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World Bank predicts 7.3% growth for India in 2018

New Delhi, Apr 17 (ANI): The World Bank on Monday noted that the Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 percent for the country in 2018. Further, the apex international financial institution forecasted a rate of growth of 7.5 percent for 2019 and 2020. The World Bank in its twice-a-year South Asia Economic Focus report said that the growth is expected to accelerate from 6.7 percent in 2017 to 7.3 percent in 2018, and will subsequently stabilise, supported by a sustained recovery in private investment and private consumption. The report also noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth.

National Anti-Profiteering Authority goes online

New Delhi, Apr 15 (ANI): In a bid to ensure timely grievance redressal for consumers, the National Anti-Profiteering Authority (NAA) launched the 'Anti Profiteering' online community in association with a citizen-engagement platform, LocalCircles. The platform, comprising over 60,000 active Indian citizens, was launched in a bid to help users report cases of profiteering at the earliest, thereby ensuring timely redressal of the same.

CBDT invites comments to improve transparency in tax rulings

New Delhi, Apr 14 (ANI): The Central Board of Direct Taxes on Saturday invited comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5, for improving transparency in tax rulings. Under BEPS Action 5, exchange of rulings on Permanent Establishment (PE) by authority for advance rulings is required to be done with the country of residence of the immediate parent company and the ultimate parent company. To bring greater transparency in cross national transactions, Form 34C and 34D (Forms for Advance Rulings) are required to be modified.

5 student-friendly platforms to help you plan your career

New Delhi, Apr 14 (ANI): Lack of awareness and guidance among students on new career avenues often leads to confusion. Choosing the right career is about understanding the pool of choices available to an individual. Here are some platforms for students to help them plan their career ahead: BYJU's: The learning platform offers training for preparation of different entrance and competitive examinations like CAT, JEE, IAS, GRE, and GMAT. MakeMeStudyAbroad: It is a one-stop, digitally-driven platform to facilitate education planning and documentation for students planning to study abroad. Mindler: One of the most-advanced website for online career assessment, career guidance and career counselling in India, Mindler is designed for school students and graduates.

GoWork to set up 50 co-working centers across India in next 5 years

New Delhi, Apr 14 (ANI): Collaborative co-working ecosystem, GoWork, has announced its plans to establish co-working centers in Delhi and Bengaluru to cater to the rising demand in these areas. The co-working space provider, which owns the world's largest and second largest co-working campuses in Gurugram, aims to open the Delhi center for its clients by June and the Bengaluru one by the end of this year. Since its inception GoWork has become a revolution within the co-working culture in India and focuses on providing the best work-life balance to its clients.

Synup launches CoinFriendly, World's largest repository of Bitcoin-friendly businesses

New Delhi, Apr 12 (ANI): Synup, a provider of Software as a service (SaaS) based location intelligence announced the launch of a new website, CoinFriendly. The website is the single largest repository of local businesses that accept cryptocurrency for transactional purposes. It has10,717 Bitcoin-accepting businesses listed on CoinFriendly. The new website will allow Bitcoin users across the globe to identify these stores and services in 20 countries including North America, Europe, Asia, Australia and South America. There has been an increase in Bitcoin adoption rates and therefore the number of businesses that are now open to accepting any form of cryptocurrency has been soaring.

Ola continues its Australian expansion

New Delhi, Apr 12 (ANI): Following successful launches in Perth and Sydney earlier this year, ride hailing platform Ola announced the launch of operations in Melbourne. In lieu of this, Ola is offering passengers free rides from Thursday, for a limited period of time. Following the launch of operations in Australia, Ola has been positively received and achieved 15,000 registrations across the region. Ola offers driver-partners a market low 7.5 percent introductory commission rate and daily payments, helping them earn more money and access it easily. Over the coming months, Ola is working with local stakeholders to continue its rollout in Australia, with future launch cities including Brisbane and the Gold Coast, Canberra, Adelaide, Darwin and Hobart. The company is also developing a number of new initiatives for its customers and driver-partners. These include updates to the Ola app and building its local support team that will help build a better ride share experience.

