Author: News Desk
The Government of India’s Preferential Market Access Policy-compliant PCs featuring a motherboard made in India were introduced by Lenovo, the country’s second-largest PC manufacturer. According to Lenovo India Chief Operating Officer Saurabh Agrawal, this is a major turning point in building and growing the company’s manufacturing presence in India. With more than 50% of components for a chosen range of goods being fulfilled by local manufacturers, Lenovo will now be eligible for the Class 1 PMA classification, according to Agrawal, who made this announcement to reporters at the company’s Puducherry factory. With a planned investment to support local R&D and…
Prior to the next General Elections in April-May 2024, the Indian government intends to increase the monetary disbursements of its PM-Kisan direct benefit transfer system from the present amount of INR 6,000 to an annual total of INR 7,500. Following a statement in the Budget, the amended installment is expected to be sent prior to the Holi holiday in the fourth quarter of the 2023–2024 fiscal year. Even though the PM-Kisan scheme’s actual spending for 2021–2022 is estimated to be INR 66,825.11 crore, its budgetary allotment could rise to INR 1,00,000 crore from the current amount of INR 60,000 crore.…
The Reserve Bank added 19 more companies, including FX SmartBull, Just Markets, and GoDo FX, to the ‘Alert List’ of unapproved forex trading platforms on Friday, bringing the total to 75, according to a PTI report. The Alert List includes the names of organizations that are not permitted by the Foreign Exchange Management Act of 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions of 2018 to deal in foreign exchange or to run electronic trading platforms (ETPs) for forex transactions. The public has been reportedly cautioned by the RBI not to engage in foreign exchange transactions or send…
Customs officials are intensifying efforts to intercept passengers transporting unauthorised quantities of gold in their hand baggage. A collaborative initiative between the Dubai Multi Commodities Centre (DMCC) and the World Gold Council is gaining momentum to standardise international regulations and procedures, addressing the challenge of illicit gold trade by travellers and bridging gaps in responsible sourcing and gold trade. The Growing Challenge: Reports from Khaleej Times reveal an increasing number of intercepted attempts to hand-carry gold illicitly. The DMCC and World Gold Council are taking decisive steps to combat this issue, particularly as travellers from the UAE, India, China, Pakistan,…
Elon Musk’s electric vehicle giant, Tesla Inc., is exploring the possibility of establishing a manufacturing plant in India, contingent upon the Indian government approving a concessional duty of 15% on imported vehicles during the initial two years of operations. Sources suggest that Tesla has initiated discussions with the Indian government to outline its proposed investment and the potential import quantities subject to reduced duties. Tesla’s Investment Proposal: In a bid to solidify its presence in India, Tesla has put forth a substantial investment proposal of up to $500 million. This investment could materialise if the government extends concessional tariffs for…
Social media platforms will have seven days to bring their terms of service and other policies into compliance with Indian laws and regulations, according to a statement from the Ministry of Electronics and Information Technology (MeitY). This will allow the platforms to properly address the problem of deepfakes on them. This decision was communicated during a discussion on the subject of deepfakes between social media sites and Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology. According to Rule 3(1)(b) of the present IT Rules, which requires the removal of 12 types of content within 36 hours of…
Taj Hotels group, owned by Tata, reportedly experienced a data breach that resulted in the exposure of over 1.5 million client records. A malicious actor going under the pseudonym “Dnacookies” has reportedly requested $5,000 (about INR 4.16 lakh) as ransom for the entire dataset, according to an ET report. As per close sources, it contains addresses, membership IDs, mobile numbers, and other personally identifiable information. Prior to requesting a ransom, the threat actor maintained three criteria and asserted that the customer data had not yet been revealed to anyone. The threat actor’s first demand was for there to be an…
In light of the Reserve Bank of India’s (RBI) more stringent attitude on unsecured loans, Finance Minister Nirmala Sitharaman issued a warning on Thursday, advising small finance banks and non-bank financing firms (NBFCs) to respect the red line and to temper their exuberance. Speaking at the ‘DATE with Tech’ event in New Delhi, Ms. Sitharaman issued a warning, asking NBFCs and small financing institutions to tread carefully and not overdo their enthusiasm. “Enthusiasm is good but sometimes it becomes a bit too far for people to digest. So as a measure of caution the RBI has also alerted small finance…
On Wednesday, the Chennai-based Murugappa Group declared that it would enter the semiconductor assembly and testing industry, committing $791 million over the course of five years. The company CG Power and Industrial Solutions, founded by Crompton Greaves and taken over by the Murugappas in November 2020, would mark the group’s entry into the semiconductor industry. Following the group’s statement, the value of CG Power’s shares increased by over 20%, reaching INR 469. Seeking subsidies for a “outsourced semiconductor assembly and testing” (OSAT) plant in India, the INR 7,000-crore business has submitted a proposal to the Union Ministry of Electronics and…
Banks, NBFCs, and fintech companies are being urged by the Reserve Bank of India (RBI) to periodically recalculate their pre-set algorithms using artificial intelligence (AI) and machine learning techniques. In response to the changing dynamics of the financial ecosystem and the release of fresh data about industries, customer groups, and worldwide challenges, this ought to be done. Speaking at a gathering put on by the Indian Banks Association and the trade association FICCI, RBI Governor Shaktikanta Das urged banks and NBFCs to keep stress-testing their accounts. “Stress tests on their books are a prerequisite for banks and NBFCs. There’s nothing…