Google To Invest Up To $1 Billion In Bharti Airtel As Part Of Its India Digitization Fund

The Indian telecommunications company Bharti Airtel and Google announced on Friday, January 28, 2022, that both parties have now signed a long-term cooperation agreement. Under the agreement, Google is now investing up to $ 1 billion in India’s second largest mobile operator. Thanks to a multi-year agreement, both companies are now working to accelerate the growth of India’s digital ecosystem.

Alphabet Inc., which owns the Google search engine, announced in an exchange auction that it will pay $ 700 million for a 1.28 percent stake in Bharti Airtel Ltd. plans to incorporate the tools created by these two technology giants. The agreement sees the partnership between the two companies in a race to offer cheap data and digital offerings in a single market of more than a billion people, which is still open to foreign companies.

The $ 1 billion Indian fund from the world’s second-largest mobile operator comes as part of Google’s $ 10 billion “Google for India Digitalization Fund.” The program was previously announced by Google CEO and Alphabet Sundar Pichai in 2020. According to the company, the project will include capital investment as well as a corpus for potential business agreements with agreed terms over the next five years. Google also announced in a statement that it will work with a telecommunications company based in Delhi to improve the situation in the Indian market.

According to the company, the focus of the partnership is the possibility of affordable access to smartphones in different price ranges and the possibility of jointly creating network domains specifically for India. The deal could also help the two companies build a 5G application and accelerate the cloud ecosystem for businesses in the developing world.

However, the deal is still ongoing and has not yet been approved by regulators. The investment deal comes just months after Airtel raised up to Rs 210 billion by selling shares to current shareholders. Meanwhile, Airtel shares rose slightly following the announcement, trading at around Rs.718 as of 1pm on Friday.

Crypto Traders Moving to More Stable Tokens

Indian cryptocurrency exchanges have gained more trading volumes in recent days due to severe market volatility as many traders and investors liquidate some of the risks. tokens, they balanced their portfolios by moving stable currencies and also succumbed to opportunistic purchases up to the average. some portfolios.

During and after the weekend crash, ET negotiated with several stock exchanges to measure trading volumes – most recorded higher levels of transactions, but some also saw a decline. .

“We have seen an increase in numbers of almost 15%,” said Avinash Shekhar, co-CEO, ZebPay.

The chief executive officer said on condition of anonymity: “Over the weekend, we saw a sharp drop in trading volume as most investors tried to find out the cause and consequences of the current cryptocurrency decline.”

CoinSwitch, India’s largest crypto-trading platform, says it has doubled the number of users who have purchased the platform compared to its daily average, and that the best-selling coins for the week to January 23 are Bitcoin, Cardano, Shiba Inu. , Loopring and Doge coins. “Many users of our platform are long-term retail investors. They have seen similar decay and healing in the past. “They took the opportunity to expand their portfolio,” said Ashish Singhal, CEO, CoinSwitch Kuber, a crypto-brokerage firm operating several cryptobours in India.

“There has been great interest in larger declines in Cardano, Shiba Inu and Polygon, while sales pressure is high for Solana and Terra (Luna) with a sharp interest in Cosmos (ATOM) among new users,” Shivam said. Thakral, General Manager of BuyUcoin Cryptocurrency Exchange.

In times of falling prices and high volatility, traders and investors often move to more secure digital assets, such as stable currencies (such as the Tether pegged to the US dollar). “We have seen investors sell assets and convert them to USDT because the rate is approaching $ 82,583, which is very favorable at the moment,” said Shekhar ZebPay.

On Tuesday at 5 pm on Coinbase, bitcoin stood at 7.47% ($ 36,316), Ethereum 7.08% ($ 2,419), Binance Coin 3.88% ($ 35.30), Cardano 3.21% ( $ 1.03) and Solana 7.91% (3.91%).

Experts say that Indian investors are already used to cryptovolatility. Globally, the crypt market was disrupted by tighter monetary policy, growing geopolitical risks, confusion among regulators, wider sale of assets such as stocks, inflationary concerns and uncertainty related to Omicro

Vijay Shekhar Sharma blames bad timing for Paytm’s flop listing

Vijay Shekhar Sharma blamed the bad timing for the hot response to Paytm’s first public offering and a faint mention last year, amid rising prices from the company he built almost two decades ago.

One97 Communications Ltd., the parent company of Fintech Pioneer of India, entered the stock market at a time when the market feared various factors and this affected prices, said Sharma Sequoia Capital CEO Rajan Anandan of IAMAI’s India Digital Summit 2022 on Wednesday. This is one of the first public appearances Sharma has made since Paytm’s devastating market debut in November last year.

“Paytm’s success will depend on what we do with the monetization that is driven by financial services. Payment is something that further increases the yield threshold,” he said at the event. “We talked about $ 100 million in payment revenue this quarter as a huge revenue … People underestimated the size of payment revenue.” He also added that Paytm recorded higher revenues at lower costs.

