On Thursday, the United States targeted two Mumbai-based companies over their alleged oil trade involvement with Iran. The sanctions affected five Indian nationals connected to SSPL Solutions Private Limited and Samudra Marine Services Private Limited. These measures are part of a broader crackdown on Iran under 'Operation Economic Outcast'. The U.S. government aims to curb Iranian oil revenues fueling military and cyber activities.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/8mBvYUz
According to a recent GSMA survey, 12% of respondents in India reported being scammed recently. Online shopping scams are the most prevalent type among Indian consumers compared to other scams. The survey indicates that messaging apps are frequently used by scammers targeting Indian victims. GSMA highlights the increasing challenge of digital fraud on a global scale. Telecommunications operators in India are proactively working to combat these scams effectively.
RBI governor Sanjay Malhotra indicated that the rupee is undervalued and the central bank will intervene. The rupee closed at 96.78, down 36 paise from the previous day, hitting a five-month low. Malhotra mentioned that global AI stock corrections could attract foreign capital to India. Despite a robust services trade surplus, the current account deficit has widened due to increased merchandise trade deficit.
Elon Musk has claimed that certain oligarchs are obstructing Starlink's entry into the Indian market. Starlink has already established the necessary infrastructure and is prepared to launch its services. The company aims to provide affordable broadband connectivity to areas lacking internet access. Regulatory approvals are awaited before the commercial rollout can commence in India. Collaboration with local telecom operators has been a key element in Starlink's strategy for success.
The Reserve Bank of India has announced a 25 basis points increase in the repo rate to 5.5%. This decision reflects growing inflation pressures and stronger than anticipated economic growth. The rise in interest rates will lead to higher loan EMIs, impacting consumption during the festive season. Banks are expected to increase fixed deposit rates following this policy change.
The GST Council intends to shorten the refund processing period to around 17 days for businesses. It will also work to automate registering for a GST number to speed up the process. For small businesses operating in multiple states, avoiding repetitive registrations will be considered. Additionally, the proposal includes eliminating physical verification for registration cancellations. Changes will allow input tax credit on various business-related expenses to facilitate smoother operations.
In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries into the source of the Rs 85.03 lakh deposited by the man. The department also sent tax notices to the relatives who had given him the cash. The man eventually won relief in ITAT Chennai.
