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Bengaluru Restaurants Warn of Swiggy, Zomato Boycott After August 15 Over Commission Dispute

Chandani — Thu, 30 Jul 2026 18:05:35 +0000

Restaurant associations have threatened to withdraw from Swiggy and Zomato and launch a citywide shutdown if concerns over commissions, discounts and payment deductions remain unresolved.

Restaurant owners in Bengaluru have warned of a possible boycott of food delivery platforms Swiggy and Zomato, alleging that high commissions, deep discounting and multiple deductions are significantly affecting their profitability.

The restaurant associations have said they may stop using both platforms and even consider a citywide restaurant shutdown after August 15 if their concerns are not addressed through discussions with the companies.

Why are restaurants protesting?

According to restaurant associations, several charges imposed by food delivery platforms are reducing their earnings.

They claim that high commissions, platform-driven discounts and other deductions leave restaurants with a much smaller share of the revenue generated through online orders.

The associations are demanding a more transparent and balanced partnership model between restaurants and food delivery companies.

Key demands of restaurant associations

Restaurant owners have put forward several demands, including:

No discounts should be offered without the restaurant’s consent.
Greater transparency in advertisement charges and payment gateway fees.
Detailed settlement reports for every transaction.
An end to automatic deductions after customer complaints.
Compensation for cancelled orders after food preparation.
Review of one-sided contractual agreements.
Appointment of dedicated relationship managers for restaurant partners.

The associations say these measures would improve trust and ensure a fairer business relationship.

Boycott warning after August 15

Restaurant bodies have urged Swiggy and Zomato to initiate discussions with industry representatives before the deadline.

If no agreement is reached, they have warned that participating restaurants could:

Withdraw from both food delivery platforms.
Launch a coordinated shutdown of restaurants across Bengaluru after August 15.

The associations maintain that their objective is to reach an amicable solution rather than disrupt services.

Industry bodies join the protest

According to P.C. Rao, Honorary President of the Bengaluru Hotel Association, the current commission structure and deductions are causing substantial financial losses for restaurant owners.

He alleged that a restaurant generating ₹1 lakh in sales through a food delivery platform may receive only about ₹40,000 after commissions, discounts and other deductions.

Rao also said that the issue affects customers as well as restaurant operators.

The protest is reportedly being supported by several industry organisations, including:

Bengaluru Hotel Association
Karnataka Hotel Association
National Restaurant and Bar Association

Restaurants seek dialogue

Despite the strong warning, restaurant associations have indicated that they are willing to continue partnering with Swiggy and Zomato if their concerns are addressed.

They have called on both companies to hold discussions and rationalise commissions and deductions before the proposed August 15 deadline.

As of now, neither platform has officially announced any changes in response to the demands.

FAQ

Why are Bengaluru restaurants threatening to boycott Swiggy and Zomato?

Restaurant associations allege that high commissions, deep discounts and multiple deductions are reducing their profits and are seeking a more transparent partnership model.

What are the restaurants demanding?

They want transparent settlement reports, consent-based discounts, compensation for cancelled orders, an end to automatic deductions after customer complaints and fairer contractual terms.

When could the boycott begin?

Restaurant associations have said they may withdraw from Swiggy and Zomato and consider a citywide shutdown after August 15 if no resolution is reached.

Have Swiggy and Zomato responded?

At the time of writing, there has been no official announcement from either company regarding the demands made by the restaurant associations.

UPI Payments Halted for This Service from October 1 — What You Need to Know

Pravesh Maurya — Fri, 15 Aug 2025 02:42:37 +0000

New Delhi: The National Payments Corporation of India (NPCI) has decided to close the facility of requesting money through payment apps to deal with financial fraud.

The facility of ‘collection’ i.e. payment request between persons (P2P) through UPI from banks and payment apps will be closed from October 1, 2025. Earlier, NPCI had said in a circular issued on July 29 that the process of P2P ‘collection’ will not be allowed in UPI from October 1, 2025.

P2P Collection in UPI means that the facility of ‘collection’ requests from banks and payment apps will be completely removed from the said date. The P2P feature is used to send requests for money to other UPI app users. It reminds them to share the amount. However, this feature is being used by fraudsters to cheat UPI users.

What is the purpose of NPCI?

NPCI said that all member banks, payment service providers (PSPs) and UPI apps are directed to make necessary changes in their systems and operational procedures to ensure that no P2P ‘collection’ transactions are initiated or processed on UPI after October 1, 2025. This decision means that all member banks and UPI apps (PhonePe, Google Pay and Paytm etc.) will not be able to process P2P collection transactions after this deadline.

What is the current arrangement

Under P2P collection, currently a maximum of Rs 2,000 can be collected from an individual per transaction. Also, the limit of successful transactions is 50 per day. This means that currently a transaction of Rs 1 lakh is allowed in a day under this facility. Rahul Jain, Chief Financial Officer, NTT Data Payment Services India, said that by removing this facility, UPI (Unified Payment Interface) has strengthened its position as a fast and easy, secure and reliable platform.

What will be the new change?

NPCI had set a transaction limit of Rs 2,000 in the year 2019, but fraud continued. This step will act as a security measure for the users and now such fraud will be prevented. Under this change, a measure will be taken to reduce fraud by removing the high-risk channel. Now all P2P transactions will be initiated by the users for which the users will have to scan the ‘QR code’. He said that in this situation the users will have full control over their transactions.

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Ola, Uber and Rapido may face fine for advance tips before booking a cab

Jyoti — Tue, 10 Jun 2025 07:02:22 +0000

Cab aggregators have refused to remove the option of advance tip on cab bookings. Despite the notice of the Central Consumer Protection Authority, cab aggregators are not ready to remove this option.

According to sources, now the CCPA has started its investigation and soon a fine can be imposed on the companies. Giving more information about this, Asim Manchanda of CNBC-Awaaz said that the issue of asking for advance tip on cab bookings is increasing.

Cab aggregators say that this is not an unfair trade practice. Customers have the option to refuse the advance tip. On the other hand, CCPA has started investigating the claims of the companies on this issue. The investigation of the companies may be completed by next week. After the investigation is completed, fines are possible on the companies. On May 16, CCPA had sent notices to the companies. CCPA had sent notices to Ola, Uber and Rapido.

The Central Consumer Protection Authority (CCPA) had issued this notice to cab aggregators for demanding advance tip for fast service. Union Minister Pralhad Joshi had also termed this system as unethical and exploitative. Pralhad Joshi had described this practice on X as “unethical” and “exploitative” and said that forcing passengers to tip for fast service falls under the ambit of unfair trade practice. A tip given after the service may be a symbol of appreciation, but it cannot become a right.

Know what is the whole deal with advance tip

While booking a cab on the cab aggregator app, users get the option to give an advance tip of Rs 50, 75 or 100 in the name of quick pickup and more chances of the driver accepting the ride. The app says add a tip for quick pickup. If you add a tip, the driver may be more likely to accept the ride. The app also states that the entire tip amount will be given directly to the driver and once the tip is added, it cannot be changed.

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NPCI new guidelines: Now UPI users will not be able to check balance repeatedly, read circular

Jyoti — Wed, 28 May 2025 10:22:30 +0000

NPCI issued a circular on May 21 asking all banks and payment service providers (PSPs) to take necessary steps to ensure compliance with the new guidelines. NPCI has directed that by July 31, all banks and PSPs should restrict the 10 most commonly used application programming interfaces (APIs) running on the UPI network, such as checking balance, initiating autopayments, and checking transaction status. If these rules are not followed, action will be taken against the banks and service providers concerned.

If you often use balance check or autopayment through UPI, then this news is important for you. From August 1, 2025, you will neither be able to check your balance repeatedly from UPI apps nor will you be able to use the auto payment facility during peak hours. The National Payments Corporation of India (NPCI) has taken this step to save the network from load and provide better service to all users. There may be some difficulty in the beginning, but in the long run this change will prove to be beneficial for the users.

After the implementation of the new rule, a customer will be able to check the balance only 50 times a day through the UPI app. To avoid repeated balance inquiries, NPCI has directed banks to send account balance information with every successful transaction. Experts say that this may cause some inconvenience to the business community, as they have to check the transaction status or balance repeatedly. But this change is a step towards making the UPI system more stable and accessible.

API transactions will be limited.

NPCI has clarified that during peak hours – 10 am to 1 pm and 5 pm to 9:30 pm – no API transactions will be allowed without the user’s permission. In addition, all PSPs will have to give a written assurance to NPCI by August 31 that they will queue API requests generated from the system and reduce their processing speed.

Autopayments will also be limited.
From now on, UPI autopayments (like for SIP, Netflix etc.) will be processed only during non-peak hours. A maximum of 1 attempt and 3 retries will be allowed for each autopayment, and that too only during non-peak hours. You can set up autopayments during peak hours, but it will be processed only during non-peak hours.