SBI adopts Odisha village for digital payments

Bhubaneswar (Odisha), Apr 11 (ANI): The Kalinga Nagar branch of State Bank of India adopted a village in Purba Medinipur district of the state to familiarise the residents with cashless transactions. Following the vision of Prime Minister Narendra Modi to promote cashless economy, the bank took the initiative at Bhagabanpur to make all residents of the village to transact digitally. In their first attempt, the SBI distributed android phones with a USB based fingerprint capture device to the shopkeepers to usher in digital transactions. SBI official Praveena Kala said the initiative will make people more empowered.

Tenneco to acquire Federal-Mogul for $5.4 bln

New Delhi, Apr 11 (ANI): Auto parts maker Tenneco is buying Federal-Mogul, a maker of powertrain components, from Icahn Enterprises LP for $5.4 billion. The billionaire investor Carl Icahn's Icahn Enterprises owns a controlling stake in Federal-Mogul. Icahn's company will get $800 million in cash and $29.5 million shares of Tenneco. The deal is set to close in the second half of this year. Tenneco will then split its combined businesses into two independent publicly traded companies in 2019, one focusing on powertrains and the other part, on ride performance and replacement parts.

Axis Bank's CEO seeks shorter term, to step down in December

New Delhi, Apr 10 (ANI): Axis Bank's CEO Shikha Sharma will exit the bank on December 31, 2018, after the bank reduced her term to six months from three years at her request. Sharma has been at the bank's helm since June 2009. Her re-appointment as the managing director and CEO of the bank was revised from June 1, 2018, up to December 31, 2018. On December 8, 2017, the board had informed of its decision to re-appoint Sharma as the MD and CEO, for a period of three years with effect from June 1, 2018. The move comes amid controversy surrounding Sharma's tenure and in the wake of mounting non-performing assets (NPA) in the bank.

SBI to invest Rs 80 billion in hydropower project of Nepal

New Delhi, Apr 09 (ANI): The State Bank of India (SBI) will be investing a total of Rs 80 billion in the Arun III hydropower project of Nepal, which has 900 megawatts (MW) electricity production capacities. The SJVN, which has been awarded with the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as loan and soon will make the formal agreement. With the completion of the project, Nepal will get 21.9 percent of the total electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a year. The Indian Government on the other hand has made the approval of 92 billion rupees that is to be invested by SJVN. With this the SJVN will invest 25 billion of its own for the mega-project and will take the charge for 25 years excluding the time for the construction of infra. The mega project is targeted to be completed by 2022's September.

ixigo expands footprint; launches product development center in Bengaluru

New Delhi, Apr 09 (ANI): ixigo, a travel marketplace, expanded its footprint in India with the inauguration of a new product development center in Bengaluru. The center will focus on research and development of technology solutions to enhance the direct-selling capability of travel suppliers. The company also announced the appointment of Chandramouli Gopalakrishnan as the new vice president - Special Projects. "ixigo has been at the forefront of travel technology in India for the last decade. With Chandramouli leading our Bengaluru team, we will work towards developing innovations to augment capabilities of travel suppliers, and co-create cutting-edge travel technology to enhance the supplier-direct growth of our partners," said ixigo CEO and co-founder, Aloke Bajpai. ixigo has also initiated a recruitment drive to onboard designers, UI/UX engineers, backend and research engineers, thereby facilitating the expansion of the company's 120-member workforce.

7 books you should read before starting a business

New Delhi, Apr 09 (ANI): Starting a new business is not a cake walk and one needs proper and professional advice on where to start, what pitfalls to anticipate and how best to spend your time and funds. While classes, training sessions, and seminars, are a good way to get familiar with the field, nothing can beat the knowledge that books impart as they are the most accessible and affordable way to start learning. 'The Art of the Start 2.0: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything' is written by Guy Kawasaki. 'The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup' is written by Noam Wasserman. 'Become Your Own Boss in 12 Months: A Month-by-Month Guide to a Business That Works' is written by Melinda F. Emerson. 'The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses' is by Eric Ries. 'Will It Fly? How to Know if Your New Business Idea Has Wings...Before You Take the Leap'

India's forex reserves hit life-time high

New Delhi, Apr 07 (ANI): India's foreign exchange reserves hit a life-time high of 424.361 billion US dollars, the Reserve Bank of India confirmed on Saturday. The forex reseves rose by 1.828 billion dollars in the last week of March. Earlier, the reserves had touched a record high of 421.914 billion dollars on February 9. The reserves had been fluctuating since September 2017 when it had hit the record highs for the first time. The gold reserves, however, remained unchanged at 21.614 billion dollars.

