The World Opinion

Category: Economy

  • Jako Rakhe Saiyan: Parents Fall But Bike Continues With Baby For 500 Meters – Watch Shocking Video | Auto News

    Parents Fell Off, But Bike Continues With Baby: You might be familiar with the saying, “Jako Rakhe Saiyan, Maar Sake Na Koi.” A recently viral video vividly illustrates this proverb. The video begins with normal traffic on the road, but within seconds, a bike carrying a couple and their kid approaches from behind. 

    Parents Fall But Bike Continues With Baby

    The bike suddenly collides with a scooter ahead. The parents fall off the bike, but the child remains on it. Shockingly, the bike continues to travel down the road for approximately 500 meters. The video was recorded by the dashcam of the other car.

    The good news is that the child is safe. The bike eventually crashed into a divider, and the child fell off in the bushes. Afterward, some people arrived at the scene and picked up the child. If the bike had collided with another vehicle, the child’s life could have been in danger.

    Zee News does not verify the authenticity of the video. Additionally, there is no information about the location of this particular video. It has been shared on the social media platform ‘X’ (formerly known as Twitter) from the account named HasnaZarooriHai.

    Watch Video: 

    Mother & Father both fell from the bike but bike went ahead with baby around 500 mts and dropped the baby safely in the bushes of the road Divider
    pic.twitter.com/9RnOTfiqTb
    — HasnaZarooriHai @HasnaZaruriHai) August 20, 2024

    Videos like this are truly shocking. In the video, it is evident that the bike was moving at a high speed, which is why the rider lost control, leading to the collision with the scooter.

  • Byju’s Employees Haven’t Received July Salaries Yet, CEO Explains Why | Economy News

    New Delhi: Employees at Edtech firm Think and Learn, the company behind Byju’s have not received their July salaries. According to CEO Byju Raveendran, the delay occurred because the company was temporarily unable to access its accounts due to a Supreme Court stay on a recent decision by the National Company Law Appellate Tribunal (NCLAT).

    The National Company Law Appellate Tribunal (NCLAT) on August 2 approved Byju’s settlement of Rs 158.9 crore in dues with the BCCI and dismissed the insolvency proceedings against the company. On August 14, the Supreme Court put a hold on this decision, followed by a plea from US-based creditor Glas Trust Company LLC, effectively reinstating the insolvency case against the ed-tech giant.

    In an email to employees, Byju Raveendran expressed that each legal hurdle has prolonged the company’s journey toward recovery and stated, “I want to address the matter of utmost concern to you – and to me as well. Your salary for July 2024 has not been credited yet.”

    He further added, “Our company recently faced a serious challenge that pushed us into insolvency due to a dispute with the BCCI. We settled the case and were on the brink of regaining control of our finances after the NCLAT ruled in our favour. The apex court has issued a temporary stay on the NCLAT’s decision, which means the control of the company’s accounts has not yet been restored to us.”

    He mentioned that some foreign lenders have been challenging the company in court and have appealed the NCLAT ruling to the Supreme Court.

  • Income Tax Clearance Certificate Mandatory For All Indians? CBDT Clarifies New Rule | Personal Finance News

    The income tax return filing season has now entered the penalty phase where those who failed to file their returns by July 31 are now needed to pay fine to fill their returns. The Income Tax Department said earlier this month that timely compliance by taxpayers and tax professionals has led to a significant increase in the filing of Income-tax Returns (ITRs), setting a new record for ITRs filed by July 31, 2024. The total number of ITRs filed for the Assessment Year (AY) 2024-25 exceeded 7.28 crore, marking a 7.5% increase compared to the 6.77 crore ITRs filed by the same date for AY 2023-24.

    Claims Being Made Online/Offline

    Now, with crores of taxpayers filing their returns, the Income Tax department has made several changes to its website to make the user experience a smooth affair. Amid this, it was claimed that all Indians including those travelling abroad need an Income Tax Clearance Certificate. It was claimed that those opting for foreign travel must possess the Income Tax Clearance Certificate. The tax department has earlier made a statement in this regard but today, the Central Board of Direct Taxes (CBDT) came out with another statement to make the rules clear to everyone and clarify the misinformation being spread online and offline. 

    CBDT Fresh Statement

    “There appears to be misinformation about the said amendment emanating from incorrect interpretation of the amendment. It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country. This position is factually incorrect,” said the CBDT.

    CBDT issues clarification in respect of Income-tax clearance certificate (ITCC).

    It is being erroneously reported that all Indian citizens must obtain ITCC before leaving the country. This position is factually incorrect.

