Advance Mobility raises $2Mn in seed round through Finvolve

New Delhi: Advance Mobility Private Limited, a dynamic start-up in the ridesharing mobility space has recently closed seed funding of $2 million at an undisclosed valuation, in a round led by Finvolve. The round also witnessed participation from India Accelerator. The company is in the scalable business of fleet operations on the platform of Uber. The start-up is actively involved in solving the problems of the entire value chain i.e. from market players and customers to drivers, revolutionizing the space of fleet operations. Furthermore, with this funding round, Advance Mobility endeavors to expand its current footprint to other cities in our country to proactively redefine the peripheries in the ride-sharing mobility space. Advance Mobility has rapidly scaled up from its pre-round fleet size & is currently operating with a fleet of 425 CNG cars running in the cities of Mumbai & Pune. On this occasion, Mohit Jalan, Founder of Advance Mobility said, “We are thankful to Finvolve & all our investors including India Accelerator for their tremendous support. With changing dynamics, mobility as a solution is emerging as a massive opportunity & Advance Mobility is fully committed to continue expanding in this direction” Commenting further, Apoorva Vora of Finvolve, said, “As investors in Advance Mobility, we are proud to be part of this forward-thinking venture. Our decision to support Advance Mobility aligns with our commitment to fostering innovation and driving positive change in the mobility industry. We believe in the team’s vision and are enthusiastic about the potential impact their advancements will have on the future of transportation.” This recent funding round has also garnered positive responses from other funds, top family offices & investors in the country.  

Indian CEOs Complain To UK Leader About Mugging, Rolex Thefts In London

Indian businessmen met with British Shadow Foreign Secretary David Lammy in Delhi and complained about rising crime in London, citing the theft of Rolex watches, a UK publication reported today.According to the Financial Times, Devin Narang, a renewable energy entrepreneur, listed crime in London as one of the biggest concerns of India's corporate bosses at the meeting. Mr Narang, who is the founder of the Delhi-based Sundev renewables company, said at the meeting that people are being mugged in the heart of London -- Mayfair."All CEOs in India have had an experience of physical mugging," the Financial Times quoted Mr Narang as saying. Speaking to the Financial Times, he said that Indians do carry expensive things, but the "police not responding is a matter of concern"."You don't want to go to a city where you're likely to be mugged in the streets. It doesn't make you feel comfortable. You can walk anywhere in Delhi and you won't be mugged," he said. London witnessed a massive rise in street crime last year. The 'theft from a person', a category that includes stealing watches, mobile phones, and handbags, reportedly increased by 27 per cent last year as compared to 2022.Rising crime has now become a political issue in Britain ahead of an expected national election this year.About 29,000 watches have been reportedly stolen in London in the past five years.    

Electronics industry veterans unite to form ‘Awesense Five’ for sensor manufacturing

Focused on designing and manufacturing sensors crucial for monitoring and control systems, the group stresses the importance of domestic production to mitigate dependence on foreign imports. Five veterans associated with large electronics companies have come together to start a new venture - Awesense Five Pvt Ltd - for design and manufacturing sensors. The sensors play a pivotal role in monitoring and control systems, making their domestic manufacturing a priority. Due to their sensitivity and strategic importance, dependence on imports poses a significant threat. Recognising this, the group has emphasised the need to prioritise and invest efforts in manufacturing sensors locally, said N Ramachandran, Managing Director of the Chennai-based MEL Systems and Services Ltd, and one of the investors in the new venture. “Our goal is to contribute to India’s electronics manufacturing capabilities and reduce dependence on foreign imports,” he added. The other four are Sanjiv Narayan, Promoter and Director of the Delhi-based Syrma SGS Ltd; Pamela Anna Mathew, MD of the Ernakulam-based O/E/N India Ltd; Arun Manwani, Chairman of Delhi-based Sahasra Group and Vinod Sharma, MD of Delhi-based Deki Electronics, said Ramachandran. At present, sensors are mostly imported. The TVS Group has a photonics-based sensor company. There are other smaller companies, but the volume is very low. “We are aiming for only industrial sensors and the market in India should be in excess of ₹7,000 crore,” he said.  

