Asianet Newsable

RBI to make NEFT system available 24x7 from December 16

PTI News — Sat, 07 Dec 2019 15:31:27 +0530

New Delhi: The Reserve Bank of India (RBI) has decided to make National Electronic Funds Transfer (NEFT) system available on a round-the-clock basis from December 16.

In a bid to promote digital transactions, the RBI on Friday (December 6) said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16

The 24x7 NEFT system will be available on all days of the year, including holidays, it added.

NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.

In a notification, the central bank said it has been decided that the facility on NEFT system shall be made available from December 16, 2019 on a 24x7 basis.

The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15).

The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate successful posting of NEFT batch settlements.

NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks.

The existing discipline for crediting beneficiary's account or returning the transaction (within two hours of settlement of the respective batch) to originating bank will continue, it added.

Besides, member banks will ensure sending of positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well, it added.

“Member banks are also advised to initiate necessary action and ensure the availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers,” the regulator said.

Banks may disseminate information on the extended timings for NEFT to all their customers, RBI said.

From July 1 this year, RBI had decided not to levy charges on transactions through NEFT and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country, and asked banks to pass on the benefits to the customers.

Earlier, the RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers.

RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.

Explained: Donald Trump Considers to Scrap Capital Gains Tax, What It Means for You?

Vaishnav Akash — Wed, 16 Jul 2025 17:26:33 +0530

Donald Trump says he’s open to eliminating capital gains tax. But who benefits most, and what happens to federal revenue? Here’s what’s unfolding.

US President Donald Trump has kickstarted debate after publicly endorsing the idea of scrapping capital gains tax on primary home sales. The move comes on the heels of a bill introduced by Georgia Representative Marjorie Taylor Greene, who argues the tax is outdated and punishes middle-class families trying to sell homes in today’s inflated market.

Speaking to reporters after the FIFA Club World Cup final, Trump said his administration is “looking at” Greene’s proposal. “It could be a very big positive,” he said. “It’s going to be a great incentive for a lot of people who really need money.”

The IRS currently levies capital gains taxes on profits made from selling a home, unless those profits fall within certain thresholds: $250,000 for individual filers and $500,000 for joint filers. These exclusions apply only if the homeowner has lived in the house for at least two of the past five years.

However, these exemption limits haven’t changed since 1997, even as home prices have skyrocketed. For context, the median home price in 1997 was about $145,800. As of the first quarter of 2025, it stands at nearly $417,000, per Federal Reserve data.

As a result, a growing number of middle-class sellers are now breaching the exemption thresholds and facing tax liabilities once reserved for wealthier homeowners.

The "No Tax on Home Sales Act," introduced by Greene, seeks to eliminate capital gains taxes on the sale of primary residences altogether. Her pitch is that it’s a way to ease pressure on everyday Americans and free up the housing industry in an already tight market.

She argues that the outdated cap has failed to keep pace with market realities and now affects far more households than originally intended. According to Realtor.com data, a staggering 79% of homeowners in Hawaii, 65% in Washington, and 62% in Massachusetts currently face the prospect of capital gains taxes when selling their homes.

Removing the tax entirely, Greene claims, would allow people to “downsize or relocate without being penalized for appreciation.”

While the proposal is positioned as middle-class relief, critics argue the real beneficiaries are likely to be high-income households who’ve gained the most from house price surges. Eliminating the capital gains tax would likely result in billions in lost federal revenue and could create loopholes that investors exploit to avoid taxes by claiming properties as “primary residences.”

Trump has voiced his support but, as President, cannot unilaterally make the change. That power rests with Congress, where the bill now sits with the House Committee on Ways and Means. Still, Trump’s public endorsement could pressure fellow Republicans to get behind the proposal.

There is currently no set timeline for debate or a vote in Congress. While Trump has leaned into support for Greene’s bill, Democrats are expected to oppose it, citing revenue loss and concerns over tax equity. The debate is likely to heat up in the coming weeks as the 2025 economic agenda unfolds and tax policy becomes a key election issue.

