FIRST CHEQUE
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
New EPF rules: EPFO relaxes mandatory uploading of cheque leaf image, attested bank passbook for these cases
EPFO eases the requirement to upload image of a cheque leaf and an attested bank passbook. This move will help to expedite the settlement of claims filed online and reduce the number of claims that are rejected
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
IPL: Bollywood superstars, top players share ad spoils as cricket frenzy sweeps India over
King Khan has pocketed the most endorsement money this IPL season, followed by Ajay Devgn. Big cricketing names are not far behind too, with Virendra Sehwag, Ravichandran Ashwin and Hardik Pandya each bagging a good many endorsement deals.
Japan's MUFG may cut $2b cheque for 20% in HDB Financial Services
MUFG in talks to buy 20% stake in HDB Financial Services from HDFC Bank at $9-10B, unlocking value post $60B merger, with $2B investment, IPO preparations per RBI regulations.
What first-timers need to begin their mutual fund journey?
The right scheme for investment should be chosen based on the time horizon, risk profile and tax implications. For example, if you are looking to invest for a 1-2 year horizon and can take some risk and want tax efficiency, you could choose an equity savings fund rather than a pure equity fund or a debt scheme.
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Cedar Capital announces first close of Rs 240 crore fintech fund
Cedar Capital's fund would invest in almost 15 early-stage startups, with a primary focus on banking technology and business-to-business (B2B) fintech startups. In addition, leading family offices and institutional investors from India and the Middle East are among the limited partners who participated in this round
Blume Ventures invests $10 million in edtech firm Interview Kickstart, largest maiden cheque
US-based Interview Kickstart is a platform for working technology professionals who want to prepare to work at top tech companies. Over 20,000 people have gone through its programmes spanning AI, Machine Learning, Data Science and other advanced engineering and product areas, so far.
Paytm shares rebound; Tata builds India’s first spy satellite
Troubled fintech major Paytm has seen a rebound in its stock, which jumped over 10% in the last two trading sessions. This and more in today’s ETtech Top 5.
If somebody wants a billion dollar cheque, we can do it: Yasuhiro Kubota, Asia Pacific Co-CEO, Mizuho Bank
Mizuho Bank, Japan's third-largest 'megabank', has made a significant investment in India, allowing it to create a lending capacity and support local Indian corporates. The bank specializes in loan against shares, promoter financing, and large ticket acquisition financing, supporting billion-dollar acquisitions.
Rajkumar Santoshi granted bail in cheque-bounce case
Filmmaker Rajkumar Santoshi has been granted bail in the cheque-bouncing case. The court has allowed him to appeal against the judgement in a higher court. Santoshi's lawyer plans to appeal, highlighting the lack of evidence and involvement of a third party. Ashok Lal, an industrialist and shipping magnate, claimed that Santoshi gave him bounced cheques totaling Rs 1 crore.
Medial App secures $120,000 in funding led by FirstCheque VC
Medial App plans to use raised capital for product development, user acquisition and feature testing, with a focus on enhancing features and launching the product.
SaaS accelerator Upekkha announces first close of $40 million VC fund
The fund was created with a leading investment from WestBridge Capital, among other limited partners including Godard Abel, founder and CEO of G2, a business-to-business marketplace that ranks SaaS companies.
Impact investor Asha Ventures announces first close of Rs 750 crore fund
The fund plans to make Series A investments in startups pursuing sustainability and inclusion themes—in the education, financial services, healthcare, climate and agriculture sectors—with cheque sizes in the range of $2 million to $10 million.
Distribution-as-a-service startup ofScale secures $375,000; grocery and gourmet to be next focus area
ofScale’s maiden funding round saw investments from Matrix Partners India DeVC and Relentless Ventures. The company is assisting D2C brands, like Arata, Wishcare and Paradyes establish their offline footprint.