Auto industry welcomes expansion of EV ecosystem

The Indian budget encourages the electric vehicle (EV) ecosystem through support for manufacturing and charging infrastructure, but doesn’t extend existing EV incentive schemes. The automobile industry has welcomed the announcement of government expanding and strengthening the electric vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure, in the Budget. “Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism,” Nirmala Sitharaman, Minister of Finance, said in her Budget speech. In her pre-election Budget, the FM also said that blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory. However, the government has not announced any extension of the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME-II) scheme or the FAME-III scheme. In fact, it has cut the allocation by 44.43 per cent of FAME scheme to ₹2,671.33 crore from ₹4,807.40 crore in fiscal year 2023-24. In 2023-24, ₹5,171.97 crore was allocated for the scheme that came down to ₹4,807.40 crore in the revised estimates, spent by the end of the fiscal year. In 2022-23, ₹2,402.51 crore was spent under the scheme. But, the government has increased the budget allocation for the production-linked incentive (PLI) scheme to support the domestic production of futuristic vehicle technologies. It has been raised to ₹3,500 crore for 2024-25 from ₹483.77 crore in 2023-24. It has also raised the budget for the PLI scheme for advanced chemistry cell (ACC) and battery storage from ₹12 crore to ₹250 crore in 2024-25. Meanwhile, welcoming the announcement on EV infrastructure, Vinod Aggarwal, President-Society of Indian Automobile Manufacturers (SIAM), said, “The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country.” Shashank Srivastava, Senior Executive Officer-Marketing & Sales at Maruti Suzuki India said that at the moment, one of the hurdles against the faster adoption of electric mobility in India is the lack of charging infrastructure to address consumers’ confidence against range anxiety, and any support from the government will help in the faster adoption of EVs. “Any support from the government to help build that infrastructure or support the infrastructure or support localisation of battery components would obviously help in the faster adoption of EVs,” he said. Sudarshan Venu, Managing Director, TVS Motor Company said that it is very clear that the government is committed to developing infrastructure at an unprecedented pace through measures such as the economic railway corridors. “It is also promoting greener mobility through the push on the entire EV ecosystem from charging stations to manufacturing in India in line with AtmaNirbhar Bharat. This will give our industry a greater fillip,” he added.  

Michelle ONeill, 47, Becomes Northern Irelands First Nationalist Leader

The 47-year-old Sinn Fein politician has waited patiently to take up the role of first minister since her party became the British territory's biggest after elections in May 2022.Belfast, United Kingdom: Michelle O'Neill, who on Saturday made history by becoming the first nationalist head of Northern Ireland's provincial government, embodies a new generation of progressive Irish republicans. The 47-year-old Sinn Fein politician has waited patiently to take up the role of first minister since her party became the British territory's biggest after elections in May 2022.O'Neill hailed her appointment as "historic" shortly after it was confirmed."That such a day would come was unimaginable to my parents' and grandparents' generation," she told Northern Irish lawmakers. O'Neill, whose immediate c oncerns will be tackling a budget crisis and crumbling public services, comes from a family well acquainted with the dark days of sectarian strife that began in the 1960s.Her father was jailed for being a member of the Irish Republican Army (IRA), and a cousin was killed by members of Britain's elite Special Air Service (SAS) regiment. But O'Neill is from a generation that came of political age after the 1998 Good Friday Agreement, also called the Belfast Agreement, brought about peace, and promises to be "first minister for all".She paid tribute to British head of state Queen Elizabeth II after her death in 2022, and attended King Charles III's coronation.Both would have been unheard of when Sinn Fein was the political wing of the IRA. O'Neill's left-wing liberalism, glamorous appearance and slick politicking have found favour with younger voters angry at the lack of secure jobs and housing since the 2008 financial crash.It is also in sharp contrast to the male-dominated and dogmatic political atmosphere during the era of violence -- and to the current unionist leadership in Northern Ireland.Instead of a singular focus on bringing about the republican dream of a united Ireland, O'Neill's party emphasised at the assembly elections policies to tackle surging inflation and encourage stability following the shock of Brexit.O'Neill was born in County Cork, in the south of the Irish republic, on January 10, 1977.    