    Vide Finance (No.2) Act, 2024, Black Money… pic.twitter.com/tadFVQr99F
    — Income Tax India (@IncomeTaxIndia) August 20, 2024

    What Rules Say

    Section 230 (1A) of the Income-tax Act, 1961(the ‘Act’) relates to obtaining of a tax clearance certificate, in certain circumstances, by persons domiciled in India. The said provision, as it stands, came on the statute through the Finance Act, 2003 w.e.f. 1.6.2003. The Finance (No.2) Act, 2024 has made only an amendment in Section 230(1A) of the Act, vide which, reference of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the ‘Black Money Act’) has been inserted in the said Section. This insertion has been made to also cover the liabilities under the Black Money Act in the same manner as the liabilities under the Income-tax Act,1961 and other Acts dealing with direct taxes for the purpose of Section 230(1A) of the Income-tax Act,1961.

    As per section 230 of the Act, every person is not required to obtain a tax clearance certificate. Only certain persons, in respect of whom circumstances exist which make it necessary to obtain a tax clearance certificate, are required to obtain the said certificate. This position has been in the statute since 2003 and remains unchanged even with the amendments vide Finance (No. 2) Act, 2024.

    “The CBDT, vide its Instruction No. 1/2004, dated 05.02.2004, has specified that the tax clearance certificate under Section 230(1A) of the Act, may be required to be obtained by persons domiciled in India only in the following circumstances: (a) where the person is involved in serious financial irregularities and his presence is necessary in the investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or, (b) where the person has direct tax arrears exceeding Rs 10 lakh outstanding against him which have not been stayed by any authority,” said the CBDT.

    How To Get Tax Clearance Certificate?

    According to the CBDT, a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after getting approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of income tax. Those persons mandated to require the certificate can obtain the same from the Income Tax Department by making a written request online or offline.

  • Antfin Singapore Holding Sells 2.1 Per Cent Stake In Zomato For Rs 4,771 crore | Economy News

    New Delhi: Antfin Singapore Holding on Tuesday divested a little over 2 per cent stake in online food delivery firm Zomato for Rs 4,771 crore through open market transactions.

    Antfin Singapore Holding Pte is an arm of Ant Financial Group, while the latter is a part of Chinese e-commerce giant Alibaba. According to the bulk deal data available on the BSE, Antfin Singapore Holding sold 18,54,40,550 shares in two tranches, amounting to a 2.1 per cent stake in Gurugram-based Zomato.

    The shares were disposed of in the price range of Rs 257.17-257.46 apiece, taking the transaction value to Rs 4,771.66 crore. After the share sale, Antfin Singapore Holding’s stake has been reduced to 2.14 per cent from 4.24 per cent. Details of buyers of Zomato’s shares could not be ascertained.

    Shares of Zomato rose 0.27 per cent to close at Rs 263 apiece on the BSE. In March this year, Antfin Singapore Holding pared a 2 per cent stake in Zomato for Rs 2,827 crore.

    Earlier this month, food delivery aggregator Zomato reported a multifold jump in consolidated net profit to Rs 253 crore for the April-June quarter of 2024-25 compared to Rs 2 crore in the year-ago period.

    The company’s revenue from operations jumped more than 74 per cent to Rs 4,206 crore in the first quarter of this fiscal from Rs 2,416 crore in the April-June period of last year.

    Its total expenses also rose to Rs 4,203 crore during the quarter under review, from Rs 2,612 crore a year ago. The reporting segments for the group include the food ordering and delivery business, Hyperpure Supplies (B2B), its quick commerce offering Blinkit, the going out segment and all other residual segments.

  • IndusInd Bank Shares Up 2.6 Per Cent, Lender Received RBI Approval For AUM Business For Mutual Funds | Economy News

    New Delhi: The shares of IndusInd bank surged more than 2.67 per cent after the bank received approval from the Reserve Bank of India (RBI) to establish a wholly-owned subsidiary for undertaking the asset management business of Mutual Funds, the bank informed the exchange in a filing.

    The approval was communicated to the bank via a letter dated August 19, 2024. It also marks a significant step in the bank’s strategic expansion into the asset management sector.

    “This is to inform that the Reserve Bank of India vide letter dated August 19, 2024, has accorded its approval to the Bank for setting up a wholly owned subsidiary to undertake asset management business of Mutual Fund along with infusing equity capital in the said asset management subsidiary, subject to the additional conditions as set out in the said letter” said the Bank.

    According to the information by the bank as part of this initiative, IndusInd Bank is also authorized to infuse equity capital into the new asset management subsidiary. This move aligns with the bank’s broader goal of diversifying its financial services portfolio and enhancing its presence in the asset management domain, a sector experiencing robust growth in India.

    However, the RBI’s approval is accompanied by certain additional conditions, which the bank is required to adhere to, though the specifics of these conditions have not been disclosed.

    The establishment of the asset management subsidiary will allow IndusInd Bank to directly manage and offer a variety of mutual fund products, providing a comprehensive suite of investment options to its customers.

