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<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

The National Payments Corporation of India (<keyword id="193629" type="COMPANY" weightage="20" keywordseo="NPCI">NPCI</keyword>) on Thursday allowed Facebook-owned messaging platform <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> to start its payments service in the country in a "graded" manner. The announcement by NPCI came minutes after it limited a single third party like WhatsApp or its rivals like Google Pay or Walmart's <keyword id="6357886" type="COMPANY" weightage="20" keywordseo="phonepe">PhonePe</keyword> to handle only 30 per cent of overall <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="upi">UPI</keyword> transaction volumes by putting a cap. NPCI runs the <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (UPI) used for real-time payments between peers or at merchants' end while making purchases. Having a cap on the transaction volume will help in de-risking the entire set-up and is essential as UPI, which surpassed two billion transactions a month mark in October, grows further, NPCI said in a statement. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div> The industry has been feeling that allowing WhatsApp into payments may drive up volumes in the Indian digital payments space. In China, Wechat alone has over 1 billion active users for its payment services. WhatsApp has 400 million users in India while other Third Party App Providers (TPAPs) -- Google Pay had 75 million and PhonePe had 60 million -- as of May. WhatsApp has been running a pilot service for the last two years but was not given a formal go-ahead because of data localisation requirements. "NPCI has given approval for Whatsapp to 'Go Live' on UPI in the multi-bank model. WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of twenty (20) million in UPI," the statement said. NPCI issued two separate statements on WhatsApp and on limiting the transaction volumes. A "cap of 30 per cent of total volume of transactions processed in UPI" will be applicable on all TPAPs from January 1, 2021, NPCI said in a statement. "It will help to address the risks and protect the UPI ecosystem as it further scales up," it added. The cap of 30 per cent will be calculated on the basis of the total volume of transactions processed in UPI during the preceding three months on a rolling basis, as per NPCI. According to the statement, existing TPAPs exceeding the specified cap will have a period of two years from January 2021 to comply with the same in a phased manner. It can be noted that the TPAPs typically tie-up with banks at the back-end to add users and process payments for them. Data coming out of the usage is a major resource, apart from the revenues made through processing fees. SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/what-is-upi-and-how-does-it-work/articleshow/73030004.cms">What is UPI and how does it work?</a>

WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner

<ul><li><keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">Digital payments</keyword> startup <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> has raised $101 million in funding from it Singapore-based parent company. </li><li>PhonePe, which was acquired by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> in 2016, and is subsequently owned by Walmart, has been yielding great results for the global giant. </li><li>It was reported that the company was looking to raise $1 billion at a $10 billion valuation.</li></ul>PhonePe receives fresh funds from its parent company – the Singapore-based PhonePe Pvt Ltd. According to filings sourced by paper.vc, PhonePe has received over $101 million in funding. Digital payments startup PhonePe was acquired by Flipkart in 2016. Earlier this month the company was <a href="https://www.moneycontrol.com/news/business/flipkart-arm-phonepe-may-raise-1bn-from-external-investors-at-a-10-bn-valuation-4194761.html">reportedly</a> looking to raise $1 billion at a $10 billion valuation, which would have made it one of the most valued startups in the country. In the process, PhonePe was made into <a href="https://www.livemint.com/companies/news/walmart-got-a-10-billion-phonepe-surprise-after-buying-flipkart-1562726957843.html">a separate entity by the Flipkart board</a>. While Paytm leads the digital payments segment with a 43% market share (until March 2019), PhonePe reportedly holds a <a href="https://www.livemint.com/industry/banking/phonepe-app-downloads-rises-77-in-fy19-even-as-paytm-retains-lead-shows-data-1561921777576.html">33.4%</a> share in the segment. In January 2019, PhonePe had announced that it had expanded its user base to have 1 million merchants on board. “Our offline business has shown phenomenal growth in barely a year and we are very thrilled to have reached the 1 million mark. We plan to grow offline merchant number to 6 million by December 2019,” Yuvraj Singh Shekhawat, Head – Offline Organized Business, PhonePe, had then said in a statement.

