India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai, July 1: Recently, the Bombay High Court ordered Yes Bank to pay INR 50,000 to compensate Microfibers Pvt Ltd for delaying opening a bank account after insisting on an Aadhaar card. It is learned that the private bank insisted on an Aadhaar card despite the interim relief granted by the Supreme Court at the time. Although the private bank had complied and opened the account in January 2019, the bench of Justices MS Sonak and Jitendra Jain said that they had failed to do so between April and September 2018, a period during which Aadhaar was not mandatory. The Bombay HC made these observations while hearing a petition filed by the company in June 2018. Microfibers Pvt Ltd had filed the petition before the court after Yes Bank refused to open a bank account without Aadhaar. "There was no justification for not opening the Bank account after 26th September 2018," the judges said while referring to the Supreme Court's verdict in another matter. In this matter, the apex court struck down the requirement for an Aadhaar card to open bank accounts. The Bombay HC has now directed Yes Bank to pay the compensation amount in eight weeks. Supreme Court Rejects Aadhaar Card as Proof of Date of Birth, Favours School Leave Certificate. With the Bombay High Court slapping a fine on Yes Bank, it's important to know if banks, schools, colleges, and mobile companies can require the Aadhaar card as a mandatory document. Scroll below to learn more. It must be noted that in 2018, the Supreme Court struck down Section 57 of the Aadhaar Act. It is worth noting that Section 57 of the Aadhaar Act allowed the sharing of data with private entities. The apex court passed the order after 31 petitions challenged the constitutional validity of Aadhaar on the grounds that it violated the right to privacy of citizens. The top court's order of 2018 meant private bodies, including telecom companies, private banks, e-commerce firms, and other firms, could not ask for biometric and other data from consumers to provide their services. Aadhaar Verdict Highlights: Here are Key Takeaways From Supreme Court Judgment. In simple terms, the Supreme Court placed restrictions on private entities for insisting that customers provide their Aadhaar number for verification and authentication purposes. Another highlight of the Supreme Court's 2018 judgment was that the top court made the Aadhaar card mandatory to link Permanent Account Numbers (PAN) and for income tax filing, and deemed it voluntary for other services. In the Microfibers Pvt Ltd vs Yes Bank case, the company was represented by Niyam Bhasin. In a post on X, Bhasain said that the compensation awarded by the Bombay High Court against Yes Bank was for insisting on an Aadhaar card. "Pls note: banks, mobile operators, schools, colleges, pvt company cannot ask for Aadhaar in lieu of section 57 Aadhaar Act being struck down.Else They r liable for damages," the lawyer said.
New Delhi, Nov 26: A day after the Cabinet Committee on Economic Affairs approved the PAN 2.0, the Income Tax Department on Tuesday issued a detailed clarification on the project based on a list of 11 frequently asked questions (FAQs) to provide taxpayers with a deeper insight into the new system. 1. What is PAN 2.0? PAN 2.0 Project is an e-Governance project of the Income Tax Department for re-engineering the business processes of taxpayer registration services. The objective of the project is to enhance the quality of PAN services through the adoption of the latest technology. Under this pr ...Read More >
New Delhi, Dec 4 (PTI) "On the face of it you are a corrupt person. Crores of rupees were recovered from your premises," the Supreme Court on Wednesday told former West Bengal minister Partha Chatterjee, held in an alleged cash-for-job scam in the state. A bench of Justices Surya Kant and Ujjal Bhuyan, which reserved its verdict on the bail plea of Chatterjee, questioned the enforcement directorate (ED) over his continued incarceration saying he cannot be kept inside for an indefinite period. "On the face of it you are a corrupt person. Crores of Rupees were recovered from your premises. Wha ...Read More >
New Delhi: The Supreme Court on Tuesday said the Karnataka government and the Centre should resolve the issue in connection with the release of financial assistance from the National Disaster Response Fund (NDRF) to the state for drought management. The matter came up before a bench comprising justices B R Gavai and K V Viswanathan. Attorney General R Venkataramani, appearing for the Centre, requested the bench that he needed some time to file an affidavit in the matter. "You should resolve it," the bench said. During the hearing, the bench queried, how much amount has been released so far? ...Read More >
