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A special court here on Thursday dismissed the interim bail application of <keyword id="155796" type="General" weightage="80" keywordseo="avantha-group" source="Orion">Avantha Group</keyword> promoter <keyword id="3910012" type="General" weightage="80" keywordseo="gautam-thapar" source="Orion">Gautam Thapar</keyword>, who was arrested in connection with the alleged misappropriation of a Rs 515 crore loan from Yes Bank. The Special Judge, Rouse Avenue Court Complex has dismissed the interim bail application of <keyword id="174" type="General" weightage="100" keywordseo="thapar" source="Orion">Thapar</keyword>, which was filed on medical grounds, citing his deteriorating health. During the course of proceedings, the judge requisitioned the medical status report of Thapar from the Chief Medical Officer, <keyword id="56350" type="General" weightage="50" keywordseo="tihar-jail" source="Orion">Tihar Jail</keyword>, where he is currently lodged in. The medical officer-in-charge of the Central Jail opined that Thapar continues to have persistent left-sided chest pain, palpitations, vertigo, blackouts, severe lumbar pain, and his previous records show severe co-morbidities. The report further stated that any delay in investigation and intervention may lead to irreversible damage. Counsel for Directorate of Enforcement, N.K. Matta, strongly objected to bail, stating that the jail authorities are well equipped to provide necessary treatment. Thapar was represented by counsel Sandeep Kapur, Senior Partner, Karanjawala &amp; Co., and his team comprising Vir Sandhu, Rajat Soni, <keyword id="13977064" type="General" weightage="50" keywordseo="vivek-suri" source="Orion">Vivek Suri</keyword>, Mridul Yadav, Abhimanshu Dhyani, and <keyword id="13977065" type="General" weightage="50" keywordseo="sahil-modi" source="Orion">Sahil Modi</keyword>. The team had briefed senior advocate N. Hariharan to appear on behalf of Thapar. SEE WORK: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/goa-has-the-highest-car-ownership-in-india-check-out-the-states-with-highest-and-lowest-car-ownership/slidelist/91664118.cms">Goa has the highest car ownership in India, check out the states with highest and lowest car ownership</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/navjot-singh-sidhu-gets-one-year-in-jail-in-the-1988-road-rage-case/articleshow/91662761.cms">Navjot Singh Sidhu gets one year in jail in the 1988 road rage case</a>

Avantha Group promoter denied interim bail on his arrest for alleged misuse of ₹515 crore loan

<ul><li>Sahil Kini and Nikhil Kumar, former <keyword id="3512676" type="PERSON" weightage="20" keywordseo="IndiaStack">Indiastack</keyword> members, have launched a <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> sandbox called <keyword id="86111" type="ORGANIZATION" weightage="20" keywordseo="Setu">Setu</keyword>. </li><li>They have raised a funding of $3.5 million from Lightspeed Ventures and Bharat Innovation Fund. </li><li>Setu already has a live product called “Collect” which will help digital lenders or businesses collect payments online.</li></ul>Sahil Kini and Nikhil Kumar, members of Indiastack – the company that was behind the technology for India’s <keyword id="155319" type="COMPANY" weightage="20" keywordseo="Aadhar">Aadhar</keyword> and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> – have launched their own fintech sandbox called Setu. The duo also recently <a href="https://entrackr.com/2019/04/sahil-kini-nikhil-setu/">raised </a> a seed funding of $3.5 million from Lightspeed Ventures and Bharat Innovation Fund. Their newly founded company – Setu aims to build the future of finance. They offer low-cost, modular API infrastructure for bills, credit, savings and payments. With Setu, which works like a regulatory sandbox (a testing environment where new or untested software or coding can be run securely), fintech developers would get a chance to test their technology before going live. “Making every company a fintech company - that is the goal. By making it easy for businesses and developers to integrate with banking and other financial systems, the company’s ultimate mission is to advance accessibility and affordability of financial products for all,” said Sahil Kini, co-founder and CEO of Setu to <a href="https://tech.economictimes.indiatimes.com/news/startups/api-infrastructure-startup-setu-raises-3-5m-led-by-lightspeed-india/68822844">ET</a>. They have already launched a product called “Collect” which will connect billers to payment apps, where billers (digital lenders, online subscription businesses, insurance companies, mutual funds etc) can use this platform to accept payments. Both Kini and Kumar come from Indiastack, an organization that provides “a set of APIs (Application Programming Interface) that allows governments, businesses, startups and developers to utilise a unique digital Infrastructure”. Indiastack had received <a href="https://www.huffingtonpost.in/2018/06/06/after-beta-testing-on-a-billion-indians-the-tech-behind-aadhaar-is-going-global_a_23452248/">global</a> attention when Prime Minister Narendra Modi mentioned the organization and its uses during his speech at the Singapore Fintech Festival. See Also: <a href="https://www.businessinsider.in/why-the-government-wants-more-from-indias-booming-digital-lending-market/articleshow/65778046.cms">Why the government wants more from India's booming digital lending market</a> <a href="https://www.businessinsider.in/from-mswipe-to-poynt-startups-are-investing-in-smart-billing-machines/articleshow/68684412.cms">A lot of money is flowing into making 'smart' billing machines in India</a>

