STANDARD
Budget 2024: Double standard deduction to Rs 1 lakh and more on the table that need Nirmala Sitharaman's attention
Budget 2024: Consultancy firm KPMG anticipates changes in the upcoming Union Budget, including doubling standard deduction to Rs 1 lakh, increasing tax breaks on housing loan interest, and rationalizing capital gains tax regime. The focus is on enhancing disposable income and promoting home ownership through tax reforms.
EC releases SOP for EVMs burnt memory checking, verification with expanded choices for candidates
The Election Commission of India has released a new SOP for EVMs, allowing candidates to have expanded choices in checking and verification processes. The SOP includes selecting EVMs from any polling station, mixing and matching EVM units, and casting up to 1400 votes in a mock poll.
6 things salaried taxpayers want from Budget 2024: Hike in standard deduction, HRA exemption, work from home benefits and more
Budget 2024 expectations: The upcoming budget is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers expect revisions in areas like standard deduction, tax slabs, and HRA limits to ease their burden and encourage spending. Here are some of the key changes that salaried taxpayers want from Finance Minister Nirmala Sitharaman in Budget 2024.
Standard deduction to HRA exemption: Expectations for salaried & professional taxpayers | Budget 3.O
The upcoming budget 2024 is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers hope Finance Minister Nirmala Sitharaman will make revisions in areas such as standard deduction, tax slabs, and HRA limi...
Yen hits four-week high, intervention questions circulate
The yen surged to a nearly four-week high against the U.S. dollar on Friday amid speculation of Japanese intervention, following data showing eased U.S. consumer prices and moderate producer price increases, which boosted expectations for a Federal Reserve rate cut in September.
What measures can be taken to avoid situations like that of Quant Mutual Fund?
Recent investigations by Sebi have uncovered unethical front-running practices in the mutual fund industry, highlighting the need for enhanced regulations and oversight. The use of new benchmarks and technologies to monitor trading activities is being emphasized to prevent market abuse. Suggestions include implementing a robust rating system for funds, imposing significant penalties, and educating investors on recognizing unethical behavior. Stakeholders are called upon to remain vigilant and proactive in addressing these challenges to maintain the sector's credibility.
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Piramal Capital raises $100-million social loan
Piramal Capital & Housing Finance raises $100 million social loan pre-funded by Standard Chartered Bank. The loan, benchmarked to SOFR, will support affordable housing, MSME business loans, and other social causes. The lender aims for 15% AUM growth in FY25 and plans to expand the retail business.
One in two medical prescriptions issued in India deviate from standard guidelines: Study
A study in India found that almost half of medical prescriptions deviated from guidelines, with pantoprazole being commonly misprescribed. The researchers highlighted potential risks like high treatment costs and adverse reactions for patients.
Budget 2024 expectations: 6 things salaried taxpayers want
Salaried individuals are looking forward to the Budget 2024 announcements, hoping for positive changes in salary taxation. Here are six key expectations of the salaried class for Budget 2024.(Text Ankur Agrawal, Director, Grant Thornton Bharat LLP and Akhil Chandna, Partner, Grant Thornton Bharat LLP/ET Contributor)
Muthoot re-taps May bond to raise $100 million
Muthoot Finance raised $100 million from its May bond due 2028, priced at 6.73%, via Deutsche Bank and Standard Chartered. The initial $650 million showed high global interest. Bonds have a 6.73% coupon, now trading at 6.7%. Proceeds for on-lending under RBI guidelines. Post-Fed’s hiking cycle, Indian issuers are exploring overseas markets.
DGCA issues safety standards for ground handling service providers
The DGCA has issued new safety standards for ground handling service providers (GHSPs) at airports to ensure safe operations amid rising air traffic. The regulations, effective from July 8, require GHSPs to obtain safety clearance within six months, appoint accountable managers, and ensure ground personnel undergo recurrent training
Maruti Suzuki extends warranty programmes for all its vehicles
From July 9th, 2024, Maruti Suzuki, India’s largest carmaker, will enhance its standard warranty to 3 years or 1,00,000 km, from 2 years or 40,000 km. Consumables are excluded. Extended warranty will cover up to 6 years or 1,60,000 km, including 11 high value parts. Partho Banerjee, Senior Executive Officer, Marketing & Sales, noted the benefit of free repairs at authorized centers. The coverage includes engine, transmission, mechanical, electrical, and air conditioning systems. These changes significantly enhance customers’ overall ownership experience.
