Name: Budget 2023: 'Make AI in India', artificial intelligence centres to be set up
Uploaded: 2023-02-01T12:06:07.000+05:30
Duration: T00M50S
Channel: Editorji News Desk
Description: Three centres of excellence for artificial intelligence to be set up in top educational institutions.

As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%

India's UPI transaction hits record 9 billion transactions worth Rs 14 lakh crore in May

As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%

The Unified Payment Interface in India has hit a record 9 billion transactions worth Rs 14.3 lakh crore in May this year. In a data released by the National Payments Corporation of India (NPCI) said that in the last 10 days of May Rs 3.96 lakh crore of money was transacted using UPI.
The NPCI took to twitter and tweeted, &ldquo;It's 9 Billion+ transactions in May`23! Make seamless payments from your mobile in real-time with UPI". As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%. Compared to April, the transaction value has risen by 2% and the volume has increased by 6%.
Earlier, a PwC report stated that the UPI transactions will likely reach 1 billion per day by 2026-27 and will account for 90% of the retail digital payments in the country. This rise in transaction comes at a time, when the government is looking to bring in tax collection across various segments under digital payment.
&nbsp; &nbsp;

The company said in a statement that it respects its employees&rsquo; &ldquo;rights to express their opinions.&rdquo;

Amazon workers protest over recent layoffs, environmental impact and return-to-office mandate 

The company said in a statement that it respects its employees&rsquo; &ldquo;rights to express their opinions.&rdquo;

Hundreds of corporate Amazon workers upset about the company&rsquo;s environmental impact, recent layoffs and a return-to-office mandate protested at its Seattle headquarters.
The lunchtime protest on Wednesday comes a week after the company&rsquo;s annual shareholder meeting and a month after a policy took effect requiring workers to return to the office three days per week. Previously, team leaders were allowed to determine how their charges worked.
The company said in a statement that it respects its employees&rsquo; &ldquo;rights to express their opinions.&rdquo;
Amazon, which relies on fossil fuels to power the planes, trucks and vans that ship packages all over the world, has an enormous carbon footprint. Amazon workers have been vocal in criticizing some of the company&rsquo;s practices.
In an annual statement to investors, Amazon said it aims to deploy 100,000 electric delivery vehicles by 2030 and reach net-zero carbon by 2040. But walkout organizers contend the company must do more and commit to zero emissions by 2030.
Amazon has cut 27,000 jobs since November.

Urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April.

Overqualified and underemployed: China's biggest ever job crisis

Nearly 11.6 million students are set to graduate across China in June, according to a report by The Guardian.

Urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April.

Nearly 11.6 million students are set to graduate across China in June but they will be stepping into the job market at a time when the country's unemployment rate for the youth is at a record high, according to a report by The Guardian.&nbsp;
Urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April. It was 19.6% in March and 18.1% in February.&nbsp;
According to the Bureau of Statistics data quoted by a News18 report, 6 million of the 96 million in the 16-24 age group in the urban labour force are currently unemployed.

For the 14th straight month, GST revenues crossed the ₹1.4 lakh crore mark. 

GST collections in May stood at ₹1.57 lakh crore, a 12% year on year increase

For the 14th straight month, GST revenues crossed the ₹1.4 lakh crore mark.&nbsp;

Goods and Services Tax collections stood at ₹1.57 lakh crore for the month of May, which is 12% higher that the same period last year.&nbsp;&nbsp;
This is the 14th month in a row that GST revenues have crossed ₹1.4 lakh crore. Revenue from import of goods was 12% higher year on year; while domestic transactions (including import of services) revenue was 11% higher year on year.&nbsp;
Of the total ₹1,57,090 crore, Central GST is ₹28,411 crore while State GST is ₹35,828 crore, Integrated GST is ₹81,363 crore and cess is ₹11,489 crore&nbsp;

The government of India holds 66.13% in Coal India and expects to raise more than ₹4000 crore from the offer for sale by offloading a total of 3% including the green shoe option at a floor price of ₹225 per share. 

