Author: News Desk
The Reserve Bank of India (RBI) disclosed that as of January 31, 2024, a substantial portion, accounting for 97.50%, of the ₹2,000 denomination banknotes in circulation since the decision made on May 19, 2023, has been returned. The total value of ₹2,000 banknotes in circulation, previously standing at ₹3.56 lakh crore on May 19, 2023, has witnessed a significant reduction to ₹8,897 crore by the conclusion of business on January 31, 2024, as per the official statement released by the central bank. It is important to note that despite the withdrawal announcement made in May 2023, the RBI underscored that…
Lakhpati Didi, as announced by Finance Minister Nirmala Sitharaman in her 2024 budget speech, is a transformative initiative aimed at empowering women through economic means. The term ‘Lakhpati Didis’ specifically refers to women who are members of Self Help Groups (SHGs) and have showcased entrepreneurial skills, leading to an annual household income of at least Rs 1 lakh. The initiative recognizes the pivotal role of 83 lakh SHGs, comprising nine crore women, in reshaping the socio-economic landscape of rural areas. These groups have been instrumental in enabling nearly one crore women to achieve the status of Lakhpati Didis, serving as…
Finance Minister Nirmala Sitharaman unveiled the Indian government’s ambitious initiative to promote cervical cancer vaccination among girls aged 9 to 14. The announcement marks a significant move in the nation’s efforts to tackle cervical cancer, a disease that poses a considerable threat to women’s health. The vaccination program, as outlined by the Finance Minister, centers around the administration of the Human Papillomavirus (HPV) vaccine. This vaccine is specifically designed to provide protection against certain strains of cervical cancer, offering a ray of hope in the fight against this prevalent disease. India, with a population of 511.4 million women aged 15…
The U.S. branch of Indian educational technology startup Byju’s, known as Byju’s Alpha, has filed for Chapter 11 bankruptcy protection in a Delaware court, citing liabilities ranging from $1 billion to $10 billion. According to court documents, Byju’s Alpha listed its assets between $500 million and $1 billion, with estimated creditors numbering between 100 and 199. Byju’s Alpha Inc. lacks the financial means to continue its legal disputes with its parent company over debt obligations, as reported by Bloomberg. The lenders insisted on bankruptcy filing before providing further funding to Byju’s Alpha, as stated in the Chapter 11 petition. Additionally,…
In a groundbreaking move, Saudi Arabia’s national tourism brand, ‘Saudi Welcome To Arabia,’ has launched a global marketing campaign featuring football sensation Lionel Messi, who also serves as a Tourism ambassador for the country. The campaign, titled ‘Go Beyond What You Think,’ is strategically targeting key markets in Europe, India, and China. This initiative, spanning TV, social media, digital platforms, and online travel agencies (OTA), aims to dispel lingering misconceptions about the destination while inviting global audiences to witness the vibrant cultural transformation unfolding in Saudi Arabia. The campaign is rooted in consumer insights, revealing prevalent stereotypes and misunderstandings about…
One97 Communications, the parent company of Paytm brand, said it would disassociate from Paytm Payments Bank and partner with other banks. The move comes in aftermath of RBI’s actions against PPBL, which led to 20% drop in OCL’s shares. Addressing analysts, Paytm Founder and OCL CEO Vijay Shekhar said the development was a “speed bump” and the company will tide over the crisis. On January 31, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Ltd (PPBL) after reviewing a system audit report and a subsequent compliance validation report from external auditors. The bank, a subsidiary of India’s…
Pankaj and Radhika Oswal, a distinguished Indian-origin couple currently residing in Switzerland. They have recently acquired one of the world’s top 10 most expensive and lavish residences. This exquisite abode, known as ‘Villa Vari,’ comes with an astounding price tag of $200 million, which is approximately equivalent to Rs 1,649 crores. Originally owned by Greek heiress Christina Onassis, the Swiss mansion has undergone extensive renovations by the Oswals, who possess immense wealth and a penchant for extravagance. Renowned interior designer Jeffrey Wilkes was tasked with the redesign, and his remarkable work includes furnishings and artifacts sourced from around the globe.…
In the recently announced Union Budget 2024, the Indian government is extending its support to startups and Small and Medium-sized Enterprises (SMEs) by continuing tax benefits and exemptions for investments by sovereign wealth and pension funds until March 2025. This move is part of the budget’s efforts to create a favorable environment for business growth. The extended tax benefits for startups provide more financial flexibility, recognizing their importance in driving innovation and economic development. The budget also highlights support for the MSME sector through timely financial assistance, technological aid, and training programs to enhance global competitiveness. To foster innovation, the…
Nirmala Sitharaman, India’s esteemed Union Finance Minister, is renowned not only for her astute financial acumen but also for her taste in fashion. The scrutiny of her wardrobe, particularly the selection of sarees she adorns during the Union Budget presentation, has become a subject of considerable interest and discourse. Sitharaman’s Selection of Blue and Cream Silk Saree In the Union Budget presentation for the fiscal year 2024, Nirmala Sitharaman grabbed attention in a resplendent blue and cream printed silk saree, embellished with intricate Kantha embroidery. l. The ash-blue colour and intricate motifs showcased her blend of cultural heritage and aesthetic…
The Indian government is intensifying its efforts to bolster the Electric Vehicle (EV) industry and fortify the associated charging infrastructure, aligning with its commitment to achieve a net-zero emission target by 2070. Finance Minister Nirmala Sitharaman, during her presentation of the Interim Union Budget 2024 on February 1, emphasized the nation’s focus on expanding the EV ecosystem and enhancing the charging infrastructure to support the transition to cleaner modes of transportation. “With India’s aim to achieve net zero emissions by 2070, the government is dedicated to expanding and fortifying the EV ecosystem while concurrently developing the essential charging infrastructure,” stated…