Mumbai, Dec 17 (UNI) The BSE Sensex on Tuesday dropped another 1064.12 pts to settle at 80,684.45 as selling was witnessed in Telecommunications, Metal, and Energy stocks amid weak global cues. The National Stock Exchange (NSE) slipped 332.25 pts at 24,336. The BSE Sensex fell 237 pts to open at 81,511.81. It remained negative throughout the session. During the day it tanked 1136 pts at 80,612.20, a day low, before closing at 80,684.45, sinking 1064.12 pts from its previous close. The Nifty registered days high and low at 24,624.10 pts and by 24,303.45 pts respectively. The stocks that ke ...Read More >
New Delhi [India], January 8 (ANI): The upcoming union budget 2025-26 should focus on giving personal tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from Rs 3 lakhs to Rs5 lakhs and reducing tax rates, suggests global consulting and professional services firm Ernst & Young India (EY India). EY India also asks for deferring tax deduction at source (TDS) on PF interest rate (above 2.5 lakhs) until the withdrawal stage to reduce compliance burden. In the previous budget TDS rate rationalization was undertaken to a certain extent. To further simplify th ...Read More >
Mumbai (Maharashtra) [India], January 8 (ANI): The anti-terror squad (ATS) of Maharashtra has arrested 60 illegal Bangladeshi immigrants across the entire state in the year 2024. In December 2024 alone, the ATS managed to arrest 43 Bangladeshi nations residing illegally. In 2025, to date, four cases have been filed against the illegal Bangladeshi nationals and six accused have been arrested. Most Bangladeshis have been arrested from Mumbai, Navi Mumbai and Thane. Also Read | PM Narendra Modi To Inaugurate, Lay Foundations for Projects Over INR 2 Lakh Crore in Andhra Pradesh's Visakhapatnam T ...Read More >
Mumbai, Jan 27 (PTI) The Bombay High Court on Monday suggested Abhishek Lodha and his brother Abhinandan Lodha to try and amicably resolve the issue over the use of 'Lodha' trademark. The Abhishek Lodha-promoted Macrotech Developers Ltd earlier this month filed a suit in the HC against Abhinandan Lodha's real estate firm, House of Abhinandan Lodha, claiming the name 'Lodha' was their trademark and no one else could use it. The suit sought Rs 5,000 crore as damages from Abhinandan Lodha's company. In an interim application, Macrotech Developers sought a perpetual injunction against the defen ...Read More >
The Supreme Court on Tuesday (November 26, 2024), indicated a level of hypocrisy attached to criticism about Electronic Voting Machines (EVM), saying ""EVMs are tampered when you lose and fine if you win". The oral remark was made by Justice Vikram Nath before dismissing a petition filed by evangelist K.A. Paul, who urged for a judicial order to return to paper ballots. Also read:EVM-VVPAT case | Cannot disclose 'source code' of EVMs, will result in misuse: Supreme Court Justice Nath, during the hearing, asked Mr. Paul whether he wanted to turn the court into a political arena. Mr. Paul sa ...Read More >
In this edition of Frontline Conversations, former Maharashtra Women and Child Development Minister Aditi Tatkare discusses how the Ladki Bahin scheme, which provided direct cash transfers to 2.35 crore women, transformed both the economic landscape and political dynamics of the State. The programme, which distributed Rs.7,500 across five instalments to women earning less than Rs. 2.5 lakh annually, not only empowered women with financial independence but also proved to be a decisive factor in Mahayuti's electoral victory, marking a shift in Maharashtra's traditionally male-dominated political ...Read More >
PNN New Delhi [India], May 20: With rising temperatures and vacation time in summer just around the corner, summer travel to Europe is seeing a huge boom from Indian tourists. According to recent reports, there has been a whopping 29% increase in Schengen visa applications from India, signifying strong demand to discover the cultural festivals, historic cities, and picturesque landscapes Europe has in store. Due to more efficient processes and enhanced travel assistance, Indian travelers are now opting to apply Schengen visa online with Akbar Travels--one of India's most reliable travel bran ...Read More >
New Delhi [India], May 21 (ANI): The Supreme Court on Wednesday granted anticipatory bail to former Indian Administrative Service (IAS) trainee officer Puja Khedkar, accused of forging her documents to obtain eligibility for the 2022 Union Public Service Commission test. A bench of Justices BV Nagarathna and Satish Chandra Sharma asked Khedkar to cooperate in the probe. Also Read | Security Scare in Kolkata: Police Launch Probe After Drone-Like Objects Spotted Over Sky, Centre Seeks Report From West Bengal Govt. During the hearing, the bench said, "What is the grave crime she has committed? ...Read More >
