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<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> said that all its subsidiaries have migrated from Singapore to India. </li><li>The payment service company has also migrated ESOPs from <keyword id="15153736" type="General" weightage="50" keywordseo="phonepe-singapore" source="Orion">PhonePe Singapore</keyword> to PhonePe India. </li><li>IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India. </li><li>PhonePe currently has over 350 million registered users. </li></ul>Walmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India. Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed. “Following these actions, all <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” PhonePe revealed in a statement. PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan. Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (<keyword id="15154048" type="General" weightage="50" keywordseo="oslabs-pte-ltd" source="Orion">OSLabs Pte Ltd</keyword>) from Singapore to India. <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>, in effect from August 22, 2022, announced changes in the ODI rules for fintech firms. The ODI rules come under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>. Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform. PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017. <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, one of India’s largest ecommerce platforms and the largest shareholder in PhonePe, continues to be headquartered in Singapore. One in four Indians use services of fintech <keyword id="15154046" type="General" weightage="50" keywordseo="platform-phonepe" source="Orion">Platform PhonePe</keyword> with 150 monthly active users making it one of India’s widely used Unified <keyword id="4303474" type="General" weightage="50" keywordseo="payment-interface" source="Orion">Payment Interface</keyword> (UPI) apps. The Bengaluru-based fintech startup declared in April this year that it crossed 100 million transactions in a <a href="https://economictimes.indiatimes.com/tech/technology/phonepe-says-it-clocked-100-million-transactions-in-a-day-for-the-first-time/articleshow/90823278.cms?from=mdr">day</a>. To further strengthen its enterprise, PhonePe acquired <keyword id="9655220" type="General" weightage="50" keywordseo="gigindia" source="Orion">GigIndia</keyword> in March 2022, a marketplace for gig workers for an undisclosed amount. GigIndia has 1.5 million entrepreneurs onboard its platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-set-to-open-on-oct-4-commands-grey-market-premium-of-30/share/articleshow/94620046.cms">Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/mangalyaan-all-you-need-to-know-about-indias-first-historic-mission-to-mars/slidelist/94617244.cms">Mangalyaan: All you need to know about India’s first historic mission to Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/millions-of-indian-smartphone-users-might-have-to-wait-till-2024-for-5g-say-experts/articleshow/94614275.cms">Millions of Indian smartphone users might have to wait till 2024 for 5G say experts</a>

PhonePe moves domicile from Singapore to India

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> is looking forward to expanding its workforce by hiring 2800 people by the end of this year.</li><li>The company will be hiring across various domains like engineering, product, analytics, business development, and sales.</li><li>Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers.</li></ul>PhonePe, a Bengaluru-based <keyword id="4002923" type="General" weightage="20" keywordseo="digital-payment-platform" source="Orion">digital payment platform</keyword>, has announced that it will double its total employee strength by December 2022. The company will be hiring 2800 people and will be scaling up its headcount from 2600 to 5400 employees. The company plans to fill in 2800 positions in various levels and functions like engineering, product, analytics, business development, and sales teams located in Bengaluru, Pune, Mumbai, Delhi, and the rest of the country. “We are building a long-term sustainable organisation, anchored on technology, and unlocking value for all. We’re proud that PhonePe has emerged as the employer of choice for smart, ambitious people who are keen on creating outsized impact. The company offers the opportunity for people to learn and grow by getting to work on some of the most complex problems in the industry,” says Manmeet Sandhu, head of human resources at PhonePe. Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers, while also enabling expansion of the ready-now engineering talent in the startup space. “PhonePe’s progressive efforts to create a diverse, vibrant, and positive workplace were formalised last year with the launch of its Diversity and Inclusion Initiative. Since then, the company has seen an increased representation of women in leadership roles, as well as more hires from the LGBTQI community and persons with disability,” Sandhu added further. The company also claims that it offers above-market compensation, has below-market attrition rates, and offers wealth creation opportunities to all employees through its employee stock ownership plan (ESOPs) programme. The digital payments company recently launched a ‘Mother@PhonePe’ programme especially for mothers to give them the flexibility to come back to the workforce whenever they are ready. The company also launched another programme called ‘Parents@PhonePe’ which covers secondary caregivers, thus promoting a more balanced distribution of responsibilities among new parents. PhonePe was founded in December 2015 and it claims to have digitised over 27 million offline merchants spread across tier 2,3,4 and beyond and claims to have covered 99% of pin codes in the country. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores, and make all their utility payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/lenovo-to-hire-12000-rd-professionals-in-the-next-3-years/articleshow/90659225.cms">Lenovo to hire 12,000 R&amp;D professionals in the next 3 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/former-student-and-indigo-co-founder-rakesh-gangwal-gifts-100-crore-to-iit-kanpur/articleshow/90660595.cms">Former student and Indigo co-founder Rakesh Gangwal gifts ₹100 crore to IIT-Kanpur</a>

Digital payments platform PhonePe to hire 2800 people by the end of this year

It’s been just few days that <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> saw a <a href="http://www.businessinsider.in/flipkart-raises-1-4-billion-from-tencent-ebay-microsoft-and-acquires-ebay-india/articleshow/58109109.cms">capital raise</a> at a valuation of $11.6 billion, and now the online retailer has sent out an email to its employees, which says they will be issued additional shares to make up for the <a href="http://www.businessinsider.in/flipkart-raises-its-biggest-round-at-a-lesser-valuation-and-acquires-ebay-but-is-it-enough-to-steer-off-amazon/articleshow/58128005.cms">lower valuation</a>. 
 
In the last funding round in 2015, Flipkart was valued at $15.2 billion. 
 
As Flipkart was funded at a lower valuation, it has seen a drop in the price of its shares that were issued to the employees with Employee Stock Options (ESOPs) when the company was valued higher. This includes not only Flipkart employees but also of its group companies, <a href="http://www.businessinsider.in/retail/e-commerce/this-is-what-myntra-jabong-are-doing-to-consolidate-their-position-in-the-ecommerce-market/articleshow/57683255.cms">Myntra and Jabong </a>along with payments venture <a href="http://www.businessinsider.in/markets/economy/phonepe-stops-all-upi-based-payments-on-flipkart-website-isindia-not-ready-with-upi-based-payment-service-yet/articleshow/56713887.cms">PhonePe</a>. About a third of Flipkart's 8,000 employees have ESOPs. 
 
Also read: <a href="http://www.businessinsider.in/and-now-artificial-intelligence-will-make-your-flipkart-experience-enriching/articleshow/58061636.cms">And now, artificial intelligence will make your Flipkart experience enriching</a> 
 
"As an organisation, Flipkart takes immense pride in being the employer of choice for thousands of professionals-a vaulted status that only comes with a deep, company-wide sense of transparency and fairness. If Flipkart does well, so should you," Group CEO <a href="http://www.businessinsider.in/retail/e-commerce/is-flipkarts-musical-chair-with-its-ceo-justified/articleshow/56473428.cms">Binny Bansal </a>said in the email. 
 
(Image source Huffington Post)

Flipkart employees to get additional shares to compensate for lower valuation

<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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PhonePe moves domicile from Singapore to India

Eetika Kapoor

Digital payments platform PhonePe to hire 2800 people by the end of this year

Vaamanaa Sethi

Flipkart employees to get additional shares to compensate for lower valuation

BI India Bureau

Government plans to tax cryptocurrency gains in Budget 2022

PTI

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