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<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

<keyword id="19909056" type="General" weightage="100" keywordseo="Mamata-Banerjee" source="keywords">Mamata Banerjee</keyword>, the <keyword id="19924917" type="General" weightage="20" keywordseo="Chief-Minister" source="keywords">Chief Minister</keyword> of <keyword id="19896517" type="General" weightage="20" keywordseo="West-Bengal" source="keywords">West Bengal</keyword> and leader of the <keyword id="19968095" type="General" weightage="20" keywordseo="Trinamool-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Trinamool Congress" meta.hostid="261" meta.entityid="Trinamool Congress">Trinamool Congress</keyword> (TMC), has been a dominant force in the state's politics for over a decade. Recently, she offered to resign amidst the ongoing <keyword id="23154517" type="General" weightage="20" keywordseo="R-G-Kar-Hospital-protests" source="keywords">R.G. Kar Hospital protests</keyword>, where junior doctors have been on strike demanding justice for a murdered colleague. While Banerjee’s offer to step down seems more symbolic, aimed at quelling tensions, it raises important questions about what would happen if she were to actually resign as Chief Minister. Here’s a detailed breakdown of the process and its implications for West Bengal: <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">1. Resignation</h3>If Mamata Banerjee were to formally submit her resignation, the process would begin with her presenting a written resignation letter to the <keyword id="23154515" type="General" weightage="20" keywordseo="Governor-of-West-Bengal" source="keywords">Governor of West Bengal</keyword>. This is the standard protocol for any Chief Minister in India. The resignation is at the discretion of the Governor, who typically accepts it unless there is a compelling reason not to. <div type="Article" hostid="261" msid="113307547" title="West Bengal CM Mamata Banerjee offers to resign after agitating doctors refuse to meet without live streaming" mstype="2" mssubtype="0"></div>Once the resignation is accepted, Banerjee would cease to be the CM immediately. However, the Governor might request her to continue as a caretaker CM until a new government is formed. In this role, Banerjee would oversee a temporary government with limited powers, unable to make significant policy decisions or pass new laws. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">2. Election of a new leader</h3>Mamata Banerjee’s resignation would leave a significant leadership vacuum within the Trinamool Congress, which currently has a strong majority in the West Bengal Legislative Assembly. Given her deep-rooted influence over the party, it’s likely that the TMC would convene an emergency meeting to elect a new leader. Banerjee’s close associates, such as her nephew Abhishek Banerjee, could be contenders for the CM post. Alternatively, the party could look for a senior and experienced leader to stabilise the situation until the next elections. However, given Banerjee’s control over the party, she may still wield significant influence from behind the scenes, even if she officially steps down. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">3. Role of the Governor</h3>In the absence of a clear successor, the Governor plays a key role. The Governor might invite the TMC to form the government again by electing a new leader, but if the party fails to show a majority or experiences factionalism, the Governor could explore other options. This could include inviting the opposition to form the government if they demonstrate the numbers, or even recommending <keyword id="23154516" type="General" weightage="20" keywordseo="Presidents-Rule" source="keywords">President’s Rule</keyword> in the state under Article 356 of the Indian Constitution, where the central government takes over the state's administration. <div type="Article" hostid="261" msid="112644728" title="Bengal in state of flux, people lost faith in present government: Governor CV Ananda Bose" mstype="2" mssubtype="0"></div><h3>4. <keyword id="20554823" type="General" weightage="20" keywordseo="vote-of-confidence" source="keywords">Vote of confidence</keyword></h3>Once a new leader is chosen by the TMC, they will be sworn in as the next Chief Minister. However, they would need to prove their majority on the floor of the West Bengal Legislative Assembly. This process, known as a vote of confidence, is crucial in determining whether the new CM has the support of the majority of the legislators. If the party remains united, this step should be straightforward. However, in the event of internal splits within the TMC or if Banerjee’s resignation triggers political instability, the new leader may struggle to secure the necessary support, potentially leading to fresh elections. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">5. Impact on West Bengal’s <keyword id="20142886" type="General" weightage="20" keywordseo="political-landscape" source="keywords">political landscape</keyword></h3>Mamata Banerjee’s resignation would have a profound impact on the political landscape of West Bengal. She has been the face of the TMC and has led the party to consecutive electoral victories, defeating formidable opponents like the Communist Party of India (Marxist) and the Bharatiya Janata Party (BJP). Her departure from the top post could trigger a realignment within the state’s political sphere. <div type="Article" hostid="261" msid="113087561" title="Calcutta High Court seeks CBI report on nasty social media posts on RG Kar hospital rape-murder victim" mstype="2" mssubtype="0"></div>If Banerjee were to leave active politics, it could embolden opposition parties like the BJP, which has been trying to expand its footprint in the state. Additionally, there could be a power struggle within the TMC itself, especially if no clear successor emerges. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">6. President’s Rule as a last resort</h3>In an extreme scenario, where the TMC fails to elect a new leader or where political instability leads to a breakdown of governance, the Governor could recommend President’s Rule. Under this provision, the state government is suspended, and the central government takes direct control of the state’s administration. President’s Rule is generally viewed as a last resort and can be imposed if no party can form a stable government. However, given the TMC’s strong majority in the assembly, this is an unlikely scenario unless there is significant internal fragmentation within the party. In short, if Mamata Banerjee resigns, West Bengal’s political future would hinge on how swiftly a new leader is appointed by her party and how successfully they can prove majority support in the assembly. Should this process falter, the state could face either interim governance under a caretaker government or even the possibility of President’s Rule, depending on the stability of the assembly.