Todays initial meeting to select a new Election Commissioner will be chaired by PM Modi. Adhir Chowdhury and Amit Shah will be there

The meeting to appoint a new Election Commissioner will be presided over by Prime Minister Narendra Modi. Anup Chandra Pandey's term expires on February 15. PM Modi, Amit Shah, and Adhir Ranjan Chowdhury would likely meet as the selection committee at his home.The initial meeting to choose a new Election Commissioner to succeed Anup Chandra Pandey is expected to be presided over by Prime Minister Narendra Modi. Notably, Pandey's retirement on February 15th ends his tenure as India's Election Commissioner. The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023 would govern the PM Modi meeting.To examine the replacement of Election Commissioner Anup Chandra Pandey, the Prime Minister's selection committee, Union Home Minister Amit Shah, and Leader of the Congress in the Lok Sabha, Adhir Ranjan Chowdhury, are expected to convene.The meeting is scheduled to take place at the PM's residence at 7.30 p.m., and officials with knowledge of the situation told Hindustan Times that law minister Arjun Ram Meghwal and the Congress floor leader in the Lok Sabha, Adhir Ranjan Chowdhury, were anticipated to attend.The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023, will be implemented for the first time with this appointment. To date, the President of India has appointed the CEC, ECs, and every member of the Election Commission of India based on recommendations from the government.As per the Act, the selection committee that would suggest a candidate to the President is composed of the Prime Minister, a Union Minister he has nominated, and the Leader of the Opposition or the leader of the single largest opposition party in the Lok Sabha. Two committees are involved in the selection process: a three-person search committee led by the law minister and two secretary-level officers, and a three-person selection committee led by the prime minister.The selection committee, which has the authority to choose commissioners from outside the list as well, receives five recommendations for names from the search committee. The Opposition staged a walkout before the voice vote was held on December 12 during the Rajya Sabha's adoption of the Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) bill, claiming that its provisions were "undemocratic." However, the administration led by Narendra Modi insisted that the bill complied fully with the Supreme Court's rulings. The measure becomes a law on January 2, 2024.  

IIT Madras Is Taking Applications For A Number of Positions; See Details

Eligible candidates are encouraged to apply online to the Indian Institute of Technology (IIT) Madras for a variety of non-teaching positions. Applications are being accepted for a number of positions, including those of Junior Superintendent, Assistant Registrar, Chief Security Officer, Sports Officer, and Physical Training Instructor.  March 12, 2024 is the deadline for submitting online applications via IIT Madras' official website. On the deadline, applications must be completed by 5:30 p.m.    Applicants may apply for the position of Chief Security Officer if they have at least 15 years of relevant experience and a Master's degree from an accredited university with at least 55% of the possible points, or an equivalent CGPA. Candidates must have an excellent academic record and a master's degree with at least 55% marks, or an equivalent grade on a point scale, in order to be considered for the position of assistant registrar.   Candidates must have an excellent academic record and a master's degree with at least 55% marks, or an equivalent grade on a point scale, in order to be considered for the position of assistant registrar.   Applicants for the position of Junior Superintendent must hold a Bachelor's degree in Arts, Science, or Humanities, including Commerce, with at least 60% of the possible points or an equivalent CGPA, from an accredited university. Additionally, six years of administrative experience are required of these candidates. Expertise in utilizing computer office programs, such as Microsoft Word and Excel, is also preferred for the position.    

