It became the inaugural tech company to establish a specialized business division solely focused on AI and cloud services in 2023.
Category: Economy
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India's Forex Reserves Rise By USD 140 Million To Hit Fresh Peak Of USD 642.63 Billion
Gold reserves increased by USD 347 million to USD 51.487 billion during the week, the RBI said.
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College Student Receives Income Tax Notice For Rs 46 Crore Transaction: 'My PAN card has been misused'
On Friday he persisted and visited the office of the Additional Superintendent of Police to file a formal complaint regarding the unauthorized transactions.
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New Insurance Policies To Go Digital From April 1: Here’s All You Need To Know | Personal Finance News
New Delhi: Many changes will take place along with the kickstart of the new financial year. One of them is changes in new insurance policy. Starting April 1, 2024, purchasing insurance will undergo a digital transformation as insurers are now mandated to issue policies solely in digital form.
This move, in line with the Insurance Regulatory and Development Authority of India’s (IRDAI) Protection of Policyholders’ Interests regulations, aims to streamline insurance processes and enhance policyholder convenience. (Also Read: New Tax Rules From April 1: Did You Know About Basic Exemption Limit? Check Here)
What Is E-Insurance Accounts?
E-insurance accounts involve the issuance and holding of policies in digital format. While many private insurers already offer e-insurance accounts, policyholders now have the option to purchase and manage their policies digitally through designated insurance repositories. (Also Read: 5 Financial Changes Coming In April 2024: Here’s All You Need To Know)
What New It Brings?
With the implementation of the new regulations, insurance companies are obligated to issue policies exclusively in electronic format. IRDAI’s final regulations stipulate that insurers must issue all policies digitally, regardless of whether the proposal is submitted electronically or through other means.
Is There An Option For Physical Policies?
Despite the shift towards digital issuance, policyholders still have the choice to hold their policies in physical form. They can opt for physical copies while filling out proposal forms for insurance purchases, ensuring flexibility for those who prefer traditional documentation.
How One Can Purchase An E-Insurance Account?
Opening an e-insurance account is a straightforward process and can be done at the time of purchasing a new policy. Additionally, existing physical insurance policies can be converted into electronic form, enabling policyholders to manage all their policies digitally.
What Is The Cost Of Switching To E-Insurance Account?
The transition to digital insurance comes at no additional cost to policyholders. Opening an e-insurance account is free of charge, offering a cost-effective and convenient way to access and manage insurance policies.
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New Tax Rules From April 1: Did You Know About Basic Exemption Limit? Check Here | Personal Finance News
New Delhi: April 1, 2024, marks the beginning of a new financial year, bringing with it changes to income tax rules as announced by Finance Minister Nirmala Sitharaman during her Budget speech earlier this year in February. What are the changes that are taking place from the kick start of the new financial year?
This is the question that may be making rounds in your minds. If so, here’s a breakdown of the key changes taking effect from April 1, 2024. (Also Read: Mutual Fund Investors ALERT! One Needs To Do THIS By March 31 To Avoid Transaction Blocks)
New Tax Regime
From April 1, 2024, onwards, there will be a default adoption of the new tax regime. This move is aimed at simplifying the tax filing process and encouraging more individuals to opt for this regime. (Also Read: Agency Banks To Open This Sunday: Check What It Is, How They Operate & Full List)
However, taxpayers retain the option to stick to the old tax regime if it proves more beneficial for them.
Tax Slabs
Under the new tax regime, the tax slabs are mentioned below:
– If your income is from Rs 3 lakh to Rs 6 lakh, then you will be taxed at 5 percent.
– If anyone generates income from Rs 6 lakh to Rs 9 lakh in a particular financial year, they have to pay 10 percent tax.
– If your earnings are between Rs 9 lakh and Rs 12 lakh, you will be entitled to pay 15 percent tax.
– You will be entitled to pay 20 percent tax on the income from Rs 12 lakh to Rs 15 lakh.
– Income of Rs 15 lakh and above will be taxed at 30 percent.
Standard Deduction Under New Tax Regime
The standard deduction of Rs 50,000, previously applicable only to the old tax regime, has now been incorporated into the new tax regime. This adjustment will effectively reduce taxable income under the new regime.
Reduction In Surcharge Rate Under New Tax Regime
The highest rate of surcharge, previously at 37 percent on income above 5 crore, has now been reduced to 25 percent.
Taxation On Maturity Proceeds From Life Insurance Policies
From April 1, 2023, maturity proceeds from life insurance policies issued where the total premium exceeds Rs 5 lakh will be subject to taxation.
Increase In Leave Encashment Tax Exemption Limit
The tax exemption limit for leave encashment for non-government employees has been increased from Rs 3 lakh to Rs 25 lakh.
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India’s Foreign Exchange Kitty Rises For 5th Week In A Row
In the preceding week that ended on March 15, the forex reserves had increased by a more robust $6.4 billion to scale a record high of $642.49 billion.
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Byju’s EGM On Rights Issue Ends Sans Objections, Dissenting Investors Skip Meet | Companies News
New Delhi: Embattled edtech company Byju’s on Friday held its extraordinary general meeting (EGM) called by the board of directors to raise the capital via the rights issue without any hassles.