PhonePe raises $101 million funding from its parent chasing $10 billion valuation

New Delhi, Feb 26 () Flipkart-owned digital payments company PhonePe has received about Rs 427.25 crore from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was Rs 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about Rs 698 crore from its parent firm, while another Rs 585.66 crore was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space. "PhonePe has received the lion's share of its funding since Walmart's acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received about USD 700 million in funding as the ever-expanding digital payments space heats up in India," Nikhil Kanekal, Analyst at Paper.vc, said. Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes. PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore in the year ended March 2018. However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago. Previously, PhonePe had stated that saw 550 million transactions on its platform in January 2020 and has about 76 million monthly active users. There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR RVK

PhonePe receives Rs 427.25 cr capital infusion from parent co

New Delhi, Dec 10 () Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 585.66 crore from its parent firm in another round, according to regulatory filings.
 PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was Rs 585,66,18,720, according to documents sourced by business intelligence platform Tofler
 The company declined to comment on the fund infusion.
 In July this year, PhonePe had received a fund infusion of about Rs 698 crore from its parent firm.
 The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space.
 Paytm had recently announced a USD 1 billion (around Rs 7,173 crore) fund raise led by the US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.
 Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes.
 PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore for the year ended March 2018.
 However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago.
 Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June.
 There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR HRS

Flipkart-owned PhonePe receives Rs 585.6-cr infusion from parent firm

<keyword id="6357132" type="General" weightage="100" keywordseo="canara-bank" source="Orion">Canara Bank</keyword> on Friday said it has crossed the business milestone of ₹20 lakh crore. "<keyword id="292298" type="General" weightage="20" keywordseo="Canara" source="Orion">Canara</keyword> Bank has achieved a milestone of crossing the total global business of ₹20,00,000 crore as on 22nd December 2022," the bank said in a regulatory filing. <keyword id="6368159" type="General" weightage="20" keywordseo="Stock" source="Orion">Stock</keyword> of Canara Bank closed at ₹291.45 apiece on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, down by 6.54 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/flipkart-and-phonepe-complete-separation-six-years-after-acquisition/articleshow/96448321.cms">Flipkart and PhonePe complete separation six years after acquisition</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dsp-investment-managers-launches-nifty-bank-etf-says-bank-valuations-look-attractive-despite-the-rally/articleshow/96454815.cms">DSP Investment Managers launches Nifty Bank ETF, says bank valuations look attractive despite the rally</a>