The guys behind Aadhar and UPI’s technology now have their own fintech sandbox

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> broke the protocol and met <keyword id="1090572" type="UNKNOWN" weightage="20" keywordseo="French-President-Francois-Hollande">French President Francois Hollande</keyword> in Chandigarh. 
 
While Modi showed Chandigarh’s famed Rock Garden to Hollande, he repeated history yet again. 
 
The Indian Prime Minister who is famous or infamous for his awkward moments with world leaders (Be it Obama, Razak, Cameron, the list is endless!), he yet again gave fodder to Twitterati. 
 Twitter is going bonkers over Modi and Hollande’s photo and it was even trending as <keyword id="3219354" type="UNKNOWN" weightage="20" keywordseo="Modi-Hollande-Titanic-Moment">Modi Hollande Titanic moment</keyword>! 
 
Look what Tweeps said: 
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Leonardo &amp; Kate should be arrested for mimicking Modi ji &amp; Hollande. 😂😂😂 <a href="https://t.co/T9FigJpqVv">pic.twitter.com/T9FigJpqVv</a>
	— उमर अब्दुल्लाह (@abdullah_0mar) <a href="https://twitter.com/abdullah_0mar/status/691293720432369664">January 24, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Shake it Daddy Shake it Shake it Shake it Daddyyyy! <a href="https://t.co/4iL1tq5OCx">pic.twitter.com/4iL1tq5OCx</a>
	— Ankur Bhardwaj (@Bhayankur) <a href="https://twitter.com/Bhayankur/status/691227773491228672">January 24, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Modi teaching hollande some dance steps, making use of his own experience of dancing in front of RSS! 😁😂 <a href="https://t.co/9nmPh7yZV7">pic.twitter.com/9nmPh7yZV7</a>
	— S™ (@smadygo) <a href="https://twitter.com/smadygo/status/691265398365360128">January 24, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" lang="en">
	
		Hollande: Let's go for lunch? Modi: Hard Rock Cafe? Hollande:... Modi: LOL <a href="https://t.co/J47WxdObSc">pic.twitter.com/J47WxdObSc</a>
	— Sahil Shah (@SahilBulla) <a href="https://twitter.com/SahilBulla/status/691227975572951040">January 24, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		President Hollande and PM Modi engaging in back to back talks. <a href="https://t.co/2VBu2bb7hr">pic.twitter.com/2VBu2bb7hr</a>
	— Ray Ban (@Purba_Ray) <a href="https://twitter.com/Purba_Ray/status/691237162285596672">January 24, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" lang="en">
	
		Modi Ji learning Salsa from Hollande. <a href="https://t.co/KO1p3gow95">pic.twitter.com/KO1p3gow95</a>
	— Tempest (@ColdCigar) <a href="https://twitter.com/ColdCigar/status/691240301474676737">January 24, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" lang="en">
	
		Taking PDA to soaring levels of uncomfortable, one world leader at a time. <a href="https://t.co/uVxdYmU4ma">https://t.co/uVxdYmU4ma</a>
	— Vidya (@VidyaKrishnan) <a href="https://twitter.com/VidyaKrishnan/status/691228780577189888">January 24, 2016</a></blockquote>

