BJP opens poll offices in Gujarat before declaring candidates for LS polls. MP & Rajasthan take cue
Idea behind opening election offices in all Lok Sabha constituencies in Gujarat is to 'maximise seats'. These offices, it is learnt, will later serve as offices of BJP candidates. Key Points
ThePrintSingapore to change tax rules that attracted the super rich
The Monetary Authority of Singapore will revise tax incentives for single family offices in a move to increase hiring of locals and investment in the country's equity markets. The incentives will also be used to encourage investment in climate-related projects and philanthropy to Singapore, said MAS managing director Ravi Menon. Some of the changes include recognising unlisted funds that primarily invest in locally listed equities as well as encouraging participation in blended finance structures. Key Points
Economic TimesEcommerce operators face problem in GST drive to check fake registration
Centre and state GST authorities have on May 16 launched a two-month drive to check fake registration under Goods and Services Tax (GST). The fake registrations are mainly taken to defraud the exchequer by wrongfully claiming Input Tax Credit (ITC). Key Points
Economic TimesEPFO draws up a five-year plan to upgrade physical infrastructure
India's Employees' Provident Fund Organisation (EPFO) has created a five-year perspective plan to upgrade its infrastructure to cater to an expected rise in its subscriber base. The plan will see the creation of independent buildings for all of EPFO's zonal offices, training facilities, regional and district offices, as well as special offices in the north-east. Key Points
Economic TimesAmazon asks employees to work from office 3 days a week with hope to boost business
Amazon CEO Andy Jassy, in an official blog post, has asked employees to work from offices at least three days a week in hopes of boosting business of the company. The CEO also listed few benefits of working from offices. Key Points
India Today
Ram Mandir Bank Holiday: Maharashtra govt declares full-day public holiday on January 22
Ram Mandir Inauguration news: Central government establishments, public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will also remain closed for half a day on January 22. Scheduled for January 22 in Ayodhya, the Pran Pratishtha ceremony will be conducted, with Prime Minister Narendra Modi overseeing the rituals. The primary rites will be led by a team of priests headed by Lakshmikant Dixit. Key Points
Economic TimesIndian family offices weigh Gift City to invest overseas
Indian family offices are considering setting up shop at the International Financial Services Centre (IFSC) or Gift City as the Reserve Bank of India tightens scrutiny of overseas direct investments. Freedom to invest across asset classes, including overseas real estate, along with low compliance costs and numerous tax benefits, are prompting family offices to look towards Gift City, which allows leveraged investments. The IFSC Authority issued fund management regulations last year, which enable structures such as family offices to be set up in Gift City. Key Points
mintAmerica’s Office Fire Sale Has Barely Begun
Only 3.5% of offices sold last year came from a distressed seller, thanks to optimism and forgiving lenders. Key Points
mintRam Mandir inauguration: Central govt announces half day holiday on Jan 22. Here are details
All central government offices will be closed on January 22 for the Ram Temple Pran Pratishtha ceremony, as announced by Union Minister Jitendra Singh. Many states, including Uttar Pradesh, Goa, Madhya Pradesh, Chhattisgarh, and Haryana, have also declared holidays to celebrate the inauguration of the Ram temple in Ayodhya. Key Points
Economic TimesWhy Flipkart founder Binny Bansal is betting on rising Bharat
Bansal is launching an AI-as-a-service startup of his own that will target global customers, Bloomberg has reported based on information from sources. Bansal wants to offer AI talent, products and services to corporate customers, emulating the business model of outsourcing providers like Tata Consultancy Services Ltd. and Infosys Ltd. But unlike these tech giants, Bansal wants to tap small towns. Key Points
Economic Times
Azim Premji’s family office: India’s new finance hub GIFT City gives first nod to rich to invest abroad
India's new financial hub, Gujarat International Finance Tec-City (GIFT City), has granted approval to Azim Premji's family office to set up a family investment fund. The approval comes as dozens of applications for FIFs allowing families to invest across various asset classes and instruments offshore are still pending. Key Points
Economic TimesGovt to computerise 1,851 agri & rural development banks and state cooperative registrars
The government has announced a scheme to computerize state cooperative registrars and Agriculture and Rural Development Banks (ARDBs) offices with a budget of Rs 225.09 crore. This comes after the government started computerizing all Primary Agriculture Credit Societies (PACS) in the country. The scheme aims to bring transparency and efficiency to these offices and save time for users. The government has also decided to computerize the offices of Registrar of Cooperatives of all states and Union Territories. The central government has been taking steps to strengthen all cooperative societies in the country. Key Points
Economic TimesRBI announces temporary halt to Rs 2,000 banknote exchange/deposit on April 1
The Reserve Bank of India (RBI) has announced that the facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024, due to operations associated with the annual closing of accounts. This facility will resume on Tuesday, April 2, 2024, at the 19 issue offices of the RBI. The RBI had previously announced the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023. Key Points
Economic TimesRam Mandir Inauguration Holiday: Is your school, college, office closed on January 22?