'Dawn of Orange economy': PM Modi at WAVES summit, says India becoming global hub of music, film, gaming

Team Asianet Newsable — Thu, 01 May 2025 17:14:19 +0530

Mumbai: Putting emphasis on the growth potential of content creation economy, Prime Minister Narendra Modi on Thursday said the time is ripe for the create in India and create for the world. The current era marks the sunrise era of the 'Orange economy' in India, the Prime Minister said adding that the three pillars of the Orange economy are content, creativity and culture.

"We are witnessing the growth era of the Orange economy. The three pillars of the Orange economy are content, creativity and culture," he said.

"Today India is emerging as a global hub of music, film and gaming. With the orange economy booming, India's graphic and animation industry will face tremendous growth and bring economic prosperity for the nation" the Prime Minister said in his keynote address as he inaugurated the World Audio Visual and Entertainment Summit in Mumbai.

"In the coming years, the creative economy can increase its contribution to India's GDP...Today, India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts...This is the dawn of the Orange Economy in India," he said. The creative economy is interchangeably referred to as “orange economy.”

"This is the right time to create in India, and create for the world. India has a treasury of stories dating back to thousands of years, at a time when the world is searching for ways and means of storytelling," the prime minister said. The prime minister termed this summit as a wave of culture, creativity and universal connect. He had messages for all - creators, investors, and the Indian youth. To the creators of the world, he urged them to dream big and tell their stories. To investors, he suggested that they should invest not just in platforms, but in people. To Indian youth, he asked them to tell billion untold stories to the world."This is a big opportuinty for india's creative economy," the Prime Minister said."Today, artists, innovators, investors, and policy makers from more than 100 nations have gathered here under one roof. We are laying the foundation for a global ecosystem of talent and creativity. WAVES is such a global platform that belongs to every artist and creator," he said. WAVES 2025, India's first-of-its-kind World Audio Visual and Entertainment Summit is held at the Jio World Centre, Mumbai. The four-day summit with tagline "Connecting Creators, Connecting Countries" is poised to position India as a global hub for media, entertainment, and digital innovation by bringing together creators, startups, industry leaders, and policymakers from across the world.In line with Prime Minister's vision of leveraging creativity, technology, and talent to shape a brighter future, WAVES will integrate films, OTT, gaming, comics, digital media, AI, AVGC-XR, broadcasting, and emerging tech, making it a comprehensive showcase of India's media and entertainment prowess. WAVES aims to unlock a USD 50 billion market by 2029, expanding India's footprint in the global entertainment economy.

At WAVES 2025, India is hosting the Global Media Dialogue (GMD) for the first time, with ministerial participation from 25 countries, marking a milestone in the country's engagement with the global media and entertainment landscape. The Summit also features the WAVES Bazaar, a global e-marketplace with over 6,100 buyers, 5,200 sellers, and 2,100 projects. It aims to connect buyers and sellers locally and globally, ensuring wide-reaching networking and business opportunities. WAVES 2025 is seeing participation from over 90 countries, with more than 10,000 delegates, 1,000 creators, 300+ companies, and 350+ startups. The summit features 42 plenary sessions, 39 breakout sessions, and 32 masterclasses spanning diverse sectors including broadcasting, infotainment, AVGC-XR, films, and digital media. (ANI)

Vodafone Idea, Bharti Airtel shares zoom up 30% after tariff hike announcement

PTI News — Tue, 19 Nov 2019 15:22:12 +0530

New Delhi: Shares of Vodafone Idea and Bharti Airtel on Tuesday jumped up 30% on Tuesday after both companies announced a hike in mobile phone call and data charges from December.

Vodafone Idea zoomed 29.75% to Rs 5.80 on the BSE. Bharti Airtel jumped 6.31% to Rs 435 - its 52-week high.

Faced with intense competition and unprecedented statutory dues, Bharti Airtel and Vodafone Idea on Monday announced a hike in mobile phone call and data charges from December saying the increase was warranted for viability of their business.

First, Vodafone Idea in a statement announced plans to raise tariffs for the first time in three years only to be followed by a similarly worded statement minutes later from Airtel.

The two did not quantify the increase in rates but said that the hike will be effective beginning next month.

"To ensure that its customers continue to enjoy world class digital experiences, Vodafone Idea will suitably increase the prices of its tariffs effective December 1, 2019," Vodafone Idea said.