Twitter is going crazy over Modi, Hollande’s Titanic moment

<ul><li>In order to provide a breather to aam aadmi, policy makers could look at increasing the threshold limit for the highest tax rate from ₹10 lakh to ₹20 lakh.</li><li>Cost of education rising rapidly, it is pertinent that the said deduction is branched off as a separate deduction similar to medical insurance. </li><li>The government may also look at announcing certain guidance/policy-related aspects on work from home.</li></ul> We are just weeks away from the Union Budget 2023 to be presented on 1 February 2023. Budget 2023 will be the 11th consecutive Budget of Prime Minister Narendra Modi and the fifth consecutive budget of Finance Minister Nirmala Sitharaman. The Budget is expected to address critical issues of the elevated levels of inflation currently seen, to boost demand, create jobs and put the economy on a sustained growth path. <div type="image" title="Nitin 1" msid="97125046" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;em&amp;gt;Nitin Baijal is Director with Deloitte Haskins and Sells LLP&amp;lt;/em&amp;gt;&amp;lt;/p&amp;gt;"></div> Amongst the various measures required to accomplish the above, one major measure would be increasing the purchasing power of the individual, which can be done by providing personal tax concessions, thereby supporting the revival of the GDP. Below are few expectations of individual taxpayers: Changes in tax slabs and tax rates: Per the current income tax provisions, an individual is required to pay taxes based on slab rates. The highest slab rate (after including surcharge and cess) for income exceeding ₹5 crore in India is at present 42.744%, which is very high compared to other Asian countries (Hong Kong – 17%, Singapore 22%, Malaysia 30%). Further, the tax rate for individuals has not been changed since FY 2017-18, though a new tax regime was introduced in Budget 2020 (in which one could opt for lower slab rates if they forego various deductions and exemptions). However, the simplified regime has not had the desired outcome on individuals’ pockets. Hence, in order to provide a breather to the aam aadmi under the old regime, policy makers could look at increasing the threshold limit for the highest tax rate from ₹10 lakh to ₹20 lakh. Similarly, under the simplified tax regime, the income tax rate could be reduced to 20% for income slabs between ₹10 lakh to ₹20 lakh, and 25% for income exceeding ₹20 lakh. This will make the new regime more attractive vis-à-vis the old regime. The proposed highest slab rate under the simplified regime (including surcharge and cess) would therefore be reduced to 35.62%. <div type="image" title="Sahil Bhasin" msid="97124243" hostid="261" caption="&amp;lt;p&amp;gt;Sahil Bhasin is Senior Manager with Deloitte Haskins and Sells LLP&amp;lt;/p&amp;gt;"></div> Deductions from Income tax to save tax Expectations have been there now for some time to increase the exemption limit on tax saving investment under section 80C to at least ₹2.5 lakhs. The current limit of ₹1.5 lakhs seems quite low and it has remained so since FY 2014-15. With the increase in cost of living and inflation, the government should look at increasing the limit under Section 80C. This will have two-fold benefits — individual taxpayers would be willing to save more and benefit from a lower tax outgo, thereby increasing the overall purchasing power. Currently, 80C allows deduction of tuition fee paid to any university, college, school or other educational institution situated within India for any two children. However, this is allowed under the overall limit of ₹1.5 lakh and hence the deduction is not utilised to the fullest. With cost of education rising rapidly to unprecedented levels, it is pertinent that the said deduction is branched off as a separate deduction similar to medical insurance. Hence the government could consider introducing a separate section to allow a deduction for education expenses. Further, considering the increase in costs of medical treatments, the cost of comprehensive insurance has increased manifold and hence, the erstwhile limit of ₹25,000 (₹50,000 for senior citizens) under this section may be revisited. The limit may be increased to ₹50,000 (₹1,00,000 for senior citizens). Also, it is unlikely that salaried individuals would keep their entire savings in a savings bank account, which earns a much lower rate of interest compared with term deposits. They may transfer some portion of their savings to term/recurring deposits in banks to earn comparatively better returns. Hence, the interest on all types of bank deposits (e.g., FDRs) may be included within the scope of section 80TTA. Further, the limit may be increased from ₹10,000 to ₹50,000. <div type="image" title="Kajal Gupta" msid="97124261" hostid="261" caption="&amp;lt;p&amp;gt;Kajal Gupta is Deputy Manager with Deloitte Haskins and Sells LLP&amp;lt;/p&amp;gt;"></div> Besides the financial expectation highlighted above, the government may also look at announcing certain guidance/policy-related aspects on work from home. After the pandemic, the working culture across organisations has undergone several changes. Organisations have introduced work from home, remote working, hybrid working, etc. However, there are no policies/guidance with respect to various provisions (such as tax, social security, insurance, workman compensation) on account of the new remote work culture. As we all eagerly await for Budget 2023, we hope that expectations of individual taxpayers would be met and correspondingly, growth of the Indian economy is also ensured. (Nitin Baijal is Director with Deloitte Haskins and Sells LLP; Sahil Bhasin is Senior Manager and Kajal Gupta is Deputy Manager at the same firm)