Coal India OFS: Fully subscribed on Day 1 amid strong institutional response

The government of India holds 66.13% in Coal India and expects to raise more than ₹4000 crore from the offer for sale by offloading a total of 3% including the green shoe option at a floor price of ₹225 per share.&nbsp;

The government's offer for sale (OFS) of Coal India shares received a strong response from institutional investors on day 1. With the issue being over-subscribed, the government will exercise the green-shoe option for an additional 1.5% on 2nd of June.&nbsp;
The offer for Sale in Coal India Limited received response from non-retail investors today. The issue was subscribed 3.46 times the base size. Govt has decided to exercise the green shoe option. Retail investors get to bid tomorrow, said Department of Investment and Public Asset Management in a statement to ANI.&nbsp;
The centre, which holds 66.13% stake in Coal India, is likely to raise around ₹4,200 crore from the OFS by selling around 18.48 crore shares or 3% stake at a floor price of ₹225 per share.&nbsp;
However, Coal India stock has been under pressure for the past few trading sessions. Today it closed 4.6% lower at ₹230.&nbsp;
The Coal India OFS is the first large disinvestment from the centre for this financial year. The government's divestment taget for FY24 is ₹51,000 crore.
On Tuesday, Coal India announced a 8% hike in non-coking coal prices, making high grade coal costly. This will give the company a projected incremental revenue of over ₹2700 crore in FY24.

Editorji brings you the upcoming June deadlines you need to be aware about

From PAN-Aadhaar linking to bank locker rules: list of personal finance deadlines you can’t miss in June

Editorji brings you the upcoming June deadlines you need to be aware about

Almost first half of 2023 is over as the sixth month of the year- June has begun. The month of June comes with a lot of personal finance deadlines.&nbsp; Editorji brings you the upcoming deadlines you need to be aware of:
1. First on our list is PAN-Aadhaar linking deadline. After giving a series of extensions, the Income Tax Department has set June 2023 as the final deadline for seeding the two important documents. 2. Update your Aadhaar- Talking about Aadhaar, the Unique Identification Authority of India (UIDAI) announced free updates for Aadhaar documents in March so that individuals could update any information on their Aadhaar card, e.g address, etc. However, this free service is only available till June 14.&nbsp; After June 14, changes in such updates will charge a fee of ₹50 for document updates. To update Aadhaar documents, you can use the myAadhaar portal. 3. &nbsp;Bank locker rules: Reserve Bank of India (RBI) has set new rules for safe deposit lockers require customers to sign a new agreement with their banks. The RBI expects banks to achieve 50% enrollment by June 30, and 75% enrollment by September 30. As this deadline holds near, you may also be asked to renew your contract. 4. Higher EPS pension deadline The Employees' Provident Fund Organisation (EPFO) has extended the date for filing applications to opt for a higher pension. This is the second time the EPFO has extended the deadline. If you want to opt for a higher pension, you have time till 26 June 2023 to do the same.&nbsp; 5. SBI WECARE FD Scheme: The scheme, which aims to ensure sufficient income for senior citizens aged 60 and above has extended the deadline to June 30, 2023. Under the 'WECARE'&nbsp;scheme, senior citizens get an additional premium of 50 basis points (bps) over and above the existing premium of 50 bps for the public. 6. SBI Amrit Kalash: SBI's Amrit Kalash Special FD also reaches its last date on June 30. This Fixed Deposit tenure spans 400 days. The interest rates for the general public and senior citizens are 7.10 percent and 7.60 percent, respectively. 7. Indian Bank special FD: Indian Bank introduced a unique Fixed Deposit scheme known as "IND SUPER 400 DAYS." Prospective investors have until June 30 to capitalize on this opportunity. The bank is offering an interest rate of 7.25 percent for the general public, 7.75 percent for senior citizens, and 8 percent for super seniors. 8. Last on our list is Mutual fund investing for minors. Securities Exchange Board of India (SEBI) introduced a set of rules relating to buying mutual fund units in the name of minor children through guardians. The new will come into effect from June 15, 2023.