The telecom sector is highly capital intensive with fast changing technology cycles that require continuing investments, Bharti Airtel said.

"It is, therefore, extremely important that the industry remains viable to support the vision of Digital India. Accordingly, Airtel will appropriately increase price offerings in the month beginning December," it added.

Iran-Israel War Continues, But How Are Indian Markets Still Staying Calm?

Vaishnav Akash — Wed, 18 Jun 2025 12:24:13 +0530

Despite rising tensions in the Middle East and climbing crude prices, Indian stock markets have stayed largely unshaken. Here's why that’s happening.

On the fifth day of the ongoing Iran-Israel conflict, Tel Aviv claimed it had taken out Iran’s wartime chief of staff. Israel even issued a threat to Supreme Leader Ayatollah Ali Khamenei, warning he could meet the same end as Saddam Hussein.

As the conflict escalated, U.S. President Donald Trump urged civilians to evacuate Tehran, while denying reports of any ceasefire talks with Iran. The world watched anxiously, but back home in India, markets didn’t mirror the global concern.

Despite the dramatic headlines, investors in Indian stock markets have shown little reaction. The Sensex, India’s benchmark index, has barely moved in the past week.

A day before Israel launched its first missiles on Tehran, the Sensex had closed at 81,691.98. By Tuesday, five days and three trading sessions later, it settled at 81,583. That’s just a 108-point drop or a modest 0.13% decline, despite the ongoing geopolitical crisis.

While the equity markets have remained calm, crude oil prices have ticked upward, showing an 11% jump, from $67.34 per barrel on June 12 to around $74.6 by Tuesday.

So, why this calm in the face of global chaos?

Experts point to India’s relatively secure macroeconomic position, low inflation, and minimal trade links with Iran. The conflict hasn’t targeted Iranian oil facilities yet, something that could potentially alter the market dynamics.

Analysts say that unless Israel begins attacking Iran’s energy infrastructure, or unless supply chains are disrupted, the current spike in crude is more psychological than structural.

OPEC members, led by Saudi Arabia, currently have excess production capacity. That serves as a safety net. As long as Iranian oil installations remain untouched, supply isn’t expected to tighten drastically.

Pankaj Pandey, Head of Research at ICICI Securities, noted that inflation in India is still manageable. This has given comfort to market participants, even as crude prices show an upward trend.

Madan Sabnavis, Chief Economist at Bank of Baroda, echoed a similar sentiment. According to him, only a significant and sustained rise in oil prices would start pressuring India’s macroeconomic fundamentals, especially by bloating the import bill and increasing wholesale price inflation.

In May, India’s Wholesale Price Index (WPI) slipped to a 14-month low of 0.39%, down from April’s 0.85%. Meanwhile, the Consumer Price Index (CPI) inflation for April stood at just 3.2%, its lowest level in nearly six years.

The Reserve Bank of India’s latest monetary policy report projects CPI inflation at 3.7% for FY 2025-26, indicating that price pressures remain largely under control. That’s a key reason why market reactions have been muted so far.

Oil, of course, holds weight in India’s economic equation. The country imports nearly 85% of its crude oil needs, and oil imports make up more than a quarter of the total import bill. A rise in prices directly affects the current account balance and inflation numbers.

Crude-related products form over 9% of the WPI basket. A 10% hike in oil prices could raise WPI inflation by nearly 0.9%. But so far, markets aren’t reacting as if the worst-case scenario is unfolding.

Experts say the current uptick in crude is driven more by fear than by actual supply disruptions. Unless that changes, the Indian economy and its markets are likely to stay steady, despite the fire raging in the Middle East.

Why Japan’s $68 Billion Investment During Modi Visit Signals Confidence in Indian Economy Amid Global Trade Uncertainty

Vaishnav Akash — Wed, 03 Sep 2025 19:35:20 +0530

Two months after U.S. President Donald Trump dismissed India as a “dead economy,” Japan delivered a strikingly different assessment. During Prime Minister Narendra Modi’s visit to Tokyo on August 29 and 30, Japan announced $68 billion of private investments in India over the next decade, marking the biggest outcome of the bilateral summit.