Ram Mandir Bank Holiday: Various Indian states, including Uttar Pradesh, Goa, Odisha, Madhya Pradesh, and others, have declared holidays on January 22 for the Ram Mandir inauguration. Public sector entities nationwide, such as banks and insurance companies, will observe a half-day closure. Private sector banks remain open, and citizens are urged to check local updates. The 'Pran Pratishtha' ceremony on January 22 marks a historic moment, with heightened security in Ayodhya and the legal fraternity requesting a judicial holiday. Key Points
Economic TimesRishi Sunak plans bill to exonerate post office scandal victims
Ministers are trying to draw a line under a long-running saga that left thousands of people out of pocket, with many wrongfully imprisoned, and which even led to the suicides of some victims. The scandal was triggered by faults in a Fujitsu computer system called Horizon that was used by UK post offices and inaccurately reported shortfalls in their accounts, resulting in private prosecutions of innocent branch managers for theft. Key Points
Economic Times
MCA tweaks rules; new promoters of bankrupt firms can easily shift registered offices
The Indian government has amended rules to allow insolvent firms to easily shift their registered offices to another state or union territory if there are no pending investigations or appeals against the resolution plan. The move is expected to provide relief to new promoters who want to achieve better operational synergy with their other businesses. Key Points
Economic TimesIn parliament: Over 2.4L surrendered passports in past 8 yrs
As many as 2,46,580 persons surrendered passports from 2014 to 2022 across India, with Delhi registering the maximum 60,414, according to data provided by the Central Government in Rajya Sabha. In Punjab, 28,117 persons surrendered passports during the period. Key Points
The Tribune IndiaTo cut costs, Twitter shuts offices in Delhi, Mumbai
Amid layoffs and a severe cost-cutting, Twitter has closed offices in Delhi and Mumbai and asked staff to work from home, according to sources. The micro-blogging platform’s Bengaluru office that largely has engineering staff remains operational, the sources said. Key Points
The Tribune IndiaCentre earns over Rs 117 crore revenue from scrap disposal during ongoing cleanliness campaign
The Centre has earned over Rs 117 crore through scrap disposal during the ongoing cleanliness campaign, according to Union Minister Jitendra Singh. Additionally, office space measuring 32.54 lakh square feet has been cleared and made available for use. The Department of Administrative Reforms and Public Grievances (DARPG) has been commended for its progress in minimising pendency and institutionalising cleanliness. The campaign, being implemented in all government offices, aims to cover offices with a public interface. Key Points
Economic TimesRam Mandir Holiday: These Banks, States, Companies, Offices, Courts have declared holiday on January 22. C
Ram Mandir Bank Holiday: As the inauguration of the Ayodhya Ram Mandir approaches, the whole country is immersed in a festive atmosphere. State and central governments have announced holidays for celebrating the January 22 historic event. Here is the complete list of states, government offices, banks, insurance companies, courts that have already declared holiday on January 22. Key Points
Economic Times
IMD issues red alert, schools to remain shut in these states due to heavy rainfall
Schools in some states remain closed for two to three days. Check the details here. Key Points
Business TodayUS narrows gap with China on diplomatic posts, report says
International Business News: The US has narrowed the gap with China in the number of diplomatic posts they both run, according to a new report. China has the most such offices of any country, with 274, while the US has 271. China has a bigger presence in Africa, East Asia, Pacific Island countries, and Central Asia, while the US leads in Europe, the Americas, and South Asia. Key Points
Times Of IndiaMore high net worth individuals, family offices checking into hotels business
In the first nine months of this calendar year ended in September, family offices have invested ₹900 crore in hotels, almost two-thirds of total investments of ₹1,400 crore in the industry. In comparison, total investments in hotels in calendar 2022 were ₹600 crore out of which family offices accounted for ₹190 crore. Key Points