What will happen if Mamata Banerjee actually resigns as the Chief Minister of West Bengal?

<ul><li>The <keyword id="19945464" type="General" weightage="20" keywordseo="telecom-regulatory-authority-of-india" source="keywords">Telecom Regulatory Authority of India</keyword> has announced new rules for mobile number portability (<keyword id="108664" type="General" weightage="20" keywordseo="mnp" source="Orion">MNP</keyword>).</li><li>The new MNP guidelines are aimed at curbing instances of <keyword id="19909735" type="General" weightage="20" keywordseo="sim" source="keywords">SIM</keyword> swap fraud.</li><li>The new MNP guidelines will come into effect from July 1, 2024.</li></ul>There has been a considerable increase in online scams in the country, with<a href="https://www.businessinsider.in/tech/news/delhi-woman-loses-50-lakh-in-sim-swap-scam-heres-how-you-can-stay-safe/articleshow/104745898.cms"> SIM swap</a> scam emerging as a significant issue. To curb this, the Telecom Regulatory Authority of India (TRAI) has announced new rules around mobile number portability (MNP). TRAI has issued new guidelines based on suggestions from the <keyword id="19912439" type="General" weightage="20" keywordseo="department-of-telecommunications" source="keywords">Department of Telecommunications</keyword> (DoT) to curb fraudsters from porting out mobile connections using the SIM swap scam. The new guidelines will come into effect from July 1, 2024. What is MNP? Mobile Number Portability or MNP is a facility that enables users to easily switch from one telecom operator to another, without having to change their mobile number. This allows the user to port out of an operator and move to another if they are not happy with the services offered. MNP was initially introduced in Haryana in November 2010 and a national rollout began in January 2011. Changes to MNP As per the latest amendment, users will not be able to request for allocation of a Unique Porting Code (UPC) that is needed to transfer the mobile connection from one operator to another if there has been a SIM swap or replacement in the last seven days. This is essentially a cooldown you will have to complete before you can port to a different network provider after getting a new physical SIM. Additionally, once you have ported your SIM, you will have to wait for 90 days before you can port again. While the regulatory body has not revealed any information about how the SIM swap scam is happening, it reportedly usually happens when users get a new SIM or place a request to port their SIM. TRAI is also considering DoT’s recommendation to include demographic details matching before allowing the user to port to a new telecom operator. What is a SIM Swap scam? As the name suggests, SIM swap scam involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network operator to activate a SIM card they possess, gaining control of the victim’s mobile number. This allows them to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s mobile number, they use it to gain access to their bank account and steal money. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-x6-neo-5g-vs-redmi-note-13-5g-which-phone-should-you-buy-under-20000/slidelist/108586427.cms">Poco X6 Neo 5G vs Redmi Note 13 5G – Which phone should you buy under ₹20,000?</a> <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-a35-and-galaxy-a55-launched-in-india-starting-at-30999/articleshow/108512386.cms">Samsung Galaxy A35 and Galaxy A55 launched in India starting at ₹30,999</a>