Japanese confidence in India’s growth potential contrasted sharply with Washington’s skepticism. Still, experts caution that these are commitments by private companies rather than government guarantees. Japanese firms will weigh India’s ability to absorb technology, provide skilled manpower, and create the right ecosystem before turning pledges into projects.

Alongside the investment announcement, India and Japan unveiled a Joint Vision for the Next Decade. The plan identified priority areas ranging from economic security, sustainability, and technology to health, mobility, and people-to-people exchanges. The framework is both pragmatic and expansive, opening fresh avenues for collaboration.

🇯🇵🇮🇳 Tokyo Skytree, Japan’s tallest tower, was illuminated in the colors of the Indian flag to commemorate Indian Prime Minister Narendra Modi’s state visit to Japan. pic.twitter.com/d51TrrmLpS

— 由仁アリン Arin Yuni (@Arin_Yumi) August 29, 2025

Expanding Partnership Beyond Delhi and Tokyo

Another important initiative launched during the visit was the State-Prefecture Partnership Initiative. This seeks to connect Indian states directly with Japanese prefectures, moving cooperation beyond the capitals. Such decentralized engagement, analysts believe, can embed projects more quickly at the local level.

India-Japan ties have historically avoided major irritants, except for Tokyo’s strong criticism of India’s 1998 nuclear tests. India has remained the largest recipient of Japanese development assistance, and cumulative Japanese FDI in India since 2000 now stands at $44.4 billion. Annual bilateral trade is valued at about $22.85 billion.

The relationship has steadily evolved, from a “Global Partnership” in 2000, to a “Strategic and Global Partnership” in 2006, and finally to a “Special Strategic and Global Partnership” in 2014. Both countries are also central players in the Quad grouping with the U.S. and Australia, while jointly campaigning for United Nations Security Council reforms.

This year’s summit with Prime Minister Ishiba Shigeru came at a sensitive time. Global economic uncertainty has been worsened by U.S. tariffs with 15 percent on Japanese goods, and a steep 50 percent on Indian exports. Both Tokyo and Delhi face questions about Washington’s reliability, prompting closer bilateral coordination.

Under the Economic Security Cooperation Initiative, India and Japan will deepen work in artificial intelligence, semiconductors, critical minerals, telecom, pharmaceuticals, and clean energy. According to an Indian foreign ministry official, these steps aim to enhance supply chain resilience and regional stability.

Security Cooperation Amid Regional Tensions

The two governments also launched a new AI Cooperation Initiative to facilitate industry-academic exchanges, joint research projects, and data center development in India. While framed as economic, the effort is closely tied to security, given the central role of technology in strategic competition.

Defense cooperation remains another pillar of the partnership. Although China was not named directly in the joint statement, references to “serious concern” in the East and South China Seas and opposition to “unilateral actions” clearly pointed at Beijing.

A revised Joint Declaration on Security Cooperation now includes space, cyber, and defense equipment development alongside more advanced bilateral exercises and joint work by special operations units. It updates the 2008 framework and institutionalizes dialogue between the national security advisors of both countries.

Both sides describe their partnership as mutually beneficial. Delhi views Japanese investments as essential for Narendra Modi’s “Make in India” push, while Tokyo sees India as a crucial market and strategic partner at a time of U.S. trade friction.

The complementarities are evident. India’s mineral reserves and Japan’s extraction expertise align well, as do Japan’s need for skilled labor and India’s surplus workforce. Tokyo plans to facilitate exchanges of 500,000 people, including 50,000 Indian workers, to address Japan’s demographic challenges. Indian students will also benefit through expanded educational exchanges, with Japanese corporations like Suzuki playing a leading role.

Progress, however, faces obstacles. While Japan has introduced its E10 Shinkansen for India’s bullet train project, the Mumbai-Ahmedabad line continues to be plagued by delays, cost overruns, and land acquisition hurdles.

Questions also persist about India’s readiness for high-end technology. In areas like semiconductors, India remains at the lower end of the value chain. Digitalization may be the only sector where India holds an edge over Japan.

Despite challenges in implementation, both sides insist the momentum is real. An Indian foreign ministry official highlighted that the original investment target of $34 billion for 2026 was achieved early, prompting the new $68 billion commitment. Whether execution can match ambition will determine the lasting impact of Modi’s Tokyo visit.