Canara Bank hits business milestone of ₹20 lakh crore

<ul><li>The new variant has a 4.4-fold higher neutralisation resistance than the original D614G variant. </li><li>But the good news is that this variant is not as severe as the <keyword id="6383835" type="General" weightage="80" keywordseo="delta" source="Orion">Delta</keyword> variant that dominated last year’s second wave, Dr Laxman Jessani told Business Insider <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. </li><li>As the BF.7 variant is more transmissible than other variants, experts say vaccines may be less effective at preventing transmission for this strain. </li></ul>Just as Indians were getting ready to ring in the new year with a bang after two years of pandemic-induced low-key celebrations, a new <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> variant of Covid-19 – named BF.7 – is making headlines. This mutation is spreading widely in China and other countries. In fact, the variant has been around and was already dominant in October in many European countries and USA. The variant has reached India as well. This week, four cases were reported – three from Gujarat and one from Odisha. However, the patients have all recovered now. Even though India is currently only reporting less than 200 new cases daily, the new variant is getting the government and the healthcare system worried. On December 22, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> chaired a high-level meeting to review the Covid-19 situation in India and urged everyone to wear masks in crowded public places. The new variant has a 4.4-fold higher neutralisation resistance than the original D614G variant — meaning that in a lab setting, antibodies from a vaccinated or infected individual were less likely to destroy BF.7 than the original Wuhan virus that spread worldwide in 2020, according to a study published in the Cell Host and Microbe journal. But the good news is that this variant is not as severe as the Delta variant, which was dominant in the second wave last year, according to Dr Laxman Jessani, consultant, infectious disease, Apollo Hospitals, <keyword id="57321" type="General" weightage="50" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword>. <keyword id="15865063" type="General" weightage="50" keywordseo="dr-jessani" source="Orion">Dr Jessani</keyword> told Business Insider India, “ It is not as severe as delta as per data available so far.” But BF.7 is not the most resilient sub-variant according to the study – there was an over 10-fold higher neutralisation resistance in another Omicron sub-variant called BQ.1. A higher neutralisation resistance means there is a higher likelihood of the variant spreading in a population and replacing other variants. People who are not vaccinated or have weaker immunity such as elderly citizens, children, pregnant females or people with multiple comorbidities are at a high risk of catching this infection. Also, the R0 value of this mutant as per studies is approximately 10-18.6 which means that any infected individual can infect 10-18.6 people around. The R0 value is a measure of the transmission rate of an infection and indicates how contagious a disease is. Whereas, the R0 value of the original strain, that emerged in 2019-20, was 3.0-3.3. The BA.5 strain of Omicron also had the same R0 value of 18.6. “There is a quicker infection rate of this virus, in hours, which makes it difficult to be detected in the RT-PCR test,” Dr Sandeep Ghanta, consultant, internal medicine, Citizens Specialty Hospital, <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, told Business Insider India. Are vaccines effective against this variant? As BF.7 variant is more transmissible than other variants, vaccines may be less effective against this strain, according to Dr Jessani. However, doctors are still advising people to get their booster shots as it can help in strengthening the immune system. Dr Ghanta, however, suggests that a fourth vaccine shot may be helpful in preventing or triggering a new wave. “It is probable that if people get three to four shots of the vaccine, they may get protected. It is therefore very important for everyone to be more vigilant and responsive to taking <keyword id="8764262" type="General" weightage="80" keywordseo="covid" source="Orion">Covid</keyword> vaccines,” he said. According to Dr Anurag Agarwal, former head of India’s Covid-19 genome sequencing consortium INSACOG, the vaccines protected people until the Omicron variant that emerged last year in December. “Until Omicron, vaccines could control the spread of the infection. After Omicron, the vaccines aren’t really able to stop transmission, but they do prevent deaths,” he <a href="https://indianexpress.com/article/explained/explained-health/covid-bf-7-omicron-sub-variant-china-virus-8337055/">said</a>. So, as the new year approaches, it’s time to mask up in crowded places and take basic precautions to protect against the infection. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/best-and-worst-performing-sectoral-indices-of-nifty-in-2022/articleshow/96448669.cms">Best and worst performing sectoral stock market indices in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/kgf-kantara-producer-hombale-films-to-invest-rs-3000-crore-to-produce-indian-films-over-5-years/articleshow/96448451.cms">'KGF', 'Kantara' producer Hombale Films to invest Rs 3,000 crore to produce Indian films over 5 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/flipkart-and-phonepe-complete-separation-six-years-after-acquisition/articleshow/96448321.cms">Flipkart and PhonePe complete separation six years after acquisition</a>

Covid-causing Omicron BF.7 variant highly transmissible but not as severe as Delta variant, say doctors

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Walmart purchased Flipkart in 2018 for $16 billion as a way to break into the growing Indian e-commerce market. It marked the biggest acquisition in the retailer's history.</li><li>Flipkart is planning to spin off its digital payments platform, PhonePe Pvt Ltd., into a separate entity.</li><li>The stand-alone company is exploring a $1 billion capital raise at a valuation that could reach $10 billion, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value" target="_blank" rel="noopener">Bloomberg report</a>.</li><li><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories</a>.<a href="https://markets.businessinsider.com/"></a></li></ul>When <a href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> dropped $16 billion on Indian e-commerce giant Flipkart last year in its biggest-ever acquisition, it didn't expect to also scoop up a startup worth as much as $10 billion.Flipkart's board of directors is exploring a spin-off of PhonePe Pvt Ltd., a digital payments subsidiary, in a transaction that would seek $1 billion in funding for the venture, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value">new report from Bloomberg</a>. Bloomberg reported the unit could achieve a valuation of as much as $10 billion, or almost two-thirds of what Walmart paid for Flipkart initially. The funding round has not been finalized yet, according to Bloomberg's sources, but the deal could be closed in the coming months.<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>If the deal is completed, PhonePe Pvt would become a stand-alone company with its own group investors, and Flipkart will remain a shareholder. PhonePe Pvt has developed into one of India's dominant digital payments providers as the service's transaction volume and value has increase four-fold over the past year, according to Bloomberg. Edward Yurma, an analyst at KeyBanc Capital Markets, said PhonePe could be valued up to $15 billion, Bloomberg reported. Walmart bought Flipkart in an attempt to push further into ecommerce and compete with the likes of Amazon. Walmart's stock is up 22% year-to-date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/earnings-season-forecast-bank-of-america-predicts-better-than-expected-2019-7-1028339402?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Wall Street is expecting the worst this earnings season. But Bank of America says traders will be pleasantly surprised.</a><a href="https://markets.businessinsider.com/news/stocks/disney-plus-streaming-offering-could-beat-netflix-analyst-says-2019-7-1028347028">Disney's 3-part streaming offering will be a strong bet for investors who want the best contender to Netflix, analyst says</a><a href="https://www.businessinsider.com/leaked-memo-deutsche-bank-research-layoffs-2019-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Leaked memo shows how Deutsche Bank spared its research department, even as the industry braces for a brutal future</a><div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://markets.businessinsider.com/stocks/wmt-stock"></a></div></div></div><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=walmart&amp;itm_campaign=future-of-retail"></a>