“People underestimate the growing impact of this platform on the customer base … We’ve spent and less than every year since … Our business has never looked better,” he said. and Sharma.

Brokerage company Macquarie lowered One97 Communications’ target price from Rs 1,200 per share to Rs 900 per share on Monday. This is 58% lower compared to the Paytm issue price of Rs 2,150. Macquarie said that Paytms represents 70% of total gross revenues and that the company could therefore be affected by any regulations that charge for digital payments.

On Wednesday, Paytms’ market capitalization was $ 9.49 billion, compared to the highest private market valuation of $ 16 billion. ETtech analysis: behind a bad Paytm IPO and its constant estimates

Sharma said the contribution margin for payments is still doubling compared to Paytm. Quarterly payment revenues reach $ 140 million if the shopping services it provides are included, he said. Sales are expected to grow by at least 50 to 60% year on year, he added.

“Credit is the most expensive financial service. Bajaj Finance has existed for 30-32 years, Paytm has been processing more loans than Bajaj now, in less than three years …,” Sharma said. “Because in our credit business we have to compare with only one person, and that is Bajaj (Finance). We (Paytm) have to look for the benchmark we provide in terms of total loan amount, loan amount and loan quality.

“The problem with our companies is the companies that provide loans – banks and the NBFC. The bad metric they get is the size of the debt. The better metrics they will strive for is loan quality, ”he said.

Last week, Paytm said the number of loans disbursed through its platform had quadrupled last year to 4.4 million in the December quarter, as part of the release of information on Indian stock exchanges.

According to the company, the amount of loans disbursed through its platform in the third quarter was Rs 2,180 million – a year-on-year increase of 365%. The average loan amount provided by Paytm is currently around Rs 5,000.

On Wednesday, Paytm shares on the BSE fell 3.22% to Rs 1,083.40, while the Sensex benchmark ended the day 0.88% higher at 61,150.04 points.

Tax Audit Due Date To Be Extended

Due to the difficulties reported by taxpayers / stakeholders due to Covid and the submission of audit reports for 2021-22 under the IT Act of 1961, the CBDT further extended the deadlines for submitting audit and ITR reports for IS 21-22. Circular No. 01/2022 dated 11.01.2022 issued.

Upon repulsion reported by taxpayers and other concerns due to Covid filing and electronic submission), exercise), exercise), exercise), exercise), exercise), Exercise), Exercise), Exercise His Powers Among Section 119 of law, entertaining entertainment about the following compliance:

The Court of Auditor of the Auditors Report is under all the Act Facility, 2020-21, who named in the case of donkey (A) to clarify 2 of the sub-part (1) in part 139 of the law , as Oct 31, 2021 and January 15, 2022 by Circular No.17 / 2021 Deteder September 09, 2021 rather February 15, 2022;

The set date of the Courtian report under all Act Prospects Last year 2020-21, October 31, 2021, in the sub-part (1) in part 139 of law, is on the 15th of February, 2022;

The fixed date of the report is of a bookkeeper to people entering international transaction under last year 20,000 2022 by Circular No.17 / 2021.202111113 Further On 15th April, 2022;

The end date of revenue revenue income for the year of the year 2021-22, which is 8 in St.00 in paragraph (1) after 30 November 2022 by Circular No.9 / 2021 Danced 20.05.2021 and round. 17/2021 Dated by real 09.09.2021 further extended, goes on 15th March, 2022;

Return the end date income for the year of the year 2021-22, which was the year 2021 in paragraph (1) of December 2022 by the February 2022 dated the February 20,9,55.2021 and round . 17/2021 Dated by real 09.09.2021 further extended, goes on 15th March, 2022.

Explanation 1: Upgrading This attachment cannot be used 1 to subsection 234a in cases where the amount of value has been specified in the speaking (vi part (1) of that part larger larger Lakh Rupees.

Explanation 2: For the purpose of clarification 1, if an individual indicated in the sub-part (2) of action, section 140a on the Act SECRET DATE (without the extended ‘under the Circular No.9 / 2021, Circular No.17 / 2021 and this round) given to that work, tax development.

AP CM Wins Round 1 Against the Taxman

Andhra Pradesh chief minister YS Jagan Mohan Reddy has won the first round of the battle with the income-tax (I-T) authorities following a recent tribunal ruling that could have political implications as well as have a bearing on other legal feuds.

The I-T Appellate Tribunal (ITAT), a quasi-judicial authority, in its order on January 5, has struck down the contention of the I-T department that had questioned the genuineness of transactions and creditworthiness of investors who had subscribed to shares of Jagati Publications, the Reddy-promoted company owning the Telugu daily ‘Shakshi’, at a premium. The case pertains to assessment year 2008-09.

The Hyderabad office of the tax department had alleged that underlying these investments were quid pro quo deals and the new shareholders directly or indirectly benefited from their association with the firm controlled by the YSR Congress Party president. The taxman, which had questioned the two valuation reports by Jagdisan & Co and Deloitte that justified the shares premium, had presented the findings of the Central Bureau of Investigation (CBI) which had conducted a search on Reddy’s group companies in August 2011.