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New Passport Application: Apply for a Passport in 5 minutes at Home, No need to visit the office

Jyoti — Fri, 02 May 2025 04:51:50 +0000

Many documents are necessary for people living in India. People need these documents for their daily work. If we talk about these documents, then they include PAN card, voter card, Aadhar card, ration card and passport.

Each document has its own importance. Just like PAN card is used for income tax and banking. Similarly, passport also has its own importance. If you have to travel abroad, then for that you must have a passport. You cannot go abroad without a passport.

If you have to get a passport made and you are worried about visiting government offices for this, then there is good news for you. In fact, now the government has made this whole process so easy that you can apply for your passport without any hassle. Now you can easily apply for a passport sitting at home. For this, you do not need to go anywhere else. Let us tell you what the whole process is.

How to apply for passport online…

You can apply for passport online from the comfort of your home. For this, you have to visit the official website of Passport Seva https://passportindia.gov.in . Go there and click on ‘New User/Register Now’. Then complete the registration by filling your name, date of birth, mobile number and email ID. After this, log in to the portal with the user ID and password.

After logging in, click on the ‘Apply for fresh Passport’ option. Then fill in your name, address and other required information and click on submit. After this, you will see the option of ‘Pay and Schedule Appointment’. By clicking on this, you can schedule an appointment at your nearest Passport Seva Kendra.

This is what you will have to pay…

After taking the appointment, you will get the payment option through net banking, debit card, credit card or UPI. If you are applying for a regular passport, you will have to pay a fee of up to Rs 1500. For an instant passport, you will have to pay additional money. After completing the payment, you will get a receipt, which you will have to download.

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ICICI Bank cuts interest rates on FD and savings accounts, read full details

Jyoti — Fri, 18 Apr 2025 04:36:07 +0000

ICICI Bank FD Interest Rates: After big banks like State Bank of India and HDFC Bank, now ICICI Bank has also given a shock to its customers. Yes, after the RBI cut the repo rate, ICICI Bank has also announced a reduction in FD interest rates by 25 to 50 basis points (0.25-0.50 percent).

This private bank has reduced the interest on savings accounts as well as FD by 0.25 percent. ICICI Bank’s new interest rates have also come into effect from today i.e. April 17.

ICICI Bank cuts FD interest rates by up to 0.50%

The country’s largest public sector bank – SBI and the largest private bank – HDFC have recently implemented a reduction in deposit interest rates. ICICI Bank has cut rates on select tenure FD schemes by 25 to 50 basis points. After this latest cut, the private bank is now offering interest of 3% to 7.05% on FD to its general customers and senior citizens will now get interest of 3.5% to 7.55% on FD. Earlier, ICICI Bank’s FD scheme with a tenure of 15 months to 2 years was offering a maximum interest of 7.25% to general customers and 7.85% to senior citizens.

Now 3.00% interest on FD with a tenure of 30 to 45 days

ICICI Bank has reduced the maximum interest rate by 50 basis points i.e. 0.50 percent on FD scheme with a tenure of 30 to 45 days. The bank has now reduced the interest rate for this tenure from 3.50 percent to 3.00 percent. Apart from this, the interest rate for the tenure of 61 to 90 days has been reduced by 25 basis points to 4.5% to 4.25%. For FDs with a tenure of 18 months to 2 years, the interest rate has been reduced by 20 basis points to 7.25% to 7.05%.

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LIC’s Excellent returns Policy: Rs 19.3 lakhs are being received on an investment of Rs 10 lakhs

Jyoti — Fri, 04 Apr 2025 04:27:11 +0000

Life Insurance Corporation of India (LIC) is known for giving excellent returns to investors through its various plans. If you are also looking for a safe and good return investment option, then this scheme of LIC can be beneficial for you.

By investing in some of the schemes of LIC, you get good returns and the investment amount is also safe.

Actually, SIIP is a Unit Linked Insurance Plan (ULIP), in which you get insurance coverage along with your investment. The returns in it are based on the performance of the stock market, so it comes with some risks, but with it you get the benefit of high returns and insurance protection. Let’s know the important information related to this plan and its benefits.

LIC SIIP: The best combination of insurance and investment

You get four fund options under LIC’s SIIP plan:

Bond Fund
Balanced Fund
Safe Funds
Growth Fund

Each of these fund options has its own risk profile. The highest returns are available in growth funds, in which up to 80% of the investment is made in the stock market. Although, this also involves market risk, the return potential is quite high.

Money will double…

Suppose, you have invested ₹1,00,000 every year for a period of 10 years under LIC’s SIIP plan. With this investment, you choose a growth fund, whose NAV growth is expected to be 15%. In 10 years, your total investment will be ₹10,00,000, and you are expected to get ₹19.3 lakh at maturity. This is just a potential calculation, which will depend on the market performance. This plan is available for different tenures of 10, 15, 20 and 25 years.

Suppose, if you take a SIIP plan for a period of 10 years and choose the growth fund option. Under this plan, if you deposit Rs 100,000 every year, a total of Rs 10,00000 will be deposited in 10 years. At maturity, you will get a total of Rs 19.3 lakhs considering the NAV growth of 15 percent. However, this is a probable calculation.

For SIIP plans:

The policyholder’s age should be a minimum of 3 months and a maximum of 65 years.
It also provides accidental death benefit rider and partial withdrawal facility.

LIC’s SIIP plan is a great way to grow your investments and secure your future. If you want to invest for the long term and also need insurance coverage, then this plan can be a good option for you.

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Bank Service Closed: This bank’s services will remain closed for 2 days, Key Details Inside

Jyoti — Thu, 23 Jan 2025 10:41:59 +0000

India’s largest private sector bank HDFC has issued an alert for its customers. In fact, many services of HDFC Bank will not be available to customers for two days.

According to the bank, banking services will be temporarily closed on January 24 and 25 due to maintenance. This move will help provide a better banking experience to customers. Even before this, HDFC Bank had closed some services on January 17 and 18 due to maintenance.

HDFC Bank has announced that ChatBanking, SMS Banking and PhoneBanking IVR services will be under maintenance from 10:00 PM on January 24 to 2:00 PM on January 25 (total 16 hours). During this period, all these services will not be available to customers. UPI service will not be available on January 25. UPI service will be maintained on Friday. Services will be affected from 12:00 AM on January 25 to 3:00 AM (3 hours).

During this period, UPI transactions on HDFC Bank current and savings accounts, RuPay credit cards, HDFC mobile banking app and UPI services on TPAPs (Third Party Apps) will remain closed. Merchant UPI transactions will also be affected.

The bank has alerted its customers: HDFC Bank has sent this update to the customers through their registered email addresses. The bank has requested its customers to use other options during these dates and times. HDFC Bank says that this necessary maintenance is being done to further improve their service. However, customers are advised to make their financial plans keeping these dates in mind. Earlier on January 17 also, some customers did not get banking services. Then, customers faced problems in reloading Forex card through Forex prepaid card service, prepaid card netbanking and instant reload portal.

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Good news for India before the New Year! The government and the common man will all get the benefit of this

Jyoti — Sun, 29 Dec 2024 08:42:08 +0000

FDI @ 2025: Good news is also coming out for the year 2025 regarding foreign direct investment in the country. DPIIT says that due to the government’s policies, India still remains a favorite destination for foreign investors.

The year 2024 is coming to an end and the new year is once again bringing new hopes for the future. The Indian economy also has high hopes for the year 2025 and according to the Department of Industry and Internal Promotion (DPIIT), the next year is going to prove to be good for India on the foreign investment front.

DPIIT says that despite global uncertainties and challenges, the average monthly foreign direct investment (FDI) inflows into India have been over $4.5 billion since January 2024. This trend is expected to continue in 2025 as the Prime Minister Narendra Modi-led government promotes investor-friendly measures in the country.

According to DPIIT, investor-friendly policies, strong returns on investment, skilled workforce, low compliance burden, elimination of small scale industry-related offences, National Single Window System for streamlined approvals and clearances and Production Linked Incentive (PLI) schemes are creating ample opportunities to attract foreign investors to India. Further, to ensure that India remains an attractive and investor-friendly destination, the government reviews the FDI policy on a continuous basis.

How much was FDI?

During the January-September period this year, foreign direct investment (FDI) in the country increased by about 42 percent to $42.13 billion. In the same period last year, FDI was $29.73 billion. In April-September 2024-25, FDI inflows increased by 45 percent to $29.79 billion, from $20.48 billion in the same period last fiscal. Total FDI in 2023-24 was $71.28 billion.

What is expected from 2025?

Amardeep Singh Bhatia, Secretary, Department of Promotion of Industry and Internal Trade, said that as per the trend, the country will continue to attract good foreign direct investment in 2025 as well. India continues to open its economy to global investors by increasing foreign investment limits, removing regulatory hurdles, developing infrastructure and improving the business environment.