The EGM, called to increase Byju’s authorised share capital, met with no objection and none of the key investors who went to the National Company Law Tribunal (NCLT) against the rights issue and to oust its Co-founder CEO Byju Raveendran, were present at the EGM, sources told IANS.
The meeting saw about 20 investor representatives in attendance, along with Think & Learn management, the parent company of Byju’s.
Few questions regarding the postal ballot were asked and resolutions were called out while no objections were raised in the 30-minute meeting.
According to sources, further details on the voting and culmination of the rights issue (about $250-$300 million)will be shared later by the company.
Earlier, in a breather for the embattled edtech company NCLT on Thursday refused to stay EGM.
According to sources, the tribunal judge was convinced by the evidence submitted and arguments made by Byju’s counsels, who made a case that the “only objective of the petitioners is to be restrictive”.
Last month, the NCLT directed Byju’s to keep funds received from the rights issue in an escrow account till the disposal of the case.
As funds remain stuck, Byju’s has mandated all its employees to work from home as it gives up office spaces across the country amid severe cash crunch.
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Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison –How Did The Biz Collapse? Explained | International
Sam Bankman-Fried co-founded the FTX crypto exchange in 2019 and quickly built it into the world’s second most popular place to trade digital currency. It collapsed almost as quickly. By the fall of 2022, it was bankrupt.
Prosecutors soon charged Bankman-Fried with misappropriating billions of dollars in FTX customer deposits. They said he used the money to prop up his hedge fund, buy real estate, and attempt to influence cryptocurrency regulation by making campaign contributions to U.S. politicians and pay $150 million in bribes to Chinese government officials. He was put on trial in the fall of 2023.
WHAT DID HE DO WRONG?
FTX had two lines of business: a brokerage where customers could deposit, buy, and sell cryptocurrency assets on the FTX platform, and an affiliated hedge fund known as Alameda Research, which took speculative positions in cryptocurrency investments. As Alameda piled up losses during a cryptocurrency market decline, prosecutors said Bankman-Fried directed funds to be moved from FTX’s customer accounts to Alameda to plug holes in the hedge fund’s balance sheet.
Prosecutors said Bankman-Fried, now 32, also created secret loopholes in the computer code for the FTX platform that allowed Alameda to incur a multibillion-dollar negative balance that the hedge fund couldn’t repay, lied to a bank about the purpose of certain accounts it opened, evaded banking regulations and bribed Chinese officials in an attempt to regain access to bank accounts that had been frozen in that country during an investigation.
WHAT DOES BANKMAN-FRIED SAY?
In interviews and court testimony, Bankman-Fried acknowledged making mistakes, but blamed some of the wrongdoing on other executives at his company, and said he never intended to defraud anyone. He has also said the alleged harm to FTX’s customers has been exaggerated.
THE VERDICT
Bankman-Fried was convicted in November 2023 of two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit money laundering, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.
He was sentenced to 25 years in prison four months later in late March 2024. The judge in the case also ordered him to forfeit over $11 billion.
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Good News For MGNREGA Employees! Centre Announces Pay Hike: Check State-Wise Wages Here | Economy News
New Delhi: Ahead of Lok Sabha polls 2024, there is good news for lakh of MGNREGA employees. The Central government has notified the latest revision in wages under the Mahatma Gandhi National Rural Employment Guarantee Act for the financial year 2024-2025. This announcement comes just ahead of the LS elections scheduled for 2024.
The Centre notifies the latest revision in MGNREGA wages pic.twitter.com/gcq2mrFWn7
— ANI (@ANI) March 28, 2024MGNREGA Employees’ Wage Rates: Effective Date
The Ministry of Rural Development has introduced new wage rates for unskilled manual workers, which will come into effect from April 1, 2024. (Also Read: Big Blow To Home Loan Borrowers! HDFC Bank Raises Lending Rates To 9.8%)
MGNREGA Employees’ State-Wise Wage Rates
MGNREGA Employees’ Wages In Goa
The employees under Mahatma Gandhi National Rural Employment Guarantee Act in Goa witness the highest hike of 10.56 percent. The wages increased from Rs 322 to Rs 356 per day. (Also Read: Delhi Man’s Rs 340 Cab Booking Turns Into Rs 648 Nightmare: Here’s What Happened NEXT)
MGNREGA Employees’ Wages In Uttar Pradesh And Uttarakhand
The employees of the state experience the lowest raise of 3.04 percent. In both states, the wages increased from Rs 230 to Rs 237 per day.
MGNREGA Employees’ Wages In Karnataka
The employees of the state witnesses a 10.44 percent increase, with wages rising from Rs 316 to Rs 349 per day.
MGNREGA Employees’ Wages In Andhra Pradesh And Telangana
They experience a 10.29 percent increase, with wages rising from Rs 272 to Rs 300 per day.
MGNREGA Employees’ Wages In Madhya Pradesh And Chhattisgarh
Share the same wage rate, with both states seeing a 10 percent surge from Rs 221 to Rs 243 per day.
Highest MGNREGA Employees Wage Rates
The employees of Haryana receive the highest wage rate of Rs 374 per day.
Lowest MGNREGA Employees Wage Rates
Arunachal Pradesh and Nagaland receive the lowest wage rate of Rs 234 per day.