Tuesday, September 21

Business

Finance Minister hints at a review of tax limit on EPF
Business, Finance, Politics

Finance Minister hints at a review of tax limit on EPF

Finance Minister Nirmala Sitharaman has commented that there is no intent to discourage higher income earners from saving with the Employees Provident Fund (EPF) and that she was open to reviewing the contribution limit of ₹2.5 lakh a year for tax-free interest, imposed in the recent Union Budget. Reiterating that the EPF will continue to remain in its present form, the Minister said there was no plan to merge the EPF with the National Pension Scheme. Also learn- For rich/affluent, EPF is not a nest egg but a goose that lays golden eggs. “We want to continue with the EPF. We understand that there is a certain comfort with people, particularly middle-income earners when they are assured of a return,” she mentioned in an exclusive interview with Business Line. “We have taken ...
IEEE Will Run Virtual Conference on 3-6 May 2021
Blockchain, Business

IEEE Will Run Virtual Conference on 3-6 May 2021

The ICBI 2021 Organizing Committee, with the support of IEEE, has been changing guidelines since the outbreak of the pandemic. According to the committee, they have been keeping all the required safety and well-being measurements. The organizing committee will hold this international event on Blockchain and Cryptocurrency virtually. There is full support on step by step process of organizing by IEEE. They thank all the technical community for their patience and contribution. Like every year, the IEEE conference could not be conducted physically. But the assurance has been made about the quality of the research and content to be experienced in the virtual meeting. ICBC 2021 is the third installment of the IEEE Communications Society (ComSoc) sponsored conference on Blockchain and Cryp...
Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row
Business, Communication, Finance, Jio, news, Politics

Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row

Airtel acquired 4.05 million wireless subscribers against Jio's 0.47 million while battling Vodafone-Idea once again lost almost 5.7 million users in December, as per Telecom Regulatory Authority of India (Trai) data delivered on Thursday. Bharti Airtel adds maximum numbers of wireless users 5th times successfully in a row which is more than market leader Reliance Jio. Airtel added 4.05 million wireless subscribers in December to take its base to 338.70 million, followed by Reliance Jio, which added 478,917 subscribers to take its base to 408.77 million. With solid additions, Airtel has also narrowed the gap with market pioneer Reliance Jio, which has seen its subscriber additions slowing down. Reliance Jio’s wireless market share stood at 35.43% in December, followed by Airte...
Bitcoin trading likely to attract Income Tax, 18% GST: Reports
Bitcoins, Business, Finance, news

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

The government is considering imposing income tax (IT) and Goods and Services Tax (GST) at the rate of 18 percent on the profits and trade of bitcoin or related cryptocurrencies, a Business Standard report said. Forward of the presentation of Cryptocurrency and Regulation of Official Digital Forex Invoice, 2021 within the Finances session of Parliament, as has been reported by some media publications, the report additional added that each the taxes might be levied for the present fiscal year. Last year, there was a report by the Times of India, telling officials said that the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry had suggested that bitcoins can be categorized under the ‘intangible assets’ class, thus making it liable for GST levy. However,...
FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government
Business, Finance, finance minister, news, Politics

FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government

Finance Minister Nirmala Sitharaman on Tuesday explained the government's priorities to the Reserve Bank of India's central board during their first meeting after the presentation of the Union Budget 2021-22. As per the tradition, the Finance Minister holds customary meetings with the board members of the RBI and the Securities and Exchange Board of India (Sebi)  every year after the presentation of the Budget. The RBI said in a statement that the FM minister addressed the 587th RBI Central Council, informing members of key budget initiatives and government priorities. “Complimenting the finance minister on the budget, the board members made various suggestions for consideration of the government,” it added. At its first meeting after the presentation of the Budget for 2021...
Govt to set up a digital intelligence unit to tackle pesky calls, financial duplicity
Business, Finance, financial fraud, news, pesky calls, Politics

Govt to set up a digital intelligence unit to tackle pesky calls, financial duplicity

The telecom ministry will set up an intelligence unit and a consumer protection system to tackle pesky calls, financial duplicity. "In the meeting, the Minister of Communication directed the authorities to take strict action against the telemarketers and individuals involved in harassment of telecom subscribers. Further, the minister observed that telecom resources are also being used to carry out financial frauds and dupe the common man of his hard-earned money,” the statement read. To take strict action against financial irregularities, the government is planning to set up an intelligence unit and a consumer protection system to address the rising concern and irritation of consumers over Unsolicited Messages on mobile phones, repeated harassment through SMS, promising fraudulen...
India Shortlists Four Banks for Potential Privatisation – sources
Bank, Business, Finance, news, Politics

India Shortlists Four Banks for Potential Privatisation – sources

India’s government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said. Privatisation of the banking sector, which is dominated by state-run behemoths with hundreds of thousands of employees, is politically risky because it could put jobs at risk but Prime Minister Narendra Modi's administration aims to make a start with second-tier banks. The report said two of these banks will be selected for sale in the next financial year, 2021-22, starting April. Privatisation of these banking behemoths employing thousands may put jobs at risk, but this would let the government test the waters in the first round before moving on to bigger banks, it added. The government, how...
SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years
Business, Finance, news

SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years

Khera said SBI was the country's cheapest home loan provider with an NPA of less than 1 percent, even during COVID. "We will get to the next Rs 5 trillion much faster than the 10 years it took us initially. We are targeting a (home loan) portfolio of Rs 7 lakh crore in three years and Rs 10 lakh crore in five years,” Khara said in a press conference. Despite a massive setback to the real estate sector triggered by the pandemic-induced lockdown, the home loan vertical registered strong growth even in December 2020 with the highest sourcing, sanctions, disbursements, and growth. The bank is now targeting a home loan AUM of Rs 7 lakh crore by 2023-24. SBI is extending builder loans and also approving their projects in anticipation that offtake will improve. When it comes to build...