FDI increased in 10 years

During the last ten years (2004-2024), a total FDI inflow of US$ 991 billion was recorded, of which 67 percent (US$ 667 billion) was received in just 10 years i.e. 2014-2024. From US$ 98 billion in 2004-2014 to US$ 165 billion in 2014-2024, FDI equity inflows in the manufacturing sector have increased by 69 percent. India continues to be a preferred investment destination for global companies.

Post Office’s New Rules: Government notified new rules under post office act. Details Here

Jyoti — Fri, 27 Dec 2024 03:43:28 +0000

New Delhi. Now the customer experience of sending mail and depositing money in savings schemes from the post office is going to be more special, as the government has notified new rules under the Post Office Act.

The new rules and regulations indicate a departure from the traditional ways of providing postal services for the delivery of public-centric services, as well as opening new avenues of employment through the services provided through post offices. The government gave this information in an official statement. The government said, ‘The new rules have been prepared with the goal of ‘Postal Service Public Service’. Its purpose is to simplify the language of the rule and advance the vision of ‘minimum governance, effective government’ and ‘self-reliant India’.

The Department of Posts has initiated legislative reforms and drafted a new law ‘Post Office Act, 2023’ in December last year. This Act came into effect in June this year.

What is special in the new rules

The Post Office Rules, 2024 have been designed to enable the services provided by post offices. This includes opening new avenues for the department and generating employment through the services that can be provided through the post office. It will focus on providing access to the supply of people-centric services even in remote areas in collaboration with public and private entities.

The rules also have future aspects of digital addresses and digital modes of payment of postage or other charges. It recognises government work in respect of issuance of postage stamps including stamps in digital form and enabling provision for grievance redressal.

According to the statement, “To take this initiative forward, a new set of subordinate laws i.e. Post Office Rules, 2024 and Post Office Regulations, 2024 have also been prepared under the Post Office Act, 2023. The Government of India has notified the subordinate laws through the official gazette and these have come into effect from December 16, 2024.

The statement said that these rules do not contain punitive provisions. The Post Office Regulations, 2024 cover the details and operational aspects of the products and services offered by the post office across the country and also include enabling provisions for insurance and financial services offered through the post office network.

Latest News:-

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Mutual Fund New Rule: SEBI changed the rules of mutual funds, launched a new product in the market

Jyoti — Thu, 19 Dec 2024 05:28:11 +0000

New Delhi. Market regulator SEBI has amended the mutual fund rules and introduced new investment products. Under this, a liberalized ‘mutual fund lite’ framework has been introduced under the schemes related to index and exchange traded funds along with specialized investment funds for investors capable of taking high risk. This means that these products have been designed according to the investor.

Specialised Investment Funds (SIFs) allow mutual funds to introduce modern investment strategies. These will be for open ended schemes, closed ended schemes etc. This is expected to broaden and diversify the investment landscape in the country.

Investment of minimum Rs 10 lakh

The Securities and Exchange Board of India (SEBI) said in a notification that a minimum investment of Rs 10 lakh per investor can be made in all investment strategies of the new product in the respective asset management company (AMC). This does not include accredited investors. SEBI has emphasized on separate branding, transparency and investor protection for these funds. The new product aims to bridge the gap between mutual funds and portfolio management services.

The aim is to reduce the risk.

The aim of this new product of SEBI is to reduce the spread of unregistered and unauthorized investment schemes. Such schemes often promise impractically high returns. They take advantage of investors’ expectations for better returns, which creates potential financial risks. SEBI said that asset management companies will ensure that ‘Specialized Investment Fund’ has a different identity from Mutual Fund. That is, a clear difference should be maintained between the new scheme and the offering of the mutual fund.

Big net worth of companies is also necessary.

The market regulator has introduced liberalised mutual fund lite (MF Lite) under mutual fund’s index and exchange traded fund related schemes (passively managed funds). The aim of this framework is to promote ease of entry, encourage new units, reduce compliance requirements, increase penetration, increase liquidity in the market, facilitate investment diversification and promote innovation. SEBI said in the notification that the mutual fund lite ‘asset management company’ must have a net worth of at least Rs 35 crore for investing in assets. It can be reduced to Rs 25 crore if there is profit for five consecutive years.

Bank timings Changed: Bank timings will change from January 1st, check before going, otherwise…

Jyoti — Thu, 19 Dec 2024 04:44:15 +0000

Do you have to work in banks every day? If yes, then this news is only for you. And if you go occasionally, then this news becomes even more important. In today’s time, banks are not only used for withdrawing and depositing money, but are also used for many other things.

The opening and closing times of each bank may vary and due to this, people sometimes have to face problems. In such a situation, the Madhya Pradesh government has taken an important step to improve banking services. Now the opening and closing times of all nationalized banks of Madhya Pradesh will be the same.

This change will be effective from January 1, 2025. From this date, all banks will open at 10 am and close at 4 pm. This decision has been approved in the meeting of the State Level Bankers Committee (SLBC) and the committee believes that this step will help in streamlining banking services.

Why is this change necessary?

Customers face confusion and inconvenience due to different timings of different banks. While some banks open at 10 am, others open at 10:30 or 11 am. Due to this disparity, customers who have to go from one bank to another face more difficulties.

Better convenience for customers…

Customers can now visit any nationalized bank from 10 am to 4 pm without making a plan as per the schedules of different banks.

No waiting…

Having a consistent schedule will help reduce chaos. This will make it easier to manage the crowd and customers won’t have to wait as long.

Better coordination between banks:

With all banks working at the same time, there will be better coordination in services like inter-bank transactions and customer referrals. Employees will also benefit from this as it will help in better planning of office shifts and this will increase their productivity.

This move by Madhya Pradesh could be replicated in other states of India. The confusion and frustration caused by different opening hours of banks across the country could inspire other regions to adopt similar changes.

SIP Cancellation New Rule: SEBI has reduced the time limit for cancelling SIP from 10 days to just two days

Jyoti — Fri, 13 Dec 2024 07:01:49 +0000

SEBI has reduced the time limit for cancelling SIP from 10 days to just two days. Now investors can request to stop SIP only two days in advance. Earlier this process had to be started 10 days in advance, due to which many investors did not get a chance to stop their SIP on time.

SEBI has taken a relief decision for those investing in mutual funds through Systematic Investment Plan (SIP). Now you will not have to wait for 10 working days to stop SIP. Under the new rule, now SIP will be stopped in just two days on your request. SEBI has made the new rule mandatory for mutual fund companies and it has been implemented from December 1, 2024.

What is the new rule?

SEBI has reduced the time limit for cancelling SIP from 10 days to just two days. Now investors can request to stop SIP only two days in advance. Earlier this process had to be started 10 days in advance, due to which many investors did not get a chance to stop their SIP on time.

For example, if your SIP EMI deduction date is 15th and you do not have sufficient funds in your account till 12th, you can now request to stop the SIP on 12th. The fund manager has to cancel it before 15th and no penalty will be charged in the meantime.

New rule came into effect from December 1, 2024

This new rule of SEBI has come into effect from December 1, 2024. Under this, all mutual fund companies and fund managers have been instructed to fulfill the request to stop SIP within two days. This rule will apply to both online and offline investments.

How will you get the benefit?

Earlier, investors had to request to stop SIP 10 days in advance. But it was difficult to estimate the status of the bank account so many days in advance. In such a situation, if there was no money in the account, the monthly installment would bounce and a penalty would have to be paid. Now, due to the two-day time limit, investors will not face this problem.

Big relief for investors

This new rule will give a big benefit to SIP investors. Now they will not have to fear penalty and they will be able to have better control over their investments. This step will not only increase the convenience of investors but will also help them in financial planning. This decision of SEBI is considered a big step towards transparency in the mutual fund industry and strengthening the rights of investors.

Mutual funds: Insider trading rules for mutual funds to come into effect from November 1

Jyoti — Wed, 23 Oct 2024 07:02:33 +0000

The insider trading rule for mutual funds will come into effect from November 1. Under this, all transactions made by the nominees or their close relatives in the mutual fund of the asset management company will have to be reported within two business days.

If you invest money in mutual funds or are thinking of investing, then know a rule related to this, which is going to be implemented from November 1. Market regulator SEBI said that the insider trading rule for mutual funds will come into effect from November 1.

Under this, all transactions of more than Rs 15 lakh made by the persons nominated in the mutual fund of the asset management company or their close relatives will have to be reported to the compliance officer within two business days. In all schemes except exempted schemes, the limit of Rs 15 lakh can be either in one-time transaction or in more than one transaction within a quarter.

The Securities and Exchange Board of India (SEBI) said in a circular that the new rule will come into effect from November 1. The regulator has asked asset management companies to provide information on a quarterly basis about the gross investments of their nominees, trustees and their close relatives in mutual funds from November 1, 2024.

