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In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

The <keyword id="20449324" type="General" weightage="20" keywordseo="Finance-Bill" source="keywords">Finance Bill</keyword> 2024 was passed by <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="261" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Wednesday evening, with a few amendments moved by the government. Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> laws and procedures and enable growth and employment in the country. She responded to points made by members. The Finance Minister clarified that in real estate, the roll over provisions have not been withdrawn and are applicable. She said if the capital gain in a property transaction is invested in buying another one or two properties up to a maximum value of Rs 10 crore, no capital gain tax is required to be paid on such profits. <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">Capital gains</keyword> can also still be invested in bonds which are notified under Section 54 of the Income Tax Act up to a maximum of Rs 50 lakh annually and save on taxes. To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on <keyword id="20412285" type="General" weightage="20" keywordseo="property-transactions" source="keywords">property transactions</keyword>. The amendment implies that taxpayers can avail either a lower tax of 12.5% without indexation or a rate of 20% with indexation, if the property is acquired prior to July 23, 2024, the day union budget was presented in the Lok Sabha. Sitharaman clarified that taxpayers can compute taxes under both provisions and choose to pay tax under the scheme where lower tax is applied. Effectively, July 23, 2024, is now set as the cut-off date for the calculation of the capital gains versus the earlier cut-off of 2001. Sitharaman said she has proposed these amendments as some members have raised hypothetical calculation to prove that under new provisions taxpayers will have to pay higher taxes. The new tax proposals on capital gains tax was brought in to bring in parity among different asset classes like equities, mutual funds and real estate. In the Finance Bill introduced on July 23, the Finance Minister had proposed a flat long term capital gains tax of 12.5% with no <keyword id="943856" type="General" weightage="100" keywordseo="indexation-benefit" source="Orion">indexation benefit</keyword>s, prior to it property transactions used to be taxed at 20% with indexation benefit. The minister also clarified that the grandfathering proposal will be allowed only for individual and Hindu Undivided Family (HUF) taxpayers and not for companies and Non Resident Individuals. They have to pay flat 12.5% LTCG tax without indexation. The proposed amendment will apply not only on real estate transactions, but also on unlisted equity transactions, which are done before July 23, 2024. All such transactions will be taxed at 10% long term capital gains instead of FY24-25 budget provision of 12.5% tax. With the opposition members demanding removal of <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> on health insurance, Sitharaman said tax was there on medical insurance even before GST was introduced. "There was already a Service Tax on medical insurance, before the GST was introduced. This is not a new tax, it was already there in all the states. Those protesting here, did they discuss regarding the removal of this tax in their states? Did they write to the Finance Ministers of their respective states about it and asked them to raise it in the GST Council where states have 2/3rd part? No, but they are protesting here. This is their double standards, this is their drama," she said. "Wrongful protests have happened recently, and comments have been passed on the basis of a news report which suggested that the 'Centre has pocketed Rs. 24,529 crores of health insurance premiums alone'. This is incorrect and highly misleading. The GST rate of 18% on health insurance comprises of 9% CGST and 9% SGST. Thus, of the total collections of Rs 24,529 crores from health insurance in the last 3 years, Half of it, Rs. 12,264 crores, went straight to the states as SGST. It doesn't even come to the Centre," she added. The minister said that apart from this, roughly 41%of the Centre's share of GST collection on health insurance is devolved back to the states again, as part of Tax Devolution as per the Finance Commission's formula. Sitharaman said the new income tax regime is simpler and offers lower income tax rates for individuals. "It gives flexibility to the taxpayer to see where he wants to put his money in the absence of exemptions which is available in the old income tax regime. The old regime has not been dissolved and is still an alternative to the new tax regime. It still offers benefits of various deductions such as interest on home loan, etc. Individuals without business income can choose between regimes once and can revert back too. Hence, a choice has been provided to assesse," she said. For the previous Assessment Year 2023-24 till December 31, 2023, about 3.8% of taxpayers opted for the new tax regime, which equates to 30.93 lakh individuals, from a total of 7.98 crore ITRs filed in the categories of ITR-1 to ITR-4, she said. "However, for the Assessment Year 2024-25 until July 31, 2024, there was a dramatic increase in adoption of the new regime, with approximately 72.8% of taxpayers choosing the new tax regime. This represents about 5.25 crore individuals, out of a total of 7.22 crore ITRs filed in the same category." Sitharaman said this shows a substantial shift in taxpayer preference towards the new tax regime, over the span of just one year. "Taxpayers opting for the new regime does not mean savings and investments are not happening in the economy by the middle-class. Due to growth in fintech, better awareness, and ease of investment due to UPI, e-KYC, progressive regulations, investments in mutual funds have increased tremendously. On an average, 17.88 lakh new folios have been added every month in the last 5 years since June 2019. The number of unique mutual fund investors has grown from under 1 crore in 2014 to about 4 crore today," she added. The Finance (No.2) Bill, 2024 was passed after amendments moved by opposition were negatived. Sitharaman said the vision of Prime Minister Narendra Modi has been to establish a simple, efficient and fair technology-driven taxation regime in the country. "So, simplification and ease of compliance for the taxpayer has been the primary objective. In the last 10 years, and this year, in the third term of PM Modi, the approach to taxation has been to simplify it, reduce the burden on taxpayer and make sure it is transparent and equitable," she said. "This year also, our approach has been that we bring in greater simplification of tax laws and procedures, and that we enable growth and employment in this country," she added. Sitharaman presented the Union Budget in Parliament on July 23. This is the first full budget of the NDA government led by PM Modi. The BJP-led alliance won a third successive term earlier this year. The Lok Sabha took up discussion on the Finance Bill after the Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday. The Finance Bill will now be discussed by Rajya Sabha. The passage of bill will complete the budget process.

