Provident Financial News

Karnataka chief minister Siddaramaiah on Friday proposed to increase taxes on alcohol and raise the guidance value of properties to fund the Congress party's election promises that have bloated the expenditure bill by about Rs 58,200 crore. The excise duty has been proposed to be increased by 20% on Indian-made liquor.

India is looking to usher in a comprehensive and multifaceted partnership with the countries of Central Asia by leveraging the platform provided by the Shanghai Cooperation Organisation (SCO), people aware of the matter said. SCO is a prominent Eurasian grouping to ensure peace, stability, and security in the vast and resource rich region stretching from the borders of Europe to the Pacific, including China, Russia and Pakistan. India hosted SCO's latest summit virtually earlier this week where Iran became the ninth member of the grouping.

NEW DELHI : India’s telecom regulator has started the process of consultation for regulating over-the-top or OTT services such as WhatsApp, Signal, and Telegram, where it has sought stakeholder views on selective banning of some services. The Telecom Regulatory Authority of India (Trai) has asked stakeholders’ technical challenges in selective banning of specific OTT services and websites in particular regions of the country for specific periods, and also which classes of OTT services should be covered under this move as well as the provisions and mechanism for creating such a regulatory framework.

MUMBAI : Banks have informed the Reserve Bank of India (RBI) about the financial impact of a proposed regime where they have to make early provisions for the loans they expect to sour, the regulator’s response to a Right to Information (RTI) request showed. The so-called expected credit loss (ECL) model proposed by the regulator earlier this year, where banks have to recognize stress much earlier, is in contrast to the existing regime where banks make provisions after the losses are incurred.

NEW DELHI : Mounting debt remains a major threat to emerging economies, Achim Steiner, administrator of the United Nations Development Programme (UNDP), said in an interview. While efforts are being made to ease the debt burden of developing nations, progress has been too slow, he said. The veteran civil servant proposed a $500 billion stimulus package under the sustainable development goals (SDGs) of the UN secretary-general to rescue the developing world’s financial systems.

MUMBAI : The Reserve Bank of India (RBI) is working on regulations that will be more “developmental" for fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. “We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," he said at an event in Bengaluru.

Malmö has been selected to host the 68th Eurovision Song Contest next year, as announced on Friday. The decision comes after Sweden's triumph in Liverpool in May, with Malmö winning the bid over Stockholm after extensive discussions with multiple cities, according to the organizers.

Directorate of Revenue Intelligence (DRI) has sent notices to seven exporters who were allegedly exporting restricted products. The directorate has confiscated some shipments of chemicals, minerals, metal and alloys and some essential commodities, which were under the special chemicals, organisms, materials, equipment and technologies (SCOMET) list, officials said. The shipments were confiscated by the Mumbai, Gujarat and Chennai zones, they said.

Indian Railways may soon change the colour combination of the semi-high-speed train Vande Bharat Express. At present the colour scheme of Vande Bharat consists of white colour with blue strips but it may change soon according to some reports. Railway Minister Ashwani Vaishnaw will visit the Integral Coach Factory(ICF) in Chennai where the manufacturing of the Vande Bharat trains are being done and is likely to approve the new colour scheme according to a railway official.

Executives in the crypto industry are still positive about the sector’s long-term prospects despite a slump in venture capital funding.

PharmEasy is slated to be among the first large tech startups to have a 90% markdown in its valuations in its latest fundraising round. The pandemic, with its surge in tech usage, became the wind under the wings of the tech startups, but as the pandemic abated, the wind, too, died down, leading to a few crashes or near-crashes. While the valuations of PharmEasy will collapse from its peak of $5.6 billion two years ago to $500-600 million in its upcoming rights issue, other health tech startups such as Phablecare, Mojocare and Glamyo Health are also facing bleak futures — riddled by funding crunch, disgruntled employees or allegations of fraud and misrepresentation of financials.

Paul Heaton has decided to support Scotland's largest music festival, TRNSMT, by buying drinks for fans attending the event. Heaton, known for his work with The Beautiful South and The Housemartins, will be gracing the main stage on Friday, delighting an estimated crowd of 50,000 festival-goers at Glasgow Green. Heaton took to social media to make the announcement about his plan. On the singer's Twitter and Facebook accounts, a post said, «Paul is leaving some money behind the bar at a few local pubs near to TRNSMT festival so that some of you can have a drink on him tomorrow afternoon (or until the money runs out, or the bar runs dry!).» This isn't the first time that Heaton has shown his appreciation for his fans. Last year, on the occasion of his 60th birthday, he generously sponsored 60 beverages for Neighbourhood festival attendees. Since then, he has continued this tradition of spreading joy and cheer.

human history, civilisations around the world have produced and engaged with music. From feasts to funerals, music has permeated almost every aspect of culture and life. Evolutionary psychologists have even argued that music evolved as a means of enhancing social cohesion and increasing our chances of survival.

National Oceanic and Atmospheric Administration According to their official website, the term «aurora» refers to the luminous glow generated when electrons from space descend along Earth's magnetic field and collide with atoms and molecules in the upper atmosphere. This collision occurs in a circular or oval pattern, with the centre situated around Earth's magnetic pole. The resulting interaction produces light, similar to how electrons passing through the gas in a neon light encounter different gases like neon, leading to the production of various coloured light bulbs.

Sebi on Friday slapped a penalty of Rs 1 crore on Fidelity Management & Research Company for flouting the FPI rules in the matter of Fidelity Investments Money Management. In August 2021, designated depository participant JP Morgan Chase (JPMC) informed Sebi about the delay in intimation of change in material information of Fidelity Investments Money Management (FIMM).

Apple has removed several predatory lending apps from the App Store in India, after users took to social media and complained about them. Over the past few days, several users stated that apps with names like White Kash, Pocket Kash, Golden Kash had started showing up on the Top Finance Apps chart. In a reply to ET’s queries on Friday, Apple confirmed that it has removed the apps for violating its policies.

Regulatory uncertainty in the US is driving digital assets platform Bakkt to expand internationally to Hong Kong, the United Kingdom, and the European Union, CEO Gavin Michael noted.

Reporting of Provident Fund Income in ITR for AY 2023-24: Income from contributions over Rs 2.5 lakh into the Employees Provident Fund (EPF) or any other recognised provident fund account is taxable since 2021.

Flipkart-Axis Bank Personal Loan up to Rs 5 lakh: Flipkart customers will now be able to get personal loans from Axis Bank. The e-commerce marketplace has entered into a partnership with Axis Bank to facilitate personal loans for its customers.

Greater Noida West has emerged as a shining star in the real estate landscape of the National Capital Region. Strategically located near Noida and Greater Noida, this region, consisting of a cluster of prime sectors, has proven to be a goldmine for investors and buyers alike. The existing and proposed developments in Greater Noida West have significantly piqued the interest of potential buyers, investors, and developers.

In the second quarter of 2023, Delhi’s residential demand (active searches) increased 17.7% QoQ, according to Magicbricks’ flagship PropIndex Report (April-June 2023).