KOLKATA: The Calcutta high court on Friday directed protesting teachers and other staff of West Bengal government-run and -aided schools, who lost their jobs due to a Supreme Court ruling, to shift their protest venue in the interest of public convenience.The court also limited the number of participants to 200 at any given time.Hearing petitions filed by the Deserving Teachers Rights Forum, under whose banner the protest is being organised, and the state government, Justice Tirthankar Ghosh ordered the protesters to move to Central Park in Salt Lake, located opposite Bikash Bhavan, the state' ...Read More >
day after the Cabinet Committee on Economic Affairs approved the PAN 2.0, the Income Tax Department on Tuesday issued a detailed clarification on the project based on a list of 11 frequently asked questions (FAQs) to provide taxpayers with a deeper insight into the new system. PAN 2.0 Project is an e-Governance project of the Income Tax Department for re-engineering the business processes of taxpayer registration services. The objective of the project is to enhance the quality of PAN services through the adoption of the latest technology. Under this project, ITD is consolidating all processes ...Read More >
NEW DELHI: Lieutenant governor VK Saxena has given his approval to the reconstitution of Delhi Building and Other Construction Workers Welfare Board, paving the way for govt to prepare a scheme to provide compensation to the construction workers who lost work due to the implementation of GRAP IV provisions. The board was not in place for the last couple of years. While giving his nod to its reconstitution, LG directed that immediate steps should be taken to implement Supreme Court directions to provide subsistence allowance to workers affected due to restrictions on construction activities be ...Read More >
Muzaffarnagar (UP), Dec 6 (PTI) A teacher who asked other students to slap a Muslim boy in a school here surrendered at a POCSO court and was released on bail, an official said on Friday. Tripta Tyagi was caught last year in a video asking children to slap a boy in a school where she taught. Additional District Judge (POCSO) Alka Bharti on Thursday granted her bail and ordered her to furnish two sureties of Rs 25,000 each. She posted the matter for further hearing on Friday. Kapil Ahlawat, Tyagi's lawyer, told PTI that Tyagi had surrendered in the Special POCSO court on Thursday and sought ...Read More >
New Delhi, Dec 12 (PTI) Tata Consultancy Services (TCS) has extended its partnership with mobile operator firm Telenor Denmark, signing a five-year deal to manage the telecom operator's IT infrastructure. Over the last six years, TCS has implemented its Machine First Delivery Model to enhance Telenor Denmark's IT infrastructure, which caters to more than 1.6 million users. With the extension of this partnership, TCS will work from its delivery centre in Europe to ensure operational cost reductions and improved IT infrastructure for Telenor, according to a company statement. "The key highlig ...Read More >
Mumbai: The RBI is likely to reduce the key interest rate by 25 basis points this week after keeping it on hold for two years, complementing the Union Budget initiatives to push consumption-led demand, though the sliding rupee continues to be a concern. As the retail inflation has remained within the Reserve Bank's comfort zone (less than 6 per cent) for most of the year, the central bank can take rate action to boost growth hit by sluggish consumption, opined experts. The Reserve Bank of India (RBI) has kept the repo rate (short-term lending rate) unchanged at 6.5 per cent since February 20 ...Read More >
The Supreme Court on Monday stayed further recovery of an outstanding tax demand from news portal NewsClick, directing the company's banker not to release any more money to the tax department based on a 2023 notice, and allowing the portal to use its two bank accounts for daily operations. The order was passed by a bench headed by justice BV Nagarathna on an application moved by PPK Newsclick Studio Limited, which alleged that ICICI Bank was not allowing the company to use its accounts despite a top court order to this effect passed on August 9. The tax department had raised the demand again ...Read More >
With the deadline for free Aadhaar updates approaching on December 14, 2024, the UIDAI is urging those who received their cards over 10 years ago to update their details. However, updating is recommended, it is not mandatory. To prevent fake identities, Aadhaar assigns a unique number to each person, linked to their biometric data, making duplication impossible. Although updating is optional, it helps improve services, ensures accurate authentication and simplifies daily life. Aadhaar is a vital identification document for every Indian citizen due to its reliability, legal compliance, and ea ...Read More >
After December 14, updates will incur a fee of Rs 50 per request at Aadhaar centers. The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar updates to December 14. This initiative allows individuals to update their Aadhaar details, such as name, address, or date of birth, online and at no cost. The process is simple and can be completed from the comfort of your home. UIDAI recommends updating Aadhaar details if it has been over 10 years since the last update. Keeping Aadhaar information updated ensures that your records are current, facilitates seamle ...Read More >