Lok Sabha passes Finance Bill, provision on LTCG tax on property transactions amended

In a massive relief to those holding legacy, long-time investments in <keyword id="19895040" type="General" weightage="20" keywordseo="Real-Estate" source="keywords">real estate</keyword>, the government today moved an amendment, offering them a choice between the old and new methods of calculating long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) and paying whichever is the lower of the two as tax. Amidst representations from the real estate sector, and concerns that removing indexation benefits would lead to a surge in black money inflows in the segment, the government proposed the aforementioned changes. Last month, while presenting the Union Budget 2024 on July 23rd, 2024, <keyword id="6355261" type="General" weightage="20" keywordseo="Finance-Minister" source="Orion">finance minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had announced doing away with indexation benefit for all asset classes like real estate, gold and more. To soothe the blow, the FM had also lowered the LTCG from its previous rate of 20% to 12.5%. <h2> What was the condition before?</h2>Prior to Union Budget 2024, real estate investments would qualify for LTCG tax, provided they were held for more than 2 years, or 24 months. The LTCG tax payable would be 20%, along with indexation benefit. As the government noted in the <keyword id="123776" type="General" weightage="20" keywordseo="Finance-Bill" source="Orion">finance bill</keyword>, "indexation available under the second proviso to section 48 is proposed to be removed for calculation of any long-term capital gains which is presently available for property, gold, and other unlisted assets. This will ease the computation of capital gains for the taxpayer and the tax administration". Indexation allowed investors to factor in the impact of inflation on their investment over the years, thereby increasing the cost of acquisition, which reduced their capital gains and thus, lowered their overall LTCG tax liability. Here, the government considered the indexed cost of acquisition, rather than the original cost of acquisition, for calculating LTCG. Consider this: Manya purchased a property in FY 2002-03 for Rs 30,00,000. In June 2024 (FY24-25), she decided to sell it for Rs 80,00,000. Now, under the new <keyword id="22692992" type="General" weightage="100" keywordseo="LTCG-Regime" source="keywords">LTCG regime</keyword> (12.5% sans indexation benefit), her tax liability would come down to Rs 6,25,000 (12.5% of 50,00,000). But if she opted for indexation benefits, her indexed cost of acquisition would be calculated using this formula: Cost Inflation Index (CII)value for transfer/sale year/CII for purchase year, or 2001-02 (whichever is later) X cost of acquisition] = 363/105 X 30,00,000= Rs 1,03,71,428 (around Rs 1 crore) (CII values are issued by the government) This is the cost Manya would have to pay, if she were to buy the same property today. But since she sold her house for Rs 80,00,000, she incurred a capital loss of around Rs 20,00,000 and hence, would not have to pay any LTCG tax. Another change that budget announced was that all properties that were purchased prior to 2001 would be grandfathered. This meant that indexation benefits would be applicable to properties which had been purchased prior to 2001. <h2>What changes now? </h2>There are two major changes: 1. Going ahead, investors will have the choice to avail either of the two LTCG regimes-either pay tax on a lower rate of 12.5% (minus indexation), or pay LTCG at the rate of 20%, along with indexation benefit. They will have the freedom to pay taxes per whichever regime which reduces their tax liability. 2. The grandfathering clause, which was earlier set at 2001, will now be considered at 23rd July, 2024. This means that for any property (land or building) that was transferred or sold before July 23rd, 2024, taxpayers will have the option to choose between either of the LTCG regimes, and pay the lower of the two as tax. However, any property that has been sold after July 23rd, 2024 will continue to be taxable exclusively under the new LTCG regime i.e. taxable at 12.5% minus the benefit of indexation. The time period proposed in the budget for an asset to qualify as a <keyword id="22692993" type="General" weightage="20" keywordseo="Long-term-Capital-Asset" source="keywords">long-term capital asset</keyword> i.e. 36 months would also continue to apply. This benefit will only be applicable to real estate i.e. <keyword id="460692" type="General" weightage="20" keywordseo="Immovable-property" source="Orion">immovable property</keyword>. Transfer/sale of other assets such as gold will continue to attract 12.5% LTCG sans indexation benefits.

Govt. offers relief on long-term capital gains for real estate, allows investors to choose between old and new LTCG regime

