Business Bulletin Weekly 05 April 2023

News -1 

The new tax regime will be effective in India from April 1, 2023. The income tax slabs have been updated with different tax rates ranging from 0% to 30%, depending on the annual income. Salaried taxpayers can choose the new tax regime and must inform their employer about it. Senior citizens will have higher deposit limits in some savings schemes. Revised surcharge rates and capital gains tax exemptions have also been introduced. Leave travel allowance encashment limit has been increased, and 30% tax will be applicable on income earned from online games.

News - 2

SEBI, the regulator of the Indian stock market, has approved multiple proposals aimed at improving corporate governance, preventing fraud and market abuse by stock brokers, and protecting investors. These include not allowing individuals to have permanent directorship in listed companies, introducing a formal mechanism to prevent fraud by stock brokers, and implementing a fund-blocking facility for secondary market transactions. SEBI has also approved a regulatory framework for private equity funds to become sponsors of mutual funds, and listed companies will now have to disclose their Environmental, Social and Governance (ESG) norms. These measures aim to make the Indian stock market more transparent and secure.

News - 3

The CEO of Twitter, Elon Musk, and other AI experts have called for a 6-month public and verifiable pause in the development of AI systems, including OpenAI's GPT-4. The experts highlighted potential risks to society and stated that if a pause cannot be achieved, governments should impose a moratorium. The letter was signed by several AI heavyweights, including Yoshua Bengio and Stuart Russell. The experts recommended that during this pause, AI labs and independent experts should develop and implement shared safety protocols for advanced AI design under the supervision of outside experts.

News - 4 

The Securities and Exchange Board of India (SEBI) has extended the deadline for existing demat account holders and mutual fund investors to select nominees until the end of September. If investors do not comply, their trading and demat accounts will be frozen. The move aims to prevent complications in transferring assets to heirs in the event of the account holder's death. Meanwhile, India's auto industry has seen a surge in sales, with Maruti, Hyundai, Tata, Toyota, Kia, MG Motor, and Nissan all recording significant growth rates. The e-commerce, professional services, and IT sectors have also grown, with demand for technology skills like AI and cloud computing intensifying competition for top talent across various industries.

News - 5 

The Indian government has increased the interest rates on various post office saving schemes, along with an increase in the benchmark lending rate by the Reserve Bank of India (RBI). The popular Public Provident Fund (PPF) and savings deposit schemes will have an interest rate of 7.1% and 4%, respectively, while other schemes will see an increase of 0.1% to 0.7%. The National Savings Certificate (NSC) will have the highest increase, from 7% to 7.7%, from April 1 to June 30, 2023. Other schemes, such as the Sukanya Samriddhi and Senior Citizen Savings Schemes, will also have increased interest rates. The RBI has increased the benchmark lending rate to 2.5%, increasing banks' deposit interest rates.

News - 6 

A recent survey by Western Digital found that over half of technology device users have lost their data at least once in the last five years, but 62% of respondents do not back up their data. The survey also revealed that the cost of backup is a major obstacle for many users. The physical damage was the leading cause of data loss, followed by system crashes, lost or stolen devices, viruses, forgotten passwords, and accidental deletion. Video bloggers were found to be the most likely to take full backups of their data, followed by IT professionals, photographers, and students. Western Digital is working to raise awareness about the importance of data backup and provide effortless backup solutions. The survey found that 39% of respondents have committed to take full data backups, while 54% have opted for partial backups, and 6% have no interest in backing up their data.

News - 7 

The National Payments Corporation of India (NPCI) has clarified that there are no charges for UPI payments from one bank account to another bank account or for normal UPI payments. However, there are interchange charges for PPI merchant transactions. Customers will not be charged for any transactions. With UPI's new feature, customers can use any bank account, RuPay Credit card, or prepaid wallets on UPI-enabled apps. UPI has become a popular digital payment method due to its free, fast, secure, and seamless experience. Bank account linking in UPI-enabled apps is the most commonly used method for UPI transactions, contributing to 99.9% of total UPI transactions, which remain free for customers and merchants.