Monitoring of transactions above Rs 15 lakh

According to SEBI, information about investments made in mutual funds till October 31 will have to be given to the stock markets by November 15. For the subsequent quarters, companies will have to provide information within 10 days after the end of the quarter. SEBI said, “Except exempted schemes, details of all transactions of more than Rs 15 lakh per PAN in their mutual fund schemes by nominees, trustees and their close relatives will be required to be given. This information will have to be given to the compliance officer of the AMC within two business days of the transaction.

The regulator said that employees should refrain from making profits from trading in the same security within 30 days and if they make a transaction, they must inform the compliance officer about the reason for it. The compliance officer will inform the board of directors and trustees of the asset management company about this.

SEBI included trading in mutual fund units under insider trading rules through a notification in November 2022. Its aim was to enhance integrity and transparency within asset management companies.

RBI imposed restrictions on the company of Sachin Bansal, the founder of Flipkart

Jyoti — Fri, 18 Oct 2024 04:02:10 +0000

The Reserve Bank of India (RBI) has taken strict action on four non-banking financial companies (NBFCs) due to regulatory concerns. These include Asirvad Micro Finance, Arohan Financial Services, DMI Finance, and Navi Finserv.

The Reserve Bank of India (RBI) on October 17 took action against four non-banking financial companies (NBFCs) and microfinance institutions (NBFC-MFIs) and banned them from passing and distributing loans. This ban has been imposed due to some regulatory concerns of these companies. According to RBI, the companies on which this action has been taken include Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance and Flipkart co-founder Sachin Bansal’s Navi Finserv.

RBI has cited flaws in the pricing policy of these companies. It has been found that the companies are charging more than the weighted average lending rate (WALR) and interest rate on the loan. Regulators also found that it is violating the rules. Apart from this, irregularities were also found in the assessment of household income for giving microfinance loans and not properly assessing the existing or proposed monthly payment obligations of the companies.

RBI also said that violations of Income Recognition and Asset Classification (IR&AC) rules, operation of gold loan portfolio, lack of necessary disclosures on interest rates and fees, and outsourcing of key financial services were also not followed by the companies. These restrictions on business will come into effect from October 21. However, the process of servicing existing customers, collection and recovery can continue under the existing guidelines of RBI.

RBI has said that the restrictions will continue until these companies fix all their policies, risk management process, customer service and grievance redressal aspects. A Navi Finserv spokesperson said, “Navi Finserv is currently reviewing the RBI circular and is committed to resolving all the issues raised by the regulator quickly and effectively. The company will continue to follow the highest standards in its operations.”

Diwali Gift: Modi Cabinet Approves 3% DA Hike For Central Employees

Jyoti — Wed, 16 Oct 2024 08:27:53 +0000

DA Increase Salary: The Union Cabinet led by PM Modi has today announced to increase the dearness allowance of employees. This is being considered a gift for crores of employees of the country before Diwali. This will increase the salary of October.

Even before the festival of Dhanteras and Diwali, the Modi government has given a gift to millions of employees of the country. The Union Cabinet led by Prime Minister Narendra Modi has approved the decision to release DA on Wednesday. Although the Union Cabinet has taken this decision for central employees, but as soon as the green signal is received from the Center, the announcement of increasing DA will be made in all the states of the country. Along with increasing DA by 3 percent, the Union Cabinet has also announced to give three months’ arrears to the employees.

Let us tell you that the central government increases the dearness allowance (DA) of employees every year in January and July. This year i.e. in 2024 also, DA was increased by 4 percent in January, while the decision to increase the DA of July was taken in the meeting held today. This is the reason why this increase of 3 percent in dearness allowance will be considered applicable from July itself. In this sense, the arrears of July, August and September will also be given to the employees by adding them.

How much will the salary increase?

Let us tell you that the dearness allowance of the employees is decided on the basis of their basic salary. Suppose if the basic salary of an employee is Rs 40 thousand and his DA is increased by 3 percent, then his salary will increase by Rs 1,200. In this way, if his salary was Rs 60 thousand earlier by adding basic salary, dearness allowance and housing allowance i.e. HRA, then now it will be Rs 60,1200.

How much arrears money will be given?

As we told you, an employee with a basic salary of Rs 40,000 will start getting an additional dearness allowance of Rs 1,200 every month on a 3% DA hike. Since this hike is being considered effective from July itself, the employee will also be given arrears for the months of July, August and September. In this way, he will also get Rs 3,600 as arrears.

How much salary will come in October

As we told you that the increase in DA will be considered effective from July itself, then including October, there will be a total of 4 months. In this way, in October, the employees will get an increase of about 4800 rupees from the total salary they are getting till now. This calculation has been done on such an employee, whose basic salary is 40 thousand and the salary coming in the account is considered to be 60 thousand rupees. If such employees will get 4 months’ DA in October, then the total salary coming in the account will be Rs 64,800.

Congestion Tax: Delhi may introduce congestion tax to combat pollution

Jyoti — Sat, 12 Oct 2024 04:09:57 +0000

Congestion Tax In Delhi- The Delhi government is considering imposing congestion tax on vehicles entering the city. This tax will be collected through FASTag and two-wheelers and electric vehicles will be exempted.

If you also take your car from Noida, Gurugram or Ghaziabad to the country’s capital, then in the coming time the burden on your pocket may increase. Actually, the Delhi government is considering imposing ‘congestion tax’ on vehicles entering the city during peak hours. This tax will be collected from vehicles entering the city from 13 major entry points between 8 am to 10 am and 5:30 pm to 7:30 pm. The purpose of this step is to control traffic jams and pollution.

The government plans to collect this tax not manually but through FASTag so that there is no traffic disruption. Two-wheelers and non-polluting vehicles, including electric vehicles (EVs), will be exempted from this tax. A proposal has also been prepared in this regard. However, the Motor Vehicles Act does not provide for such a fee, which will require either amendments to the law or new rules.

This is where the money will be used:

According to a report in Times of India, the amount of congestion tax and fines collected will be used to promote public transport and improve roads. An official said that the arrival of a large number of vehicles from the surrounding states to Delhi is increasing the traffic. Due to this, air pollution is also increasing due to vehicles standing for a long time. The government says that tax collection through FASTag will be completely automated. RFID readers and NPR (number plate recognition) cameras will be used so that vehicles can pay the tax without stopping, so that there is no traffic jam.

A plan was also made in 2018.

The problem of traffic jam is serious at many places including DND and New Ashok Nagar on the border of Delhi. This is not the first time that such a congestion tax has been proposed in the national capital. Earlier in 2018 also such plans were presented, but they could not be implemented. In 2009, former Chief Minister Sheila Dixit had proposed to impose additional tax on private vehicles entering the capital, but this plan was also shelved.

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Delhi’s Dwarka Expressway to become first highway with ‘Free Flow Tolling’ system

Jyoti — Mon, 30 Sep 2024 04:08:10 +0000

Toll on Expressway: A system of collecting toll without a plaza is being installed on an expressway in the country. This system will be ready in the next few months and drivers will get the facility to pay toll without stopping.

New Delhi. You must have seen hundreds of toll plazas on highways and expressways, but a unique expressway is being built in the country, where toll will be deducted without a plaza. People traveling on this expressway do not need to stop their vehicles. The cameras installed near the toll will deduct the toll by scanning the fastag on the windshield of the vehicle. The interesting thing is that all this work will be done easily even if you drive at a speed of 100.

Actually, we are talking about the Dwarka Expressway built between Delhi-Gurugram. It will be equipped with ‘Free Flow Tolling System’ in the next few months. With this, it will become the first expressway in the country where there will be no need to install plaza or barrier to deduct toll. The advanced fastag reader installed here will scan the tag on the vehicle and toll money will be deducted even at a speed of 100. Apart from this, high power cameras will also scan the registration number of your vehicle. The National Highway Authority has started installing this system on the 28 km long expressway.

Both time and fuel will be saved.

Although the free flow tolling system is being implemented for the first time in India, this facility is already being provided in many countries of the world. With this system, the satellite based tolling system can also be implemented in a much better way. With this, the drivers will not need to stop to pay the toll. It is obvious that the new system will save both time and toll.

If Fastag does not work…

If a system is made to collect toll without a plaza, then the biggest challenge will be how to collect toll from those drivers whose Fastag does not work or is blacklisted. For this, NHAI and the Transport Department are jointly starting a new system. Through this, toll will be collected from the drivers who travel on the expressway without paying toll. NHAI has also appealed to the Transport Ministry to make changes in the vehicle system.

Information will be visible on the Vahan portal.

For those drivers whose Fastag is blacklisted or toll has not been deducted, its information will be visible on the Vahan portal. The photo of the vehicle will be shown on the portal along with the outstanding amount. Such drivers will not be allowed to transfer their registration until the outstanding amount is paid. Not only this, NOC for fitness certificate will also not be given. Drivers will be given the facility to pay the outstanding amount or raise objection on it on the portal itself.