Mobile Number Portability revamped to reduce SIM swap frauds – Here are the new rules

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt waives clinical trial requirement for several drugs approved in select countries

<ul><li>Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) has emerged as one of the most popular modes of payments in India.</li><li>Some new changes have been announced to UPI from January 1, 2024.</li><li>Here are the new rules and features of UPI that you need to be aware about.</li></ul> The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind. To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024. In this post, we look at the five new changes in UPI that you need to be aware about – <cmsannotation type="cmsannotation" annotationid="Inactive UPI IDs" comment="subhead" text="Inactive UPI IDs">Inactive UPI IDs</cmsannotation> As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated. So, if you have a UPI ID that hasn't been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> In a bid to reduce the increasing financial frauds, the central bank has reportedly proposed a 4-hour window for users making a first payment of ₹2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before. <cmsannotation type="cmsannotation" annotationid="Increased transaction limit" comment="subhead" text="Increased transaction limit">Increased transaction limit</cmsannotation> To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment. <cmsannotation type="cmsannotation" annotationid="UPI ATMs" comment="subhead" text="UPI ATMs">UPI ATMs</cmsannotation> In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country. <cmsannotation type="cmsannotation" annotationid="UPI for secondary market" comment="subhead" text="UPI for secondary market">UPI for secondary market</cmsannotation> NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-hyundai-sales-rise-maruti-suzuki-reports-a-decline-in-december-2023/articleshow/106474205.cms">Mixed December – While Tata Motors, Hyundai sales rise, Maruti Suzuki reports in the slow lane</a>

UPI in 2024 – Five rule changes that you need to know

Senior pacer <keyword id="19895336" type="General" weightage="20" keywordseo="mohammed-shami" source="keywords">Mohammed Shami</keyword> has been ruled out of next month's <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>n Premier League owing to a left ankle injury, for which he will undergo a surgery in the UK, a BCCI source told PTI on Thursday. The 33-year-old, who is not part of the ongoing Test series against England, last played for India in the ODI World Cup final against Australia in November. "<keyword id="19929077" type="General" weightage="20" keywordseo="shami" source="keywords">Shami</keyword> was in London in last week of January to take special ankle injections and he was told that after three weeks, he can start light running and take it from thereon. "But the injection hasn't worked and now the only option left is surgery. He will shortly leave for UK for surgery. IPL seems out of question," a senior BCCI source said on the condition of anonymity. Shami, who was one of the architects of India's stupendous World Cup campaign with 24 wickets, played through pain as he had problems with his landing but didn't let it affect his performance. Shami, who was recently conferred with the Arjuna Award, has 229 Test, 195 ODI and 24 T20 wickets in his decade-long career. The development raises a question mark about the injury rehabilitation management programme planned by the National Cricket Academy (<keyword id="19901707" type="General" weightage="20" keywordseo="nca" source="keywords">NCA</keyword>) for Shami. Now it is highly unlikely that the pace bowling artist would be able to make a comeback before India's Test matches at home against Bangladesh and New Zealand (October November). His target could be the marquee away series against Australia. People in the know of things believe that the NCA's conservative line of thinking has not worked in Shami's case. "Shami should have gone directly for surgery and that should have been NCA's call. Just two months of rest and injections wouldn't have worked well and that's what has happened. He is an asset and the Indian team would need him in Australia," the source said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a><a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank">From usernames to secret codes for locked chats, here are the upcoming WhatsApp features</a>