    The share of IndusInd Bank was trading at Rs 1383 after surging Rs 35 at the time of filing this report. 

  • Government’s 20% Ethanol Blending Goal In ESY 2025 Will Need More Sugarcane: Report | Auto News

    The government’s aim to blend 20 per cent ethanol in petrol by Ethanol Supply Year (ESY) 2025 will require more sugarcane utilisation, a report said on Monday. This is also likely to improve sugar inventory level and cash flows of millers, it added. An ESY runs from November to October.

    India’s aim to blend 20 per cent ethanol in petrol by ESY 2025 — or 990 crore litres annually — will require effective utilisation of both grain and sugarcane feedstock to increase its supply, Crisil Ratings said in a report. The annual ethanol production from grains is expected to see a significant increase to 600 crore litre by the next season (this season’s production estimate is 380 crore litre), it stated.

    The balance will have to be produced by processing ethanol from sugarcane, which is viable given the substantial capacity in place, it said. This, in turn, can help optimise the sugar inventory, particularly considering the high carry-over stock expected at the end of the current season owing to the government restriction on diversion for ethanol production and exports, Crisil Ratings said.

    Blending ethanol will help reduce India’s dependence on crude oil imports. The ethanol blending rate has steadily risen 200-300 basis points each season since ESY 2021, said the report. While, the grain utilisation for producing ethanol is not controlled, the government determines the quantum of sugarcane utilisation based on its estimation of demand-supply balance of sugar for the year ahead, it said.

    Crisil Ratings report said last year’s erratic rainfall is expected to have impacted sugarcane production this year. Consequently, ethanol production from the sugarcane route is expected to be restricted to 250 crore litres (equivalent to 2.5 million tonnes of sugar) this season, it added. “Ethanol blending could still improve to 14 per cent in ESY 2024 as extraction from grains has significantly risen due to 40 per cent capacity expansion. That will compensate for the reduced output from sugarcane,” it said.

    “However, to reach the 20 per cent blending target by ESY 2025, allocating sugarcane required to produce 4 million tonnes of sugar can be considered for ethanol production, similar to the season 2023,” Crisil Ratings Director Poonam Upadhyay noted. According to the report, in season 2025, gross sugar production is expected to be 33.5 million tonnes, with sugar consumption at 29.5 million tonnes. Moreover, sugar inventories are projected to be healthy by the end of this season, it added.

    Hence, allowing sugarcane — equivalent to the quantity required to produce 4 million tonnes of sugar — for ethanol supply (390 crore litres) can be considered, while the larger remaining share will be sourced from grain-based routes.

    “Higher sugarcane usage for ethanol production will also help optimise sugar inventory, which is estimated to rise to about four months of consumption (8 million tonne) by the end of this season. Besides, it can positively impact the cash flows of sugar mills and help them pay cane dues to farmers on time,” Crisil Ratings Associate Director Anil More stated.

    However, the policy on the quantity of sugarcane allowed next season and availability and prices of grain-based feedstock needs to be monitored, the report added.

  • Domestic Air Traffic Rises 7.3% To 1.29 Crore On Annual Basis In July 2024 | Mobility News

    Indian carriers flew more than 1.29 crore passengers in July, an increase of more than 7.3 per cent compared to the year-ago period, official data released on Monday showed. However, the air traffic in July was lower compared to 1.32 crore people carried by the domestic airlines in June this year.

    IndiGo continued to dominate domestic air traffic with its market share rising to 62 per cent in July while that of Air India dropped to 14.3 per cent. Last month, the domestic market share of Vistara climbed to 10 per cent while that of AIX Connect and SpiceJet declined to 4.5 per cent and 3.1 per cent, respectively, as per the data released by the Directorate General of Civil Aviation (DGCA).

    Also, Akasa Air and Alliance Air’s share slipped to 4.7 per cent and 0.9 per cent, respectively. “Passengers carried by domestic airlines during January-July 2024 were 923.35 lakh as against 881.94 lakh during the corresponding period of the previous year thereby registering an annual growth of 4.70 per cent and monthly growth of 7.33 per cent,” DGCA said.

    In July, domestic air traffic touched 129.87 lakh compared to 132.06 lakh in June this year and 121 lakh in July 2023. The data also showed that 1,114 passengers were denied boarding and airlines doled out Rs 112.71 lakh towards compensation and facilities.

    As many as 1,54,770 passengers were affected by cancellations and carriers spent Rs 110.59 lakh for compensation and facilities in this regard. On account of flight delays, 3,20,302 passengers were impacted in July and airlines shelled out Rs 341.05 lakh towards facilitation.

    Last month, the overall cancellation rate of the airlines touched 1.90 per cent. “During July 2024, a total of 1,097 passenger-related complaints had been received by the scheduled domestic airlines. The number of complaints per 10,000 passengers carried for the month of July 2024 has been around 0.84,” DGCA said.