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Delhi airport to run India’s first air train for seamless terminal connectivity

Jyoti — Tue, 24 Sep 2024 03:50:37 +0000

New Delhi. India’s first air train or automated people mover (APM) system will soon be launched at Delhi airport, which will connect Terminals 1, 2, 3, Aerocity and Cargo City. This will provide seamless travel to passengers and reduce the need for shuttle buses.

The project is expected to be completed by 2027. Tender has been issued for the construction of Automated People Mover (APM). This APM system will provide fast, seamless and safe connectivity between T1 and T3/2. APM will be run between Terminal 3 and T2 of Delhi Airport on one side and T1 on the other side. The air train will have four stops – T2/3, T1, Aerocity and Cargo City. The air train is likely to run by the year 2027. The total length of the air train track will be 7.7 km.

This is India’s first air train project. The selection process will take into account the bidder’s cost and revenue sharing model or financial assistance offered for the project. An official said, “If everything goes as planned, the tender can be given by the end of this financial year. The construction work of the project is targeted to be completed by the end of 2027.”

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The cost may come to Rs 2000 crore

According to a report in the Times of India, the total cost of this project will be around Rs 2,000 crore. The Civil Aviation Ministry has directed that development fee will not be charged before the completion of the project. The Air Train that DIAL had earlier planned had six stops. The government had rejected DIAL’s proposal as it would have increased the travel time between T1 and T2/3.

The facility will be free.

Air trains around the world are usually free for passengers, but the cost of airport infrastructure is recovered from airlines in the form of landing and parking charges, or through user development fee (UDF). In such a situation, it is believed that this service will be free for passengers at IGI Airport as well. The need for an air train at Delhi Airport has been felt for a long time. The reason for this is that 25% of the passengers at the airport are transit flyers, who have to go from one terminal to another.

LTC New Rule : Govt employees can avail LTC against flight tickets for visiting these areas; eligibility, new rules

Jyoti — Mon, 23 Sep 2024 05:00:19 +0000

LTC New Rule For Central Govt Employees- The Central Government has extended the Leave Travel Concession (LTC) scheme for Jammu and Kashmir, Ladakh, Andaman, Nicobar Islands and North East till 2026.

Giving a big relief to its employees, the central government has extended the scheme allowing travel to Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region under Leave Travel Concession (LTC) by two years. Now government employees will be able to travel by air to Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region till 25 September 2026. Earlier this scheme was ending on 25 September 2024. Eligible central government employees also get reimbursement of to and fro travel tickets in addition to paid leave on availing LTC.

In an order issued by the Personnel Ministry, it has been said that all eligible employees are entitled to LTC to visit any place in Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region in lieu of change of one of their home town LTC in a block period of four years. Employees who are not entitled to air travel are also allowed to travel in economy class of any airline to these areas.

These are the new rules

According to the order, government employees who are eligible for air travel can book flights in the entitled class from their headquarters. Non-entitled employees will be able to travel in economy class on certain routes. These routes include routes between Kolkata/Guwahati and any place in the Northeast region, between Kolkata/Chennai/Visakhapatnam and Port Blair, and between Delhi/Amritsar and any place in Jammu and Kashmir/Ladakh.

Booking and rules

As per government guidelines, employees must book tickets from approved travel agents and select the best available fare. The government has also asked all ministries to conduct random audits to check LTC claims to prevent irregularities.

What is LTC?

The LTC scheme is a concessional travel service for government employees to visit their home town or any place in India during a block of four years. As per the rules of the scheme, government employees have the option to either avail home town LTC twice in a block of two years or visit their home town once in two years and visit any place in India in the second block of two years.

Aadhaar Update: Big relief, now Aadhaar card will be updated for free for 90 more days

Jyoti — Sun, 15 Sep 2024 09:28:01 +0000

New Delhi. The Unique Identification Authority of India (UIDAI) has extended the deadline for updating Aadhaar card free of cost. Earlier this deadline was 14 September 2024, which has now been extended to 14 December 2024.

This means that Aadhaar holders can now update the information entered in Aadhaar online without any charge for the next 90 days. However, this service is available only online. If you want to update any information by visiting the Aadhaar center, then you will have to pay a fee for this.

According to the official website of UIDAI, Aadhaar card holders can now update their details online for free till 14 December 2024. In today’s time, Aadhaar has become a very important document, which is used for many purposes including government schemes, opening bank accounts, booking train and flight tickets. The Aadhaar card contains demographic information of every person such as name, address, age, gender, and biometric data.

Is it mandatory to update Aadhaar?

It is not mandatory to update Aadhaar. UIDAI has clarified many times that it is not necessary to update Aadhaar. However, if the Aadhaar card is old, then updating it can prove beneficial. UIDAI has suggested that it would be appropriate to update the documents related to identity and address proof. If your Aadhaar has an old address or photo, then updating it will be beneficial for you. But, even if you do not update your 10-year-old Aadhaar, your Aadhaar card will continue to work as before and it will not be blocked or suspended.

Methods of updating Aadhaar

Aadhaar can be updated both online and offline. That is, you can go to the Aadhaar center and correct any wrong information entered in your Aadhaar. Apart from this, you can also update Aadhaar online from home for free.

How to update Aadhaar online

Visit the official website of UIDAI https://myaadhaar.uidai.gov.in/.
Enter your mobile number and get OTP and login by entering the OTP.
Check all your details like address etc.
If any information is incorrect, select the option to change it.
Upload the required document proof to update the information.
After this click on the submit button.
You will get a 14 digit Update Request Number (URN). With this, you can track the process of Aadhaar update.

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Circle Rate Hike: New circle rate implemented, know where and how much the rates have increased

Jyoti — Thu, 12 Sep 2024 04:51:50 +0000

New Delhi. With a massive 15 percent increase in circle rates, buying a house in Ghaziabad has now become very expensive. With this new rule implemented from Wednesday, the circle rates of land have more than doubled, especially in areas like Wave City and Aditya World City.

Property circle rates have also increased tremendously in major areas like Indirapuram, Kaushambi and Vaishali. The rates of commercial properties and agricultural land have also increased drastically. Circle rates have been increased after a gap of two years.

Pushpendra Kumar, AIG Stamp and Registration Department, says that in the last two years, the city has seen an infrastructure transformation in terms of connectivity. The Rapid Rail has started operating and is in expansion mode. The city already has metro connectivity and DME and expressways like the Delhi-Dehradun Expressway and others are also coming up. All this has increased the market rates of properties. To take advantage of the rising market, the circle rate has been increased.

What is the rate where?

The circle rate for residential plots in Wave City and Aditya World City along NH-9 has been increased from Rs 17,300 per sq metre to Rs 35,000 per sq metre. The revised circle rate in Indirapuram is Rs 95,000 per sq metre, which was Rs 58,000 per sq metre earlier. In Kaushambi the revised rate will be Rs 1.03 lakh per sq metre, which was Rs 64,000 per sq metre earlier, while in Vaishali Township it has been increased from Rs 58,000 per sq metre to Rs 97,000 per sq metre.

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The circle rate in Vasundhara, which was earlier Rs 52,000 per sq m, has now been reduced to Rs 28,000 per sq m. The circle rate for commercial properties has been increased from Rs 1.08 lakh/sq m to Rs 1.15 lakh/sq m, while the rate for agricultural land has been increased by 10% across the district.

The new circle rate for commercial properties in Indirapuram and Vaishali townships will be Rs 1.15 lakh per sq m, up from Rs 1.08 lakh per sq m earlier. In Ambedkar Nagar, the new rate is Rs 1.50 lakh per sq m, up from Rs 1.38 lakh per sq m earlier. The revised rate in Noornagar village has gone up to Rs 21.7 crore per hectare.

The Stamp and Registration Department expects to get Rs 125 crore more revenue in the current financial year.

The revised circle rate will fetch the government Rs 125 crore more revenue. In the last financial year, the state government had set a target of Rs 3,104 crore for Ghaziabad. 96% of the target was achieved.

Toll plazas new rules- Toll will be deducted from the vehicle’s number plate, full details of the vehicle will be visible on the screen

Jyoti — Mon, 09 Sep 2024 04:19:40 +0000

Toll plazas new rules- India is preparing to collect toll through ANPR cameras at toll plazas. This will ensure faster automatic toll payment and curb fraud.

There is going to be a radical change in the way toll fee is collected at toll plazas in the country. For this, automatic number plate recognition cameras i.e. ANPR cameras will be installed at toll plazas. With their help, toll tax will be deducted from the number plate of the vehicle instead of Fastag.

The work of installing the new system has also started at one toll each in Hisar and Rohtak districts of Haryana. After about two months, toll tax will start being deducted from the number plate of the vehicle at both these toll nakas. One advantage of this will also be that if a fake number plate is installed on the vehicle, then that too will be caught.

