Showing posts with label BUSINESS. Show all posts
Showing posts with label BUSINESS. Show all posts

Your Uber or Ola ride may have become costlier by 15% in just the last one year

Your Uber or Ola ride may have become costlier by 15% in just the last one year. An average ride now costs ₹220 as compared to ₹190 in 2017, Times of India reports, quoting a report from Redseer. Meanwhile, monthly earnings for many drivers (excluding EMI payments) shrank to ₹20,000 from ₹30,000 in 2016, the advisory firm said. It’s a double whammy for drivers: cab aggregators slashed driver incentives by more than 30% amid a steady rise in fuel costs. Several drivers in Mumbai have been on strike since Monday to push for higher fares.

For the first time Diesel costlier than petrol

Odisha has become the first state in India where diesel is costlier than petrol as diesel was sold at ₹80.69 per litre on Sunday in Bhubaneswar while petrol at ₹80.57 per litre. Utkal Petroleum Dealers Association general secretary Sanjay Lath said while other states have different VAT rates for petrol and diesel, Odisha charges a uniform 26% VAT on both.With diesel becoming costlier than petrol in Odisha, the ruling Biju Janata Dal and the opposition Congress Sunday blamed the “faulty” policy of the central government for the rise in price of diesel. Oil Minister Dharmendra Pradhan, who is from Odisha, again asked the state government to reduce the rate of VAT to give relief to people.

The US will overhaul the H1-B visa programme by January.

The US will overhaul the H1-B visa programme by January. The Trump administration will revise the definition of “specialty occupations” for which the visa is granted, and also tweak the definition of “employer.” The move, aimed to “better protect” US workers and wages, will likely impact Indian IT companies and small contractual firms that are already grappling with tightened H1-B norms. Besides, the Department of Homeland Security reiterated that it had decided to revoke work permits for the Obama-era H-4 visa, a move that will impact nearly 70,000 legal immigrants, mostly Indians.

Only four Indian firms feature among the top 100 in a Forbes list of the world’s best employers.

Only four Indian firms feature among the top 100 in a Forbes list of the world’s best employers. Engineering major Larsen & Toubro snagged the 22nd spot, followed by Mahindra & Mahindra (55), Grasim Industries (59) and HDFC (91). Overall, only 24 domestic companies made it to the list, which is topped by Google parent Alphabet, Microsoft (LinkedIn’s parent) and Apple. Earlier, Infosys, TCS and Tata Motors were among the 12 Indian companies to grab a spot on a Forbes list of the world’s best regarded firms.

SBI Net Banking May Get Blocked If Mobile Number Is Not Registered By December 1

Internet banking users of State Bank of India (SBI) are required to register their mobile number (if not done earlier) with the lender by December 1, 2018, said the country's largest bank. Customers who fail to register it before the deadline, will not be able to access the internet banking facilities of SBI, the lender said on its online portal- onlinesbi.com. "Attention INB (Internet Banking) users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018", it said. SBI's move came in the wake of the circular (dated July 6, 2017) issued by Reserve Bank of India (RBI). Banks must ask their customers to mandatorily register for SMS alerts and wherever available register for e-mail alerts, for electronic banking transactions, RBI had said.

 Therefore, if the mobile number is not already registered with SBI internet banking, users must do it as soon as possible. Besides, users can also check if the mobile number is already registered with the bank by logging in to the internet banking facility.

Reliance Industries may acquire Hathway Cable to jump-start Jio’s broadband foray

Reliance Industries may acquire Hathway Cable to jump-start Jio’s broadband foray,Economic Times reports, quoting people aware of the development. Hathway – India’s largest cable operator – could be valued at around ₹2,500 crore, though the deal is currently at an “exploratory stage.” Earlier, media reports said RIL was in advanced talks with Hathway’s rival DEN Networks for a potential acquisition. In July, Reliance's Mukesh Ambani unveiled plans to launch JioGigaFiber, an optical fibre-based broadband servicewhose aggressive pricing and fast speeds are likely to disrupt the segment.

S.B. Mathur will replace Hemant Bhargava, LIC’s managing director, who was also serving as non-executive chairman at IL&FS

Mumbai: Former LIC chairman S.B. Mathur will be appointed chairman to the board of Infrastructure Financing and Leasing Services (IL&FS), the company decided at a board meeting that was held on Saturday, according to a representative. He will be replacing Hemant Bhargava, LIC’s managing director, who was also serving as non-executive chairman at IL&FS since July.

The company representative said this change in chairmanship was necessary because of the conflict of interest that arose in Bhargava’s role at the head of both LIC and IL&FS.