'Our creative basket is vast, ready to be shared': PM Modi hails Indian cinema's global legacy at WAVES 2025

Team Asianet Newsable — Thu, 01 May 2025 17:31:17 +0530

Mumbai: Prime Minister Narendra Modi officially inaugurated the World Audio Visual and Entertainment Summit (WAVES) 2025 today at the Jio World Convention Centre, calling it a historic moment for India's cultural and creative sectors.The four-day summit, themed "Connecting Creators, Connecting Countries," aims to position India as a global hub for media, entertainment, and digital innovation.In his keynote speech, PM Modi addressed a diverse audience of artists, innovators, industry leaders, and policymakers from over 90 countries."...India, with a billion-plus population, is also a land of a billion-plus stories and over a billion storytellers," he said.

"Every street, every river, every mountain in India carries a tale. Across more than six lakh villages, each one holds a new story, a fresh perspective. Truly, India has much more to offer," the Prime Minister said. Highlighting the depth of India's cultural wealth, he added, “In India, even music is a form of spiritual practice. Every note tells a story, every rhythm has a soul. Be it a devotional bhajan or a modern composition, the sound of India carries a touch of the divine.”

He urged the international creative community to tap into India's storytelling potential, saying, “This is the perfect time to 'Create in India, and Create for the World.' As the world seeks stories, India offers a treasure trove, rich in science, fiction, courage, and imagination. Our creative basket is vast and ready to be shared.”

WAVES 2025 is India's first-of-its-kind international summit dedicated to the audio-visual and entertainment sectors. It will bring together over 10,000 delegates, 1,000 creators, 300 companies, and 350 startups, creating a powerful cross-sectoral network. From film and OTT to AVGC-XR, comics, AI, and broadcasting, the event encompasses the entire spectrum of media and emerging technologies. A significant highlight is the launch of the Global Media Dialogue (GMD), with ministerial participation from 25 countries. WAVES will also host the WAVES Bazaar, an international e-marketplace featuring over 6,100 buyers, 5,200 sellers, and 2,100 projects, facilitating global trade and collaboration in creative content.

PM Modi is also set to tour the Creatosphere, where he will interact with creators selected from the "Create in India" challenges, initiatives that attracted more than 100,000 participants over the past year. Additionally, he will visit the Bharat Pavilion, a specially curated showcase of India's creative heritage and innovation.The grand opening ceremony at the Nita Mukesh Ambani Cultural Centre (NMACC) reflects a celebration of India's artistic spirit. A 50-piece orchestra led by Oscar-winning composer MM Keeravaani will deliver a breathtaking musical performance on May 1.

Singer Shreya Ghoshal inaugurated the summit with a soulful welcome song. Bollywood superstar Shah Rukh Khan made a dramatic entry to welcome delegates on stage. Other leading stars, including Akshay Kumar, Aamir Khan, Rajinikanth, Alia Bhatt, Ranbir Kapoor and Deepika Padukone, were also present.

Diwali special: Cut in petrol, diesel prices due to drop in fuel prices in international market

Team Newsable — Fri, 25 Oct 2019 17:51:39 +0530

New Delhi: The prices of petrol and diesel have come down, thanks to decrease in the price of crude oil in the international oil market.

This news has come as a gift to the people gearing up to celebrate Diwali from today. Fuel retailers have reduced petrol price by 11 paise and diesel by 6 paise, today. This week, petrol and diesel prices have fallen by 21 paise and 17 paise.

There was considerable increase in the rates of fuel in the last month after there were attacks on oil facilities in Saudi Arabia. But the prices have come down in India this month. In fact, this month, there has been no record of increase in the petrol, diesel prices.

Here is the list of reduced rates of petrol and diesel in the four cities of India.

Delhi

Petrol - Rs 73.06

Diesel - Rs 66

Mumbai

Petrol - Rs 78.68

Diesel - Rs 68.31

Bengaluru

Petrol - Rs 75.50

Diesel - Rs 68.26

Chennai

Petrol - Rs 75.87

Diesel - Rs 69.71

Kolkata

Petrol - Rs 75.71

Diesel - Rs 69.24