Infosys may be looking for talent to fill the shoes of Nandan Nilekani, co-founder and non-executive chairman of the technology giant. When asked about the role that he would play at Infosys in future, Nilekani at a media event said he would be handing over his role to a non-founder when he exits the company. This even as N R Narayana Murthy, another co-founder, rued that his earlier decision to not allow the children of Infosys founders or the next generation of promoters to work at the company was wrong.
Posts tagged Rediff
Can RBI’s digital currency replace physical cash? (15-12-2022)
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy’s dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash – called the central bank digital currency (CBDC) – on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
What Will Nirmalaji Do About Income Tax? (15-12-2022)
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
How Punjab and Sind Bank plans to boost deposits (15-12-2022)
State-owned Punjab and Sind Bank is targeting salary accounts to boost the share of low-cost deposits. Swarup Saha, managing director and chief executive officer of the New Delhi-based lender, tells Manojit Saha that the bank may see gross non-performing assets (NPAs) fall below 8 per cent if there is resolution of the stressed assets.
Inflation to further decline, assures Sitharaman (14-12-2022)
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
Assam’s Gamosa, Telangana’s Tandur Redgram get GI tag (14-12-2022)
The government has granted Geographical Indications (GI) tag to various products, including Gamosa of Assam, Tandur Redgram of Telangana, and an apricot variety of Ladakh. The commerce and industry ministry said on Wednesday that the total number of GI has reached to 432. “Famous Gamosa of Assam, Tandur Redgram of Telangana, RaktseyKarpo Apricot of Ladakh, Alibag White Onion of Maharashtra have got their GI tags,” it said.
Non-resident taxpayers can now manually file Form 10F (14-12-2022)
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
Markets end in green; Sensex climbs 145 points (14-12-2022)
Benchmark indices Sensex and Nifty ended with gains on Wednesday, extending the previous day rally amid lower level of inflation on domestic front and better-than-expected inflation readings from the US. The 30-share BSE Sensex climbed 144.61 points or 0.23 per cent to settle at 62,677.91. During the day, it jumped 301.81 points or 0.48 per cent to 62,835.11.
2023 may be a volatile year for Indian equity markets (14-12-2022)
2023 could be another volatile year for Indian equity markets, according to BofA. In a report, the brokerage pointed out that the Nifty50, at present, is trading at 20.7x against its long-term average of 18.8x one-year forward earnings of current Nifty constituents. Plus, India is trading at a 98 per cent premium to its emerging market (EM) peers against its long-term average of 45 per cent.
Nov’s wholesale price-based inflation is 21-month low (14-12-2022)
The wholesale price-based inflation declined to a 21-month low of 5.85 per cent in November on easing prices of food, fuel and manufactured items. After remaining in double digits for 19 months, the wholesale price index (WPI) based inflation declined to 8.39 per cent in October. The inflation was 14.87 per cent in November 2021. “Decline in the rate of inflation in November 2022, is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals and chemical products and paper and paper products as compared to the corresponding month of the previous year,” the commerce and industry ministry said on Wednesday.