Budget 2023-24: What the common man wants on the personal tax front

<ul><li><keyword id="3293861" type="PERSON" weightage="20" keywordseo="Pratilipi">Pratilipi</keyword> has raised $48 million in a Series D funding round led by <keyword id="4998506" type="PERSON" weightage="20" keywordseo="pubg">PUBG</keyword> developer Krafton. </li><li>The duo will be working together to find stories that can be translated into gaming franchises. </li><li>The platform claims to have about 5 million stories which have been read over 5 billion times.</li></ul>Bengaluru-based storytelling platform Pratilipi has raised $48 million in a Series D funding round led by PUBG developer Krafton, as the startup looks to expand into overseas markets. The duo will be working together to find Pratilipi stories that can be translated into globally successful gaming franchises. The latest funding would allow Pratilipi to strengthen its intellectual property (IP) acquisition and development across different formats ranging from audio books to games. The company’s existing investors Omidyar and Network India also participated in the round, along with a host of entrepreneurs such as Unacademy’s founders Gaurav Munjal and Hemesh Singh, Locus’s Nishith Rastogi, Delhivery’s Sahil Barua and Meesho’s Vidit Aatrey. “With Pratilipi already having a multilingual platform for online literature, it is poised to become one of the strongest players in emerging markets in the future. Krafton believes in long term potential of local Indian IPs that can be successful not just in India, but globally as well across formats including literature, comics and gaming and our investment in Pratilipi is another step in realising that vision,” Sean Hyunil Sohn, head of Krafton’s India division. Last year, Krafton had announced its plans to invest $100 million in Indian startups to cultivate the local video game, esports, entertainment, and IT industries. Since then, it has invested <a href="https://www.businesstoday.in/latest/corporate/story/mumbais-loco-gets-9-million-funding-pubg-parent-krafton-among-investors-299856-2021-06-28">$9 million</a> in Loco, <a href="https://markets.businessinsider.com/news/stocks/esports-firm-nodwin-gaming-raises-164-cr-of-equity-investment-from-south-korean-gaming-firm-krafton-1030161588">$22.5 million</a> in Nodwin and now led a $48 million round in Pratilipi. Udyam’s Mekin Maheshwari, NoBroker’s Amit Agarwal and Pratilipi’s chief executive Ranjeet Pratap Singh also invested an undisclosed amount in the company in their personal capacity. Avendus Capital acted as the exclusive financial advisor to Pratilipi on this transaction. Pratilipi was founded by Prashant Gupta, Sahradayi Modi, Rahul Ranjan, Sankaranarayanan Devarajan and Singh in 2015. It had started off as an online reading-writing platform and has launched two new products over the years — <keyword id="11642607" type="UNKNOWN" weightage="20" keywordseo="pratilipi-fm">Pratilipi FM</keyword> for audio based storytelling and <keyword id="11637893" type="UNKNOWN" weightage="20" keywordseo="pratilipi-comics">Pratilipi Comics</keyword> for in-house comic series. It has also acquired two startups -- IVM Podcast and The Writer Order to expand its presence. The Bengaluru-based startup has over 370,000 writers on the platform and 30 million monthly active readers in 12 Indian languages. The platform claims to have about 5 million stories which have been read over 5 billion times. Pratilipi has raised $78.8 million to date, with ₹76 crore ($10 million) coming in from the Series C round raised in April 2020. The company’s list of investors also includes Tencent, Shunwei Capital, Bennett Coleman and Co Ltd, Nexus Venture Partners and others. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-worried-about-losing-its-it-talent-to-indias-unicorns/articleshow/84411946.cms">Infosys has a new headache — India’s unicorn boom</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a> <a href="https://www.businessinsider.in/business/corporates/news/baba-ramdev-and-patanjali-owned-ruchi-soya-wants-to-raise-money-from-the-market-again/articleshow/83485308.cms">Baba Ramdev and Patanjali-owned Ruchi Soya wants to raise money from the market again</a>

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Avantha Group promoter denied interim bail on his arrest for alleged misuse of ₹515 crore loan

IANS

The guys behind Aadhar and UPI’s technology now have their own fintech sandbox

Sanchita Dash

Twitter is going crazy over Modi, Hollande’s Titanic moment

BI India Bureau

Budget 2023-24: What the common man wants on the personal tax front

Nitin

Sahil

PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games

Kritti Bhalla

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