New Delhi: In a massive crackdown, the Anti-Corruption Branch (ACB) of Delhi has uncovered a scam involving fraudulent GST refunds within the Trade &amp; Taxes department of the Delhi Government and arrested a Goods and Service tax officer along with six associates. Seven people were arrested for allegedly running the racket of fake invoices and getting GST refunds from the department. The seven arrested persons include a <keyword id="20263022" type="General" weightage="20" keywordseo="GST-officer" source="keywords">GST officer</keyword>, three advocates, two transporters, and a fake firm proprietor, informed ACB. According to ACB, They created 96 <keyword id="20867094" type="General" weightage="20" keywordseo="fake-firms" source="keywords">fake firms</keyword>, which were cunningly used to siphon off taxpayer money by claiming fraudulent GST refunds. Shockingly, refunds worth rupees 35.51 crore were approved between 2021 and 2022. In the first year, only refunds worth rupees 7 lakh were approved but later the remaining were approved. The GSTO, identified as Babita Sharma, played a pivotal role in this conspiracy. After being transferred to Ward No. 22 in July 2021, Sharma, in a highly suspicious move, swiftly approved the migration of 53 firms to her ward. These firms, which were later found to be non-existent during a physical verification by GST officials, were mere paper entities, set up solely to claim bogus refunds. Within just 2-3 days of filing refund applications, these refunds were sanctioned without the mandatory verification of Input Tax Credit (ITC), a crucial process to identify fraudulent claims, informed ACB. The fake firms, which supposedly conducted business worth Rs718 crores, were found to be engaged in nothing more than a paper trail of deceit. Some firms even claimed to export medicines and medical items, but a closer inspection revealed that these transactions were built on forged purchase bills. It was found that the same group of offenders operated 23 out of these 96 fake firms. Using common email IDs and mobile numbers, they created fake invoices worth rupees 176.67 crores, pocketing Rs5.81 crores in <keyword id="22769118" type="General" weightage="20" keywordseo="fraudulent-refunds" source="keywords">fraudulent refunds</keyword>. The investigation reveals that over 500 non-existent firms were implicated, and as many as 1,000 bank accounts linked to the scam. The role of other GST officials and proprietors is still under the scanner as the investigation is underway by ACB.

54 Crore GST Refund Scam exposed by Delhi's Anti-Corruption Branch

Mobile phone users might have to spend notably more for their recharge packs after the general election, as reports indicate that telecom firms are gearing up for a fourth round of <keyword id="891186" type="General" weightage="20" keywordseo="tariff-hikes" source="Orion">tariff hikes</keyword> in recent times. According to a report by brokerage Axis Capital, a meaningful hike of approximately 25% by operators is anticipated soon. This surge is attributed to a stable competitive environment, the necessity to bolster profitability post heavy <keyword id="21245910" type="General" weightage="20" keywordseo="5G-investments" source="keywords">5G investments</keyword>, and ongoing government support. Despite the apparent magnitude of the increase, the report suggests it should be manageable for both urban and rural users. Urban households may witness a rise in telecom expenditure from 3.2% to 3.6% of total expenditure, while for rural subscribers, spending could escalate from 5.2% to 5.9%. Analysts predict that the consumers are likely to remain loyal and pay up, especially if they continue to enjoy high-speed connectivity — a vital need of these modern times. For <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, the projected roughly 25% hike in headline rates is expected to correspond to a 16% growth in the average revenue per user (ARPU), as estimated by Axis Capital. While <keyword id="2003276" type="General" weightage="20" keywordseo="jio" source="Orion">Jio</keyword> reported an ARPU of Rs 181.7 for the quarter ending March, Bharti Airtel and <keyword id="19899016" type="General" weightage="20" keywordseo="vodafone-idea" source="keywords">Vodafone Idea</keyword> (Vi) are yet to disclose their March quarter numbers. However, their figures stood at Rs 208 and Rs 145 respectively for the October-December 2023 period. Peeyush Vaish, TMT industry leader at Deloitte, South Asia, anticipates a 10-15% increase in ARPUs, adding approximately Rs 100 per subscriber by the end of this calendar year. This hike is expected to be driven by price increases for 4G/5G bundled packs and the phasing out of low-value packs. Analysts foresee Bharti Airtel and Jio emerging as the primary beneficiaries of the <keyword id="21656632" type="General" weightage="20" keywordseo="wireless-pack-price-hike" source="keywords">wireless pack price hike</keyword>. While Vi is also expected to boost its ARPU by fortifying its network and minimising subscriber churn, the overall revenue impact may still be limited compared to its competitors. At the end of Q4 FY24, Jio’s total assets stood at Rs 4,87,405 crore, while its net profit from January to March climbed to Rs 5,337 crore from Rs 4,716 crore a year ago. On the other hand, Bharti Airtel’s consolidated Q4 revenue came in at Rs 37,599 crore, with its net profit of Rs 2,072 crore dropping 31.1% compared to a year ago. (With inputs from The Economic Times)

Mobile recharge packs to get more expensive as telcos gear up for another round of tariff hikes: Report