The government has approved 100% electrification of Indian Railways by 2021-22

The government has approved 100% electrification of Indian Railways by 2021-22. The move – aimed at cutting the national transporter’s fuel bill by more than ₹13,500 crore per year – will also improve train safety and speed. But PM’s Economic Advisory Council chairman Bibek Debroy feels an immediate investment of over ₹1 lakh crore (including on replacement of diesel locos) may not be justifiable given the Railways has limited funds and other projects such as modernisation, network decongestion and expansion are also important. Nearly half of Indian trains run on diesel, compared to 33-43% for China, Russia and Europe and 99% for North America and Latin America.
Mr. Piyush Vedprakash Goyal is currently serving as the Minister of Railways and Coal in the Government of India

Samsung has opened its biggest mobile store worldwide in Bengaluru.

Samsung has opened its biggest mobile store worldwide in Bengaluru. The 33,000-square-foot experience centre will also sell wearables and consumer electronics, and showcase the South Korean giant’s innovations spanning virtual reality, artificial intelligence and Internet of Things. Samsung India’s business head Mohandeep Singh said the company will open more such centres “covering all the big cities.” In July, Samsung put Noida on the global manufacturing map with the world's largest mobile factory. Earlier, Economic Times reported that rival Apple was planning to set up ‘flagship outlets’ in 5-6 Indian cities to reinforce its premium reputation.

UK Court Hearing on Mallya Extradition

London's Westminster Magistrates' court will pronounce the verdict in fugitive liquor baron Vijay Mallya's extradition case on 10 December, reported agencies.

On Wednesday, 12 September, Mallya reached the UK court where the matter was being heard. Speaking to the media, Mallya claimed, "I met the finance minister before I left and repeated the offer to pay the banks." He has also alleged that banks objected to the settlement application filed by him.

When asked if he has convinced the court that he has the means to repay the banks, he said, "Obviously, that is why a settlement offer has been made."

No Natural Light in Arthur Road Jail: Are Mallya's Claims True?


Finance Minister Arun Jaitley took to Facebook soon after Mallya claimed that he had met Jaitley before leaving India.

Jaitley said, "The statement is factually false in as much as it does not reflect truth. Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise. "

However, Jaitley added that Mallya did once misuse his privilege (of being an MP) and caught up with him while he was walking out of the House to his chamber.

London Court to Pronounce Verdict on 10 Dec

What is Employee Deposit Linked Insurance Amendment Scheme (EDLI)?

As a salaried employee of a company, you may be aware of some benefits like provident fund (EPF), health insurance, transport and entertainment allowances etc that you receive from your employer but many do not know that they are covered for life insurance under the Employee Deposit Linked Insurance (EDLI) scheme of 1976 under EPF.

What is EDLI?

As per the EPFO's (Employees' Provident Fund Organisation) official website, an "Assurance benefit" which "means a payment linked to the average balance in the Provident Fund Account of an employee, payable to a person belonging to his family or otherwise entitled to it in the event of death of the employee while being a member of the Fund" shall be given to the employees of all factories and other establishments that come under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. This assured benefit is provided under the Employee Deposit Linked Insurance Amendment Scheme or EDLI. In simpler words, if your employer has enrolled you in the EPF, you be getting the benefits of EDLI.
However, if your employer has opted to provide you insurance advantage through other schemes, they are exempt from making contributions towards EDLI.
The best part about the scheme is that unlike EPF, only the employer has to make contributions towards the scheme and no deductions are to be made from one's salary.

Who is eligible for EDLI?

  • The age limitations and the type of business of the employer criteria for EDLI are the same as EPF.
  • Employees (both retired and working) of all factories and other establishments under the EPF scheme are liable to it except tea factories in the State of Assam.
  • There is no need for a salaried employee to seperately apply for it.
Benefits and sum assured under EDLI
  • The life insurance coverage is based on an employee's basic salary (along with dearness allowance) and not their tenure of employment. This means that you are liable for the coverage from day 1 of your employment.
  • After the amendment to the scheme in February 2018, the minimum life insurance coverage is extended to Rs 2.5 lakh and the maximum cover one can receive is Rs 6 lakh.
  • The nominations for the insurance will be the same as EPF, you do not need to fill a seperate form.
  • The EDLI scheme covers the death of the employee irrespective of whether it took place during the working hours or not and irrespective of the cause of death.
Contribution towards EDLI

You already know that you as well as your employee contributes 12 percent of your basic salary (plus DA, if any) towards your EPF. While the whole of your contribution goes towards it, the employer's contribution is distributed as follows:

% of ContributionScheme8.33% Employees' Pension Scheme
3.67% Employees' Provident Fund
0.51% Employee Deposit Linked Insurance premium
0.85% EPF admin charges
0.01% EDLI admin charges

How can the nominees claim insurance sum under the EDLI scheme?

