ACCOUNTANTS

How India can drive financial efficiency & sustainability with cloud technology

In today's rapidly evolving work landscape, organizations must strategically leverage GenAI, automation, and cloud technologies to drive business performance, reduce IT expenses, and differentiate technology. By optimizing cloud outlays and embracing sustainability efforts, banks can unlock tangible value and enhance shareholder value in addition to cost savings.

Government working on aggregation of CA firms, accounting standards for insurance sector

Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.

NITI Aayog calls for policy and legal reforms to regulate use of facial recognition technology (FRT) in India

In a report, prepared by the Vidhi Centre for Legal Policy on behalf of the Aayog, it had proposed imposing liability and the extent of liability arising from any harms or damages caused by the use of facial recognition technology (FRT) system. Besides, the Aayog has suggested a need for an ethical committee to address issues pertaining to transparency, accountability, and biases emanating from the use of such systems in India.

Banks scanning proprietor A/Cs to spot 'money mules'

Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.

Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal

India's merchandise exports show growth despite a widened trade deficit, reflecting a positive economic outlook. The Commerce Minister's participation in the gem and jewellery industry program signifies confidence in the country's economic trajectory.

GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge

Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.

HubSpot investigating customer account hacks

HubSpot is actively investigating a cybersecurity incident targeting customers. Less than 50 accounts were compromised, and measures are in place to protect customer data. TechCrunch first reported the news. The company specializes in providing marketing software for small and medium-sized businesses, with a focus on customer relationship management.

Sebi tweaks rules for Basic Service Demat Account. Check eligibility, charges

Sebi has introduced new rules for Basic Service Demat Accounts (BSDA). To be eligible, individuals must have only one demat account where they are the primary holder and only one BSDA across all depositories.

10 ways to earn money from your Instagram account

Instagram, with its billion-user reach, offers lucrative opportunities for monetization through brand collaborations, affiliate marketing, and selling products directly. Content creators can leverage their influence by offering exclusive content, starting dropshipping businesses, or providing marketing services. These avenues allow individuals to turn creativity into income, catering to diverse interests and skills in the digital marketplace.

Hunt on for mule bank accounts; Tata Digital pause on funding

The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.

Punjab & Sind Bank signs pact with Indian Army for salary account

"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.

CAD in surplus in March quarter after four years

India's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.

This bank revises savings account interest rates; now earn up to 7.75% interest rate

Unity Small Finance Bank Limited (Unity Bank) has raised the interest rate slabs on savings accounts, according to the bank press release dated June 24, 2024. The bank offers highest interest rate of 7.75% on savings account.

Canara Bank''s X account "compromised", investigation underway

Canara Bank's Twitter account has been compromised. The bank is investigating and working with Twitter to regain access to its handle.

Recurring deposit (RD) premature withdrawal: Eligibility, interest rate, other rules explained

Post office RD scheme: You might have invested money in a post office RD scheme, however due to any financial need or trouble you may wish to prematurely break it. This is because a post office RD scheme has a tenure of five years from the date of opening. Read here to know more about post office RD scheme.

PNB to close some dormant A/Cs

Punjab National Bank will close dormant accounts inactive for over three years to prevent misuse, unless KYC documents are submitted; exemptions include accounts linked to DEMAT, lockers, student accounts, and those frozen by statutory bodies.

Demat account for minors: How to open with Zerodha, other brokers? Check documents required, other details

Teaching minors about stock markets, demat accounts, and investment strategies is crucial for financial discipline and smart money management.

FD rate up to 8.75%, savings account rate of 7.75%: RBL Bank revises savings, FD interest rates

RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 2 crore. The revised FD interest rates are effective from June 8, 2024. The bank has also revised savings account interest rates, and the new rates are effective July 1, 2024.

RFC account for NRIs: What is it, eligibility, how to open and more

For non-resident Indians (NRIs) planning to return to India, managing foreign earnings and assets efficiently is crucial. One effective way to do this is by opening a Resident Foreign Currency (RFC) account.

Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts

The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.

New threshold for basic demat accounts

Sebi proposes raising the threshold for basic service demat accounts to ₹10 lakh from ₹2 lakh, aiming to ease the financial burden on retail investors by reducing the cost of maintaining securities in demat accounts.

TikTok says cyberattack targeted brands and celebrity accounts, including CNN

TikTok takes measures to stop cyberattack targeting brand and celebrity accounts, including CNN. ByteDance challenges law requiring TikTok sale by January to avoid ban.

CGAS Account: How to open a Capital Gains Account Scheme