After the trial at these two toll plazas is successful, it will be implemented first in Haryana and then in other states of the country. Toll companies believe that this will stop fraud at toll plazas. When the new system is implemented, the vehicle’s number plate will also be linked to the bank account linked to Fastag so that as soon as the vehicle reaches the toll, the camera recognizes the number plate and deducts the toll tax.

This is the ANPR system

Automatic number plate recognition based scanning cameras and new computer systems are being installed at Ramayan Toll Plaza in Hisar and Rohtak Toll. These cameras recognize the number plates and make them digital. The special thing about these cameras is that these cameras will be very powerful and will scan the plate instantly.

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The vehicle number and model will also be visible on the screen.

As soon as the vehicle comes near the toll, a red light will be lit. The vehicle will stand there until the operator turns the light green. Along with this, the vehicle number and model of the vehicle stopped to pay the toll will also be written on the screen. If the driver’s fastag is not working, then as soon as the number plate is scanned, a message will be sent to the toll company from the bank’s server. It will also tell whether this fastag is original or not.

HSRP contains complete details.

Now in India, vehicles are fitted with high-security registration plates i.e. HSRP. All the information related to the vehicle is available from such number plates. The government has started installing these special number plates in 2019 itself. The government then asked all passenger vehicles to install company fitted number plates.

Ayushman Bharat: Union Health Ministry Proposed to double the Insurance Cover to Rs 10 Lakh and up to Rs 15 lakh for Women

Jyoti — Thu, 22 Aug 2024 04:58:26 +0000

Ayushman Bharat Yojana News- The Union Health Ministry has proposed to double the insurance cover of Ayushman Bharat Yojana, increase the number of beds in private hospitals and increase the number of beneficiaries.

The Union Health Ministry has proposed to double the insurance cover under the Ayushman Bharat Yojana to Rs 10 lakh and Rs 15 lakh for women. The proposal has been prepared by the Group of Secretaries (GoS) on the Social Sector and has been included in the key priorities of the Union Health Ministry for the next five years.

The ministry also plans to increase the number of beds in private hospitals. Currently, there are about 7.22 lakh private hospital beds under Ayushman Bharat, i.e. Pradhan Mantri Jan Arogya Yojana. It is proposed to increase it to 9.32 lakh by 2026-27 and 11.12 lakh by 2028-29.

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Ayushman Bharat Yojana, also known as Pradhan Mantri Jan Arogya Yojana (PM-JAY), currently provides an annual insurance cover of Rs 5 lakh per family. The scheme covers about 55 crore people in the country, which is 40 percent of the total population. According to the new proposal, the insurance cover will be increased to Rs 10 lakh per family, and in case of special diseases, this cover can be increased to Rs 15 lakh for women. Along with this, the target has been set to increase the number of beneficiaries from 55 crore to 100 crore.

Recommendations will be sent to the Finance Ministry

According to a report by the Indian Express, this proposal is based on the recommendations of a committee headed by NITI Aayog member VK Paul. Based on the committee’s report, this proposal will be formalized and sent to the Finance Ministry and the Cabinet for approval.

The BJP considers the Ayushman Bharat scheme as one of the successes of the NDA government and the party’s manifesto for the Lok Sabha elections this year promises to extend its coverage to all citizens above the age of 70. Various groups of secretaries have been tasked with mapping the goals from the BJP’s ‘Sankalp Patra’ and incorporating these into the election timelines. Earlier this year, a panel was set up to evaluate the implementation of the Ayushman Bharat scheme and reduce fraud. The panel is expected to submit its report within a month.

Govt approves 2nd airport for Patna with civilian enclave at Bihta

Jyoti — Sat, 17 Aug 2024 08:41:13 +0000

New Delhi. Bihar’s capital Patna is soon going to get the gift of a new airport. The central government has approved the construction of a second airport near the Indian Air Force base in Bihta. This airport will be developed at a cost of Rs 1,413 crore.

Let us tell you that the distance of Bihta from Patna airport is 28 kilometers. There is already an Air Force station here, a part of which will be developed separately and a civil terminal will be built. With its construction, the pressure of aircraft on Patna airport will be reduced. Let us know some special things related to Bihta airport.

According to the construction proposal, Bihta airport will be spread over 66,000 square meters. Its capacity will be to handle 50 lakh passengers annually. Along with this, this airport will also be able to provide facilities to 3000 peak hour passengers
. If the footfall of passengers increases, its capacity can be increased to 50 lakh passengers. That means the capacity of this airport will be to handle a total of about 1 crore passengers.

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It is being told that the construction of the airport will increase connectivity and the load of Patna airport will also be reduced. Apart from Patna, Ara, Buxar adjacent to Bihta, people of Chhapra, Gopalganj, Siwan will get the facility to travel by plane. Apart from this, Bihar’s connectivity with other cities of the country will also improve. This will also increase employment and business.

Patna airport is facing shortage of space.

Let us tell you that due to lack of space, the expansion work of Patna airport is stopped. There is not enough space for expansion of the airport runway. The Directorate General of Civil Aviation has warned airlines several times against flying big planes there.

For safety reasons, the regulator has often instructed airlines to fly single aisle aircraft such as the A320/B737 to Patna with full seats but with 15% of seats vacant. There has been a long-standing demand for a second airport for Patna, with Bihta being seen as the only option.

AAI had given the proposal in 2016

AAI had proposed to develop a civil airport in Bihta in 2016. The Indian Air Force had given its consent for commercial flight operations from Bihta in April 2016.

The airport project includes construction of an apron capable of accommodating 10 parking bays suitable for Airbus A-321/320 and Boeing B-737 type aircraft as well as two link taxiways.

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New FASTag guidelines: Now KYC will have to be done for 3 years old Fastag, 5 year old one must be replaced

Pravesh Maurya — Fri, 02 Aug 2024 10:17:25 +0000

New Delhi. National Payments Corporation of India (NPCI) has changed the rules of FASTag from this month i.e. August 1. Now it has been made mandatory to update the KYC of three year old FASTag.

Also, five year old FASTag will now have to be replaced. Both these tasks will have to be done by 31 October 2024. After this, the FASTag which does not have KYC and which is five years old will be closed and blacklisted. Vehicle owners can update the KYC of FASTag online.

These rules have been implemented to make payments at toll gates more convenient and to remove the current chaos at toll plazas. Now FASTag users will have to ensure that their KYC details are fully updated to avoid getting stuck at toll plazas.

FASTag will have to be linked with registration and chassis number.

Vehicle owners will now have to link FASTags with their vehicle’s registration and chassis number. Registration will have to be updated within 90 days of purchasing a new vehicle. FASTag should also be linked to your registered phone number. You will have to update all these important things by 31 October 2024.

How to update KYC online

You can update your Fastag KYC online. For KYC, you will need the RC of the vehicle, Voter ID card, Passport, PAN card, Aadhar card or Driving license and passport size photo for ID proof.

To update Fastag KYC, visit IHMCL website fastag.ihmcl.com.
Login to the website through registered mobile number.
Next enter your OTP and captcha.
A new window will open, in which click on My Profile.
You can check your Fastag KYC status next.
After this, go to the KYC section and click on Customer Type.
Further enter all the required details along with the documents.
After this the KYC of your Fastag will be updated.
Apart from this, you can also update the KYC of Fastag by going to the bank in which you have balance.

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Good news! The scope of the new housing scheme may increase, more discount in interest on buying a house

Pravesh Maurya — Fri, 02 Aug 2024 10:14:21 +0000

New Delhi. The government is planning to provide more relief to middle class families who are dreaming of buying a house. According to exclusive information received by CNBC from sources, the government can increase the scope of the New Housing Scheme.

There is a plan to increase the limit set for the benefit of credit linked subsidy in this scheme. If this happens, then houses of higher price than before will come under the scope of this scheme.

Apart from this, there is a proposal to simplify the definition of middle class in the scheme. These decisions will benefit the middle class family. According to sources, the Urban Development Ministry has sent the draft note and guidelines to the Cabinet for approval, which is likely to be approved in 2 to 3 months. In Budget 2024, Rs 2.2 lakh crore has been allocated for PMAY-U in 5 years.

Also Read: Good news for employees, Dearness Allowance arrears will be paid before Rakshabandhan

According to information received from sources, interest rebate is possible on houses up to Rs 50 lakh under the government’s New Housing Scheme.

-Under this discount, beneficiaries of Pradhan Mantri Awas Yojana-Urban (CLSS) will get a discount of 3 to 6.5 percent in interest rates. Currently, the Credit Linked Subsidy Scheme provides discount on interest on houses up to Rs 45 lakh.

-In the new scheme, the government has set a target of building 1 crore houses.

-For the convenience of the beneficiaries of this scheme, all approvals will be given through single window system.

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Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything

Pravesh Maurya — Tue, 23 Jul 2024 07:37:28 +0000

Union Budget 2024 : Finance Minister Nirmala Sitharaman is presenting the first Union Budget of the third term of the Modi government and the seventh consecutive Union Budget during the monsoon session of Parliament.

