HENCY R SHAH AND ASSOCIATES

  Bob World Fraud: A wake-up call for the banking industry A recent fraud at Bank of Baroda's Bob World app has raised concerns about the security of digital banking platforms in India. According to a report by Al Jazeera, bank employees linked unauthorized mobile numbers to customer accounts in order to onboard them onto the app without their consent. These unauthorized mobile numbers included those of bank staff, managers, guards, their relatives, and bank agents in remote areas. The fraudsters then used these unauthorized mobile numbers to access customer accounts and steal money. An internal audit by Bank of Baroda revealed that the fraudsters had stolen Rs 22 lakh from 362 customers. This fraud is a wake-up call for bank customers in India. It is important to be aware of the risks associated with digital banking and to take steps to protect your accounts. Here are a few tips: Be careful about sharing your personal information. Do not share your bank account details, mobil...

 Mera Bill Mera Adhikar scheme Mera Bill Mera Adhikar is a government initiative launched on September 1, 2023, to encourage consumers to request GST invoices. The scheme offers cash rewards, with 800 lucky winners receiving Rs 10,000 each every month, and quarterly draws for a chance to win Rs 1 crore. Eligibility To participate in the scheme, consumers must: Be an Indian citizen Be a resident of India Be an adult Have a valid mobile number and email address How to participate To participate in the scheme, consumers must: Download the Mera Bill Mera Adhikar app from the App Store or Google Play. Register on the app or website using their mobile number and email address. Upload GST invoices with a minimum amount of Rs 200. Invoices that are eligible for the scheme include: Invoices for goods and services purchased from registered taxpayers Invoices that are generated by a GST-compliant billing software Invoices that have all the required GST details, including the seller's GSTIN, i...

  Kingfisher, Jet, Go First, Akasa Air: Lessons from India’s dead airlines India's aviation industry has seen a number of airlines come and go over the years. Kingfisher Airlines, Jet Airways, Go First, and Akasa Air are just a few examples. While each airline had its own unique circumstances, there are some common lessons that can be learned from their failures. One of the most important lessons is that the aviation industry is a very competitive one. Airlines need to have a clear strategy and business model in order to be successful. They also need to be able to adapt to changing market conditions quickly. Another important lesson is that airlines need to be able to manage their costs effectively. Fuel, labor, and aircraft maintenance are all major expenses. Airlines need to find ways to reduce these costs without sacrificing service or safety. Finally, airlines need to have a strong customer focus. Passengers are becoming more demanding, and airlines need to be able to meet thei...

Digital India 2047: Achieving the Vision of a Developed India India is on a rapid journey towards digital transformation. The government's ambitious Digital India initiative has the potential to make India a global leader in the digital economy. The Digital India 2047 vision aims to make India a digitally empowered society and knowledge economy. This will be achieved through a number of initiatives, including: Providing universal access to high-speed internet:  This will allow all Indians to connect to the digital world and access the benefits of digital technologies. Developing a robust digital infrastructure:  This includes building new data centers, fiber optic networks, and cloud computing platforms. Promoting the adoption of digital technologies in all sectors:  This will require businesses and governments to adopt digital technologies in their operations. Building a skilled workforce in the digital economy:  This will require training and upskilling...

  Will 28% GST kill real-money online gaming industry in India? Up until now, only online gambling and betting have attracted such a steep tax The government plans to slap a 28 per cent tax on all forms of online gaming to discourage the youth from getting addicted to such practices. Up until now, only online gambling and betting have attracted such a steep tax. Earlier this week, Finance Minister Nirmala Sitharaman announced a 28 per cent GST levy on the total game value for online gaming, horse racing, and casinos, equating skill-based online games (non-gambling games) with online games of chance (gambling games) under India's tax regime.    Current GST regime differentiates between skill-based games and gambling (based on chance) As of now, the GST regime differentiates online games based on skills versus chance. With the recommendation made at the 50th GST Council meeting, 28 per cent GST will be charged on full face value. A game of skill is one where t...

Facts you must know about Chandrayan-3 Chandrayaan-3 has been launched at 2:35 P.M. on 14th July, 2023 from the Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh carries by ISRO’s largest and most powerful rocket, the Launch Vehicle Mark III. Interesting Facts about the Chandrayaan-3: 1. The Chandrayaan programme was conceived by the Government of India and formally announced by former Prime Minister, the late Atal Bihari Vajpayee on August 15, 2003. 2. Chandrayaan-3 is a follow-on mission to Chandrayaan-2 which aims at soft landing at Moon’s south pole. 3. Chandrayaan-3 is also known as the LVM3-M4 mission because it is the fourth operational mission of LVM3. 4. It consists of a lander and a Rover which has been launched into the space by a rocket called LVM3 from SDSC SHAR, Sriharikota. 5. The spacecraft is expected to touch down on the moon on 23 August after a voyage that will last more than 40 days. The craft is set to land on the Moon’s South Pole, where Chandrayaan-1 disco...

Consequences of an Inoperative PAN: Financial Transactions You Can't Do Without PAN-Aadhaar Linkage  The government introduced the Permanent Account Number (PAN) to make it easier to access taxpayer information and match it with their investments, loans, and business activities. This helps detect and prevent tax evasion and broaden the tax base. According to the Income Tax Act of 1961, it became mandatory to link Aadhaar number with PAN by June 30, 2023. Failing to do so would render PAN inactive from July 1, 2023. If PAN is not linked with Aadhaar, it can create difficulties in certain transactions. For example, routine banking transactions such as depositing more than Rs. 50,000 in a bank account, paying insurance premiums exceeding Rs. 50,000, or applying for credit/debit cards may be affected. Senior citizens (except those aged 80 years or more) who haven't linked PAN with Aadhaar may also face consequences. However, residents of Assam, Jammu and Kashmir, Meghalaya, non-res...