If you are living in a metropolitan area in India, chances are you regularly order food from <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>. The company launched in India in 2008 and was earlier just a food delivery service. Overtime, it evolved into a food discovery platform as people can rate restaurants, reserve tables, leave reviews and more. Now, we all know that when we order food via Zomato we end up paying slightly more. There are various charges that the company levies on users including handling charges and delivery fee. In August last year, Zomato started charging a <keyword id="20299300" type="General" weightage="20" keywordseo="platform-fee" source="keywords">platform fee</keyword> from users. And this has proved to be a successful business move for the platform as during its annual report, the company revealed that it has collected Rs 83 crore till March from levying platform fee. So what exactly is this platform fee that has raked in moolah from the company? Moreover, how does it benefit Zomato and what effect does it have on the end consumer? Read on to find out. <h2>What is Zomato’s platform fee?</h2>Zomato's platform fee is a small additional charge that the company adds to your order. Think of it as a convenience fee for using the app's services, including delivery, customer support, and the seamless experience of browsing through hundreds of restaurant options. Initially, the company used to levy Rs 2 per order as platform fee. But that amount has grown in the last one year and today Zomato charges Rs 6 as platform fee in key areas. It can be located when you load the bill details of your order. <div type="image" title="Zomato levies platform fee" msid="112313825" hostid="261" sizebytes="48995" caption="&amp;lt;p&amp;gt;Zomato levies platform fee&amp;lt;/p&amp;gt;"></div> <h2>How it impacts Zomato</h2>The Platform fee might seem like a minor addition to your bill, but when multiplied by millions of orders, it becomes a significant source of revenue for Zomato. Since every order placed incurs this charge, it increases the company’s "take rates" — the profit made per order. This fee serves as a crucial, controllable revenue stream in the supply chain, providing a steady income source that companies can directly manage. Alongside advertising fees and restaurant commissions, the platform fee has become a significant revenue generator for Zomato. In other words, levying a platform fee is basically a clever way for Zomato to boost its revenue without significantly increasing the prices of individual menu items. During its annual report, Zomato identified the platform fee as one of the three main factors driving Zomato's Adjusted Revenue, which saw a 27 percent year-on-year growth, reaching Rs 7,792 crore in FY24. "Adjusted Revenue as a percentage of GOV (gross order value) continued to rise, primarily due to higher restaurant commission take-rates, improved ad monetization, and the introduction of the platform fee from Q2FY24 onwards," the report highlighted. The report also added that all of the above mentioned factors compensated for the reduction in customer delivery charges per order due to the free delivery benefit available on Gold orders. <h2>How are you affected by Zomato’s platform fee?</h2>Zomato’s report also revealed that most late-night orders in the last fiscal year came from Delhi NCR, while Bengaluru led in the number of breakfast orders. Now the question that arises is, how exactly is the end consumer being affected by the platform fee? One of the obvious answers is that it makes your order a bit more expensive. Especially if you order from the food delivery giant on a daily basis. You might not even notice the addition of Rs 6 in your final bill but if you order food from Zomato everyday and start calculating, it will come up to be a noticeable amount. Say you have ordered food from Zomato everyday since the last three months. In this case, you would have ended up paying around Rs 540 as platform fee. Moreover, platform fee tends to be higher during peak hours or weather conditions. Thus, the order ends up being even costlier. Just last month, CEO of Bengaluru-based company <keyword id="22689022" type="General" weightage="20" keywordseo="capitalmind-deepak-shenoy" source="keywords">Capitalmind Deepak Shenoy</keyword>, was making headlines for saying that he has reduced ordering food from <keyword id="19896956" type="General" weightage="20" keywordseo="swiggy" source="keywords">Swiggy</keyword> and Zomato because of higher platform fees. “Massively reduced ordering from Swiggy/Zomato, down to just once maybe on a weekend, like today and noticed their 'platform' charge is now ₹6. Happy that I weaned myself off the daily ordering. They also take 30 percent from restaurants, btw,” he wrote in a post on X (earlier called Twitter).

Zomato earned Rs 83 crore from platform fee: What it is, how it benefits the company and how it affects you

Mumbai (Maharashtra) [India], February 20 (ANI): The Maharashtra government on Tuesday approved a bill, extending reservation to Marathas above the 50 per cent mark in a special session of the state legislature. The bill for 10 per cent <keyword id="19936356" type="General" weightage="20" keywordseo="maratha" source="keywords">Maratha</keyword> quota that the Mahayuti government of <keyword id="19913631" type="General" weightage="20" keywordseo="eknath-shinde" source="keywords">Eknath Shinde</keyword> has approved on Tuesday is similar to the Socially and Educationally Backward Classes Act, 2018, introduced by the then Devendra Fadnavis government. This is the third time in a decade that the state has introduced legislation for the Maratha quota. The decision to convene a special session was prompted by Maratha quota activist Manoj Jarange Patil, who is on a hunger strike at Antarwali Saarati village in Jalna district. The reservation has been extended based on a report submitted to the state government by the Maharashtra Backward Class <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> (MBCC) headed by chairman Justice (Retired) <keyword id="20654823" type="General" weightage="20" keywordseo="sunil-shukre" source="keywords">Sunil Shukre</keyword>. The state already has a 10 per cent quota for the Economically Weaker Section (EWS) in which the Marathas are the biggest beneficiaries, claiming 85 per cent of the reservation. The Maharashtra State Backward Class Commission on Friday submitted a report on the social and educational backwardness of the Maratha community for which it had undertaken a survey of around 2.5 crore homes within a span of only nine days. The committee proposed a 10 per cent reservation for Marathas in education and jobs, similar to that given in 2018 by the then-state government. In June 2017, the then Devendra Fadnavis government had constituted the Maharashtra State Backward Class Commission (MSBCC) headed by Justice (retired) <keyword id="20654824" type="General" weightage="20" keywordseo="mg-gaikwad" source="keywords">MG Gaikwad</keyword> to study the social, financial and educational status of the Maratha community. The Commission submitted its report in November 2018, classifying Marathas as a socially and educationally backward class (SEBC). Notably, Maharashtra Chief Minister Eknath Shinde stressed on Friday that reservation to Marathas will be given according to the terms of the law after presenting the report in during the special assembly session called for Tuesday. (ANI)

