Provident Financial News

Thai authorities recently cracked down on a crypto mining operation suspected of stealing electricity. The raid in Samut Sakhon and Ratchaburi netted over 650 mining devices valued at more than 200m baht (about $5m).

The move follows a counteroffer by Apollo-backed Concord Music last week, which increased its original bid to $1.25 per share, valuing SONG at around $1.51bn. Concord Music trumps Blackstone's bid for Hipgnosis Songs with raised $1.51bn offer In a stock exchange notice today (29 April), Blackstone explained its latest bid represents a 4% increase to Concord's revised offer and a 48.1% to Hipgnosis' closing price of 71p per share as of 17 April 2024 – the last business day before the beginning of the offer period. The private equity firm said its latest offer provides «an attractive...

While Employees Provident Fund (EPF) subscribers are anxious over not receiving the interest in their accounts for the last financial year, the standard response given by the retirement fund body does not allay their concerns either.

IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), today said that Former Chairman of NABARD, Dr. Govinda Rajulu Chintala has joined as independent director and Chairman of the Board at IIFL Samasta Finance. The microfinance company also announced the appointment of three other members to its Board of Directors.This strategic move reflects the company's commitment to further strengthen its governance structure and driving continued growth and innovation in the microfinance sector.Besides Former Chairman of NABARD, Dr. Govinda Rajulu Chintala, Former Managing Director of Equifax Credit Information Services Mr. Kalengada Mandanna Nanaiah, Former President of Institute of Chartered Accountants of India (ICAI) Mr. Nihar N Jambusaria and Co-promoter of IIFL Group, Mr. R. Venkataraman have joined the board.

Mumbai, India April 29, 2024: NPST, a leading provider of digital banking and payment technology solutions listed on the NSE SME exchange, announced strong fourth quarter and full-year results for FY 2024. Buoyed by a winning combination of favourable growth in digital payments, as well as its innovative technology solutions and expanding customer base, NPST reported significant increases in both revenue and net profit. The consolidated FY 2024 annual revenue surged by 216% to ₹130.08 crore, up from ₹41.13 crore in FY 2023.

filing ITR before June. This is because tax deducted at source (TDS) reporting exercise by banks and other entities on interest income on fixed deposits and savings accounts finishes by 31 May. Similarly, employers start releasing Form16 of employees in the first week of June.

AP, the destructive storms flattened buildings in the heart of a rural town and injured over 100 people. “You just can't believe the destruction," Oklahoma Gov. Kevin Stitt said during a visit to the hard-hit town.

Edited excerpts: Indian investors predominantly stick to a market capitalization-based investment approach; a bulk of it focussed on large, mid, or small-cap stocks. However, the concept of investing in various styles or themes hasn't gained much traction yet. Themes have demonstrated long-term growth potential in India.

Initially, when funds reached the RBI’s investment limit in 2022, it was believed to be temporary, with the cap expected to increase soon. However, the cap continues to remain unchanged, having deprived investors of overseas exposure for over two years now. Of the 69 international funds, 26 have been closed in some capacity. Some have been toggling flows intermittently due to limited capacity. The Rs.7,500 crore Motilal Oswal Nasdaq 100 ETF initially paused flows for 3-4 months two years ago, but now remains open, providing liquidity daily based on demand. However, it uses outflows to manage limits and may close at any time. Pratik Oswal, Head, ETFs and Index Funds, Motilal Oswal AMC, points out, “We have some headroom to invest abroad, but we are not encouraging large investors and are giving preference to retail SIP contributions.”

NPS) was opened to the general public 15 years ago, it managed to get less than 5,000 voluntary investors. The investment rules were not very clear, the structure was quite complicated and there was also no clarity on the tax treatment of the income. But over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. If you have the necessary documents, the account can be opened online within minutes. The Finance Ministry has done its bit by introducing tax benefits on contributions, including tax deductions that are exclusive to the NPS and making 60% of the maturity corpus tax free. As a result, the NPS is slowly gathering pace. In 2023-24, some 8.73 lakh voluntary investors joined the scheme. That’s an average 2,391 investors joining per day, almost 100 every hour. But the NPS is still not the preferred investment vehicle for retirement. With only 55 lakh voluntary investors, it has tapped only 10% of the total investing population in the country.

Also read: Bihar CM Nitish Kumar predicts ‘more than 4,000 seats’ for NDA The reason behind such loyalty to Nitish is that after becoming CM for the second time in 2005, he took several revolutionary initiatives. His government gave away bicycles to girls in every town and village. This brought girls out of homes to pursue education, and ushered in a shift in society’s lowest classes.

Bitcoin’s recent 1.4% spike in value this weekend has stirred interest among investors, prompting discussions around Bitcoin price prediction for the coming week.

ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have  decided to discontinue  their services for customers in the United States. 

₹50 crore in Indian startups. As part of the initiative, Velumani aims to not only provide financial backing, but also mentorship to promising startups, according to a statement issued by YEA on Sunday. With his wealth of experience and expertise, Velumani plans to handpick seed-stage startups with considerable growth potential, and target entities with at least ₹5 crore in turnover, he said in an interview with Mint.

Dry promotion: 'New title, no raise' appraisal trend leaves employees in a pickle According to a study done by audit and consulting firm Deloitte India, the average pay hike across Indian companies is estimated to slip to 9.1% this year from 9.4% last year, with the IT sector facing spending cuts by clients seeing the worst hikes in a decade. Some profiles are expected to get better hikes given their demand. "Over the past few years, many sectors have seen a trend towards more substantial increments for tech and digital roles, while traditional roles may see steadier, moderate increases.

Indian Navy has successfully rescued the crew of a Panama-flagged crude oil tanker, MV Andromeda Star, after it came under a missile attack by Houthi militants. The vessel was attacked in the Red Sea on April 26, prompting a rapid response from the Indian Navy's destroyer, INS Kochi. The attack resulted in minor damage to the vessel, which is operated by a company based in Seychelles. The distressed oil tanker was intercepted by the Indian Navy ship and an aerial recce was carried out by the Indian Navy helicopter to assess the situation. «A mission deployed Indian Naval destroyer INS Kochi responded to a maritime security incident involving the attack on Panama-flagged crude oil tanker MV Andromeda Star on April 26,» the Indian Navy said.

Muslim reservation in Karnataka has reignited a heated debate, drawing attention from various quarters, including political functionaries and the National Commission for Backward Classes. The controversy revolves around the allocation of quotas for Muslims within the broader framework of OBC reservation in the state, with remarks by PM Narendra Modi adding fuel to the discussions. Modi Accuses Congress of Reservation Manipulation During a recent rally in Rajasthan’s Tonk-Sawai Madhopur Lok Sabha constituency, PM Modi accused the Congress of attempting to diminish quotas for SCs, STs, and OBCs. He criticized Congress for advocating reservation for Muslims, which he deemed contrary to the spirit of the Constitution.

The federal government’s decision to increase the capital gains tax rate to 66.7 per cent from 50 per cent has caused a lot of angst amongst business owners, professionals, investors and property owners, to name just a few.

Transit officials say the start date for the $15 toll most drivers will be charged to enter Manhattan’s central business district will be June 30

Employees increasingly find that robust workplace volunteer programs meet their desires for in-person connections, professional growth and altruistically inclined employers — career objectives that might be missing in conventional corporate atmospheres

Temporary farmworkers are getting more legal protections against employer retaliation, unsafe working conditions, illegal recruitment and other abuses