The nominees mentioned by the employee for the EPF scheme will need to submit a written application along with Form 20 and 10D/C to the commissioner through the employer as the commissioner may specify along with required documents like death certificate. The benefit amount shall be paid to the beneficiaries within 30 from the date of its receipt.
Mention the correct bank details on the application. In case of discrepancies in the claim made, it will be informed and communicated to the applicant within 30 days from the date of receipt of the application. If the commissioner fails to settle the claim within 30 days, the commissioner will be liable to pay penal interest at the rate of 12 percent per annum from his/her salary.

Virat Kohli is Hero MotoCorp’s new brand ambassador: Innings to start with Xtreme 200R

Hero MotoCorp today announced that it has signed in Indian cricket team Captain, Virat Kohli as its new brand ambassador. The announcement comes at a crucial time as Hero MotoCorp is looking to launch new products in order to maintain its leadership position, which is being chased fast by Honda. The new contract joins two names together with one thing in common, the No. 1 tag. Hero MotoCorp is the world's largest two-wheeler seller and Virat Kohli is the world's No. 1 batsman on the ranking charts.

As per the company announcement, the campaign featuring Virat will start tomorrow across digital, TV, print and outdoor platforms. The first vehicle from Hero MotoCorp to be used in these commercials will be the recently launched Xtreme 200R. The motorcycle marks the entry of the company in the 200 cc segment, where it has been absent till date. The only motorcycle it sold in the whereabouts of this segment was the Karizma, which has grown old and hasn't been able to retain consumer interest. The Xtreme 200R is priced at Rs 89,900, ex-showroom, Delhi. At its price, the bike is in the price-segment of smaller 160-180 cc bikes, making it a good upgrade for buyers from the 100-125 cc commuter segment.

New Lexus ES 300h luxury hybrid sedan launched In India at Rs 59.13 lakhs

The third generation Lexus ES300h hybrid electric sedan, which was showcased at the Beijing Motor Show earlier this year. It has now been launched in India along with many other global markets. It is priced at Rs 59.13 lakhs and comes in on a new Global Architecture – K (GA-K) platform, a derivative of Toyota’s TNGA platform.

Lexus ES300h sedan boasts of new design with refreshed exteriors and interiors. It is more spacious than its earlier counterpart and is the third vehicle in ‘Future Chapter of Lexus’ following the LC coupe and LS sedan. In terms of dimensions, the new Lexus ES measures 66mm more in length and is 45mm wider as compared to the earlier model.It also gets a 50mm longer wheelbase and wider tracks in the front and rear. The new Lexus ES sits on 18” multi spoke alloy wheels, gets slim LED headlamps and L shaped market lights. It is presented in three color options of Black, Chateau and Topaz Brown while interiors are done up in rich cream with wood trims.

Interiors of the new Lexus ES300h gets a design inspired from the Lexus Future Interior Concept with a driver centric cockpit. It boasts of a 7” LCD control panel and display positioned closer to the driver thus creating added space for front passenger. Legroom to the rear is also at a premium thanks to a longer wheelbase.

BMW G 310 R, BMW G 310 GS Launch Highlights: Price, Images, Features, Specifications

BMW G 310 R and BMW G 310 GS bikes has been finally launched in India today, at Rs. 2.99 lakh and Rs. 3.49 lakh (ex-showroom), respectively, and we have all the launch highlights here. The new BMW motorcycles have been two of the most awaited launches for this year and are expected to be volume generators from BMW Motorrad in India. The bikes have been priced very close to our expectationsand the specs and features are also what we had expected from the India-spec versions two motorcycles. Bookings for the BMW G310R and BMW G310GS bikes have been underway for over a month now, for a token of Rs. 50,000.

Income Tax efiling: Received gifts during the year? Here is what that means for your ITR

Earlier gifts were given only on important occasions. Now gifts are used as a tool for income-tax planning. There are several events when we receive gifts from our family members or friends. Many people believe that the gifts received out of love and affection are exempt from tax and don’t disclose the same in the income tax return (ITR). However, this isn’t the correct trend.

Gifts are taxable under the Income Tax Act, unless they fall under the category of exemption. Hence, gifts should be duly disclosed in ITR and taxes should be paid on them if they aren’t exempt in the hands of receiver. The non-disclosure of gifts may attract penalty which ranges from 50% to 200% of tax payable on income sought to be evaded.

