BUSINESS
Covid curbs still subdue India's services sector output: PMI
Business activity, new orders, and employment declined further, but in all cases, the rates of contraction moderated from June. Besides, firms were pessimistic about the 12-month outlook for output for the first time in a year. Consequently, the seasonally-adjusted India Services Business Activity Index was in contraction territory for the third month in a row.
Law to provide enhanced deposit insurance gets Parliamentary nod
The Deposit Insurance and Credit Guarantee Corporation Bill, 2021 on Wednesday got Parliament's nod, with the Rajya Sabha passing the legislation, which has already been cleared by the lower house. The bill proposes to provide relief to small depositors by providing guarantees on their life savings, increasing the insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest.
India, World Bank sign $250 mn project for making dams safe
The Second Dam Rehabilitation and Improvement Project (DRIP-2) will strengthen dam safety by building dam safety guidelines, bringing in global experience, and introducing innovative technologies. Another major innovation envisaged under the project, that is likely to transform dam safety management, is the introduction of a risk-based approach to dam asset management that will help to effectively allocate financial resources towards priority dam safety needs.
Gautam Thapar sent to one-day ED custody
The ED had demanded a 14-day custody, but the court sent Thapar to the custody of the financial probe agency for one day. After a day's custody, the agency will again produce him before the court. Thapar was arrested on Tuesday night after the ED carried out searches at multiple locations in Delhi and Mumbai.
Kumar Mangalam Birla steps down as Vodafone Idea's Non Executive Chairman
In a regulatory filing, the company said that the company has accepted the request of Birla to step down. "The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August, 2021," it said.
CBIC launches portal with info on customs proceedures, rules
CIP is yet another facilitation tool developed by the CBIC to empower businesses as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports, a statement said.
Yellow.ai raises $78 mn to expand AI chatbot platform, hire more
The company said it will strengthen its leadership in over 50 countries including India, Southeast Asia, the UK, Middle East, and LATAM, and establish a strong presence in the US, adding 70 employees to its more than 500 global workforce. yellow.ai currently enables more than 700 enterprises globally to leverage its Natural Learning Processing (NLP) engine and platform to build chatbots and voice bots.
Adani Green logs 9-fold jump in Q1 net profit
During the same period of last fiscal, the company had reported a net profit of Rs 20 crore. The company posted a total income of Rs 1,079 crore for the first quarter of FY22, compared to Rs 878 crore, Adani Green said in a regulatory filing. "In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world.
Parliament clears LLP amendment bill, decriminalises provisions
The bill was earlier cleared by the Lok Sabha. So, with Parliamentary approval now, it will become law after Presidential assent. This the first amendment to LLP legislation since its enactment in 2008. It largely supports the growing startup ecosystem where companies are flourishing. The new amended legislation has decriminalised 12 offences for LLPs, and three sections of earlier laws have been omitted.
Merchantrade, NPCI to offer real-time remittances to India through UPI
Today's inward remittances are processed via payment modes such as NEFT/IMPS/RTGS. This partnership will help International partners to push funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network is able to do real-time remittances to India. The solution will assist with Beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
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