Byju Raveendran, CEO of Byju’s, asserts that new evidence submitted in court reveals EY India’s significant role in collusion involving GLAS Trust during the company's insolvency proceedings. Raveendran insists the evidence will expose this 'massive fraud,' with a hearing scheduled at the National Company Law Appellate Tribunal on Tuesday.
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Bank depositors are covered by the DICGC's insurance scheme up to Rs 5 lakh per account. Strategically distributing deposits across various banks can enhance coverage, as personal accounts, business accounts, and different joint arrangements are treated separately.
The Centre estimates Rs 47,000 crore from disinvestment and asset monetisation in the 2025-26 Budget. A new plan aims to plough back Rs 10 lakh crore into new projects. The first phase of monetisation had limited success, focusing on brownfield assets across various sectors.
India's manufacturing sector saw its fastest growth in six months in January, driven by a sharp rise in new orders and record export growth. The PMI rose to 57.7, indicating strong sector health. Robust job creation and easing input cost pressures were also noted. Optimism among manufacturers suggests ongoing expansion and solid prospects for early 2025.
The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding discrepancies found between their reported transactions in the Annual Information Statement (AIS) and their disclosed income in Income Tax Returns (ITRs) for FY2023-24 and FY2021-22.
Post-festival economic moderation in India is causing lower-than-expected growth in Q3 2024, indicated by slowing GST growth, manufacturing PMI, and industrial production. Divergent trends in November and December highlight an uneven trajectory. Economists suggest policy support to boost the slowing momentum, with real GDP growth projected at 6.5% YoY for FY25 and FY26.
Life insurance companies are opposing the exemption of term insurance policies from GST, citing increased costs due to the loss of input tax credit. They propose maintaining a 12% GST rate to offset costs. The decision has been deferred, awaiting feedback from insurance regulator Irdai. Inconsistent implementation could lead to higher premiums and impact affordability for consumers.
Catch, an Australian e-commerce platform acquired by Wesfarmers in 2019, will close down, leading to about 200 job losses due to tough competition from Amazon and Temu. The logistics centres will be transferred to Kmart to enhance its customer service and delivery efficiency.
Nissan faces a potential bankruptcy within the next year due to a 70% profit plunge and a $60 million loss. The company plans a $3 billion restructuring, including 9,000 job cuts and production reductions. A potential merger with Honda is being considered as a solution to navigate the challenging automotive market and bolster its struggling electric vehicle offerings.
A rally in tech stocks powered Wall Street gains in a quiet pre-Christmas session. Tesla led the megacaps, with Broadcom and AMD rising as Biden's team probed Chinese chips. Investors hope for the 'Santa Claus Rally' to boost year-end stocks further. The S&P 500 climbed 1.1%, Nasdaq 100 up 1.4%, and Dow Jones increased 0.9%.
Banks and UPI applications must conduct weekly updates of their mobile number records to prevent errors from recycled or modified numbers. Applications must obtain explicit user permission before assigning or updating numeric UPI IDs.