The Enforcement Directorate (ED) has summoned the top management of Amazon Inc. and Future Coupons Pvt Ltd. (FCPL) for questioning and verification of documents in connection with their August 2019 deal. The ED has summoned Amazon’s India head, Amit Agarwal, besides promoters of the Future Group to turn up next week at the New Delhi headquarters of … Read more
The Chairman of the Indian Overseas Congress and Rahul Gandhi’s advisor Sam Pitroda stroked a political firestorm after he suggested a US-like inheritance tax in India as a way to redistribute wealth. As per the Congress leader, under this tax regime, more than half of the Wealth of a citizen will be grabbed by the government once … Read more
The union cabinet today approved an incentive scheme to promote the use of RuPay debit cards and low-value BHIM-UPI transactions. The scheme, which will promote the use of RuPay debit cards and person to merchant UPI transactions upto Rs 2,000, was approved in a cabinet meeting on Wednesday chaired by Prime Minister Narendra Modi. … Read more
In a cabinet meeting chaired by PM Narendra Modi on Wednesday, the Union Cabinet approved an incentive scheme for the development of the semiconductors and display manufacturing ecosystem in India. The cabinet approved an incentive of ₹76,000 for the development of the semiconductors and display manufacturing ecosystem in India. With this, the total amount of incentives announced … Read more
The 2019 Amazon deal with Future Coupons, a unit of Future Retail Ltd, has been suspended by the chief national competition regulator in India, the Competition Commission of India (CCI). In addition, the regulatory body has also fined the US e-commerce giant Rs 200 crore for concealing facts while obtaining approval for the deal. The CCI said … Read more
Union Finance Minister Nirmala Sitharaman on Monday informed how banks have collected roughly Rs 13,109 crore from asset sales of defaulters such as fugitive diamantaire Nirav Modi, Mehul Choksi, and erstwhile liquor baron Vijay Mallya. The assets were seized by the Enforcement Directorate in accordance with the Anti-Money Laundering Act (PMLA). The Finance Minister further informed today … Read more
The Bilateral ties between India and Iran are set to strengthen further as India’s shipping minister Sarbananda Sonowal is travelling to Iran on the 13th of May to ink a contract with Iran regarding the strategic Chabahar Port. Minister Sonowal will be signing the agreement under which India will manage the Chabahar Port for the next ten years. With the … Read more
In late April 2024, the International Monetary Fund (IMF) estimates revealed that India’s Gross Domestic Product (GDP) in Nominal terms will reach $4.34 trillion in 2025 while Japan’s GDP will be at $4.31 trillion. With this, India will overtake Japan to become the World’s 4th largest economy by next year. Incidentally, New Delhi’s jump to fourth place … Read more
Moving ahead with the vision of the Make in India programme, the Modi government has urged tech giant Apple Inc to generate annual production output worth around $50 billion in India over the next 5-6 years. The move comes after a high-level meeting top government officials held with senior representatives from Apple. The govt of India has … Read more
According to a senior procurement officer, the Indian Army will stop importing ammunition in the upcoming fiscal year since its domestic industry has increased its production capacity to satisfy the military’s requirements. The Indian Army’s Additional Director General (Procurement), Major General V.K. Sharma, said that although the army had previously placed a significant emphasis on imports to … Read more