Face penalty of 200% above 2.5 lakh

The government on Wednesday warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.

Reliance Jio fight: Trai wants Rs 3,050 crore fine on Airtel, Vodafone, Idea

The recommendation to levy fines comes after Trai had issued show-cause notices to the three operators towards end-September after finding high levels of congestion in their network leading to call failures made to and from the Jio network beyond the permissible limits.

32 Lakh Debit Card Details Hacked

Over 32 Lakh debit card details were compromised in the latest data breach. This breach happened through a malware that was introduced in the Hitachi Payment Services systems. Hitachi Payment Services is the largest provider of ATMs Point of Sale (PoS) and other financial transactions.

The banks who hit this massive data breach includes State Bank of India, Yes Bank, HDFC Bank, ICICI Bank and Axis Bank. Customers are advised to change ATM PIN immediately.

26 Lakh of affected debit cards were on Visa and MasterCard. And about 6 lakh were on RuPay Card.

There is no official report about who is behind this data breach, but few customers have observed the unauthorized usage of their card in various locations in China. Payment council of India has ordered an investigation to find out the origin of the Cyber breach. Bengaluru-based payment and security specialist SISA will conduct the investigation.

Please co-operate with the Bank. Safety for each and every customer is their primary concern. All 32 Lakh compromised debit card holders are not yet identified.

Bank request you all to change your ATM PIN immediately. If you see any unauthorized transaction or receive any transaction SMS which was not done by you then please report it to to the Bank immediately.

China sets up $3 bn internet investment fund

China's Baidu Inc said on Wednesday it has established a 20 billion yuan ($3 billion) investment fund, Baidu Capital, focusing on mid- and late-stage deals in the internet sector.

Centre clears way for loan of Rs 6,325 crore: Pune metro

The loan will be directly taken by the Special Purpose Vehicle for Pune metro with sovereign guarantee being provided by the union government.

The much-delayed Pune metro rail project is all set to get a loan of Rs 6,325.50 crore from World Bank (WB) and China-based Asian Infrastructure Investments Bank (AIIB), with the union government approving the state government proposal for multilateral assistance for the project.

Jio says Airtel and Vodafone not letting their customers to port out

The battle between Reliance Jio Infocomm and Indian telecom's big three incumbents over carrying traffic across networks may appear to be subsiding, but differences over number portability and public WiFi keep the tensions still simmering in the industry.

Jio has accused Bharti Airtel, Vodafone India and Idea Cellular of rejecting almost all requests by customers to port their numbers to the Jio network, and urged the sector regulator to impose financial disincentives on them.

Petrol price increased by 58 paisa and diesel price cut by 31 paisa per litre

As of today petrol price in Delhi stood at Rs 63.47 a litre while diesel costs Rs 52.94 a litre. Meanwhile, international Oil prices were trading at .18 per barrel. (Reuters) Oil Companies on Thursday increased by a steep retail selling price of petrol by Rs 58 paisa a litre and for diesel by price cut by 31 paisa second such hike in a fortnight.

Brayer will buy monsanto for $57 billion in cash

German chemical company Bayer will fork over $57 billion to buy American seed seller Monsanto. The all-cash deal — the largest takeover ever by a German company — will create a firm that has control over more than a quarter of the world’s seeds and pesticides.

St. Louis-based Monsanto is infamous both for its genetically modified crops and for being the world’s largest seller of seeds. Bayer, though best known in the US for its aspirin, has a major pesticide division, and also biotechnology, plastics, and health segments.

Rcom-Aircel merger gets board approval

Reliance Communications-Aircel merger will create a subscriber base of 190 million with Bharti Airtel having a subscriber base of 251 million, followed by Vodafone with 198 million and Idea Cellular with subscriber base of 175 million.

Reliance Communications (RCom) board on Wednesday approved the company’s merger with Aircel, in one of the biggest deals in the telecom space in recent times. It also comes at a time whenMukesh Ambani’s Reliance Jio has made an aggressive entry into the telecom industry, sending jitters among incumbents.

RCOM and MCB will each hold a 50% stake in the merged entity (“MergedCo”), with equal representation on the Board of Directors and all Committees. The company will be managed by an independent professional team under the supervision of the Board.

RCOM’s overall debt will reduce by Rs 20,000 crore ($3 billion) or over 40% of its total debt, and Aircel’s debt will reduce by Rs 4,000 crore (4600 million), upon completion of the transaction in 2017.

The MergedCo will be one of India’s largest private sector companies, with an asset base of over Rs 65,000 crore ($9.7 billion) and net worth of Rs 35,000 crore ($5.2 billion), said Reliance’s release.