The books for class 9-12 will be available from 2026-27. New Delhi: The National Council of Educational Research and Training (NCERT) has reduced the prices of books for classes 9 to 12 by 20 per cent. The decision was announced by NCERT Director Dinesh Prasad Saklani during an event held in the national capital on Monday. The reduction in the prices of books will be effective from the upcoming academic year. News agency PTI quoted the minister as saying that while the textbooks for classes 9- ...Read More >
New Delhi, Dec 18 (PTI) Net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year. Refunds worth Rs 3.39 lakh crore were issued during the period, registering a ...Read More >
New Delhi: The Delhi High Court on Wednesday, May 21, rapped commentator Abhijit Iyer Mitra for his alleged defamatory and abusive social media posts against nine women journalists of media house Newslaundry and asked him to remove the posts within five hours. The court was hearing a plea by nine women journalists of Newslaundry and sought an injunction and damages of Rs 2 crore from Mitra for his "defamatory, false, malicious and unsubstantiated allegations" published on X. Mitra had posted vulgar remarks from February to May this year, addressing the women journalists as "prostitutes" and ...Read More >
Mumbai, November 29: The Indian stock market opened in green on Friday as buying was seen in the Media and Pharma sector in early trade. At around 09.44 a.m., the Sensex was trading at 79,369.57 after gaining 325.83 points or 0.41 per cent, while the Nifty was trading at 24,019 after rising 104.85 points or 0.44 per cent. The market trend remained positive. On the National Stock Exchange (NSE), 1345 stocks were trading in the green, while 876 stocks were in the red. Nifty Bank was up 224.45 points or 0.43 per cent at 52,131.30. Nifty Midcap 100 index was trading at 56,397.95 after gaining 97. ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
Kuldeep Singh Sengar is also serving a 10-year jail term in connection with the custodial death of the Unnao rape victim's father. Kuldeep Singh Sengar sought interim bail on the grounds that he was suffering from various ailments The Delhi High Court on Thursday granted a two-week interim bail on medical grounds to expelled BJP leader Kuldeep Singh Sengar who is serving life term for raping a minor in Uttar Pradesh's Unnao in 2017. A bench headed by Justice Prathiba M Singh suspended the sent ...Read More >
Mumbai (Maharashtra) [India], December 11 (ANI): The case of Bengaluru Techie Atul Subhash who died by suicide citing alleged harassment by his estranged wife has opened up a debate on misuse of ant--dowry lawy. Mumbai-based lawyer Abha Singh described the case as a 'gross misuse of law,' stating that false charges and harassment led to the death of the victim, suffering from harassment from his wife and in-laws. Lawyer Abha Singh also emphasized that the misuse of dowry laws could ultimately deny justice to those who genuinely need protection. Also Read | Atul Subhash Suicide Case: 4 People ...Read More >
For investors, this means that any profits made from selling cryptocurrencies will now be subject to capital gains tax.Source : Ewan Kennedy/Unsplash The Income Tax Appellate Tribunal (ITAT) in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. The ruling recognises cryptocurrencies as capital assets, setting a framework for how profits from their sale are taxed, especially for transactions made before the Government introduced specific guidelines for Virtual ...Read More >
New Delhi, November 26: Prime Minister Narendra Modi on Tuesday said that the government at the Centre has strengthened the spirit of the Constitution over the last 10 years. Addressing the Constitution Day celebrations at the Supreme Court, PM Modi highlighted that in the last 10 years, more than 53 crore bank accounts were opened, more than 4 crore pukka houses were given and more than 10 crore free gas connections were given. "In the last 5-6 years, by providing tap water facilities in more than 12 crore houses, the government made the lives of citizens easy, particularly of women," he sai ...Read More >
Mumbai (Maharashtra) [India], December 10 (ANI): The stock market ended Tuesday's trading session on a subdued note, with the benchmark indices showing little movement. The Sensex edged up by 1.59 points, closing at 81,510.05, while the Nifty declined by 8.95 points to end at 24,610.05. Also Read | Parliament Winter Session 2024: Congress, INDIA Bloc Allies Move No-Trust Motion Against Rajya Sabha Chairman Jagdeep Dhankhar; Alleges 'Proceedings in Upper House Conducted in Partisan Manner'. In the Nifty pack, 23 stocks advanced, while 27 ended in the red. Among the top gainers were Shriram F ...Read More >