CBDC big update: Soon use RBI’s Digital Rupee for Offline transactions
Soon, Offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital Currency (CBDC) can be used Offline in its RBI monetary policy meeting. Key Points
Economic TimesBeauty gets back Offline as cosmetic companies rethink digital strategy
As the threat of Covid subsides, beauty and cosmetic companies are making a beeline for Offline again. It’s the touch-and-feel aspect that is driving Offline growth, point analysts. Key Points
The Indian ExpressNykaa-KK Beauty to step up overseas expansion
Nykaa-KK Beauty, a joint venture between Katrina Kaif, Nykaa, and Matrix India Entertainment, plans to aggressively expand in overseas markets, particularly the Gulf region. They will also focus on ramping up their Offline presence in India. Their sales have seen phenomenal growth through retail stores. Key Points
Economic TimesNeed a Social-Media Detox? Start With an Analog Watch
More women are using old-school timepieces, not phones or smartwatches, to check the hour. Some are emulating Rihanna. Others see it as self-care. Could taking your wrist Offline lead to inner peace? Key Points
mintIncome tax payable on winnings from online, Offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar Offline or online games. Key Points
Economic Times
Transaction limit increased to Rs 500 for small value digital payments in Offline mode like UPI Lite
The Reserve Bank of India (RBI) has increased the upper limit of an Offline payment transaction from Rs 200. The overall limit for Offline transactions on a payment instrument, however, remains Rs 2,000 at all times. Key Points
Economic TimesMamaearth Q2 Results: Profit soars 93% YoY to Rs 29 crore; revenue jumps 21%
Honasa said it is continuing to focus on strong Offline distribution as well. As per NielsenIQ, brands of Honasa Consumer retailed at 1.65 lakh Offline outlets in September 2023, an increase of 47% in Offline distribution YoY. In the first half, the company clocked Rs 961 crore in revenue from operations, growing 33% YoY (like-for-like growth of continuing business was 36%). This was driven by volume growth of 35% YoY. Key Points
Economic TimesSpotify tests YouTube like 'Your Offline Mix' feature; Is it different? Know it all..
Spotify is testing ‘Your Offline Mix,’ a feature that provides users with a playlist of recently played songs for Offline listening in areas with no connectivity. The Swedish audio streaming app already allows users to download playlists or albums for Offline listening. Key Points
mintGST Council to meet over eGaming amendments; Meta’s Nick Clegg on AI’s role in tech & more
After a long, dark funk, the online gaming industry in India might have something to cheer for, albeit prematurely. The Goods and Services Tax (GST) Council will meet on August 2 to deliberate on legal amendments for the levy of 28% GST on online gaming. This and more in todays ETtech Morning Dispatch. Key Points
Economic TimesWant to do KYC without revealing your Aadhaar number? Check how to get Aadhaar paperless Offline e-KYC fil
There is a mechanism using which individuals can comply with know your customer (KYC) norms without sharing their Aadhaar number. This process is secure and is accepting at many places like RBI Retail direct platform, etc. Here's a guide on how to use it and why should it be used. Key Points
Economic Times
Chinese smartphone companies reboot as rivals creep up the screen
Experts feel that this is also a good time for new entrants such as Nothing and Google to get a foothold with relatively lower entry barriers as compared to other markets. Increased scrutiny by Indian authorities and tepid demand for higher volume smartphones costing less than Rs 10,000, where Chinese brands have a major presence, has seen the combined share of these products drop to 61% in Q2 2023 from their peak of 77% in Q1 2020. Key Points
Economic TimesEcommerce logs 24% Q2 growth as premium products click; slowdown hits low-priced items
The 24% quarterly growth follows a slower-than-expected 16% growth in the January to March quarter, as reported by ET in May. While certain segments like pharma and eye wear have grown at a faster clip, senior ecommerce industry executives said there is an emerging trend of slowdown in online sales of low-priced items across categories like fashion, appliances, etc. Key Points
Economic TimesupGrad’s forays into Pacific region with medical institute in Vanuatu
Edtech firm upGrad announced that it’s first-ever fully Offline medical institute in the Republic of Vanuatu with an initial investment of USD 10 million. It aims to attract and train global talent with modern day clinical competencies. Key Points
The Hindu