DoT invites application for R&D in Quantum Communications
“The main objective is to accelerate research and development in quantum technologies, ensuring the interoperability, reliability, and security of quantum communication systems,” the department of telecommunications (DoT) said in a release Sunday.
From black and white to color: Maharashtra prisoners to now get color TV sets and washing machines
Maharashtra's prisons are undergoing substantial upgrades aimed at improving living conditions for inmates. This initiative includes replacing non-functional black and white TVs with modern color television sets connected to dish cables, providing inmates access to free-to-air channels for approximately six to seven hours daily. This upgrade is intended to keep inmates occupied and mentally balanced. Additionally, industrial-grade washing machines are being installed to enhance hygiene standards by automating the clothes washing process, reducing manual labor and improving cleanliness. These efforts reflect a proactive approach by prison authorities to enhance inmate welfare and rehabilitation outcomes.
Govt makes ISI mark mandatory for stainless steel, aluminium utensils
The government has mandated national quality standards for stainless steel and aluminium kitchen utensils, requiring the ISI mark to ensure product safety and quality. This order, issued by the DPIIT and effective from March 14, 2024, bans the manufacture, sale, or distribution of non-compliant utensils. Non-adherence will incur penalties.
Government makes ISI mark mandatory for stainless steel, aluminium utensils
According to BIS, the order prohibits the manufacture, import, sale, distribution, storage, or exhibition for sale of any stainless steel or aluminium utensils that do not bear the BIS standard mark. Non-compliance with the order will attract penalties, underscoring the government's commitment to consumer safety and product integrity, it said in a statement.
Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
Proxy debt plays may slow as JPM index inclusion progresses
Analysts predict the Centre will maintain or reduce the fiscal deficit target to 5% of GDP in the upcoming budget, as foreign investment in Indian government bonds surges post JP Morgan index inclusion.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
India pitches for strengthening quality standards for spices
India actively supports global food standards at the Codex Alimentarius Commission session in Rome, emphasizing quality in spices, vegetable oils, and water reuse. The country's commitment to food safety, recycled materials, and addressing global challenges like climate change is evident in its participation and championing of guidelines.
Rupee to trade in narrowest range in about 30 years on RBI's actions: Reuters poll
The Indian rupee will trade within the narrowest range in nearly three decades over the coming year as the Reserve Bank of India (RBI) continues to maintain its tight grip on the currency's movements, according to a Reuters poll.
NHAI to do GIS-based land acquisition for upcoming national highway projects
The National Highways Authority of India (NHAI) on Tuesday entered into an MoU with the Survey of India for development and validation of GIS-based land acquisition plan for upcoming national highway projects in the country. As per the agreement, the Survey of India will help develop standard operating procedures and in preparation of terms of reference for consultants preparing a detailed project report for land acquisition.
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.
India's healthcare in critical condition: 4 out of 5 public health centers below par, reveals new Govt report
A recent Indian government self-assessment reveals that most public health facilities, including district hospitals and primary centers, fall short of essential standards. Only 20% meet benchmarks for infrastructure and resources, with 42% scoring below 50%. Initiatives aim to bring 70,000 facilities to standard within 100 days, backed by inspections and funding under the National Health Mission. This highlights urgent reforms needed to enhance healthcare nationwide, promising better services and equity in healthcare delivery.
Reddit to update web standard to block automated website scraping
AI startups face scrutiny for bypassing Reddit's updated scraping rules. Plagiarism accusations against firms like Perplexity highlight the need for stricter data usage regulations. Reddit's cooperation with TollBit and the Internet Archive ensures non-commercial access while maintaining transparency. The involvement of Alan Barona underscores the importance of ethical content sourcing in AI development.
Food Safety: Karnataka govt imposes 10 lakh fine on usage of artificial colours in some food items
Karnataka has banned the use of artificial colors in food items, including kebabs, chicken, fish, and vegetarian dishes, after tests revealed harmful levels of sunset yellow and carmoisine. Violations of this ban can lead to severe penalties, including imprisonment and hefty fines. This action follows earlier bans on other harmful colors, with Health Minister Dinesh Gundurao highlighting the commitment to food safety and public health through stringent enforcement measures.
BIS introduces new safety standards for EVs in India
Bureau of Indian Standards (BIS) introduces safety guidelines for electric vehicles in India, focusing on powertrain components. New rules, IS 18590: 2024 and IS 18606: 2024, aim to enhance safety in L, M, and N vehicle categories.
EU’s proposed sustainability standards to hurt Indian exports: GTRI
EU's ESPR regulation, criticized by GTRI, may raise costs and impact exports from developing nations due to stringent sustainability standards and Digital Product Passport requirement.
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