Maharashtra govt approves bill to extend 10% reservation to Marathas

<ul><li>More than 74.05 billion transactions worth ₹126 lakh crore were processed through <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> in 2022. </li><li>The increase in the usage of QR codes has led to a rise in UPI transactions, with the number of transactions via QR codes reaching 237 million in December 2022. </li><li>Debit card transactions have shown a consistent decline throughout 2022, likely due to the increasing popularity of UPI transactions.</li></ul>Indians are increasingly choosing to pay digitally with transactions via debit, credit, prepaid cards and UPI amounting to ₹149.5 lakh crore in value and 88 billion in volume in 2022, as per a Worldline report. A lion’s share of these transactions occurred via UPI (Unified Payments Interface) – accounting for ₹126 lakh crore, over 74.05 billion transactions in 2022. UPI transactions grew 91% in volume and rose 76% in value over the year before. “I am amazed every day to see the incredible progress we have made in the <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India,” said Ramesh Narasimhan, CEO, Worldline India. The growth in UPI transactions was aided by growth in the ecosystem. The number of transactions via QR codes reached 237 million in December 2022 as compared to 152 million in January 2022. Other payment options,like FASTag, <keyword id="6718634" type="General" weightage="50" keywordseo="bharat-bill-pay" source="Orion">Bharat Bill Pay</keyword> and Aadhaar-enabled Payment System (AePS) also picked up in 2022, said the report named ‘India Digital Payments Annual Report'. <cmsannotation type="cmsannotation" annotationid="Debit down, credit up" comment="subhead" text="Debit down, credit up">Debit down, credit up</cmsannotation> The number of outstanding debit cards increased by a mere 0.2% to 939.4 million in 2022, as compared to the year before. “Debit card transactions have shown a consistent decline throughout the year, likely due to the increasing popularity of UPI transactions,” the report said. On the other hand, banks have increased the number of credit cards by 18% indicating an increased appetite for higher-ticket transactions. “The volume and value of transactions done on credit cards has seen a steady uptick through the year. Credit card transactions in 2023 could benefit majorly as credit cards are now eligible for doing UPI transactions,” the report said. <cmsannotation type="cmsannotation" annotationid="Small &amp; big transactions via UPI" comment="subhead" text="Small &amp; big transactions via UPI">Small &amp; big transactions via UPI</cmsannotation> At the end of 2022, 54% of UPI transactions volume was P2M (person-to- merchant transactions) whereas in terms of value it was 23%. By December 2022, the average ticket size (ATS) for UPI person-to-person (P2P) transactions was ₹2,753, while the ATS for UPI person-to-merchant (P2M) transactions was ₹687. “This signals the deep entrenchments of UPI P2M transactions; it is being used for large as well as very small transactions, the latter being the most difficult to move away from cash,” the report said. <keyword id="6357886" type="General" weightage="50" keywordseo="phonepe" source="Orion">PhonePe</keyword>, Google Pay, <keyword id="14300323" type="General" weightage="50" keywordseo="paytm-payments-bank-app" source="Orion">Paytm Payments Bank App</keyword>, Amazon Pay, and Axis Bank were the top 5 UPI apps in 2022, based on both transaction volume and value. <cmsannotation type="cmsannotation" annotationid="FASTag, Bharat Bill Pay &amp; AePS payments on the rise" comment="subhead" text="FASTag, Bharat Bill Pay &amp; AePS payments on the rise">FASTag, Bharat Bill Pay &amp; AePS payments on the rise</cmsannotation> By the end of 2022, National Electronic Toll Collection (NETC) processed a total of 3.25 billion transactions worth ₹50,911 crore, representing a 31% increase in volume and a 37% increase in value over 2021. As of December 2022, a total of 36 banks were live with NETC FASTag. In 2022, the Bharat Bill Payment Central Unit (BBPCU) processed a total of 985.7 million transactions with a total value of ₹1.70 lakh crore. This represents a growth rate of 75% in volume and 83% in value compared to the year 2021. Also in 2022, the AePS recorded a significant volume of over 2.63 billion transactions with a total value of ₹3.42 lakh crore. This represents a growth rate of approximately 24% in volume and 20% in value compared to the year 2021. AePS is a bank-led model that enables online interoperable financial inclusion transactions at point of sale (microATM) through the business correspondent of any bank using Aadhaar authentication.

With transactions worth ₹126 lakh crore, UPI rules digital payments in 2022: Worldline report