RBI directs payment operators to keep data within India

New Delhi, Apr 06 (ANI): The Reserve Bank of India directed all payment system operators in India to store data within the country. The payment system operators have been asked to ensure that data related to payment systems operated by them are stored only inside the country. Payment system operators will be given six months to make the necessary transition. The central bank directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies (VCs) like bitcoins, so as to protect consumer interest and check money laundering. The RBI also asked entities which are already into such services to stop providing the same within three months.

Ola and Acko partner to create in-trip insurance program

New Delhi, Apr 06 (ANI): Indian ride aggregator Ola launched a comprehensive in-trip insurance program for its customers across India, thereby extending the benefits of the 'Chalo befikar' insurance program to its customers across all categories, namely cabs, auto, and e-rickshaw. In this regard, Ola partnered with Acko General Insurance Ltd to launch this program designed to benefit its customers across 110 cities. A user booking an Ola ride can opt for an in-trip insurance cover while booking the ride at a premium of Re. 1 for all intra-city travel; Rs.10 for Ola Rentals; and Rs. 15 for Ola Outstation. The first-of-its-kind program is being rolled out for customers in major metros and will be scaled up to all cities, covering the entire base in the coming weeks. The comprehensive insurance program provides benefits in cases of loss of baggage or laptops, missed flights, accidental medical expense, ambulance transportation cover, and much more. The optional in-trip insurance program c

MMT, Flipkart to become partners to transform travel industry

New Delhi, Apr 05 (ANI): Online travel company, MakeMyTrip Limited, and Indian e-commerce gaint, Flipkart, on Thursday announced a strategic partnership in the travel services segment. MakeMyTrip's multiple brands including MakeMyTrip, Goibibo and redBus, will leverage the large customer base of Flipkart platform to drive online bookings in travel services.The new partnership will start with a roll-out of domestic flight booking in the next few weeks which will be followed by hotels, bus and holidays bookings. Flipkart and MakeMyTrip have played a defining role in shaping the consumer internet ecosystem in India and bringing millions of people online. This strategic partnership helps us make travel booking a seamless experience for customers, even those in the farthest regions, while also furthering our goal of being a one-stop destination for all digital transactions online," said Kalyan Krishnamurthy, CEO, Flipkart.

Government commissions mechanism to address taxpayers' grievances

New Delhi, Apr 05 (ANI): In a bid to make tax filing more convenient, the government on Wednesday announced the establishment of an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the Goods and Services Tax (GST) portal. In this regard, the GST Council has delegated powers to an IT Grievance Redressal Committee to approve and recommend to the GSTN the steps to be taken to redress the grievance and provide relief to the taxpayer. The relief could be in the nature of allowing filing of any form or return prescribed in law or amending any Form or Return already filed. However, where the problem relates to individual taxpayer, due to localised issues such as non-availability of internet connectivity or failure of power supply, this mechanism shall not be available. The mechanism inter alia envisages that taxpayers shall make an application to the field officers or the nodal officers where there was a demonstrable g

Hyderabad resident trafficked to Middle East on pretext of job and salary

Hyderabad, Apr 05 (ANI): Hyderabad resident Rafi Uddin was allegedly human-trafficked to Saudi Arabia on pretext of a driving job in January 2018. His sister said, "They have made him a house servant and aren't paying any salary. He is ill but isn't provided with adequate food. I urge Sushma Swaraj to rescue him"

BuyUcoin unveils open trading engine for cryptocurrencies

New Delhi, Apr 04 (ANI): BuyUcoin, a cryptocurrency exchange platform and Blockchain Wallet company announced the launch of BuyUcoin Trade Engine 2.0, enabled with the latest features to ensure cryptocurrency enthusiasts access to a flawless trading experience, thereby helping improve the overall liquidity of Indian markets, empowering high-frequency traders to prefer domestic platforms and experience global standards of trading. BuyUcoin Trade Engine 2.0 has the capability to execute transactions at a scale of 200 orders per second. Attributable to the outstanding customer experience that BuyUcoin provides, the company witnessed a sharp growth in its user base snowballing from 15,000 to 1,50,000 in a span of five weeks in Q4 of 2017. The company has long term plans to fully embrace and adopt the Decentralised Web 3.0 in order to keep abreast with the dynamic cryptocurrency industry. It also plans to launch more cryptocurrencies in India which are currently not available to the consume