Gupta, Rajendra Prasad Selected as the New Advocate General of Rajasthan

Governor Kalraj Mishra approved the nomination of Senior Advocate Rajendra Prasad Gupta as the new Advocate General of Rajasthan.Governor Kalraj Mishra approved the nomination of Senior Advocate Rajendra Prasad Gupta as the new Advocate General of Rajasthan. As the replacement for the outgoing governor in December, this nomination represents a major shift in the legal leadership of the state. As MS Singhvi's replacement, Rajendra Prasad Gupta begins a new chapter in his tenure as Rajasthan's 19th Advocate General.Rajendra Prasad Gupta's Journey Rajendra Prasad Gupta was born on June 4, 1962, in Reed Village, Parbatsar Tehsil, Nagaur District. His educational and professional background is remarkable. After completing his schooling in his village, Gupta went on to seek higher education. He graduated in 1981 with a degree in business and then in 1985 obtained an LLB from Rajasthan University. His academic accomplishments didn't end there; in 1986, he also graduated with a degree in chartered accounting, demonstrating his broad skill set and commitment to his career. An Historical View of Rajasthan's Advocate General The States Reorganization Act of 1956, which created the State of Rajasthan and the Rajasthan High Court, also established the Office of the Advocate General of Rajasthan. As the state's first Advocate General, the late Shri G.C. Kasliwal, has had the privilege of representing the Government of Rajasthan in legal matters from the office's founding. The Rajasthan High Court has its main seat in Jodhpur and a division bench in Jaipur.Function and Role of the Advocate General Article 165 of the Indian Constitution designates the Advocate General as a constitutional authority, whose job it is to counsel the State Government on legal issues. This crucial position entails carrying out legal responsibilities as directed by the Governor and carrying out tasks authorized by the Constitution or any other active legislation. The Governor appoints the Advocate General to the position, and the Governor sets the Advocate General's salary.Legislative Authority and Obligations The Advocate General may attend State Legislature sessions and contribute to the legislative process without having a vote, as per Article 177 of the Constitution. Because of his special position, the Advocate General can provide legal insights into legislative talks, improving the quality and ensuring that the legislative framework complies with legal requirements.  

Gupta Rajendra Prasad Selected as the New Advocate General of Rajasthan

Governor Kalraj Mishra approved the appointment of Senior Advocate Rajendra Prasad Gupta as the new Advocate General of Rajasthan. As the replacement for the outgoing governor in December, this appointment represents a major shift in the legal leadership of the state. As MS Singhvi's replacement, Rajendra Prasad Gupta begins a new chapter in his tenure as Rajasthan's 19th Advocate General. Visit https://www.bankersadda.com/current-affairs-6-february-2024 for more informatiom.Legislative Authority and Obligations The Advocate General may attend State Legislature sessions and contribute to the legislative process without having a vote, as per Article 177 of the Constitution. Because of his special position, the Advocate General can provide legal insights into legislative discussions, improving the quality and ensuring that the legislative framework complies with legal requirements.   Crucial Exam Questions Who has been named Rajasthan's new Advocate General? When was the office of Advocate General of Rajasthan established, and who was the first person to hold it? What is the main constitutional authority that appoints the Advocate General, and what are their duties? What special privilege does the Advocate General have in the legislative process, as per Article 177 of the Constitution? 

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Parliament Budget Session LIVE updates LS talks about the adjourned Motion of Thanks

On the third day of the budget session, the Rajya Sabha got off to a tumultuous start, while the Lok Sabha began Question Hour. Afterwards, the Motion of Thanks to the President's Address was discussed by both Houses. Prior to their withdrawal, the Rajya Sabha deliberated on other bills introduced by private members.On Thursday, Union Finance Minister Nirmala Sitharaman unveiled the interim budget, which is her final one before the nation's mid-year elections. Based on its track record, she claimed, the Modi government will return in July to present a complete budget and wouldn't require announcements of last-minute concessions to enter the polls.The Budget did not include any modifications to the income tax slabs for import tariffs or other indirect taxes. Regarding the direct taxation aspect, Ms. Sitharaman suggested waiving unpaid tax requests up to ₹25,000 for the period ending in the 2009–10 fiscal year and up to ₹10,000 for the fiscal years 2010–11 through 2014–15. "A crore taxpayers" are expected to benefit from the measure, she said. With regard to startups and investments made by sovereign wealth or pension funds, as well as the tax exemption on specific income of some IFSC units, which is set to expire on March 31, the only significant modification to taxation was proposed.  