<ul><li>Usually, the higher coverage policies such ones for ₹1 crore do not have any sub-limit. </li><li>A ₹1 crore cover protects you from any kind of eventuality, and gives you peace of mind. </li><li>Moving from a ₹10 lakh cover to ₹1 crore does not bring 10X the cost to the consumer – it only costs 25-30% extra. </li></ul>In the last few years, an assured sum of ₹5 to ₹10 lakh in <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> is often not enough for a family of three to four members. The main reason for this is India’s high medical inflation – which stands at 14%, as per a Motilal Oswal Financial Services report. Also, during Covid, when more than one family member fell ill at the same time, and had to be hospitalised, it was found that a family floater health insurance of ₹10 lakh was insufficient. What is the right quantum of health insurance cover that one requires? Also, in recent times, health insurance companies have been offering ₹1 crore covers at a reasonable premium. Do you need one? <cmsannotation type="cmsannotation" annotationid="Types of ₹1 crore covers available" comment="subhead" text="Types of ₹1 crore covers available">Types of ₹1 crore covers available</cmsannotation> It is important to understand the types of ₹1 crore <keyword id="807521" type="General" weightage="20" keywordseo="sum-assured" source="Orion">sum assured</keyword> health insurance products available in the market. Such products in the market are available as combinations of base ₹10 lakh plus ₹90 lakh super top-up coverage, or a ground up ₹1 crore product. Super top-up health insurance works by providing additional coverage when the medical expenses exceed the threshold limit set in the primary health insurance policy, offering an extra layer of financial protection for the policyholder. The super top-up kicks in only when the base cover is exhausted. “A lot of insurance companies have now launched covers which are a combination of a base policy of ₹10 lakh and ₹90 lakh super top-up. So, essentially, the customer is getting a coverage of ₹1 crore. And since it is from the same insurance company, a customer can also get cashless treatment, and can have a completely hassle-free claim settlement,” says Siddharth Singhal, business head-health insurance, Policybazaar.com, an insurance aggregator. Policies with a super top-up, are of course, slightly cheaper. There may be some terms and conditions differentiations when one opts for base plus super top-up combination. “One should be careful at the time of purchase for consistency in terms and conditions. There are options available in the market which are ground up ₹1 crore coverage and do not put any restrictions of room rent, 100% bill payment, and even provide day one coverage for buyers,” says Rupinderjit Singh, vice president - retail health, ACKO. The room rent limit in health insurance refers to the maximum amount that the insurance policy will cover for hospital room charges during a patient's stay. Usually, the higher coverage policies such as ₹1 crore do not have any sub-limit like room rent limit. “So, opting for such policies saves one from partial claim settlement,” says Rakesh Kaul, chief distribution officer, Zuno General Insurance. <cmsannotation type="cmsannotation" annotationid="Should you go for a ₹1 crore cover" comment="subhead" text="Should you go for a ₹1 crore cover">Should you go for a ₹1 crore cover</cmsannotation> There are few factors which decide the sum assured required for one's family like: number of family members, location of residence, quality of healthcare desired (whether top hospitals should be part of the hospital network). <keyword id="55251" type="General" weightage="20" keywordseo="cancer-treatment" source="Orion">Cancer treatment</keyword> in India can cost anywhere between ₹25-₹30 lakh or even higher. Many are often forced to sell off their assets to pay off such large medical bills. “At the time of claim, to settle such a large amount is almost impossible for a middle-class, or even an upper-middle-class family. A ₹1 crore cover protects you from any kind of eventuality and I would recommend anybody to look for it,” says Singhal. Floater plans, which cover the family members under a single sum insured are also very popular. “One should consider a ₹1 crore cover on a floater basis,” says Kaul. A health insurance contract is a long-term contract extending to 15-20 years. “India also witnesses high rates of lifestyle diseases. One can choose to have lower sum assured right now but once one gets a lifestyle disease in the future, insurance companies may not allow one to increase their sum assured to higher ones like ₹1 crore. A ₹1 crore sum assured safeguards a consumer and allows him to live worry free and not bother about their health cover at all,” says Singh. He says that, essentially, a family of four, with the eldest member being above 35 years of age should go for a higher cover between ₹25 lakh-₹1 crore. <cmsannotation type="cmsannotation" annotationid="How much does a ₹1 crore cover cost" comment="subhead" text="How much does a ₹1 crore cover cost">How much does a ₹1 crore cover cost</cmsannotation> One may feel that the cost of a ₹1 crore cover would be much higher than a ₹10 lakh cover. However, that is not the case. “Moving from ₹10 lakh cover to ₹1 crore does not bring 10x the cost to the consumers. It is only 25-30% extra cost,” says Singh. <cmsannotation type="cmsannotation" annotationid="Premiums for health insurance policies with ₹1 crore sum assured" comment="subhead" text="Premiums for health insurance policies with ₹1 crore sum assured"><keyword id="11929654" type="General" weightage="20" keywordseo="premiums" source="Orion">Premiums</keyword> for health insurance policies with ₹1 crore sum assured</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Policy Name </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual Premium (₹)* </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Star Comprehensive </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Star Health Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23,106 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Activ Fit Plus </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Capital Health Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,058 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Health Guard- Platinum </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Allianz </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23,245 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prime Advantage </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manipal Cigna Health Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21,004 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Health Gain </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance General Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18,511 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Care Advantage </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Care Health Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13,159 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Saver 2.0 </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niva Health Insurance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11,733 </td></tr></tbody></table> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td colspan="3" style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">* Self cover for a 30-year old. Source: Policybazaar.com. </td></tr></tbody></table> To sum up, a ₹1 crore health cover may cost you a few thousand rupees extra, but it’s sure to bring you peace of mind in case of any health eventuality.

Moving from a ₹10 lakh to a ₹1 crore health insurance cover is not as expensive as you think

The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government. The <keyword id="16937384" type="General" weightage="20" keywordseo="STT-for-futures-trading" source="Orion">STT for futures trading</keyword> remains the same, as was announced in the amendments to the <keyword id="16001498" type="General" weightage="20" keywordseo="finance-bill-2023" source="Orion">Finance Bill 2023</keyword>, i.e., it has been raised to 0.0125 per cent from 0.01 per cent. The hikes in STT for both futures and options trading would be effective from April 1, 2023. In short, the STT has been hiked by up to 25 per cent on futures and options (F&amp;O) trading as per the amendments to the <keyword id="123776" type="General" weightage="20" keywordseo="finance-bill" source="Orion">Finance Bill</keyword> 2023, which was passed in the Lok Sabha earlier in the day through voice vote, without any discussion. By effecting a <keyword id="16937385" type="General" weightage="20" keywordseo="hike-in-STT-on-FO-trading" source="Orion">hike in STT on F&amp;O trading</keyword>, the government aims to tax such transactions more as turnover is higher in them. As per the amendments, option traders will have to pay Rs 6,250 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently, which translates into a hike of around 25 per cent. Also, traders will now have to pay STT of Rs 1,250 on Rs 1 crore of turnover while selling futures. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Finance ministry clarifies on hike in STT on options trading