The taxability of gifts can be divided into two categories, i.e., gifts received from employer and gifts received from others.

Gifts Received from Employer

There are instances when employers provide a gift to the employee on ceremonial occasion or to boost their morale or when they perform excellently. An employee is liable to be assessed for gifts received from the employer only if the value of such gift is Rs 5,000 or more. Gifts below Rs 5,000 in aggregate during the financial year are exempt from tax. These gifts are taxable as perquisites under the head ‘Income from Salary’.

Gifts Received from Others

Gifts received from any person, other than an employer, are dealt with as per provisions of Section 56 of the Income-Tax Act. Such gifts are taxable under the head ‘Income from Other Sources’ if they don’t fall in the exempt categories. The income tax law classifies gifts into three categories, i.e., Gifts in the form of Money, gifts in the form of Immovable Property or gifts in the form of movable property.

These gifts are exempt from tax if they are received from specified relatives or on specified occasions. Some of the occasions wherein the gifts are exempt from tax are mentioned below:

1. Gifts received by an individual from specified close relatives (list given below)

2. Gifts received on occasion of marriage of taxpayer

3. Gifts under a Will or by inheritance.

4. Gifts in contemplation of death of the donor.

5. Gifts from a registered trust or institution

6. Distribution of assets at the time of total or partial partition of HUF.

The Interpol has issued a Red Corner Notice against fugitive billionaire Nirav Modi in the $2-billion PNB fraud

The Interpol has issued a Red Corner Notice against fugitive billionaire Nirav Modi in the $2-billion PNB fraud. That means 192 member countries can now arrest Modi, following which he can be extradited or deported. Earlier, investigative agencies said the jeweller held at least half-a-dozen Indian passports, using which he found his way to Belgium. Modi and his uncle Choksi have refused to return to the country to join the probe citing business and health reasons.

The government will soon sell Air India's iconic Mumbai building to Jawaharlal Nehru Port Trust

The government will soon sell Air India's iconic Mumbai building to Jawaharlal Nehru Port Trust, PTI reports citing people in the know. The objective? Raising funds for the cash-starved national carrier. The proposal has received in-principle approval from the Prime Minister's Office, and an inter-ministerial panel has been set up to work out the modalities. Between 2012-13 and January 2018, Air India received ₹291 crore in lease rentalfrom the 23-storey building. Earlier this month, the government deferred the airline's partial stake sale after it failed to attract any bidders.

Uber has applied for a patent to detect drunk passengers.

Uber has applied for a patent to detect drunk passengers. The technology would evaluate behavior using information such as location, data-input accuracy, the angle at which their phone is being held, and the speed at which they’re walking. Riders would then be matched with a driver who has special training — or could be refused a lift entirely. Uber has come under fire over data in the past: The company revealed a massive breach in 2016and last year removed a rider-tracking feature amid widespread criticism.

Ratan Tata’s RNT Capital Advisors is investing $150 million in Alibaba’s Ant Financial Services

Ratan Tata’s RNT Capital Advisors is investing $150 million in Alibaba’s Ant Financial Services, Economic Times reports, quoting unidentified sources. This is the first overseas investment for the UC-RNT fund, formed in collaboration with the University of California. The transaction gives the fund a 0.1% stake in Ant Financial and is part of a larger $10-12 billion round that values the Alibaba unit at $150 billion. Ant Financial has backed Indian unicorns such as Paytm and Zomato.

Confirmed: Walmart has acquired a controlling stake in Flipkart

Softbank CEO Masayoshi Son confirms Walmart will buy control of India's Flipkart .Walmart Inc., the world’s largest retailer announced on Wednesday that it will buy 77% initial stake in Flipkart for $16 billion, in what is the world’s largest mergers and acquisitions, which values the Indian ecommerce major at $20.77 billion.

“India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of eCommerce in the market,” said Doug McMillon, Walmart’s president and chief executive officer in a statement.

McMillon added that it Flipkart’s earlier investors — Tencent, Tiger Global and Microsoft will continue to be part of the company. “We are confident this group will provide Flipkart with enhanced strategic and competitive advantage. Our investment will benefit India providing quality, affordable goods for customers, while creating new skilled jobs and fresh opportunities for small suppliers, farmers and women entrepreneurs,” he said.

The remaining 23% of Flipkart will be Flipkart’s co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp. SoftBank, which was the largest shareholder in the company will exit, and is expected to have made $4.77 billion for an invest of $2.5 billion eight months ago.

Key Metrics of three Giants