Mohammed Shami ruled out of IPL, to undergo ankle surgery

“Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom gold ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="105386" type="General" weightage="20" keywordseo="Demat-account" source="Orion">Demat account</keyword> than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2022 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">85,009 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">89,370 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">97,426 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,02,562 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, <keyword id="3886593" type="General" weightage="20" keywordseo="domestic-gold" source="Orion">domestic gold</keyword> prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Hey, wait up for me, says LAS</h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="134904" type="General" weightage="20" keywordseo="Association-of-Mutual-Funds-in-India" source="Orion">Association of Mutual Funds in India</keyword>), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="Secured-Loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-<keyword id="947940" type="General" weightage="20" keywordseo="unsecured-lending" source="Orion">unsecured lending</keyword>. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that <keyword id="23954457" type="General" weightage="20" keywordseo="personal-loan-delinquencies" source="Orion">personal loan delinquencies</keyword> in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">How does it work?</h2>Both these loans work on a similar principle: Your <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> is equal to a certain percentage of the actual market value of your asset. This is known as the LTV (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<keyword id="20593546" type="General" weightage="20" keywordseo="BCCI-Secretary" source="keywords">BCCI Secretary</keyword> <keyword id="19930802" type="General" weightage="20" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword> says the 'Impact Player' rule, which has divided opinions in the ongoing IPL, can be revisited if that's what the stakeholders want given that it was introduced as a "test case". The impact player rule has had a heavy bearing on the ongoing edition with teams crossing 250-run mark as many as eight times so far. Players, coaches as well as experts have pointed out the challenges which the impact player rule poses to the bowlers, saying that it allows teams to have extended batting line-ups. India captain <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> has stated that the rule hurts all-rounders as they are not getting enough bowling opportunities. "Impact player rule was brought in as a test case. On the bright side, it is providing additional playing opportunities to two <keyword id="20619603" type="General" weightage="20" keywordseo="Indian-players" source="keywords">Indian players</keyword>," he said in an interaction with select media at the BCCI office here on Thursday. "Isn't it important that two Indian players are getting a chance? The game is also becoming more competitive," he added. Shah said all stakeholders will sit down in a meeting likely to be held after the <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> to decide on it. "But still, if the players feel that this is not alright we will speak on it. However, no one has said anything about it yet. After the IPL and the World Cup, we will have a meeting and decide," he said. "After the World Cup, we will consult with players, franchise and broadcasters and decide about the future course. It's not a permanent rule nor am I saying we will move past it," he added. Shah said India's T20 World Cup-bound players for the Caribbean and the USA, who are currently busy with the IPL, need no rest as competition is perfect preparation ahead of the mega event. "Why do you want to rest players? This is (as good as a) practice session, you cannot get any better opportunity (to prepare) than this," Shah said. "There is a cosmopolitan team in front of you, one team has a bowler from New Zealand, the other has a bowler from Australia and the next one has a bowler from Sri Lanka," he added. Shah said IPL is the best way to prepare for the Indian players as a Jasprit Bumrah gets a chance to gauge a marauding batter like Travis Head well ahead of the World Cup. "If we rest a bowler he won't get a chance to bowl at Travis Head. When (Jasprit) Bumrah will bowl to Travis Head, he will understand where to bowl to him and how. There is no better opportunity," he said. Focussing on women's cricket" Shah said the focus has also been on improving women's cricket by adding more fixtures to their calendar. "Women's cricket is going on full fledged and it is being managed no less than men's cricket. There is a World Cup in Bangladesh so we have maintained our bilateral relationship and played a series," Shah said. "We have put our focus 51 per cent on women's cricket and 49 per cent on men's because we are doing good in men's cricket so we are taking women's cricket on priority (basis). Their match fees has also increased so they have income as well," he added. However, Shah said there is no possibility of an increase in the number of teams for the Women's Premier League. "Let it be five teams for now. The media and sponsorship rights are set for five years and adding more teams will only create issues for them. The franchises have to sustain as well," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-can-rcb-still-qualify-probabilities-of-ipl-teams-qualifying-for-the-playoffs/slidelist/109984180.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-can-rcb-still-qualify-probabilities-of-ipl-teams-qualifying-for-the-playoffs/slidelist/109984180.cms" target="_blank">IPL decoded: Can RCB still qualify? Probabilities of IPL teams qualifying for the playoffs</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