Other brands in the top 10 include Airtel, Life Insurance Corporation (LIC), Mahindra, State Bank of India and ICICI

Best Indian brands 2023 ranking: TCS tops the list; followed by this company 

Other brands in the top 10 include Airtel, Life Insurance Corporation (LIC), Mahindra, State Bank of India and ICICI

Technology giant TCS and India's most valuable company Reliance Industries have topped the list of the country's most valuable brands, according to Interbrand, the renowned global brand consultancy.
Tata Consultancy Services (TCS) topped the 2023 50 Most Valuable Indian Brands list with a brand value of Rs 1.09 lakh crore.
Billionaire Mukesh Ambani's Reliance Industries Ltd is at No.2 spot with a brand value of Rs 65,320 crore. His group's telecom and digital unit Jio is also in the top 5 with a brand value of Rs 49,027 crore.
"Celebrating its 10th year, the Best Indian Brands report has become a definitive guide to the nation's brand landscape since its inaugural publication in 2014," Interbrand said.
This year's edition showcases remarkable growth, with a total list value of Rs 8.3 lakh crore (USD 100 billion), marking a significant 167 per cent increase over the past decade. This is the first time the total value of the table has surpassed the USD 100 billion mark.
IT company Infosys is at No.3 with a brand value of Rs 53,323 crore.
"The top three brands alone account for a staggering 46 per cent of the total value of the top ten brands," it said.
Additionally, the top five brands collectively contribute 40 per cent to the overall value.
HDFC is at No.4 and Jio at No.5.
Other brands in the top 10 include Airtel, Life Insurance Corporation (LIC), Mahindra, State Bank of India and ICICI.
"This year marks a historic moment, as three technology brands secure positions in the top five for the first time in the past decade," it said.
Examining the fastest-growing sectors over the last ten years, FMCG demonstrates an impressive compound annual growth rate (CAGR) of 25 per cent, followed by home building and infrastructure at 17 per cent, and technology at 14 per cent.
The technology sector has overtaken diversified industries as the leading contributor over the last decade.
The top ten brands achieved remarkable scores across three of Interbrand's Brand Strength Factors - Trust, Distinctiveness, and Empathy.
"The total brand value of the top ten brands, amounting to Rs 4.9 lakh crore, exceeds the combined value of the remaining 40 brands on the list, which amounts to Rs 3.3 lakh crore," Interband said.
While the financial services sector still boasts the highest number of brands with nine representatives in the list, the home building and infrastructure sector has witnessed the most significant rise, with seven brands entering the list since 2014.

Kalanithi Maran sued the airlines in 2017 and for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways

SpiceJet ordered to pay Rs 380 crore to its former promoter Sun group's Kalanithi Maran

Kalanithi Maran sued the airlines in 2017 and for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways

Delhi high court has ordered SpiceJet to pay Rs 380 crore to its former promoter Sun group's Kalanithi Maran. The court has also asked the airline to submit an affidavit of assets within four weeks.
Kalanithi Maran sued the airlines in 2017 and for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways. SpiceJet had already paid Maran a principle amount of Rs 579.08 crore after the court fight. However, the interest amount was pending.&nbsp;
As per Mint, The interest stood at Rs 242 crore in October 2020, accumulated to Rs 362 crore by February 2023 and finally touched Rs 380 crore. A SpiceJet spokesperson also told Mint that the airline is confident of resolving the issue mutually as the principal amount is already paid.
This comes amid a battle with aircraft lessors over payments. Meanwhile, SpiceJet witnessed a four-fold increase in earnings to Rs 106.8 crore in the December quarter

According to a report from The Economic Times, Apple's stores in India, Apple BKC and Apple Saket, have achieved impressive monthly sales figures of 22-25 Crore each, surpassing the revenue of any other electronics store in the country

Report: Apple's first stores in India surpass monthly sales figures of 22-25 crore!

According to a report from The Economic Times, Apple's stores in India, Apple BKC and Apple Saket, have achieved impressive monthly sales figures of 22-25 Crore each, surpassing the revenue of any other electronics store in the country

According to a report from The Economic Times, Apple's stores in India, Apple BKC and Apple Saket, have achieved impressive monthly sales figures of 22-25 Crore each, surpassing the revenue of any other electronics store in the country outside of festive seasons like Diwali. The premium Apple BKC store in Mumbai recorded sales worth over Rs. 10 crore on its opening day, April 18, with more than 6,000 visitors. Apple Saket in New Delhi, which opened two days later, also experienced a similar level of footfall.Industry executives attribute the success of Apple's Indian stores to the higher pricing of its products, resulting in increased revenue. The average selling price of Apple devices contributes to the higher earnings. Additionally, the stores continue to attract significant crowds, exceeding Apple's internal sales estimates.

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New Parliament

IPL 2023

Three centres of excellence for artificial intelligence to be set up in top educational institutions.

