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Kerala Budget: Importance Given To The IT Sector; Check Out The Quick Summary

Pooja YadavMarch 14, 20220

In the budget of Kerala that was presented by government minister KN Balagopal, importance has been given to the IT sector of the state, with the main target being given to the futuristic 5G networks. Summary: Expeditious steps are going to be initiated by the Kerala government to bring the 5G system to the state and to maneuver forward rapidly within the service sector. Infrastructure development of the IT sector was another important announcement. Other important announcements IT Corridors Along with the prevailing NH 66, four IT corridors are made parallel to that as a part of decentralizing the state’s IT sector. there'll be four lanes within the corridors which is able to be Koratty-Ernakulam, Thiruvananthapuram Technopark phase-III-Kollam, Kozhikode-Kannur, and Ernakula...

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Centre Appoints Madhabi Puri Buch As First Woman Chairperson Of SEBI

Pooja YadavMarch 4, 20220

The Centre has appointed Madhabi Puri Buch as the first woman chairperson of the Securities and Exchange Board of India (SEBI) on February 28. She was previously the head of ICICI Securities. In between 2017 to 2021, she also served in SEBI as an entire Time Member. Now, she is going to replace Ajay Tyagi as the chairperson of SEBI. Ajay Tyagi is a 1984 batch IAS officer from the Himachal Pradesh cadre. He was appointed as SEBI Chairperson for 3 years, on March 1, 2017. He was given a six-month extension. Later, his tenure was extended by 18 months in august 2020.   The finance ministry had invited applications from eligible candidates for the post of SEBI Chairperson in October 2021. The deadline to submit the shape was December 6, 2021. As per the procedure for a...

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New Development Bank To Set Up India Office In Gujarat Tech City

Pooja YadavMarch 4, 20220

  The New Development Bank (NDB) will now open its office in the Gujarat International Finance Tech (GIFT) city in May 2022.  The India office will help in identifying suitable projects and check out to form a pipeline of potential financing for the bank. NDB is additionally expected to partner with the newly launched National Bank for Financing Infrastructure and Development (NBFID), during a bid to support crucial infrastructure projects across India. The New Development Bank was founded by BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014. It aimed at mobilizing and utilising resources for infrastructure and sustainable development projects in BRICS and emerging markets. The bank became operational in 2015. It is headquartered in Shanghai, China ...

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Ukraine Crisis: ExxonMobil Announces To Stop Sakhalin-1 Project In Russia

Sonia SolankiMarch 2, 20220

Amid the Ukraine-Russia war, ExxonMobil becomes the latest oil company to announce its discontinuation in Russia. Before ExxonMobil, British Petroleum (BP) and Shell had declared to end their association with Russia in the wake of its invasion of Ukraine. In the official statement, ExxonMobil said, "ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future." "In response to the recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture," the statement added. ExxonMobil And Other Oil Companies In Russia ExxonMobil is working on three oil and gas fields near the eastern Russian island of Sakhalin in partnership with Rosneft, a state-controlled energy company. ExxonMobil...

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Mysterious Yogi: CBI Arrests Anand Subramanian In Relation With Market Manipulation Case

Pooja YadavFebruary 26, 20220

The CBI has arrested former group operating officer of National stock market (NSE) Anand Subramanian after expanding its three-time inquiry into the fraud within the exchange. It is seeable of “fresh data” that came up during a genuinely disastrous SEBI report relating a mysterious yogi who was guiding the conduct of former CEO Chitra Ramkrishna and other irregularities, officers said on Friday. Subramanian was taken into custodianship late Thursday night in Chennai, Tamil Nadu. The agency will produce him before a court in Chennai for his conveyance remand to bring him to Delhi once the plea is granted. The CBI will bring him to the city and produce him before a special court to seek his custodial remand to question the inapplicability of the case at its headquarters. An ins...

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India May Suffer A Loss Of Rs 1 Lakh Crore Amid Russia-Ukraine War: Expert

Gunjan ChaudharyFebruary 26, 20220

Tensions are rising up in front of the world since Russia declared war against Ukraine. Oil has become expensive and it can cause a loss of up to Rs 1 lakh crore to India. After the attack by Russia on Ukraine, the price of crude oil has reached the maximum level of $105 per barrel. According to a new research report by the State Bank of India (SBI), if the war drags on, the government's revenue may decrease by Rs 95 thousand crores to one lakh crore in the upcoming financial year. Prices of all goods and products will be affected, leading to a rise in domestic inflation in India. Japanese research company Nomura has also claimed that India will suffer the most in the Asian region because of this crisis. Even according to the report of Soumya Kanti Ghosh, group chief economic advisor, S...