Auto industry welcomes expansion of EV ecosystem

The automobile industry has welcomed the announcement of government expanding and strengthening the electric vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure, in the Budget.“Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism,” Nirmala Sitharaman, Minister of Finance, said in her Budget speech.In her pre-election Budget, the FM also said that blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory. However, the government has not announced any extension of the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME-II) scheme or the FAME-III scheme. In fact, it has cut the allocation by 44.43 per cent of FAME scheme to ₹2,671.33 crore from ₹4,807.40 crore in fiscal year 2023-24.In 2023-24, ₹5,171.97 crore was allocated for the scheme that came down to ₹4,807.40 crore in the revised estimates, spent by the end of the fiscal year. In 2022-23, ₹2,402.51 crore was spent under the scheme.But, the government has increased the budget allocation for the production-linked incentive (PLI) scheme to support the domestic production of futuristic vehicle technologies. It has been raised to ₹3,500 crore for 2024-25 from ₹483.77 crore in 2023-24. It has also raised the budget for the PLI scheme for advanced chemistry cell (ACC) and battery storage from ₹12 crore to ₹250 crore in 2024-25.Meanwhile, welcoming the announcement on EV infrastructure, Vinod Aggarwal, President-Society of Indian Automobile Manufacturers (SIAM), said, “The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure, will boost the development and adoption of EVs in the country.”    

‘As an artiste, I’m afraid of what is happening in India right now

It is a worrying trend that films in India today go through many forms of censorship, said Jeo Baby, whose recent film Kaathal – The Core shows Malayalam superstar Mammootty as a homosexual man, resetting the narrative of the gay community in popular cinema. The sensitive portrayal devoid of gay tropes – for long, the community has only been a fodder for humour – won many hearts.“But I’m afraid about what is happening in India right now. We are facing religious and political censoring. It is worrying not only for filmmakers, but all artistes,” Baby told PTI in an interview. Censorship is not something new to Jeo Baby, a self-proclaimed problem-maker. In January 2021, when he was all set to release his other critically acclaimed film, The Great Indian Kitchen, starring Nimisha Sajayan – which succinctly brought out how society stifles women and their freedom – Covid-19 restrictions made theatrical release impossible. But popular OTT platforms were not ready to touch the film, as the film also tackled a socio-political issue that was playing out at that time – menstruating women’s entry into Sabarimala temple. He finally had to release the film on a Malayalam streaming platform, Neestram. Luckily for Baby, just like Kaathal, The Great Indian Kitchen too captured people’s hearts despite the heaviness of the subject. And all those trending hashtags forced the mainstream OTT platforms to review their decision. Finally, three months after its release, Amazon Prime Video got the rights for the film.Jeo Baby said artistes must stand firm for their creative freedom. Overcoming challenges is part of the deal when one takes on the institution, said Baby.Ironically, 17 years later, a full-length feature film on the same subject brought him fans from across India, standing testimony to the fact that things change with time, something that artistes can derive hope from, he added.“There is no connection between the short film and Kaathal. Decriminalisation changed the status quo of the community in 2018. Kaathal is more about that. But since 2005, I have been studying a lot about this community. I read a lot about sexuality, about homosexual people, about LGBTQ+… I know they are normal people,” said Baby.    

Board Appointments Announced by Lazard, Inc., Effective February 1, 2024

With effect from February 1, 2024, Lazard, Inc. announced the appointment of former PayPal CEO Dan Schulman and former US Chairman and Managing Partner of the Americas for Ernst & Young to its board of directors. As the CEO of PayPal, Dan Schulman, an accomplished executive and board member, oversaw the company's metamorphosis to completely change the way consumers transfer and manage money. At the moment, he is a member of the boards of Verizon Communications and Cisco Systems.Previous executive positions include CEO and President of Priceline Group, President at Sprint Nextel Corporation, Group President at American Express, and founding CEO of Virgin Mobile USA. Additionally, Mr. Schulman worked with AT&T for eighteen years, holding a number of positions, including President of the Consumer Markets Division. In addition to being vice-chair of the Economic Club of New York, he is on the boards of the Cleveland Clinic and the Council on Foreign Relations.He graduated from Middlebury College with a B.A. and New York University with an M.B.A. Stephen R. Howe Jr. is a highly esteemed CEO, member of boards, and specialist in corporate governance, audit, and financial services. He worked for Ernst & Young for 35 years. From 2012 to 2018, he guided the company to double-digit yearly growth in his most recent position as US Chairman, Managing Partner for the Americas, and a member of the Global Executive Board.Leading the Financial Services sector practice and managing client service teams for international financial institutions were among the previous positions held by the firm. At the moment, Mr. Howe is a member of the Royal Caribbean board. He is a member of the Liberty Science Center Board, the Peterson Institute for International Economics Board, and the Carnegie Hall Board of Trustees.  

The government names one part-time and three full-time members for the 16th Finance Commission.