Walmart's record-setting Flipkart acquisition contained a hidden gem that could be worth up to $10 billion

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> Web Services (<keyword id="291131" type="ORGANIZATION" weightage="20" keywordseo="AWS">AWS</keyword>) is expanding its infrastructure footprint in India by launching a new cluster of data centers in Hyderabad. </li><li>This will be the second AWS region within India after Mumbai, and is expected to go live by mid-2022. </li><li>AWS investment is the largest FDI in the history of Telangana worth ₹20,761 crore ($2.77 billion). </li></ul>Amazon Web Services is expanding its footprint in India by launching a second hub within the country, this time in Hyderabad, Telangana. This marks Telangana’s largest-ever FDI worth ₹20,761 crore ($2.77 billion). <div type="twitter" handle="KTRTRS" handlename="KTR" image="http://pbs.twimg.com/profile_images/1321443744126660610/Yz5Ou0F1_normal.jpg" favoritecount="1077" retweetcount="203" status="Happy to announce the largest FDI in the history of Telangana! After a series of meetings, AWS has finalized invest… https://t.co/oPLlJROxE8" createdat="1604642547000" id="1324592966212612096"></div> “Hyderabad met the most rigorous requirements that we have for data centers,” said Puneet Chandok, the President of Commercial Business at AISPL India and South Asia. The region is expected to be up and operational by mid-2022. While the company did not disclose the financial details of the deal, Chandok highlighted that the impetus continues to be on creating highly skilled and well-paid jobs in the local economy. “The kind of roles we’re hiring for today includes data center engineers, support engineers, engineering operations managers, security specialists and many more,” he said. Three new AWS availability zones The new cluster of data centers will add another three availability zones to the three that already exist in India under the AWS Mumbai region. “This will fulfill the long term capacity needs of a country like India,” said Chandok. A region is a physical location where data centres are located. Availability zones, on the other hand, are the actual technology infrastructure in separate and distinct geographical regions. Three new availability zones mean that three different locations within Hyderabad will be scouted for setting up data centers. “Each availability zone is a fully isolated partition of the AWS global infrastructure. This means it is physically separate from any of the other availability zones by a meaningful distance,” explained Chandok. Why did AWS choose Hyderabad? Chandok highlighted that AWS chose Hyderabad for its new hub because of Telangana’s policies specifically targeted at the growth of IT and IT services in India. “Hyderabad is the city that’s home to several startups and enterprises with a skilled workforce today,” he said. It’s also about the location itself. The company explains that Hyderabad fits the parameters of latency, cost, availability, security and scalability. “There will lower latency to address the South India market,” said Rahul Sharma, the President for Public Sector at AISPL across India and South Asia. The <keyword id="10230214" type="UNKNOWN" weightage="20" keywordseo="aws-hyderabad">AWS Hyderabad</keyword> region will be the 11th region for the company in Asia. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/aws-expands-india-footprint-with-plans-for-a-second-cluster-of-data-centers-in-hyderabad-by-2022/articleshow/79075220.cms">AWS pumps $2.7 billion into India to set up a second cluster of data centers in Hyderabad by 2022</a> <a href="https://www.businessinsider.in/defense/news/india-and-china-slated-to-hold-8th-round-of-military-level-talks-as-troops-gear-up-for-ladakhs-sub-zero-winters/articleshow/79074473.cms">India and China slated to hold 8th round of military-level talks as troops gear up for Ladakh’s sub-zero winters</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-pay-upi-rolls-out-while-google-pay-phonepe-have-already-got-the-first-sting-with-the-npci-cap/articleshow/79075049.cms">WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting</a>

AWS pumps $2.7 billion into India to set up a second cluster of data centers in Hyderabad by 2022

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

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