The Employees Provident Fund Organisation (EPFO) has raised the auto-settlement of advance claims limit to Rs 5 lakh from Rs 1 lakh, enhancing ease of living for 7.5 crore members. The move, approved during the 113th CBT meeting, will streamline claim settlements. Additionally, EPFO will enable UPI and ATM withdrawals for Provident Fund access by June 2025.
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India's imports of Russian crude oil plummeted 55% in November 2022, the lowest since June, though Russia remained India's top supplier. This drop coincided with an 11% decrease in India's total crude imports. Despite sanctions and price caps, Russia continued exporting, with China and India as major buyers, accounting for 47% and 37% of exports respectively.
Hero Moto projects that electric vehicles will account for 50% of the scooter market by 2030. The company plans to invest Rs 1,000 crore in EVs this year and will launch new electric models. Despite current leadership volatility, Hero views the EV segment as a long-term play.
Bank of Maharashtra (BoM) reported a 36% increase in net profit for Q3 ending December 2024 to Rs 1,406 crore, driven by higher interest income. Gross NPAs reduced to 1.80%, and PCR stood at 98.28%. The bank raised Rs 3,500 crore through Qualified Institutional Placements.
Razorpay has extended Rs 1 lakh worth of ESOPs to each of its 3,000+ employees for the first time, reflecting its commitment to an employee-first ethos. Previously, Razorpay’s ESOP buybacks have benefited numerous employees, with the latest $75 million buyback in 2022 impacting 650 employees.
Central banks in Asia, including RBI and Bank Indonesia, are increasingly using derivatives to protect their currencies against the strong dollar. The RBI's short forward dollar position reached $68 billion in December, while Bank Indonesia's hit $19.6 billion. This strategy raises concerns about potential deferred selling pressure instead of removing it, suggesting possible future risks.
IndusInd Bank shares plunged 25%, marking a 52-week low after the bank revealed accounting discrepancies in its derivatives portfolio. This triggered investor panic, leading to a severe drop in stock value. The bank faces potential financial repercussions of up to ₹2,000 crore, raising concerns over weak governance and internal controls, affecting overall banking sector confidence.
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance.
US President Donald Trump intends to impose reciprocal tariffs on countries like China, Brazil, and India to address trade imbalances and make American industries more competitive. While US tariffs are comparably low, Trump's statements suggest a tit-for-tat approach that might lead to increased prices in the US.
Reliance Industries Ltd has achieved the second-best brand ranking globally in the FutureBrand Index 2024, rising 11 places from its previous position. The Index evaluates companies on brand perception and ability to align with evolving market and consumer dynamics, with Samsung taking the top spot.
Brands are leveraging the Maha Kumbh Mela at Prayagraj as a significant marketing opportunity. They aim to capture consumer interest through advertisements and product sampling amidst a massive turnout. Companies are setting up booths, hoardings, and engaging in creative promotions to boost brand visibility and test new products.