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QBiz: RBI Study Says India Has a Robust Retail Payment System

1. India Has a Strong Regulatory and Robust Retail Payment System: RBI

A Reserve Bank of India (RBI) study says India has a strong regulatory system and robust value and retail payment frameworks as compared to advanced economies.

India is one of the few countries with a proper legal framework that empowers the central bank to regulate and supervise payment systems, ensuring public confidence in the systems, RBI said in a study titled Benchmarking India’s Payment Systems.

(Source: Livemint)

2. Airtel More Trusted Than Reliance Jio; Other Top Brands Which Enjoy Most Customer Confidence

Telecom operator Bharti Airtel is a more trusted brand by Indian consumers compared to its chief rivals Mukesh Ambani’s Reliance Jio and Vodafone-Idea says a research report. Sunil Bharti Mittal’s Airtel surpasses both Vodafone-Idea and Reliance Jio as the most trusted telecom operator in India, TRA research’s Brand Trust Report 2019 revealed. However, none of them made it to the top ten list. Bharti Airtel is on the 11th spot among brands across all categories while Reliance Jio is on the 17th. Reliance Jio and Bharti Airtel are in a neck-to-neck competition for the second most subscribed telecom operator slot in India.

Not a single FMCG company grabbed a spot among the top 10 most trusted brands. However, Unilever’s Dove brand, which at the 13th spot, beat Amul (16th position) in the FMCG category.

(Source: Financial Express)

Also Read: Reliance Jio Makes Merry As Airtel & Vodafone Lose More Users 

3. Income Tax Dept Extends Deadline for Employers to Issue Form 16 to Employees till July 10

The Income Tax department Tuesday extended the deadline for employers to issue Form 16 TDS certificate for financial year 2018-19 to its employees by 25 days till July 10. However, the extension would leave the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.

Also the due date of filing of TDS (tax deducted at source) statement by employers to Income Tax department in Form 24Q for financial year 2018-19 has been extended by a month till June 30, 2019.

(Source: Financial Express)

4. IFCI Writes to Finance Ministry on Promised Rs 200-Crore Capital Infusion

IFCI, a government company, has written to the Finance Ministry seeking the promised Rs 200-crore capital infusion, a top official said.

“Now that we have cleaned up our balance sheet, we are growth-ready and this Rs 200-crore equity capital support will enable us to expand and grow our balance sheet,” E Sankara Rao, MD & CEO, IFCI, told BusinessLine.

It may be recalled that the government had made a provision of Rs 200 crore as capital infusion in IFCI in the interim Budget. Currently, the Centre holds 56.42 percent stake in IFCI.

(Source: Business Line)

Also Read: Income Tax dept revises Form 16 for more details

5. Air India Deal to Be Sweetened Further, PIM Likely by 7 July

Moving at jet speed, the two-stage bid process for selling of entire 100 percent equity stake in national carrier Air India could kickstart as early as 7 July.

The government has decided to come out with the preliminary information memorandum (PIM) inviting expression of interest (EoI) by the first week of July.

(Source: The Economic Times)

6. From 13,000-Word Statements, RBI Has Become a Lot Clearer

The Reserve Bank of India has come a long way from the days when monetary policy statements would average 13,000 words.

That’s more than the average length of a Masters thesis in economics and was before the adoption of inflation targeting in 2016. Since then, the central bank has become briefer and less complex in its policy communication, according to a recent paper published by the Indira Gandhi Institute of Development Research in Mumbai.

(Source: The Economic Times)

7. Uber Says IRS Probing Its 2013-14 Tax Returns

The US Internal Revenue Service is auditing Uber Technologies Inc's taxes for 2013 and 2014 and the ride-hailing company expects unrecognised tax benefits to be reduced within the next year by at least $141 million.

In its full quarterly report on Tuesday, Uber said various state and foreign tax authorities were also looking into its taxes and that it was currently unable to put a definite timeline or estimate on the overall adjustments that might result.

The $141 million amount related only to its transfer pricing positions, which refers to the common multinational practice of charging for services between wholly-owned businesses in different countries or jurisdictions to reduce the tax it pays.

(Source: Livemint)

8. Sahara Makes Forays into EV Business

Sahara group on Tuesday announced its foray into the automobile sector under the brand name ‘Sahara Evols’

The business venture will offer a wide range of electric vehicles (EVs) along with advanced allied services.

The product portfolio of Sahara Evols comprises variants of electric scooters, motorcycles, three-wheelers and cargo vehicles. It is introducing a network of battery charging-cum-swapping stations.

(Source: Business Line)

Also Read: Uber, Indian Oil to offer fuel discounts to drivers

9. TN Streamlines Enforcement Systems for GST

With implementation of Goods and Services Tax (GST) requiring a fundamental change in the way Commercial Tax Department functions, the Tamil Nadu government has prescribed a new approach with elaborate procedures in enforcing tax laws.

The emphasis is on intelligence-based enforcement activities in an unobtrusive and efficient manner under proper authorisation and overall supervision and control of the Commissioner. The need for the change is to avoid indiscriminate investigation and to avoid any disrepute to the Department. The new approach took effect on 1 June, according to a 19-page circular issued by TV Somanathan, Commissioner of Commercial Taxes.

(Source: Business Line)

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