India to rein in China’s e-comm gift horseWhat's the news?
Indian government, worried that many of China’s online merchants are in effect abusing this country’s no-cap rule on duty-free gifts, is considering setting an upper limit on the number of overseas gifts any citizen can receive in a year.
Why does it matter?
Under current customs norms, free samples as well as gifts from overseas persons up to the value of ₹5,000 can be received duty-free in India via couriers. There is, however, no cap on how many gifts an individual can receive annually. And it’s this provision that’s being exploited by overseas ecommerce outfits, especially those from China. There have been reports of individuals receiving packages on a daily basis, said a government official. Read more
A realistic EV roadmap for IndiaWhat's the news?
India’s largest two-wheeler manufacturer Hero MotoCorp on Tuesday joined the ranks of rivals Bajaj Auto and TVS Motor Company and urged the government to adopt a cautious and realistic roadmap for mass adoption of electric vehicles.
Why does it matter?
Hero MotoCorp chairman Pawan Munjal said the move towards electric vehicles will be very critical because it impacts an industry that is a significant contributor to the country’s GDP and a large creator of jobs. He added the move towards electric vehicles would put the industry, manufacturers and customers in unfamiliar territory, as the automotive ecosystem all over the world is still only beginning to understand the development and applications of EV tech. Read more
Wipro CEO Neemuchwala’s pay jumpWhat's the news?
Wipro chief executive Abidali Neemuchwala’s salary jumped nearly 41% to $3.95 million in fiscal year 2019, with variable pay forming a significant chunk, regulatory filings by the company show.
Why does it matter?
Neemuchwala’s pay hike comes at a time when the $8.5 billion software services company has lagged peers in growth due to client buys, acquisitions gone wrong and restructuring of its businesses.
India IT firms have been paying top dollar for key executives amid turmoil as customers reduce spending on traditional services and make a shift to digital. Infosys CEO Salil Parekh, in his first year at the IT services company, earned Rs 24.67 crore (nearly $3.7 million) last financial year, while TCS CEO Rajesh Gopinathan’s compensation jumped 28% to Rs 16 crore ($2.4 million). Read more
What's worrying India's Crypto & Blockchain firms What's the news?
An industry report on the Indian blockchain sector has raised concerns around a draft proposal by the government to ban cryptocurrency and regulate digital currencies, echoing previous criticism by industry stakeholders and entrepreneurs. According to the yet-to-be-released report compiled by Blockchained India, illegitimate transactions, evasion of taxes and lack of talent are some of the other critical problems plaguing the cryptocurrency and blockchain industry, primarily due to a lack of regulations.
Why does it matter?
People investing in these assets have been the most-affected, as they are unsure of what is happening on the regulatory front. Last week, media reports suggested that holding, selling or dealing in cryptocurrencies such as Bitcoin could entail 10 years in jail. A Right to Information query filed by blockchain lawyer Varun Sethi, however, showed that the Reserve Bank of India had not issued any such circular. It also had not received any communication from the government with regard to such a draft. Read more
Will Nandan Nilekani panel recommendations really boost digital payments?What's the news?
Last week, a Reserve Bank of India (RBI) committee headed by former Aadhaar boss Nandan Nilekani released an ambitious report on propelling a 10-fold rise in India’s digital payments volume in the next three years, with the help of a network of point-of-sale (PoS) terminals in kirana stores, banks’ business correspondents (BCs), and automated teller machines (ATMs) to attract rural customers to adopt digital money..
Why does it matter?
The committee has listed removing transaction charges on digital payments made to government, moving to a marketdetermined merchant discount rate (MDR) pricing structure and easing KYC costs to banks as its key recommendations. While it has aligned its objectives to the government’s broader goal of weeding out the use of cash, unlike the folly of previous such reports, it does not seek a direct replacement of cash with digital modes of transaction but easier digital access. Read more