Ruling that the ‘shares premium’ amount of Rs. 277 crore – which arose as shares of Rs. 10 each were sold at a premium of Rs. 350 apiece – was not taxable, the tribunal observed that the CBI charge sheet was irrelevant as ‘additional evidence’. “This ruling considers important factors in determining the production of additional evidence before the ITAT and it has been ultimately held that parties cannot claim a right to adduce additional evidence. Additional evidence will be admitted only if the tribunal is of the view that such evidence will be required by it in deciding the issues before it….The issues before the tribunal were restricted to whether the share premium received were  taxable under Section 56 or 68 of the Income-tax Act, 1961),” said Ashish Mehta, partner at law firm Khaitan & Co.

India will be over $10 trillion economy in next 25 yrs as per World Bank estimates

India will be an economy with a GDP of more than $ 10 trillion, as estimated by the World Bank, said Foreign Minister (Department of Consular, Passport, Visa and Overseas Affairs of India) Sanjay Bhattacharyya on January 9. Pravasi Conference Bhartiya Diwas almost said, “In 25 years we will celebrate our centenary; Preparations are under way for India’s Vision 2047 (Independence Day). According to the World Bank, India will be an economy with a GDP of $ 10 trillion. Youth has an important role to play. “

Foreign Minister (Consular, Passport, Visa and Overseas Affairs) Sanjay Bhattacharyya said India would have an economy of more than $ 10 trillion over the next 25 years, as estimated by the World Bank.

Sanjay Bhattacharyya spoke at the Youth Pravasi Bharatiya Diwas Conference 2022 on “The Role of Diaspora Youth in Azadi Ka Amrit Mahotsav – Innovation and New Technology” In 25 years, we will celebrate our 100th anniversary; Preparations for the vision of India 2047 (Independence Day) are continuing, “he said. Bhattacharyya

Federal Reserve’s Rate Hike Hint Sends Cryptos Crashing

Mumbai: Cryptocurrencies, including bitcoin, Etherea, Solana, Cardano and Terra, fell sharply on Wednesday night after the US Federal Reserve issued a December meeting where the central bank indicated it would start raising interest rates to deal with high inflation.

Bitcoin fell 8.49% to $ 42,835 on Thursday at 5:00 p.m. She previously tested the $ 42,500 level, then the Fed released its records.

Bitcoin reached a very high of $ 68,749 on November 11, 2021 and outperformed all capital markets in terms of annual price growth in 2021 with a return of 60%.

Other alt-coins also reacted strongly to the news: Ethereum, Cardano, Solano, Shiba Inu, Cardano and Binance Coin all fell by 10% or more within 48 hours by Thursday night. At 5 p.m., the Coinbase tracker showed a 9.80% decline in the overall crypto market over the past 24 hours.

Bitcoin has been under pressure recently as large central banks suggest that they are moving away from low interest rates and that their bond-buying programs are slowly slowing down.

Experts say the decline is expected because the market has been tense and very fast in recent days.

“The market downturn is largely due to the US Federal Reserve’s plan to raise interest rates this year to cope with rising inflation. As with any asset, cryptocurrencies will be affected by macroeconomic factors. Investors need to remember that risk and reward go hand in hand and that they need to do their own research before buying assets – not just cryptocurrencies, “said Ashish Singhal, founder and CEO of Coin Switch.

Experts say selling pressure is largely due to US and European investors reserving profits. “Correction is approaching, since December 16, the market has been tied up and is changing.

Fudged A/cs, Tax Evasion worth Crores Found: CBDT

The Ministry of Income Tax has reported alleged stock manipulation, falsification of accounts and tax evasion worth millions of rupees following a recent raid on two manufacturing and real estate groups based in Uttar Pradesh.

While a statement issued by the Central Council of Direct Taxes (CBDT), the tax department’s policy-making body, did not mention any entity, sources said they were associated with the Samajwadi Party MLC Pushpraj alias Pampi Jain and other perfumer Fauzan Malik. . The search took place on 31 December in more than 40 areas in Maharashtra, Delhi, Tamil Nadu, Gujarat and some areas of Uttar Pradesh, including Kannauj, where Jain lives.

The CBDT said it found that one of the group was “involved in tax evasion by not reporting perfume sales, manipulating supplies, falsifying books to generate tax revenue.

 

“Evidence from sales and headquarters shows that the group makes 35-40% of its retail cash sales through ‘cook’ accounts and that this cash income is not recorded in current accounts of up to millions of rupees,” he said. claims.

An analysis of the “incriminating” evidence shows that the generated “innumerable” income was invested in various real estate projects in Mumbai, real estate acquisitions in India and the United Arab Emirates (UAE). . The CBDT admitted that the group’s promoters included some offshore entities that were not reported for income tax.

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