Soumya Kanti Ghosh, the group chief economic advisor of State Bank of India (SBI), has been selected as a part-time member.New Delhi: The finance ministry announced in a statement on Wednesday that the government has appointed three full-time and one part-time member to the Sixteenth Finance Commission (16th FC).According to the statement, the commission's full-time members are Niranjan Rajadhyaksha, executive director of Artha Global, former special secretary for expenditures and member of the 15th Finance Commission Ajay Narayan Jha.It further stated that Soumya Kanti Ghosh, the group chief economic advisor for State Bank of India (SBI), has been selected as a part-time member.According to the announcement, "it has been requested that the Sixteenth Finance Commission make its recommendations available by October 31, 2025, covering an award period of 5 years commencing 1st April, 2026."In order to propose a devolution formula for tax income between the Center and states, the government last month named Arvind Panagariya, a professor at Columbia University and former vice-chairman of NITI Aayog, as the 16th chairman of the Federal Communications Commission (FC).The government announced the terms of reference (ToR) for the 16th commission on November 29. In addition to reviewing the current arrangements for financing disaster management initiatives, the ToR asked the body to recommend ways to augment state resources for local bodies. Panagariya's appointment order was issued approximately one month later. Ritvik R. Pandey, a joint secretary in the Department of Revenue and an AS officer from the 1998 batch, was assigned as an officer on special duty for the 16th Finance Commission's advance cell on November 6th, with the rank and compensation of an extra secretary."The allocation between the States of the respective shares of such proceeds and the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution," stated the original set of rules for the commission.The second ToR states, "The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article."The third treaty on resources (ToR) deals with the actions required to increase a state's consolidated fund in order to augment the resources of municipalities and panchayats, based on the recommendations of the corresponding state finance commissions.According to the statement, the 16th FC may examine current arrangements for funding disaster management activities while taking into account the funds established under the Disaster Management Act and offer pertinent recommendations.  

HUF like benefits for single mothers and more, what women want

With a few hours to go for Union Finance Nirmala Sitharaman’s Budget 2024 speech, Prime Minister Narendra Modi and President Droupadi Murmu have already set the tone of the Budget session and made it clear that ‘Nari Shakti’ will be the primary focus.As part of the CNBC-TV18 Budget Ballot initiative we placed ballot boxes at select locations across cities, and thousands of pleas and suggestions came in. A clear indication from women is that they want to achieve financial independence, and therefore want more initiatives for their education and financial security to reach that milestone. As of January 2022, females accounted for 48.04% of India’s total population of 1.42 billion, according to World Bank data. To understand what nearly half of the country’s population wants (and also the other half), CNBC-TV18 engaged with India's citizens for insight into their Budget wish list this year.Not that the government hasn’t already introduced many schemes, including PM Jan Dhan Yojana, Pradhan Mantri Matru Vandana Yojana, Beti Bachao Beti Padhao, Mahila Shakti Kendra and Mission Shakti among the many others, ensuring women empowerment is still a long road. Pune’s Sushma Arvind, who participated in the CNBC-TV18 Budget Ballot, has suggested to Finance Minister Nirmala Sitharaman that there must be a provision introduced in the Budget that allows single mothers to avail income tax benefits similar to those under the Hindu Undivided Family (HUF) provision. She suggests coining the facility Women Run Family (WRF). (An HUF is taxed separately from its members. Therefore, it can claim deductions or exemptions allowed under the tax laws separately.)She also wants an additional discount or special reduced income tax rates for women who have already worked and paid taxes for more than 15 years.Similarly, Bengaluru resident Asish has requested the FM to allow direct tax filing “jointly” by a married couple so that tax deductions of two individuals can be availed on a combined income.    