India Loses Billions of Dollars Due to Internet Shutdowns Internet shutdowns are a growing problem around the world. In 2022, there were 114 major deliberate internet outages in 23 countries, affecting 710 million people. These shutdowns had a significant economic and social impact. A study by Top10VPN found that internet shutdowns in 2022 cost the global economy $24.67 billion. This includes losses in productivity, tourism, and foreign investment. The shutdowns also had a negative impact on education and healthcare, as people were unable to access online resources. India lost $1.9 billion in the first half of 2023 due to internet shutdowns. It also found that the shutdowns also led to the loss of 21,000 jobs and $11.8 million in foreign direct investment. The most affected country in 2022 was Russia, which suffered a loss of $21.59 billion due to internet shutdowns. This was followed by Myanmar ($1.09 billion), Iran ($773 million), and India ($582.8 million). The study also foun...

Unleashing India's Demographic Dividend for Economic Prosperity India possesses a demographic dividend that holds tremendous potential for driving robust economic growth. To capitalize on this opportunity, it is imperative to empower the workforce with the essential skills required to meet the demands of the global economy. Recent UN data has revealed that India has surpassed China to become the world's most populous country. The discourse on population growth and economic development has been a recurring topic among economists since the 19th century. Thomas Malthus famously argued that a burgeoning population would inevitably lead to diminished living standards due to limited resource availability, potentially resulting in strife and famine. Fortunately, history has proven this theory wrong. Malthus failed to account for the power of human ingenuity, innovation, and technological advancements, which have continually improved productivity and resource utilization over time. In ...

India tops world ranking in digital payments India with 89.5 million digital transactions in the year 2022 has topped the list of five countries in digital payments, according to data from MyGovIndia. As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined. Second, on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions. On number 4 is Thailand with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia has stated. MyGovIndia is a Citizen engagement platform of the Government of India, giving people the opportunity to work towards Surajya with their ideas and grass root level of contribution. Earlier this year, Prime Minister Narendra Modi said that India is number one in digital payments and that the country...

Features of New Parliament Building in Numbers.   28th May 2023, Prime Minister Narendra Modi inaugurated India’s new Parliament building situated in Delhi’s Central Vista. ₹971 crore is the estimated cost of the newly constructed Parliament. 4-storey triangular-shaped building. 64,500 sqm total construction area, creating a modern architectural marvel in the heart of Delhi. 5000 art pieces impressive collection showcases. 3 entrances, named- Gyan Dwar, Shakti Dwar, and Karma Dwar 888 MPs will be accommodated in the Lok Sabha, 3 times the capacity of the current Lok Sabha, it symbolizes the national bird, the Peacock. 384 seats for the new Rajya Sabha. It symbolizes the national flower, the Lotus 1280 members can be accommodated in Lok Sabha chambers in case of Joint house sitting 6 Committee rooms for members. 92 rooms for the use of the Council of Ministers. Zone 5 Earthquake-Proof Construction. 30% saving in electricity by prioritizing sustainability ...

The Reserve Bank of India (RBI) has made the decision to withdraw the ₹2000 denomination banknotes from circulation, although they will still be considered legal tender. The RBI has advised banks to immediately stop issuing ₹2000 banknotes. The ₹2000 note was introduced in November 2016 following thxe withdrawal of the ₹500 and ₹1000 banknotes at that time. According to sources cited by news agency ANI, the ₹2000 banknotes will continue to be legal tender even after September 30th. The RBI expects that within the four-month timeframe, most of the ₹2000 notes in circulation will be returned to banks. The RBI emphasizes that this is a routine exercise and urges the public not to panic. The RBI stated that the objective of introducing the ₹2000 banknotes was achieved once banknotes in other denominations became readily available. The printing of ₹2000 banknotes was discontinued in 2018-19. The majority of ₹2000 banknotes, about 89%, were issued prior to March 2017 and have reached their e...

  India's forex reserves ease after hitting over nine-month highs India's forex reserves dropped by USD 2.164 billion to USD 584.248 billion for the week ended April 21, the Reserve Bank said on Friday.  In the previous reporting week, the overall kitty had risen by USD 1.657 billion to USD 586.412 billion.  It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended April 21, the foreign currency assets, a major component of the reserves, decreased by USD 2.146 billion to USD 514.489 billion, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold rese...

Reliance is on a War with every large business in India   Mukesh Ambani's Reliance is making bold moves across India's top industries. He is acquiring one industry at a time and keeps the customer on his own side. Jio 4G disrupted Indian telecommunication industry and killed many players, but customers love it! Jio TV is now taking over Indian OTT with free IPL, almost killed Hotstar, but customers love it! This is crazy, but it's happening! Here's a snapshot of how they're taking on the biggest players targeting the largest market share: 📈  Finance - Jio Financial Services vs Bajaj Finance Market Size: $350B | Growth: 22% | Leader: Bajaj Finance (30%)   🥤  Soft Drink - Campa Cola vs Coca-Cola Market Size: $8B | Growth: 9% | Leader: Coca-Cola (40%)   💄  Cosmetics - Tira vs Nykaa Market Size: $20B | Growth: 15% | Leader: Nykaa (25%)   👗  Clothing - Ajio vs Myntra Market Size: $70B | Growth: 12% | Leader: Myntra (35%)   🎬  Streaming -...