Ranjan Pai cuts Rs 1,400 crore cheque for Davidson Kempner debt, books Aakash seats
In May, Byju’s had signed a Rs 2,000-crore ($240 million) structured credit deal with Davidson Kempner against the cash flows of Aakash Institute.
Women's Reservation Bill is like post-dated cheque, says BRS MLC Kavitha calling it tokenism
K Kavitha, an MLC from the ruling BRS party in Telangana, has criticized the Women's Reservation Bill passed in Parliament, calling it a "post-dated cheque" with no clarity on its implementation. She demanded that women be given 33% reservation in the Lok Sabha and state assemblies immediately.
Don’t have a blank cheque, but it will take a while to address years of underinvestment: Campbell Wilson
Campbell Wilson, CEO and MD of Air India, acknowledges the progress made since he took over the position, but recognizes that building a completely new Air India will take time due to legacy issues. Wilson emphasizes the importance of addressing accumulated issues, investing in IT systems, and acquiring necessary talent for future growth. He clarifies that Tata Sons' support does not equate to a blank cheque and that Air India is expected to run a financially healthy business.
Why you should start financial planning with your first salary
The joy of financial independence that comes with the first salary, sometimes, takes away the attention from financial planning. It is very important for individual to keep a focus on managing finances correctly when one starts earning. Read on to know what aspects you should keep in mind when you receive your first salary.
SoftBank back in ‘offence’ mode, begins writing cheques again
SoftBank on Tuesday reported a surprise net loss of over $3 billion in the first quarter, hit by the double whammy of a drop in share prices of major holdings as well as a weaker yen.
QIA closes in on Reliance Retail with $1 bn cheque at $100 bn valuation
At $100 billion, Reliance Retail will outpace global peers including Tesco, Carrefour, Uniqlo and JD.com. In India, Reliance Retail, the largest player already, is more than three times bigger than the largest listed retail chain Avenue Supermarts, that owns Dmart.
The dangerous flight path that Go First took
Kingfisher Airlines, Jet Airways, and now Go First. Are there things common in their blazing flight path followed by a crash landing?Running an airline gives anyone an adrenaline rush. Few billionaires can resist the allure, even if it means risking one's wealth and venturing forth to start a new airline.
Yesterday is a cancelled cheque, says Eliud Kipchoge
“Yesterday is a cancelled cheque,” Kipchoge said. “Today is cash. Tomorrow is a promissory note. Let us forget about the cancelled cheques. Let us talk of the cash and the promissory notes.” Deconstructing the world’s greatest marathoner’s philosophical view on losing.
ADIA signs $500 million cheque for 10% stake in Lenskart at $4.2 billion valuation
The fundraise was done at a $4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10% stake.
DoT starts doling out production-linked incentives, GX Telecom gets first cheque
“Our vision for 2023 will be to develop products that are designed in India, made in India which will create skilled job opportunities in the direction of building India as a global hub ... with the incentive received further supporting new innovation to cater international market demands with indigenous products," GX International Group CEO Paritosh Prajapati told PTI.
Fund transfer to cheque return: Canara Bank revises charges on these 9 services
According to the Canara Bank website, service fees for a few non-credit, non-forex related services are changed as of February 3, 2023.
PHDCCI pitches for compulsory suspension of bank drawls in cheque bouncing cases
The chamber also suggested that the bank should make payment of bounced cheque first before making any other payment from the account of the cheque issuer, if possible within the banking system. For bounced bank cheques, the payee needs to start litigation, which hardly results in the payment, it said.
SBI Positive Pay: 3 ways to submit/confirm high-value cheque details online
The Reserve Bank of India (RBI) has implemented Positive Pay System (PPS) for all types of cheque payments in order to prevent frauds carried out through the tampering or alteration of cheques.
Early-stage venture capital firm First Cheque closes second fund at Rs 38 crore
The company has backed software developing startup Kaching, ecommerce startup Mall91 and edtech platform Seekho among others.
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