In her budget speech, she announced to increase the loan limit under the Pradhan Mantri Mudra Yojana launched to promote self-employment in the country. Now a loan of up to Rs 20 lakh will be given under this scheme. Earlier the maximum loan limit was Rs 10 lakh.

The central government launched the Mudra scheme in April 2015. In the last 9 years, more than 40 crore people have taken advantage of this scheme. Loans ranging from Rs 50,000 to Rs 10 lakh have been given under the Mudra scheme to those who want to start their own business or expand their business. Now, loans up to Rs 20 lakh will be given under this scheme.

Also Read: Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details

Who can take a Mudra loan?

This scheme, started in 2015, aims to provide guarantee-free funds to small businessmen and street vendors to expand their business. Under the Pradhan Mantri Mudra Loan Yojana, loans can be taken through any bank, microfinance company or NBFC. Any Indian who is doing business or wants to start his own business can take a Mudra loan.

Loan is available in three categories

Under Pradhan Mantri Mudra Yojana, loan is given in three categories. The first category is Shishu loan. In this, a guarantee free loan of Rs 50,000 is available. In the Kishore category, loan is given from Rs 50,000 to Rs 5 lakh. In the Tarun category, the government gives loan from Rs 5 lakh to Rs 10 lakh. Now this limit has been increased to 20 lakhs. That is, in the Tarun category, loan from Rs 5 lakh to Rs 20 lakh will be available.

The post Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything first appeared on Rightsofemployees.com.

Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details

Pravesh Maurya — Tue, 23 Jul 2024 07:32:19 +0000

Budget 2024: In the budget, the Finance Minister has increased the standard deduction in the new tax regime for salaried people. It has been increased from Rs 50,000 to Rs 75,000.

At the same time, the Finance Minister has increased the long term capital gain tax and short term capital gain tax on all financial and non-financial assets. Now LTCG will be taxed at the rate of 12.5%. Additionally, the exemption limit for capital gains will be fixed at Rs 1.25 lakh per annum. At the same time, STCG will be taxed at the rate of 20 percent.

Finance Minister Nirmala Sitharaman has announced a better review of the Income Tax Act 1961. She said that this will reduce disputes and litigation, she said that it is proposed to complete it in 6 months.

Also Read: Property Tips: House or land, whose registration costs more money?

New Tax Slab in Budget 2024-25

0-3 lakh rupees: 0
Rs 3-7 lakh: 5%
7-10 lakhs: 10%
Rs 10-12 lakh: 15%
Rs 12-15 lakh: 20%
Above Rs.15 lakh: 30%

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Income Tax Slab: Important announcement possible on standard deduction, housing loan interest

Pravesh Maurya — Tue, 23 Jul 2024 05:52:04 +0000

Budget 2024: The countdown for the general budget has begun. Shortly from now, at exactly 11 am, Finance Minister Nirmala Sitharaman will start the budget speech in Parliament.

Like every time, in this budget too, the eyes of taxpayers and working people will be on the changes in the income tax slab, increase in standard deduction and more relief in housing loan interest and section 80C. However, where and how much relief will Finance Minister Nirmala Sitharaman give. It will be clear after 11 o’clock. It is expected that the government can make taxpayers happy by changing the income tax slab, as well as increase the standard deduction.

Increase in income tax limit possible: There is a possibility that under the new tax system, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh. This decision will provide great relief to low-income group taxpayers.

Changes in the new tax regime: The government can make further changes in the new tax system to make it more attractive. This can include adjustments in the tax slabs or additional deductions.

Also Read: Budget Expectation: Finance Minister can make this announcement for railway passengers

Increase in standard deduction: In order to provide great relief to the working class, the government can increase the standard deduction limit. Currently, this limit is Rs 50,000, which is expected to be increased to Rs 1 lakh.

Section 80c limit will increase: In the old tax regime, taxpayers get a rebate of up to Rs 1.50 lakh under section 80c. It is believed that in the budget, this tax rebate can be increased from Rs 1.5 lakh to Rs 2 lakh.

Stocks under Rs 10 that give strong returns
Stocks under Rs 10 that give strong returnsSee ahead…

More tax exemption on home loan interest: Under Section 24(b) of the Income Tax Act, tax exemption can be claimed on interest up to Rs 2 lakh on home loan. However, there is a demand to increase this deduction to Rs 4 lakh. At the same time, some real estate experts have demanded to increase this limit to Rs 5 lakh. This will improve the property market as well as the common man.

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New initiative of airline companies on safety of women passengers.

Pravesh Maurya — Mon, 22 Jul 2024 05:29:21 +0000

New Delhi. To stop the increasing cases of sexual harassment by male passengers against women passengers sitting next to them in Indian flights, airline companies have started a new initiative.

The country’s major airline companies have started a facility through which women passengers can choose seats next to other women traveling in the flight. Airlines like Indigo, Air India and Vistara have started this service for women. Airlines say that gender-sensitive seat allocation has been started to ensure that women traveling alone can fly comfortably.

According to a Times of India report, many women who travel by air have often reported facing inappropriate touching. The touching is sometimes subtle and sometimes quite blatant. Women passengers have reported being harassed by men sitting in the back seat, sitting next to them and sometimes by men sitting right behind them. They said that choosing a seat next to another woman would be a great relief for them and would make air travel less stressful.

There will be special seating arrangements for women.

IndiGo, Air India and Vistara have taken steps by taking these matters seriously. Air India has said that it has been brought to the notice of the company that women passengers traveling alone feel uncomfortable when they get a middle seat and instead prefer aisle or window seats.

Air India has offered alternate seating for solo female passengers on flights. An Air India official said, “In our effort to adopt this practice, cabin crew members should be cautious and judicious while offering re-seats to guests. If vacant seats are available, solo female passengers seated between male passengers may be shifted to an aisle or window seat.” Sister airline Vistara was the first to introduce the seat-reassignment facility.

Also Read: Weather Update Today: IMD alerts about rain in these districts in next 24 hours, will provide relief from heat

The issue of in-flight harassment has come into the limelight after a Kolkata
woman living in Boston reported that she was molested during a transit flight by Etihad to Abu Dhabi on Tuesday. The woman has alleged that a senior company official sitting next to her in the business class first showed her a porn clip and then molested her.

In February, a similar incident was reported on a SpiceJet flight. A 26-year-old Darjeeling resident, returning from Kolkata on a Bagdogra flight, had alleged that a young man sitting next to her had touched her inappropriately.

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EPFO plans 24X7 multilingual ‘contact centre’ to address complaints

Pravesh Maurya — Sat, 20 Jul 2024 04:23:29 +0000

The Employees’ Provident Fund Organization (EPFO) is planning to provide a special facility to its users. In fact, it is working towards setting up a 24-hour multilingual “Contact Center” with the aim of providing a single-window interface to customers wishing to lodge a complaint or resort to redressal mechanism.

EPFO is preparing to set up an integrated call center for its nearly 7 crore active customers. In fact, this step has been taken by EPFO in recent months due to delay in resolution of complaints and increasing number of claim settlement rejections. The Employees’ Provident Fund Organization has faced a lot of criticism on social media platforms regarding this issue.

Contact center will be available in 23 languages

EPFO has issued a tender for setting up this contact center, which will work 24×7 and 365 days with a strong system. Its purpose is to listen and understand the complaints received through multi-channel (helpline number, landline phones of various offices, registration portal, WhatsApp, social media, physical post).

Also Read: Airport Server Down: Microsoft outage impacting services worldwide: All you need to know

EPFO has listed 23 languages in the tender. These include Hindi, English, Assamese, Bengali, Bodo, Dogri, Gujarati, Kannada, Kashmir, Konkani, Maithili, Malayalam and others. Earlier, EPFO had started a helpline with a toll-free number (1800118005). However, this helpline number was mostly out of reach.

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Petrol Diesel Prices: Petrol and diesel became expensive before the budget, see rates

Pravesh Maurya — Fri, 19 Jul 2024 03:55:50 +0000

New Delhi. Petrol and diesel prices released by government oil companies on Friday morning are seeing changes in many places. Retail oil prices have changed in many cities of UP, Rajasthan and Haryana today.

If we look at the global market, crude oil prices have also jumped in the last 24 hours. This is the reason why changes are being seen in many cities in the rates released before the budget. The price of Brent crude has reached around $ 85.

According to government oil companies, petrol has become cheaper by 29 paise and is being sold at Rs 94.72 per liter in Gautam Buddha Nagar district of UP. Diesel has also fallen by 31 paise and has reached Rs 87.91 per liter. In Haryana’s capital Gurugram, petrol has increased by 15 paise to Rs 95.05 per liter, while diesel has become costlier by 15 paise and is being sold at Rs 87.91 per liter. In Jodhpur city of Rajasthan, petrol has increased by 39 paise today and is being sold at Rs 104.98 per liter, while diesel has increased by 36 paise and is being sold at Rs 90.46 per liter.