Economic TimesAssam to have DC offices in all 126 Assembly segments: CM
Assam has 31 administrative districts and 126 Assembly constituencies. According to Assam Chief Minister Himanta Biswa Sarma, the state government is working towards setting up ‘DC offices’ in all 126 constituencies. Key Points
The Indian ExpressEnd to work from home: Top tech CEOs warn employees to return to office, workers seem unwilling
Elon Musk, Andy Jassy, Sundar Pichai, and other top tech CEOs asked employees to return to offices as the remote work era comes to an end. But are the workers willing to do so? Not really. Key Points
India Today
Nitish Kumar to resign by Sunday morning: Source
Bihar Chief Minister Nitish Kumar is expected to resign from the 'Mahagathbandhan' government by Sunday morning, according to a source close to the CM. Before submitting his papers, Kumar will hold a customary legislature party meeting. Government offices are expected to remain open due to hectic activity. Key Points
Economic TimesPublic holiday declared in Noida on January 22 for Ram Lalla Pran Pratishtha ceremony
Monday has been declared a public holiday in Noida and Greater Noida for all government establishments, including offices, schools, and colleges. The decision is in observance of the consecration ceremony of Ram Lalla at the Ram temple in Ayodhya on January 22. The public holiday is declared under the Negotiable Instruments Act, 1881, in Uttar Pradesh. Key Points
Economic TimesDefence production department achieves target in Special Campaign 3.0
The Swachhta Campaign 3.0 has made significant strides in enhancing cleanliness and efficiency in the defence production units and attached offices. Key Points
FirstpostRoyal Enfield, SX4s to photocopiers — govt aims to make Rs 400-cr off Shastri Bhawan ‘clean-up’
23 vehicles, cited by CISF as 'security threat', added to list of items languishing at Shastri Bhawan, which houses several ministries & govt depts. 'Scrap disposal' to begin tomorrow. Key Points
ThePrintIran targets e-commerce giant over photos of female employees without headscarves in new crackdown
One of the offices of Digikala, Iran's largest e-commerce company, has been shut down by authorities after pictures were posted online showing female employees without headscarves. The move is a result of a campaign to enforce Islamic dress codes, a year after the morality police disbanded due to widespread protests. Digikala, known as Iran's Amazon , has more than 40 million active monthly users and hosts over 300,000 merchants. The website was still operational, though legal action had been launched against it. Key Points
Economic Times
Income tax department lens on deposits under small savings schemes
We have detected many benami cases where deposits were made above ₹50 lakh and no return was filed and on further investigation, documents were traced to people who cannot have such income, a senior official told ET. So far, we have sent about 150 notices where deposits are above ₹1 crore or higher. Key Points
Economic TimesED searches Mumbai offices of Deloitte India, KPMG unit
The ED searched the Mumbai offices of Deloitte Haskins & Sells (DHS), the Indian arm of Deloitte, and KPMG associate firm BSR & Co. DHS had rotated out as IFIN's auditor in fiscal 2018,while BSR resigned from the role in June 2019 after allegations of irregularities at the non-bank finance company came to light. Key Points
Economic TimesIncome Tax Department conducts checks at real estate firm G Squares’ offices in Tamil Nadu
The Income Tax Department is conducting checks at the offices of real estate firm G Squares in Tamil Nadu. Read more about the investigation on The Hindu. Key Points
The HinduEY, KPMG back-offices issue advisories on return to work, indicating hybrid model
EY Global Delivery Services (EY GDS) and KPMG Global Services (KGS) employ around 50,000 people between them in India, providing services to the member firms of their parents, EY and KPMG, globally. Both EY GDS and KPMG have sent emails asking specific teams and newly joined employees to “return to office”, people in the know said. Key Points
Economic Times