Confident new Parliament building will have productive dialogues, says President Murmu 

“We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalised.”“We hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system.Incentivising FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans,” Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans said.“As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realising the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting ‘Bharat’, not just India,” said Sarvjeet Virk, Co-founder & MD, Finvasia. “On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation,” Virk added. “The landscape of online new car sales has experienced a substantial surge over the past 4-5 years, driven by an increasing preference for consumers buying cars digitally. We are expecting some key developments from the budget like a reduction in the GST rate that will support home-grown players in investing in newer technologies for enhanced mobility offerings on a global scale. Then, re-evaluation of the import structure for electric vehicles is also sought to address disparities in GST rates, providing a much-needed boost to the start-up community through government loans and investments. As an online new car market player, we are closely monitoring these developments, recognizing their potential impact on the electric vehicle market. Our commitment is to adapt our platform to the evolving landscape, ensuring that our customers have access to the latest and most sustainable automobile options. We look forward to the Union Budget introducing measures that not only support the growth of the electric vehicle industry but also contribute to a more sustainable and eco-friendly future,” Gaurav Aggarwal, CEO and Founder, CarLelo, A Capri Loans Venture said.  

Tamil Nadu government retracts announcement about V-C appointments

This happened a few days after M K Stalin, the chief minister, met Ravi in response to the Supreme Court's recent recommendation that they work out their problems.In the midst of the current impasse between the Tamil Nadu government and Raj Bhavan regarding the vice chancellor appointments to three universities, governor R N Ravi revoked three notices he had sent out regarding the subject last year on Tuesday.This happened a few days after M K Stalin, the chief minister, met Ravi in response to the Supreme Court's recent recommendation that they work out their problems.According to a statement released by the Raj Bhavan, "the governor is hopeful that the government will now constitute search committees including a nominee of UGC (University Grants Commission) chairman in line with the judgments of constitutional courts." But he also demanded that the state revoke its three notices and proceed by sending out new ones to form search committees in compliance with the 2018 UGC regulations and rulings from the Supreme Court and lower courts.The Madras High Court's December 19, 2018, ruling, which ordered Puducherry's government and Puducherry Technological University to "amend statutory provisions governing the varsity to bring it in conformity with the UGC Regulations 2018," was cited by Governor Ravi. The statement from Raj Bhavan stated, "In view of this clear enunciation of the law, the Hon'ble Governor of Tamil Nadu, in his capacity as Chancellor of the concerned Universities, is confident that the Government of Tamil Nadu would withdraw its Notifications in deference to constitutional proprietary and legality." "...and awaits appropriate action in this regard from the Government of Tamil Nadu as soon as possible to ensure that the state's future and the cause of higher education are not negatively impacted."GOVT REACTION The Tamil Nadu government, led by the DMK, filed a case in the Supreme Court in November contesting the governor's notifications. Chief Minister M K Stalin led a delegation of senior ministers and bureaucrats to the Raj Bhavan on December 31 in response to the top court's directive that the two meet to resolve outstanding matters.  

Aim to double AUM to Rs 20,000 crore by FY27, says HomeFirst MD & CEO

HomeFirst Finance will likely borrow Rs 4,000 crore in 2024-25 (April-March) to grow its loan book, managing director and chief executive officer Manoj Viswanathan, has said. “We have already tied up our requirement for this financial year. We are in discussion with banks for the next year. Most of them are looking to extend lines of credit to us,” he said.Currently, banks loans comprise 56% of the company’s borrowing mix. Going ahead, the non-banking financial company is looking to increase borrowings from development finance institutions, with the Reserve Bank of India has been cautioning non-bank lenders against over-reliance on bank borrowings. “Overall, we feel that our liability profile is balanced. We should not be having any issues for the next few years,” he said. The company’s assets under management stood at around Rs 9,000 crore as on December 31. It expects the AUM to grow to Rs 20,000 crore in the next three years. Housing loans comprise 86% of the AUM. Loan against property and shop loans comprise the remaining 14%.Around 68% of the book comprises loans to the salaried customer segment and the rest is to the self-employed segment. Loan disbursals surpassed Rs 1,000 crore in the December quarter.Currently, around 6% of disbursals are done through the co-lending route. The NBFC has co-lending partnerships with Central Bank of India and Union Bank of India. By the end of 2024-25, around 10% of disbursals will be done through the co-lending route.The company remains focused on increasing its return on equity (RoE). The RoE is expected to improve due to a growth in the loan book and higher leverage. “We are focused on return on equity. As we leverage the book, the return on assets will decline in any case. But, RoEs are improving in spite of net interest margins being lower,” Viswanathan said. The return on equity rose 210 basis points year-on-year to 15.8% in the December quarter.