Also Read: Railway Service Closed: Online and offline reservations and 139 service will be closed tonight in Delhi

Talking about crude oil, its prices have seen a sharp rise in the last 24 hours. The price of Brent crude has risen to $84.66 per barrel. The rate of WTI has also increased to $82.14 per barrel.

Petrol and diesel prices in the four metros

– Petrol in Delhi is Rs 94.72 and diesel is Rs 87.62 per liter
– Petrol in Mumbai is Rs 103.44 and diesel is Rs 89.97 per liter
– Petrol in Chennai is Rs 100.76 and diesel is Rs 92.35 per liter
– Petrol in Kolkata is Rs 104.95 and diesel is Rs 91.76 per liter

Rates have changed in these cities

– In Gurugram, petrol has become Rs 95.05 and diesel Rs 87.91 per liter.
– In Noida, petrol has become Rs 94.72 Profile and diesel Rs 87.83 per liter.
– In Jodhpur, petrol has become Rs 104.98 and diesel Rs 90.46 per liter.

New rates are released every morning at 6 am.

The prices of petrol and diesel change every day at 6 am. The new rates come into effect from 6 am. After adding excise duty, dealer commission, VAT and other things to the price of petrol and diesel, its price becomes almost double of the original price. This is the reason why the prices of petrol and diesel appear so high.

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RBI issues Revised Master Directions on Fraud Risk Management in the Regulated Entities

Pravesh Maurya — Tue, 16 Jul 2024 04:29:58 +0000

The Reserve Bank of India (RBI) has amended the basic guidelines to incorporate the Supreme Court’s recommendations on fraud risk management. In its order, the Supreme Court had asked banks to listen to borrowers before classifying an account as fraudulent.

The central bank said that the 3 revised basic guidelines on fraud risk management are principle-based. These strengthen the role of the board of directors in monitoring the entire operational system and fraud risk management.

RBI said in the statement, “The original instructions now clearly require that the entities (regulated entities) under the purview of the central bank ensure compliance with the principles of natural justice in a timely manner before classifying the accounts of individuals/entities as fraudulent, keeping in mind the decision of the Supreme Court dated March 27, 2023.” RBI said, “The individuals/entities who were served show cause notices will be given a reasonable time of at least 21 days to respond in the matter.”

Also Read: IRDA: Insurance Amendment Bill may be introduced in Budget 2024, you will get these benefits

SC heard the voice of the common man

It is noteworthy that in the SBI vs Rajesh Agarwal case, a bench headed by Chief Justice DY Chandrachud advocated the right of the borrower to be heard before classifying an account as fraudulent. According to the statement, “Under the principle of natural justice, borrowers should be given notice, given an opportunity to explain the findings of the forensic audit report and the concerned banks should be allowed to present their side before classifying their account as fraudulent under the master instructions.

RBI said that things have been further improved to detect and prevent fraud in the units under its purview and to inform about early warning signals (EWS) and irregularities in accounts for timely information to law enforcement agencies and supervisors. It said that the directive also highlights the need to establish a strong internal audit and control framework in financial institutions.

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Govt employees’ salaries will increase by 27%, This state government gave second increment in a year

Pravesh Maurya — Tue, 16 Jul 2024 04:14:59 +0000

Bengaluru. The faces of 7 lakh employees of the Karnataka government have blossomed with joy. Because, the state cabinet has decided to implement the recommendations of the 7th Pay Commission from August 1.

Official sources said that Chief Minister Siddaramaiah can announce this decision in the Assembly on Tuesday. This move will benefit more than seven lakh employees of the state government. The Seventh Pay Commission headed by former Chief Secretary K Sudhakar Rao has recommended a 27.5 percent increase in the basic salary of government employees.

This is estimated to put an additional burden of Rs 17,440.15 crore annually on the government treasury. The Siddaramaiah government was under pressure to take a decision regarding salary hike ever since the Karnataka State Government Employees Union announced its plan to go on an indefinite strike from August.

Also Read: Budget 2024: Elderly appeal to Finance Minister, give 50% discount on train tickets

Increment twice within a year

The then Chief Minister Basavaraj Bommai had increased the salary of employees by 17 per cent on an interim basis in March 2023. The Siddaramaiah government can increase it by 10.5 per cent. Sources said that under the recommendations of the Seventh Pay Commission, this would result in a total increase of 27.5 per cent in the basic salary.

what is 7th pay scale

The 7th Pay Commission is a panel set up by the Central Government to review and recommend changes in the salaries and allowances of employees. The 7th Pay Commission recommended a 23.55% increase in the salaries and allowances of central government employees.

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Petrol-Diesel Prices: New prices of petrol and diesel released at 6 am, know what is the price in your city

Pravesh Maurya — Thu, 11 Jul 2024 03:48:03 +0000

Petrol-Diesel Prices: Crude oil prices are trading above $82 per barrel in the international market. Meanwhile, the country’s government oil companies have released new prices of petrol and diesel for July 11.

Fuel prices are updated every day at 6 am in India. The price of petrol and diesel in the domestic markets is based on the price of crude in the international market. Therefore, fuel prices are revised every day in the country.

Petrol and diesel have become expensive in some states including Bihar, Assam, Gujarat and Maharashtra. Prices have come down in some states including Haryana, Himachal and Kerala. Know what are the latest prices of petrol and diesel in your city.

Petrol and diesel prices in metro cities

-The price of one liter petrol in Delhi is Rs 94.72 and the price of diesel is Rs 87.62 per liter.

-In Mumbai, the price of petrol is Rs 103.44 per liter and the price of diesel is Rs 89.97 per liter.

-In Kolkata, the price of petrol is Rs 104.95 per liter and diesel is Rs 91.76 per liter.

-In Chennai, the price of petrol is Rs 100.75 per liter and the price of diesel is Rs 92.34 per liter

Also Read: LPG-Aadhaar linking: Big relief to LPG customers, no deadline for Aadhaar authentication

Petrol and diesel prices in other major cities

-Noida: Petrol Rs 94.83 per liter and diesel Rs 87.96 per liter

-Gurugram: Petrol Rs 95.19 per liter and diesel Rs 88.05 per liter

-Bengaluru: Petrol Rs 102.86 per liter and diesel Rs 88.94 per liter

-Chandigarh: Petrol Rs 94.24 per liter and diesel Rs 82.40 per liter

-Hyderabad: Petrol Rs 107.41 per liter and diesel Rs 95.65 per liter

– Jaipur: Petrol Rs 104.88 per liter and diesel Rs 90.36 per liter

-Patna: Petrol Rs 105.18 per liter and diesel Rs 92.04 per liter

-Lucknow: Petrol Rs 94.65 per liter and diesel Rs 87.76 per liter

-Goa: Petrol Rs 96.45 per liter and diesel Rs 88.22 per liter

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IRDAI allows policy holders to cancel policy at any time, get refund

Pravesh Maurya — Thu, 13 Jun 2024 04:06:08 +0000

There is a relief news for crores of insurance policyholders across the country. The insurance regulatory body, Insurance Regulatory and Development Authority of India (IRDAI) has given a big relief to the people.

The insurance regulatory body said that retail policyholders can cancel the insurance policy at any time during the policy period by informing the insurance company and get a refund for the remaining policy period. Announcing several reforms in the insurance sector, IRDAI said, “If the policyholder cancels the policy, he does not need to give the reason for cancellation.

Insurance regulator IRDAI said, “If the customer cancels the policy, the insurer should refund the proportionate premium for the expired policy term if the policy term is up to one year and no claim has been made during the policy term.

Also Read: Good news for bank employees, salary increased by 17%, increase in DA also approved

Claim will not be rejected due to lack of documents

In addition, the Insurance Regulatory and Development Authority of India (IRDAI) said that general insurance companies cannot reject claims in the absence of any documents. The master circular issued in this regard, which is part of the reforms in the general insurance business, will usher in a new era for simple and customer-centric insurance solutions.

The comprehensive master circular on general insurance business also repeals 13 other circulars. The circular states that no claim will be rejected due to lack of documents. According to this, customers can be asked to submit only those documents which are necessary and related to claim settlement.

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Bengaluru Restaurants Warn of Swiggy, Zomato Boycott After August 15 Over Commission Dispute

Restaurant associations have threatened to withdraw from Swiggy and Zomato and launch a citywide shutdown if concerns over commissions, discounts and payment deductions remain unresolved.

Why are restaurants protesting?

Key demands of restaurant associations

Boycott warning after August 15

Industry bodies join the protest

Restaurants seek dialogue

FAQ

Why are Bengaluru restaurants threatening to boycott Swiggy and Zomato?

What are the restaurants demanding?

When could the boycott begin?

Have Swiggy and Zomato responded?

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