<ul><li>Having a <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> ensures that you spend on the wedding without compromising on other important expenses. </li><li>Having enough time to plan allows for better negotiation, more choices, and time to save or invest money and avoid last-minute expensive loans. </li><li>If the <keyword id="455834" type="General" weightage="20" keywordseo="wedding-planning" source="Orion">wedding planning</keyword> is sudden and a few months away then as a thumb rule one should ensure they don't go overboard on liabilities like expensive loans. </li></ul>The renowned big fat Indian wedding is celebrated globally for its extravagant and opulent characteristics. With an estimated annual market reaching around ₹4 lakh crore, this event, while magnificent, does come with its own set of drawbacks, especially if not planned properly. While the upper echelons of society view it as an opportunity to flaunt their prosperity and success, individuals from less affluent backgrounds can feel burdened by the expectations to match those same lavish standards. This is precisely where the importance of meticulous wedding planning and budgeting comes in. <cmsannotation type="cmsannotation" annotationid="Budgeting is key" comment="subhead" text="Budgeting is key">Budgeting is key</cmsannotation> It is advised that one can begin by setting a realistic budget and listing down priorities. Essential elements like venue, catering, attire, and photography have to be planned for a funded first. “To cover the expenses you can explore savings, family contributions, or a personal loan if needed. Wedding planners make the process hassle-free or if you are on a budget you can try do it yourself (DIY) alternatives,” says Bhuvanaa Shreeram, co-founder and head financial planning, House of Alpha, a financial planning firm. Making a budget helps using your funds wisely and also helps you avoid spending excessively and feeling stressed about money. It also helps you decide what things are most important to spend on, so you can have a celebration that fits your budget. “Having a budget will also ensure that you spend on the wedding without compromising on other things in your life. Weddings are once-in-a-lifetime affairs, but they are not the only events in one's lifetime,” says Shreeram. <cmsannotation type="cmsannotation" annotationid="The three steps of planning" comment="subhead" text="The three steps of planning">The three steps of planning</cmsannotation> The earlier you can start planning, the better. The plans for a wedding whether it is self-funded or for your kids needs to be done well in advance. “It is critical to estimate the expenses in the following ways,” says Vivek Banka, co-founder, GoalTeller, a financial services company. First, estimate the year in which you'll incur these expenses. Second, decide how much of your funds should be in easily usable forms like cash, and how much you'd like to invest in jewellery or gold. Third, take into account the scale and extravagance of the wedding when predicting potential inflation. Lastly, it's essential to have a safety net – allocate at least 25% extra funds to account for unforeseen costs that may arise during the preparations. By addressing these aspects, you can approach your wedding budget with better clarity and readiness. Starting at least a year in advance is probably a good idea if possible. “You should secure the venue, finalise the guest list, and begin vendor research. Having enough time to plan allows for better negotiation, more choices, and time to save or invest money and avoid last-minute expensive loans,” says Shreeram. Consider low-risk options like fixed deposits or debt mutual funds as investment options for short-term stability. “If one is investing into equities for a wedding, one should ensure that they have at least a 5 year horizon and also start exiting equities in a staggered manner 1/2 years earlier to avoid any market shock,” says Banka. In a scenario, starting a SIP to fund it partly, may be a good option. <cmsannotation type="cmsannotation" annotationid="When there is no luxury of time" comment="subhead" text="When there is no luxury of time">When there is no luxury of time</cmsannotation> If the wedding planning is sudden and only a few months away then as a thumb rule one should ensure they don't go overboard on liabilities especially through unorganised money lenders. “Also the loan should be such that it can be repaid within three years and should not be ideally more than 10-20% of one's net worth (This also is an aggressive number),” says Banka. Easy personal loans would be available, which makes it more important to be careful. A mistake that should be avoided is resorting to credit card borrowing. This is because credit cards are among the costliest methods to borrow money, with interest rates exceeding 35% on an annual basis, if the entire outstanding amount is not paid on time. <cmsannotation type="cmsannotation" annotationid="Cherish the moment and avoid financial stress" comment="subhead" text="Cherish the moment and avoid financial stress">Cherish the moment and avoid financial stress</cmsannotation> A wedding is about the two partners and it is essential to focus on what truly matters to the couple. It is a good idea to be transparent about financial limitations and budgets. “Common mistakes most couples or their parents make include overspending on non-priorities and leaving essentials to the last minute, or failing to understand the contractual details with vendors. These result in a lot of stress taking the fun away from the celebrations,” says Shreeram. It's crucial to prepare for unexpected situations. While a memorable wedding matters, remember it's just the start of a lifelong journey. The wedding doesn't define your relationship. Focus on enjoying the process, taking things in stride, and having fun. Cherish the moments as you embark on this new adventure.