IPL's impact player rule implemented as test case, can be revisited: Jay Shah

<ul><li>The Department of Telecommunications (DoT) is set to enforce new <keyword id="6427652" type="General" weightage="20" keywordseo="SIM" source="Orion">SIM</keyword> rules in the country.</li><li>The new SIM rules come into effect from December 1, 2023.</li><li>Here’s everything you need to know about the new <keyword id="12120183" type="General" weightage="100" keywordseo="SIM-card-rules" source="Orion">SIM card rules</keyword> in India.</li></ul>India’s Department of Telecommunications (DoT) is all set to enforce new rules for SIM cards, starting from December 1, 2023. The rules were announced on August 1, 2023 and were scheduled to come into effect from October 1, 2023. However, this was delayed by two months and is now coming into effect. The new SIM card rules are aimed at dealing with frauds such as the<a href="https://www.businessinsider.in/tech/news/delhi-woman-loses-50-lakh-in-sim-swap-scam-heres-how-you-can-stay-safe/articleshow/104745898.cms"> SIM swap scam</a>, fake SIMs and other online frauds. The new SIM card rules have been framed around issuance of new SIM cards. Here’s everything you need to know about the new SIM card rules: <cmsannotation type="cmsannotation" annotationid="E-KYC" comment="subhead" text="E-KYC">E-KYC</cmsannotation> E-KYC or digital KYC has been made mandatory, for both new SIM cards and for those looking to get a SIM of their existing number. This means that you can no longer just give a copy of your ID proof to get a SIM card. <cmsannotation type="cmsannotation" annotationid="Bulk SIM cards" comment="subhead" text="Bulk SIM cards">Bulk SIM cards</cmsannotation> The new rules also impose restrictions on the issuance of bulk SIM cards. While individuals with businesses will still be able to procure bulk SIMs, regular users will be restricted to getting up to nine SIMs on a single ID. <cmsannotation type="cmsannotation" annotationid="Re-issuance of inactive SIM" comment="subhead" text="Re-issuance of inactive SIM">Re-issuance of inactive SIM</cmsannotation> SIM cards that have been deactivated cannot be re-issued for a period of 90 days, allowing ample time for users to get them re-activated, without having to worry about the SIM being issued to someone else. This is very important at present when a mobile number is connected to multiple services, which can be used just with OTP numbers. <cmsannotation type="cmsannotation" annotationid="SIM dealer verification" comment="subhead" text="SIM dealer verification">SIM dealer verification</cmsannotation> Starting from December 1, 2023, only authorised dealers will be able to issue SIM cards to customers. To ensure this, individuals must undergo a comprehensive verification process. Telecom operators will be required to register franchisees, distributors and point-of-sale (PoS) agents to prevent issuance of SIM cards to suspicious individuals. Individuals engaging in issuance of SIM cards without registration may face a penalty of up to ₹10 lakh. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-december-2023/slidelist/105611827.cms">From Redmi to Vivo – Smartphones set to hit the Indian market in December</a> <a href="https://www.businessinsider.in/business/webstories/fpi-boost-adani-power-idfc-first-bank-paytm-see-the-highest-increase-in-sept-holdings/slidelist/105592840.cms">FPI boost: Adani Power, IDFC First Bank, Paytm see the highest increase in Sept holdings</a>

You Searched For "indias new it rules" and got 10 results

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

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What will happen if Mamata Banerjee actually resigns as the Chief Minister of West Bengal?

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Mobile Number Portability revamped to reduce SIM swap frauds – Here are the new rules

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New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

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Govt waives clinical trial requirement for several drugs approved in select countries

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UPI in 2024 – Five rule changes that you need to know

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Mohammed Shami ruled out of IPL, to undergo ankle surgery

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Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

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IPL's impact player rule implemented as test case, can be revisited: Jay Shah

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New SIM card rules from Dec 1 include bulk purchase restrictions – All you need to know

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