Budget 2023: 'Make AI in India', artificial intelligence centres to be set up

The move aims to further accelerate the IT industry. The Finance Minister said the move would help the country realize the vision of &lsquo;Make AI in India, Make AI work for India.&rsquo;&nbsp;

Three centres of excellence for artificial intelligence will be set up in top educational institutions, Finance Minister Nirmala Sitharaman announced in the Budget 2023.
These centres will look into research and develop cutting-edge applications in India. &nbsp;The move aims to accelerate the IT industry's growth. The Finance Minister said the move would help the country realize the vision of &lsquo;Make AI in India, Make AI work for India.&rsquo;&nbsp;
Sitharaman said, "The AI centres will be set up in top leading educational institutions. Leading industry players will partner in conducting inter-disciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health and sustainable cities.&rdquo;
She further added that the AI centres will galvanise an effective AI ecosystem and bring in quality human resources.
Also watch: <a href="https://www.editorji.com/business-news/budget-2023/budget-2023-ahead-of-karnataka-elections-watch-fm-nirmala-s-announcement-for-the-state-1675231989878">Budget 2023: ahead of Karnataka elections, watch FM Nirmala's announcement for the state</a>

Meta asks staff to come to start work from office three days per week, the action is a part of the organisation's larger effort to work more effectively

Employees at Meta must work from offices beginning in September

Meta asks employees to come to start work from office three days per week, the action is a part of the organisation's larger effort to work more effectively

Meta will begin enforcing a new policy from September requiring employees to work from office three days a week. This is in line with tech companies across the board trying to limit remote working.&nbsp; Bloomberg cited unnamed insiders with knowledge of the situation who said that the corporation intends to increase productivity and efficiency by asking employees to return to office.
However, current remote workers will be permitted to continue working from their present locations.&nbsp;&nbsp;
Meta CEO Mark Zuckerberg previously stated in March that an internal investigation found that engineers earlier in their careers perform better while working in-person with coworkers for at least three days a week. Zuckerberg urged Meta staff members to look for more possibilities for in-person collaboration in a public post.
10,000 people were let go by Meta after a protracted procedure that started in March.
Meta also terminated numerous rounds of hiring for 5,000 open positions and eliminated 11,000 roles in November.
Since November, when the organisation had roughly 87,000 employees, about 21,000 people have lost their employment at Meta, cutting the company's worldwide headcount by about a quarter.
&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

Gold, Silver Rates Today 2 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

The prices of Gold and Silver in India saw a marginal decline on Friday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,600 while the 24K gold prices stood at ₹6,110.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,505, which was followed by Delhi and Lucknow where the gold costs ₹61,250.&nbsp;
The average price of 10gm of Silver was at ₹734 and 1 kg of silver stood at ₹73,400.
However, in Chennai the metal was sold at ₹78,600, followed by Bengalure where silver costs ₹73,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 2
Delhi - ₹61,250 Chennai - ₹61,505 Mumbai - ₹61,100 Kolkata - ₹61,100 Bengaluru - ₹61,150
Indian Major Cities 1 KG Silver Rate Today June 1
Delhi - ₹73,400 Chennai - ₹78,600 Mumbai - ₹73,400 Kolkata - ₹73,400 Bengaluru - ₹73,500

The average price of 1 gram of 22K Gold stood at ₹5,570 while the for 24K gold prices stood at ₹6,076 and 1 kg silver stood at ₹72,800

Gold, Silver Rates Today 1 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,570 while the for 24K gold prices stood at ₹6,076 and 1 kg silver stood at ₹72,800

On the Multi Commodity Exchange (MCX), early morning deals today saw pressure to sell gold and the price began falling.
The average price of 1 gram of 22K Gold stood at ₹5,570 while the 24K gold prices stood at ₹6,076.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,310, which was followed by Delhi and Lucknow where the gold costs ₹60,930.&nbsp;
The average price of 10gm of Silver was at ₹728 and 1 kg of silver stood at ₹72,800.
However, in cities like Delhi, Kolkata and Bengaluru the metal's price stood at ₹72,800 per kg, according to the GoodReturns.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 1
Delhi - ₹60,930 Chennai - ₹61,310 Mumbai - ₹60,760 Kolkata - ₹60,760 Bengaluru - ₹60,810
Indian Major Cities 1 KG Silver Rate Today June 1
Delhi - ₹72,800 Chennai - ₹77,600 Mumbai - ₹72,800 Kolkata - ₹72,800 Bengaluru - ₹73,000