Wedding bells bring joy, wedding bills not so much. Plan it smart

The upcoming Digital Personal Data Protection <keyword id="19032" type="General" weightage="100" keywordseo="bill" source="Orion">Bill</keyword> will drive "deep behavioural changes" among those platforms in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> that have for long exploited or misused personal data, <keyword id="6357801" type="General" weightage="50" keywordseo="union" source="Orion">Union</keyword> minister <keyword id="205969" type="General" weightage="50" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword> has asserted. In an interview to PTI, the minister of state for IT and electronics also sought to allay concerns around the issue of government-appointed fact check body, saying the move is not about censorship at all, rather it gives the Centre an opportunity to clarify and respond to any <keyword id="535763" type="General" weightage="80" keywordseo="misinformation" source="Orion">misinformation</keyword> related to it, something that is critical in a democracy. Misinformation, he said, is not to be confused with right to free speech. The minister noted that misinformation tends to travel 10-15 times faster, and reaches an audience 20-50 times more, than truth. He emphasised that it is absolutely critical that in a democracy if someone says something false about the government, to create hatred, to incite violence, or to just create mistrust, "the government must have an opportunity to say no, this is not true". "So there is no censorship, there no restriction on free speech. This is simply about saying what is patently false, is patently false. And that is certainly not to be confused or deliberately distorted to imply that this is a crackdown on free speech," Chandrasekhar said. The minister's comment assumes significance as the decision to notify an entity that will flag false information posted online pertaining to the government has raised concerns in some quarters on whether it gives government absolute powers. "I think there is some misunderstanding about what it is we are trying to do," the minister said when asked about the issue. "Misinformation is expressly an area that has already been prescribed in the rules as an area that platforms have to do significant work in moderating misinformation if they are to enjoy Section 79 protection. It is already mandated in the rules of October 2022," he said. Rather, the fact check unit aims to help platforms in identifying false content posted about the government. "It is not an opinion. It is not about saying that we will create another narrative about the government," Chandrasekhar added. On the digital personal data protection (DPDP) bill, which will be introduced in the coming session of <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword>, the minister said the draft legislation has undergone a lot of consultation and is designed as "a truly world class piece of legislation". "I have absolutely no doubt that the DPDP Bill will create deep behavioural changes among platforms in India who have for long exploited and misused personal data," the minister said. At the same time, those who have played fair will not get affected, and will continue to do the right thing, he observed. "Those who have done it (misused data), tracked consumers, used cookies they certainly will have to go though deep behavioural change... Those who are already doing it right, have nothing to fear. But those who have, in a sense, lived off this model of exploitation will certainly have to reconsider," minister said. He expressed hope that the bill will come up in the Monsoon session of Parliament. The draft bill - which has seen an overhaul after its withdrawal in August last year - details the citizen's rights on personal data, with provisions that makes entities handling personal data accountable for managing it with safety and security in a responsible manner. "The purpose of this bill is to provide for the processing of digital personal data in a manner that recognises the right of individuals to protect their personal data, the need to process personal data for lawful purposes and for other incidental purposes," an explanatory note of the draft bill said. The proposed data protection legislation allows the transfer and storage of personal data in some countries while raising the penalty for violations. The proposed legislation stipulates consent before collecting personal data and provides for stiff penalties of as much as Rs 500 crore on persons and companies that fail to prevent data breaches including accidental disclosures, sharing, altering or destroying personal data. On being asked about Meta being fined a record-breaking USD 1.3 billion recently by European Union regulators for violating EU privacy laws, and whether India too can look at large financial deterrants for Big Tech for non-compliance of laws, the Minister said idea is not about competing with the EU on size of penalties. "I don't think we are in the business of competing with the EU in terms of the size of the penalty, but the formulation of penalties in this Bill is sufficient to incentivise every data fiduciary or any platform to behave correctly, to follow the law, and do the right thing," he said. The days when platform could exploit the data of consumers is fast coming to an end, he said, adding there are many powers under the bill that have been given to the Indian consumer to interrogate, search, check what data the platforms have. "...and I think certainly it's a balance of protecting the consumer rights, as well as continuing to allow innovation and investments," the minister said. On WhatsApp spam call issue, Chandrasekhar said that the government has called out to WhatsApp and other messenger companies about the problem and emphasised that it is unacceptable. "They have responded with alacrity and responded very quickly. They are searching out many solutions. We have also asked them to give to us what are the overseas telecom carriers from where these originate, so that we can talk to BSNL, and to our own <keyword id="150664" type="General" weightage="50" keywordseo="telecom-department" source="Orion">Telecom Department</keyword> to make sure that these carriers are also warned that there is unlawful activities originating from their networks, and that if that continues, we may have to look at some kind of a discussion of whether those networks will be allowed to terminate in India as well," he said. The government and players are not adversaries, rather they work in partnership, he said, adding that a safe and trusted internet for 1.2 billion consumers "is good for business, government, and for citizens". SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-dominates-smartwatch-market-accounts-for-over-a-quarter-of-global-sales-in-q1-2023/articleshow/100522354.cms">India dominates smartwatch market, accounts for over a quarter of global sales in Q1 2023</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a>

You Searched For "crore bills" and got 13 results

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

BI India Bureau

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Lok Sabha passes Finance Bill, provision on LTCG tax on property transactions amended

ANI

Govt. offers relief on long-term capital gains for real estate, allows investors to choose between old and new LTCG regime

Ira Alok Puranik

54 Crore GST Refund Scam exposed by Delhi's Anti-Corruption Branch

ANI

Mobile recharge packs to get more expensive as telcos gear up for another round of tariff hikes: Report

Kunal Kambli

Zomato earned Rs 83 crore from platform fee: What it is, how it benefits the company and how it affects you

Divyanshi Sharma

Maharashtra govt approves bill to extend 10% reservation to Marathas

ANI

With transactions worth ₹126 lakh crore, UPI rules digital payments in 2022: Worldline report

Anagh Pal

Moving from a ₹10 lakh to a ₹1 crore health insurance cover is not as expensive as you think

Anagh Pal

Finance ministry clarifies on hike in STT on options trading

IANS

Wedding bells bring joy, wedding bills not so much. Plan it smart

Anagh Pal

Data protection bill to drive deep behavioural changes for platforms exploiting data: Chandrasekhar

PTI

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