Author: News Desk
In August 2023, banks in India will be closed for approximately 15 days due to various holidays. These holidays fall under three categories: Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays, and Banks’ Closing of Accounts. The eight bank holidays observed across selected states in August 2023 Apart from these specific holidays, banks will also remain closed on Saturdays and Sundays as per the regular weekend schedule. The Reserve Bank of India (RBI) follows the second and fourth Saturday off system. It’s worth noting that there have been discussions about implementing a 5-day working scheme in banks,…
In a decisive move, the Indian Government has quashed any hopes of reconsidering the proposed 28% Goods and Services Tax (GST) on online gaming and casinos. Government sources assert that taxing the gross value remains the most prudent approach due to the complexities associated with other methods, especially when dealing with businesses lacking transparency. This decision, which has been met with resistance from the gaming industry, is set to be reaffirmed at the upcoming meeting of the GST Council. Unanimous Support for the 28% GST Rate The Gaming Industry has been fervently seeking a review of the recent GST Council’s…
Step into the extravagant world of Jalsa, the iconic Mumbai residence of Bollywood legend Amitabh Bachchan and his family. This opulent mansion, valued at a staggering Rs 100 to 120 crore, exudes luxury and sophistication, reflecting the grandeur associated with the Bachchan name. Let’s take a closer look inside Jalsa and explore its regal interiors and captivating stories. A Bollywood Legend’s Royal Residence Jalsa, meaning “celebration,” is not just a home; it’s a symbol of Amitabh Bachchan’s cinematic journey and immense contribution to Indian cinema. With an illustrious career spanning over five decades and over 195 films to his credit,…
The stationery industry in India is witnessing an unprecedented surge in growth, especially after the challenges posed by the COVID-19 pandemic. As evidence of this boom, DOMS Industries, the country’s second-largest pencil maker, is gearing up for a ₹1,200 crore initial public offering (IPO). This strategic move comes as DOMS aims to expand its market presence and establish a significant manufacturing facility in the Asia Pacific region. The Upcoming IPO: DOMS Industries Ambitious Step DOMS Industries, backed by Italy’s F.I.L.A. Group, will be filing draft papers with the Securities and Exchange Board of India (SEBI) in the second week of…
India’s semiconductor industry is experiencing a significant boost as several chip manufacturers are eyeing the country as a potential hub for assembly, testing, marking, and packaging (ATMP) facilities and manufacturing plants. This newfound interest follows US-based Micron Technology’s announcement to construct a state-of-the-art semiconductor ATMP plant in Gujarat under the government’s $10-billion production-linked incentive (PLI) scheme. Let’s explore how Micron’s pioneering move is shaping the landscape and attracting other players to invest in India’s burgeoning semiconductor ecosystem. Micron’s Bold Investment Paves the Way Micron Technology’s decision to establish a $2.75-billion semiconductor ATMP plant in Gujarat sent ripples of excitement throughout…
As the clock ticks towards the deadline for filing income tax returns (ITRs) for the financial year 2022-2023, salaried individuals are rushing to meet the July 31 cutoff. The Income Tax Department has witnessed an overwhelming response, with more than 6 crore ITRs already filed. Despite community feedback requesting a two-week extension due to natural calamities, the Finance Ministry has not extended the deadline. In response to the surge in filings, the I-T department is providing round-the-clock assistance through various channels to support taxpayers in meeting their obligations. Unprecedented Filing Numbers Surpassing Last Year The fiscal year 2022-2023 has seen…
In a bid to enhance user privacy and security, Google has unveiled the “Unknown Tracker Alerts” feature for devices running Android 6.0 and above. This new feature comes as a result of a joint effort by Google and Apple, who proposed a draft industry specification. The goal is to develop Bluetooth trackers that are compatible with detection and alerts across Android and iOS platforms, helping users combat unwanted tracking. What is Android Unknown Tracker Alerts Feature? The Android Unknown Tracker Alerts feature is a built-in capability within the Android operating system. Its primary purpose is to empower users with smartphones based on Android 6.0 and higher to identify and deal with unfamiliar Bluetooth trackers.…
The Reserve Bank of India (RBI) has addressed the recent discussions on social media platforms about the validity of currency notes with a Star (*) symbol inserted in the number panel. The central bank clarified that such notes are indeed valid and hold the same value as any other legal banknote. Explanation by RBI According to the RBI’s statement dated July 27, the Star symbol is utilized as an identifier on currency notes that serve as replacements for defectively printed banknotes in a bundle of 100 pieces of serially numbered banknotes. In essence, a banknote featuring the Star symbol in the…
India’s semiconductor manufacturing sector is poised for significant growth, with Communications and IT Minister Ashwini Vaishnaw stating that the country is likely to receive two high-quality proposals for semiconductor fabs within the next 12 months. The Government’s efforts to attract global semiconductor players have gained traction, with Micron, a prominent US packaging and assembly player, already leading the way. Additionally, collaboration with Taiwan is expected to further boost India’s position in the semiconductor industry. Positive Response from Micron and Ecosystem Partners Micron, one of the leading companies in the semiconductor industry, has already made significant strides in India. Its presence…
The Lok Sabha recently passed the Jan Vishwas (Amendment of Provisions) Bill, 2023. This bill seeks to decriminalise minor offences by amending 183 provisions in 42 acts. The primary objective is to allow the judiciary to focus on more serious cases while also promoting ease of living and doing business reforms in the country. Commerce Minister Piyush Goyal emphasised that the Modi Government has already simplified or removed 40,000 provisions and procedures over the last nine years to improve the lives of Indian citizens. Key Highlights of the Jan Vishwas Bill The Jan Vishwas Bill encompasses amendments to 42 acts…