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IRCTC Collaborates With RuPay For Contactless Payments; Learn Hegemony Of Domestic Payment System

Pooja YadavFebruary 22, 20220

IRCTC has collaborated with RuPay for contactless payments and credit payments. There are many institutions collaborating with RuPay nationally and internationally. What we need to understand that how this card system has created a hegemony and captured a major shareholder in the market. There was a time most of the online transactions were done through VISA and MasterCard, which are foreign companies. These companies used to store data related to every transaction in their servers located in foreign countries. It also collects per transactions charges from our banks to enable card-based transactions. RuPay emerged as the largest shareholder in India's debit card market. It has threatened the existence of international associations and today, they have been forced to complain US go...

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Centre Bans 54 More Chinese Apps Security Grounds; Check Out Details

Sonia SolankiFebruary 15, 20220

The Union information technology ministry (MeitY) has banned 54 Chinese apps pertaining to data abuse and security issues. The occlusion takes place under Section 69a of the MeitY. This is not the first time that such action has been taken by the Indian Government. In the past, the government had banned many Chinese apps including some big names like TikTok, PUBG, UCBrowser, WeChat, CamScanner and many more. With the latest additions of more apps now the number of banned apps rises to 324. The new occluded apps lie in the categories of beauty, music, dating and gaming ones. The action is taken after a report by the Home Ministry which recommends the action pertaining to privacy and security issues. Details Of The Apps Which Are Occluded "These 54 apps allegedly obtains vari...

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‘Biggest Scam In Independent To Date’: Rahul Gandhi Slams BJP Over ABG Shipyard Bank Fraud; Opposition Takes A Jibe

Sonia SolankiFebruary 13, 20220

The Central Bureau of Investigation (CBI) files a case against the ABG Shipyard for conning 28 banks for the astronomical amount of Rs 22,842 crore. The ABG Shipyard Ltd is the flagship company of the ABG Group and is located in Dahej and Surat, Gujarat. The ABG Group is associated with shipbuilding and ship repair. The FIR was filed against ABG Shipyard and its then chairman Rishi Kamlesh Agarwal, executive director Santhanam Muthaswamy and directors Ashwini Kumar, Sushil Kumar and Ravi Vimal Nevetia. The case is filed under the IPC and the Prevention of Corruption Act by the CBI. FIR also mentions another company ABG International Pvt. Ltd. The complaint by the CBI includes 28 banks including popular ones like ICICI, SBI, IDBI, BOB, PNB and others. The State Bank of India fi...

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Tesla Faces Obstacles To Expand Its Market To India; Know Why Centre Refused Its Tax Cut Proposal?

Snehashish RoyFebruary 8, 20220

The US-based electric vehicle manufacturer, Tesla Inc., has been recently turned down by the Indian government on a proposal demanding a tax cut for importing manufactured cars into the country. The proposal was rejected under the pretext of a non-coherent plan by the EV manufacturer. Tesla Inc. tabled the proposal to deduct import tax on fully assembled cars that the company will export into the country. It has no immediate plans to set up a manufacturing unit in India. While the move may not be environment-sensitive, there are certain reasons why the government decided to discard Tesla's proposal. Unfavourable Move Tesla's proposal to implement duty cuts came with no detail on establishing its manufacturing units in India. However, it detailed that the construction of domestic ...

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Center Rejects Tesla’s Request To Relax Import Tax Regime; Read To Know More!

Pooja YadavFebruary 8, 20220

The Centre has rejected Elon Musk's claims on the "challenges" that the billionaire said his company Tesla is facing while working with the Indian government to urge its cars to be launched within the country. Sources told Business Today that Musk is trying to place pressure on the government. Through social media, Tesla wants the country to cut back import duties on its cars without committing to provide within the country. The Centre has once more turned down the demand for tax cuts to import electrical cars, said rules already permit conveyance in partially-built vehicles and collecting them domestically at a lower levy. Indian government levies a 60% import tax on electric vehicles priced at $40,000 or less, and 100% on those priced above $40,000. Tesla cars start at $44,690 (...

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Cryptocurrency Becomes Taxable: A Step Towards Its Legalisation In India?

Pooja YadavFebruary 7, 20220

Finance minister Nirmala Sitharaman, while presenting the union budget, has labelled cryptocurrency as digital assets and their transaction is now taxable by 30%. Whatever profit is earned out of the cryptocurrency and other digital assets, 30$ of direct tax will be levied, which is a heavy amount. Does this signal that cryptocurrency has been legalised in the country? Cryptocurrency may be a digital payment system that does not deem banks to verify transactions. It’s a peer-to-peer system that will alter anyone anyplace to send and receive payments. Rather than being physical cash carried around and changed within the globe, cryptocurrency payments exist strictly as digital entries to internet info describing specific transactions. After the transfer of cryptocurrency funds, the tran...

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