The MergedCo will have the second-largest spectrum holding amongst all operators, aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands, and will enjoy enhanced business continuity through extended validity of spectrum holdings till 2033-35, the release added.

Commenting on the merger, Anil Ambani, Chairman, Reliance Group, said, “Together with our partners, MCB, we are delighted to have taken the lead in consolidation of the Indian telecom sector, first, with RCOM’s acquisition of the wireless business of SSTL (Sistema/MTS), and now, with the combination of our business with Aircel Ltd. in a 50:50 Joint Venture with MCB.

We expect this combination to create substantial long term value for shareholders of both, RCOM and MCB, given the benefits of the wide-ranging spectrum portfolio and significant revenue and cost synergies.”

Reports suggest that the merger will create a subscriber base of 190 million with Bharti Airtel having a subscriber base of 251 million, followed by Vodafone with 198 million and Idea Cellular with subscriber base of 175 million. Reliance Communication has spent Rs 5,384 crore in the 850 MHZ space. Share price of the company on Wednesday ended 2.72 per cent up at Rs 51.05. The announcement came after market hours.

Chandan Taparia, analyst with Anand Rathi Financial Services said, “The move will increase the subscriber base of Reliance Communications, which is positive for the company.” He is bullish on Reliance Communication shares and believes if it crosses Rs 55 in coming sessions, then it can touch Rs 70 in the upcoming quarters.

Source: The financial Express

"Humsafar" trains will be open for passengers in next month with 20% hike in fares

"Humsafar" train will be open for passengers in next month with  20% hike in fares i.e 20% extra cost than normal mail and Express trains. It has only AC 3 coaches likely to be launched between New Delhi and Gorakhpur.

It is a special train for intercity overnight journey with many extra features which is normally not available in normal AC 3 coaches, said by official.

CCTV, GPS-based passenger information system, fire and smoke detection and suppression system and mobile, laptop charging points with every berth are some of the features on Humsafar trains.

"Government that tried to levy taxation system could never returned to power again": Shivsena

Most of the states now ratified the GST bill and it will come into existence as the remaining country will also ratify it. The Maharashtra legislature unanimously ratify the GST ( goods and Service Tax ) bill. Shivsena said the government that tried to levy taxation system, government that imposed GST will never returned to power again.

BMC ( Brihanmumbai Municipal Corporation ) is suffer from Rs 7000-8000 crore loss in revenue which will be fatal for the Mumbai city to be financially balance, which generates the maximum revenue for the country, will become dependent on the centre for money, it said.

RTI applicant ask PMO that when will Rs15 lakhs be in my account?

Prime Minister's office is directed by the CIC to responde to the RTI applicants which is responsible to give information towards the RTI applications. The application received by the PMO in which applicant wrote that the money which will be given to the every account holder of head of the family of Indians i.e Rs 15 lakhs which was promised by Narendra Modi in 2014 general elections, what happened to that promise?

The complaint filed by the Rajasthan's  Kanhaiya Lal in which he ask to the top of the board of PMO that, " at the time of election, it will be announce that black money will bought back to india and Rs 15 lakhs will  be deposited to the accounts, so what happened to that."says chief inormation commissioner Radha Krishna Mathur.

GST bill now slowly going into existence

On 8 august 2016 government has passed the GST (goods and service tax) bill but this bill will come into existence when 29 States will ratified the GST bill. As of now 13 states ratified the GST bill and 16 States will going to ratify the GST bill after they communicate with each other members and if the majority wins in each of the state then GST will pass in the remaining states and India gets the new tax system in terms of GST bill.

Government hikes minimum wages to 350Rs per/day

The centre on Tuesday announced a hike in minimum wage for unskilled non-farm workers of the central government to Rs 350 a day, from the current Rs 246, in an attempt to mollify trade unions that have threatened to go on a nation-wide strike on Friday.

Interacting with reporters here, Finance Minister Arun Jaitley also announced that the Bonus for 2014-15 and 2015-16 will be paid to central government employees based on revised norms. The Bonus Amendment Act will be implemented "strictly". He gave an assurance that the government will also take necessary steps to resolve the cases on payment of bonus pending in high courts and the Supreme Court. The likely financial implications of the bonus move translate into Rs 1,920 crore per annum.

India on 7th rank in the world wealthiest country

As we know India is growing faster in terms of business and world relations, the trade system is much better than the last few year system and that's why the currency of India growing as the business grows. This week according to the report of New Wealth, India ranked 7th in the world with a total individual wealth of  $5600 billion (approx 372.5 lakh crore) while the US topped the chart.