disgraced former FTX CEO Sam Bankman-Fried has submitted a list of proposed jury questions to a Manhattan federal court as he prepares for his upcoming fraud trial.

Ujjwala scheme, which will have a financial implication of Rs 1,650 crore, according to an official statement Wednesday. Under the Ujjwala scheme, a poor household receives an LPG connection, the first refill and a stove for free. Oil companies offer three types of connections with varying costs. For Rs 2,200, one can get a traditional 14.2 kg single bottle connection or a 5kg double bottle connection.

Digital payment services provider Paytm on Wednesday said its shareholders have approved the appointment of a new statutory auditor, S.R. Batliboi & Associates LLP, for five years. S.R. Batliboi & Associates LLP has been approved as the new statutory auditor of Paytm for five years in the 23rd annual general meeting held on September 12, Paytm said in an exchange filing.

Edith Cowan University has moved to terminate a contract with PwC to manage its $853 million campus project in Perth amid concerns the work was scheduled to be moved to the big-four firm’s public sector consulting spin-off, Scyne.

BP has called on Western Australia to scrap its controversial export ban for onshore gas projects and issued a strong warning that further government intervention will undermine energy security and stifle investment.

Indian commerce minister, Piyush Goyal revealed Wednesday that the country is in the process of drafting a new policy aimed at enticing electric vehicle (EV) manufacturers and fostering increased investment in the industry.

The head of the United Nations says all countries, including Russia, must abide by resolutions that ban arms exports from North Korea

The first artificial womb to gestate a human baby is fast approaching reality. Food and Drug Administration regulators will weigh next week how scientists should conduct the first human tests of bag-like wombs, meant to nurture babies born so premature that modern medicine struggles to keep them healthy. The agency plans to meet with outside advisers and discuss behind closed doors what the agency called “confidential commercial information," citing a federal law that allows nonpublic meetings to discuss trade secrets.

Consulting firm EY said it recently completed a $1.4 billion investment into artificial intelligence, the latest among a series of peers to make a billion-dollar announcement regarding the rapidly developing technology. In addition to the $1.4 billion investment, announced Wednesday, the professional-services company said it has created its own large language model, EY.ai EYQ, and that it would train its 400,000 employee workforce on AI. EY declined to comment on the exact amount it would spend on AI going forward, but said that the amount is more per year than it has spent over the past five years.

Volvo Car India has commenced deliveries of its recently-launched electric car C40 Recharge with Kerala and Tamil Nadu to begin with, the company said on Wednesday. The Indian arm of the Swedish luxury car maker Volvo rolled out its first ground-up electric car in the domestic market on September 5 at an introductory price of Rs 61.25 lakh (sans taxes). The premium car company launched its first locally-assembled pure electric SUV XC40 Recharge in July last year. «Deliveries of the first born electric C40 Recharge are important milestone in our journey towards becoming an all-electric company by 2030.

auditor that they have been overcharged. The telcos need to refund the amount within 3 months of the receipt of the audit observation, the sector regulator said. The measures are part of quality of service (code of practice for metering and billing accuracy) regulations, 2023, notified by the Telecom Regulatory Authority of India (Trai) on September 11.

WASHINGTON (Reuters) — U.S. President Joe Biden wants auto union UAW and major automakers to work around-the-clock to avoid a strike, White House economic adviser Jared Bernstein said Wednesday.

By Howard Schneider

NEW DELHI : The union cabinet on Wednesday cleared the third phase of the eCourts project with an outlay of ₹7,210 crore and allocated ₹1,650 crore for providing 7.5 million additional free cooking gas connections. In another meeting the Cabinet Committee on Economic Affairs cleared a proposal for foreign direct investment of up to ₹9,589 crore by Cyprus-based Berhyanda Ltd in Suven Pharmaceuticals Ltd.

NEW DELHI : After a weak start, the markets rebounded well on Wednesday, with Nifty gaining 0.38% and closing above the 20000-mark for the first time, supported by softer inflation data and strong production numbers despite weak global cues. While Nifty ended the day at the record closing high of 20070, Sensex, with gains of 0.38%, closed at 67466.99 and is inching close to its all-time high of 67619.17 seen in July. The mid- and small-caps, which had seen significant corrections on Tuesday, also ended with gains.