  • Shares Of Zomato Hit An All-time High; Here’s Why | Economy News

    New Delhi: Shares of online food delivery app Zomato hit an all-time high on Monday after foreign brokerage UBS remained positive about the company and raised its target price for the stock by Rs 60 to Rs 320. At 1.39 pm zomato shares were trading at Rs 267 apiece, up Rs 2.50 or 0.95 percent.

    Zomato’s stock rose by Rs 15.5, or 5.9 percent, reaching a new record of Rs 280 on the BSE. It later settled at Rs 267 apiece. Zomato’s new peak surpasses the previous record of Rs 278.5 set on August 2. The brokerage’s target suggests the stock could rise by Rs 40, or 14.3%, from its current level, said Zeebiz website.

    According to Zee Business research, Zomato subsidiary Blinkit has reached several milestones ahead of the Rakhi festival, reaching sales of 693 Rakhis a minute.

    According to UBS, Zomato’s gross merchandise value (GMV) exceeded analysts’ expectations in the food delivery and Blinkit businesses in the June quarter. GMV is a key metric that determines the total value of sales of goods and services on a platform over a given period of time. It is a common metric used to gauge the performance of e-commerce businesses.

    Zomato Q1 FY25

    The online food aggregator recently reported a 74 per cent growth (year-on-year) in revenue to Rs. 4,206 crore in Q1 FY25.

    It posted over 126 per cent growth in net profit to reach Rs. 253 crore in the April-June quarter (Q1 FY25), from Rs. 2 crore in net profit in the same quarter last year.

  • DMRC To Deploy Additional Standby Trains On Raksha Bandhan; Check Details | Mobility News

    To tackle the increased passenger volume on Raksha Bandhan on Monday (August 19), the Delhi Metro will have additional standby trains available on its routes, ready to be deployed if needed to handle the higher demand.
    On X, Delhi Metro Railway Corporation (DMRC) announced the services and said, “To facilitate passengers on the festival of Rakshabandhan on Monday i.e, on 19th August 2024, Delhi Metro will be ready with additional standby trains on its corridors for induction into services to cater the rush, if required.”

    “DMRC will also deploy additional personnel at stations to cater to the extra rush of commuters by operating additional ticket counters,” the post said. “Passengers are requested to use mobile Apps i.e. DMRC Momentum, WhatsApp, Paytm, one Delhi, and Amazon to buy QR tickets online to avoid the rush at ticket counters or to buy National Common Mobility Card / Smart Card from Customer care centres,” said the DMRC.

    It further said that guards and Customer Facilitation Agents (CFA) will be deployed at major Metro stations to help and guide commuters on the day. Every year, Raksha Bandhan is celebrated with much exuberance and great festivity in India. The festival cherishes strong bond between brothers and sisters.

    Sisters on his day tie Rakhi on their brother’s wrist, which symbolises their feeling of protection, care and love towards their brother. Also, brothers show respect and love for their sisters by offering gifts, sweets and money. 

  • FM Nirmala Sitharaman To Meet PSU Banks, RRBs Heads For Performance Review On August 19 | Economy News

    New Delhi: Union Finance Minister Nirmala Sitharaman is set to convene a crucial review meeting at Vigyan Bhawan on Monday to assess the performance of Public Sector Banks (PSBs) and Regional Rural Banks (RRBs).

    This meeting aims to evaluate key financial metrics and the effectiveness of various government schemes, ensuring that these financial institutions are aligned with the economic goals. The morning session of the review meeting is dedicated to the evaluation of the Public Sector Banks from 11:00 AM to 1:00 PM. 

    The review meeting will also focus on several critical areas. Finance Minister along with other participants will review deposit growth, the credit-to-deposit ratio, and asset quality, which are vital indicators of the banks’ health. Additionally, the meeting will address the current status of accounts acquired by the National Asset Reconstruction Company Limited (NARCL) and discuss the action taken thus far, along with future strategies.

    The finance minister will also evaluate the performance of PSBs under government initiatives such as PM Awas Yojana, PM Surya Ghar, and PM Vishwakarma will also be scrutinized, alongside advancements in digital payments and cyber security measures. In the afternoon meeting from 3:00 PM to 5:00 PM, the focus will shift to Regional Rural Banks (RRBs). 

    The agenda includes evaluating key financial parameters, Ground Level Credit (GLC) for agriculture, and the status of technology upgrades. The meeting will also cover initiatives for Micro, Small, and Medium Enterprises (MSMEs), performance under government schemes, recent interventions, and any pending issues that require attention.This comprehensive review is expected to provide valuable insights into the functioning of PSBs and RRBs, enabling the government to enhance its contributions to the economy and ensure financial stability across the nation.