HENCY R SHAH AND ASSOCIATES

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...

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...

"RBI Report: Rise in Counterfeit Currency and Digital Fraud Challenges Banking System" According to the annual report for 2022-23 released by the Reserve Bank of India (RBI), there has been an increase in the detection of counterfeit currency notes in the banking system. The report indicates that there was a rise of 14.4 percent in counterfeit currency notes of ₹500 denomination, while those of ₹20 denomination saw an increase of 8.4 percent. Out of all the fake currency notes detected, 4.6 percent were found at the RBI, while 95.4 percent were detected at other banks. On the other hand, counterfeit notes of ₹10 denomination decreased by 11.6 percent, ₹100 denomination notes declined by 14.7 percent, and ₹2,000 denomination notes decreased by 27.9 percent. In terms of value, the share of ₹500 and ₹2,000 banknotes increased to 87.9 percent of the total value of notes in circulation as of March 31, compared to 87.1 percent from the previous year. In terms of volume, ₹500 bankno...

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 -...

Crypto under PMLA: New rules of the game The central government has tightened regulatory control over virtual digital assets, more commonly known as cryptocurrencies. According to a gazette notification, the government has mandated that a host of trading activities in such assets will now come under the ambit of the Prevention of Money Laundering Act (PMLA). In other words, going ahead, trading between cryptocurrencies and fiat currencies or among cryptocurrencies and other such services can be investigated by agencies such as the Enforcement Directorate (ED) and the Income Tax department. The move should be seen in light of the government’s efforts to bring cryptocurrencies under greater regulation. In April 2022, for instance, the government introduced a 30% income tax on gains made from cryptocurrencies. Later in July 2022, the government brought in rules regarding 1% tax deducted at source on cryptocurrency. Broadly speaking, greater regulation of cryptocurrencies is advisable. ...

Does India Need Green Revolution 2.0? India needs a second green revolution along with the next generation of reforms to make agriculture more climate-resistant and environmentally sustainable. Observing that Indian agriculture has exhibited remarkable resilience during the COVID-19 period, new emerging challenges warrant a second green revolution along with next-generation reforms. Despite the success in terms of production that has ensured food security in the country, food inflation and its volatility remain a challenge, which requires supply-side interventions such as higher public investment, storage infrastructure and promotion of food processing. Indian agriculture scaled new heights with record production of various foodgrains, and commercial and horticultural crops, exhibiting resilience and ensuring food security during the COVID-19 period. The sector, however, confronted various challenges, mitigation of which requires a holistic policy approach. For instance, ...

  Budget Expectation 2023 Countdown has begun for Budget 2023. Here are a few expectations from Union Budget 2023: Education sector deserves a top spot in this year's Union Budget Increase section 80C limit to Rs 2 lakh Expectations on Cybersecurity in India Government must enhance old regime tax slabs Startups seek a simplified tax regime, reduction in MAT Budget should encourage investments in core R&D on AI and Robotics Budget must create a favorable climate to make India a part of the worldwide supply chain Budget should focus on falling imports, the impact of a slowdown Industry looking forward to policy announcements and allocations designed to support startup ventures Enable SaaS start-ups to navigate compliance and legal requirements faster Corporates seek tax relief measures for work from home employees Digitization has eased tax compliance Hike standard deduction to Rs 1 lakh Unified income tax filing form Income Tax relief for small taxpayers Tax kit...

RBI puts on hold NUE licensing RBI is said to have put on hold licensing of the New Umbrella Entity (NUE) network, a fintech institution planned as a rival to the National Payments Corporation of India (NPCI). Six Groupings, which included Facebook, Google, Amazon, Flipkart, and others, had applied for NUE licenses. RBI will not grant permission to any of the six consortiums to commence business as all of them have fallen short of the RBI's expectations. It looks like none of the applicants have proposed anything novel or a great technology breakthrough that would have made RBI look over it, almost all of the plans were similar to that of the NPCI, which did not enthuse the RBI. NPCI, established by the RBI and banks, runs the Unified Payments Interface (UPI) and other payment systems. NUEs were supposed to set up and operate a new retail digital payment system and manage clearing and settlement systems that could be an alternative to the bank-promoted NPCI. The applica...

Exploring tech, legal provisions to keep e-Rupee transactions 'anonymous' RBI is exploring technological solutions to keep retail transactions using the digital rupee ‘anonymous’. RBI could also explore legal provisions to keep the transactions anonymous. It will weigh its options as things evolve but will ensure the anonymity of transactions up to a certain limit, which is a basic feature of cash transactions. The basic distinction between Unified Payments Interface (UPI) transactions and digital rupee transactions is that UPI is a payment mode, which involves the intermediation of banks, and the digital rupee is money. So, all UPI transactions hit banks’ core banking solution (CBS). But in the case of a digital rupee, once the money is withdrawn from the bank and reaches the customer’s wallet, the transaction that takes place following this process is essentially a transfer of money between two wallets. Experts have suggested that when a bank ...

India’s G20 presidency will be inclusive, decisive, action-oriented India will formally begin its G20 presidency on December 1 and host the next summit in New Delhi in September 2023. India will make the G20 a “catalyst for global change” and its presidency of the group in 2023 will be inclusive and action-oriented. As the G20 presidency was handed over to India by Indonesia, Modi said the country will work for collective action on global challenges such as food and energy security. In an address at the closing session, Modi noted India is taking charge of the G20 at a “time when the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices and the long-term ill-effects of the pandemic”. “Together, we will make the G20 a catalyst for global change,” he added. India’s theme of G-20 chairmanship – ‘One Earth, One Family, One Future’. Modi said India will strive to ensure the G20 “acts as a global prime mover to envision new ideas and a...