The Finance Act, 2020 introduced a more complex tax residency determination for NRIs and PIOs, reducing the stay threshold from 182 to 120 days based on India-sourced income. Experts argue it complicates compliance without significant revenue benefits, potentially deterring economic activity and investment in India.
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India will not immediately restrict laptop imports, expecting local production to grow through initiatives like the Rs 17,000 crore PLI scheme by companies such as HP and Dell. Additionally, the government is finalizing an enhanced financial incentive plan to attract new semiconductor investments.
Shutterstock and Getty Images announced their merger plans to create a $3.7 billion visual content leader. Craig Peters will lead the combined company, offering diverse media portfolios. Under the agreement, Getty shareholders will own 54.7% of the merged entity, Shutterstock 45.3%, and Shutterstock shares soared nearly 30% following the announcement.
India's forex reserves decline for the twelfth time in 13 weeks, falling by $4.112 billion to $640.279 billion. The Reserve Bank of India's intervention in the currency market to stabilize the Rupee has contributed to this consistent drop, though the reserves remain adequate.
RBI has eased rules for asset reconstruction companies (ARCs) to settle dues with defaulters based on the realisable value of assets. Smaller loans up to Rs 1 crore can be settled through a board-approved policy, while larger loans require a board-level panel decision. This change aims to improve recoveries and expedite settlements for personal loan defaults.
The rupee hit a lifetime low of 85.84 against the dollar, closing at 85.83, despite RBI intervention. The drop was influenced by a strong dollar, poor capital flows, and weak equity markets. Foreign investors withdrew $1.1 billion in January, and broader economic concerns, including rising US bond yields and HMPV virus fears, added to the pressure.
Tata Pension Management erroneously listed Divinion Advisory Services, owned by the family of Tata Sons executive Suprakash Mukhopadhyay, as a Tata group company in August 2022. While the error was corrected in subsequent disclosures, Mukhopadhyay's connection to Divinion, including CSR contributions and solicitation of investments, raises potential conflict of interest concerns under Tata Sons' code of conduct.
India Inc should introduce AI with sensitivity and a longer horizon to avoid taxation on technology replacing labor. AI's benefits include enhanced productivity, but its adverse impact on jobs, especially in low-value IT services, could hinder India's economic growth. Balancing AI adoption with social responsibility and workforce impact is essential.
Haldiram, India's largest packed snacks company, has partnered with Singapore-based investment firm Temasek, which will acquire a 10% equity stake at a USD 10 billion valuation. This deal aims to expand Haldiram's global reach, with PwC advising on the transaction. The partnership will help Haldiram enhance its position in the competitive global snacks market.
Tata stakeholders are considering appointing a retired Supreme Court chief justice as arbitrator to determine trustee appointments for the Ratan Tata Endowment Foundation.
The Finance Ministry has informed the Parliament about the risks tied to households moving deposits to market-linked instruments, highlighting potential financial losses and liquidity issues for banks.