Microsoft ditches OpenAI board observer seat
13 Jul
Business News

Microsoft ditches OpenAI board observer seat

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Business new tamfitronics Reuters / Updated: Jul 11, 2024, 05:28 ISTAAText SizeSmallMediumLarge Microsoft has given up its board observer seat at OpenAI in a move aimed at easing US and UK antitrust regulators' concerns about the extent of its control over OpenAI. But the change was unlikely to resolve concerns by the US FTCa source at the agency said.End of ArticleFOLLOW US ON SOCIAL MEDIABusiness new tamfitronics Visual Stories Hot PicksTOP TRENDING
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NPCI to roll out credit line option on UPI
13 Jul
Business News

NPCI to roll out credit line option on UPI

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Business new tamfitronics MUMBAI: The National Payments Corporation of India, on the rails of the UPIis set to introduce a new product which will function like a credit card.RBI has allowed banks to offer credit lines to customers through UPI. Several banks, including Axis, HDFC, ICICI, Indian Bank and PNB, are live on this product. The credit line to customer is a product where the customer gets a fixed credit line and pays interest to the bank only to the extent they use their credit limit.The new credit feature on UPI allows customers to make purchases without immediately seeing any funds outgo from their accounts.The payments take place at the end of a cycle and can only be made to shops, with the shopkeeper bearing the cost of credit in terms of fees....
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Startups seek tax sops available to manufacturing sector
13 Jul
Business News

Startups seek tax sops available to manufacturing sector

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Business new tamfitronics MUMBAI: Startups are seeking tax incentives for the sector in the upcoming Budget. The industry, for instance, is batting for similar benefits which have been extended to the manufacturing sector. "Manufacturing companies benefit from lower tax rates to boost activities in line with the 'Make in India' initiative. Similar tax incentives should be considered for startups, especially those working to strengthen the Digital India initiative.Startups invest heavily in R&D and tech infrastructure. Incentives such as weighted tax deductions and subsidies for R&D employee costs would significantly promote R&D activities in the startup ecosystem and create more employment opportunities," said Arpit Chug, CFO at Razorpay.Easing Esop (employee stock ownership plan) taxation for startups would go a long way in helping companies retain talent, said Mayank Kumar, co-founder & MD at UpGrad....
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RBI allows forex accounts in GIFT City, widens LRS scope
13 Jul
Business News

RBI allows forex accounts in GIFT City, widens LRS scope

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Business new tamfitronics MUMBAI: Indian residents can now open foreign currency accounts in GIFT City into which they can remit money for all purposes allowed under RBI's Liberalised Remittance Scheme. The scheme allows every individual to send up to $250,000 abroad annually.So far, money transfers under LRS to International Financial Services Centres (IFSCs) were allowed only for investing in securities within IFSCsexcluding Indian companies, and for paying education fees to foreign universities or institutions in IFSCs. Now, RBI allows remittances under LRS for deposits, purchasing immovable property, investing in equity and debt, giving gifts, making donations, travelling, maintaining close relatives, receiving medical treatment as well as studying abroad. The foreign currency account in GIFT City can be used for all these purposes. The funds in the foreign currency accounts can be used...
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