Amazon is to pay $ 25 million civil penalties to settle the allegations that it violated the child privacy law. In a separate lawsuit, the company will pay $5.8 million as customer refunds for alleged privacy violations involving its doorbell camera Ring

Amazon to pay $31 million over privacy violation in Alexa and Ring Camera lawsuits

Amazon is to pay $ 25 million civil penalties to settle the allegations that it violated the child privacy law. In a separate lawsuit, the company will pay $5.8 million as customer refunds for alleged privacy violations involving its doorbell camera Ring

Amazon is to pay $ 25 million civil penalties to settle the allegations that it violated the child privacy law. The Federal Trade Commission (FTC) alleged that Amazon had deceived the parents by keeping the child's voice and location data by its voice assistant.&nbsp;
The FTC said that Amazon did not delete the kids voices when the parents asked and hence the commission had to intervene to make Amazon delete inactive child accounts as well as certain voice and geolocation data.
In a separate lawsuit, the company will pay $5.8 million as customer refunds for alleged privacy violations involving its doorbell camera Ring. The doorbell company allegedly let employees and contractors access consumers' private videos and provided lax security practices that enabled hackers to take control of some accounts.
Amazon bought California-based Ring in 2018 and the violations as alleged by the FTC predate the acquisition. As per Mint, Amazon said it disagreed with the FTC's claims on both Alexa and Ring and denied violating the law. But it said the settlements &ldquo;put these matters behind us."

The government had clarified that TCS will not be applicable on spending up to Rs 7 lakh, excluding tour packages. The TCS for medical and education expenses remain at 5%

Credit card forex payment: The what, why and how of 20% TCS on foreign transactions

The government had clarified that TCS will not be applicable on spending up to Rs 7 lakh, excluding tour packages. The TCS for medical and education expenses remain at 5%

In a recent change, the finance ministry amended the rules under the Foreign Exchange Management Act (FEMA) to bring international credit card spending under the LRS or Liberalised Remittance Scheme. This essentially means credit card spending abroad will now be a part of the LRS limit of $250,000. Moreover, tax collected at source for transactions under the LRS was also increased from 5% to 20%. These new rules will be applicable from July 1st 2023. &nbsp; Any transaction that goes over the $250,000 limit, would need an approval from the Reserve Bank of India. Earlier, only payments via debit card, bank transfer and forex cards were under LRS. Now foreign spending via credit card is also included under the scheme. &nbsp; This decision to increase the tax on the credit card spending received a lot of backlash.
Following this, the government clarified that the TCS will be applicable only for payments that go over Rs 7 lakh per financial year.
Government's Rationale&nbsp; The government&rsquo;s rationale for this move is that while payments made by debit cards were already covered under the LRS, expenditures by credit cards were not accounted for, which has led to some exceeding the $250,000 limit and bypassing the LRS rules. This move, the govt says, will remove the differential treatment between debit and credit cards and the total expenditure under LRS will be properly captured.
Here are five scenarios and the impact that this change will have:
<ul>
<li>Any spending of up to Rs 6 lakh outside India (other that buying a tour package) Impact: In this case, no TCS will be applicable. </li>
<li>Spending of Rs 8 lakh outside India for medical expenses Impact: TCS of 5% the amount that is above Rs 7 lakh &ndash; Rs 5,000 in this case. </li>
<li>Spending of Rs 8 lakh outside India for education Impact: 1) In case of an education loan: TCS of 0.5% would apply. 2) Without an education loan: TCS of 5% would apply. </li>
<li>Spending of Rs 8 lakh for any expenditure abroad (excluding taking a tour package) Impact: TCS of 20% would apply on the amount that is above Rs 7 lakh. Hence, you will have to pay Rs 20,000 as TCS in this case. </li>
<li>For any travel package irrespective of the cost of the package Impact: 20% TCS will apply.</li>
</ul>
Who gets the TCS?&nbsp; The tax collected at source goes to any authorised dealer. In case of spending via credit cards it goes to the bank. &nbsp; TCS refund A user can get back the tax collected at source while filing for Income Tax returns. As per the government notification, you can deduct the TCS from the tax you would be paying for that financial year or get a refund in case you don&rsquo;t come under the tax paying ambit.
What would be the implications? Many tax experts believe that the increase in the TCS will create a crunch in the cash flow and influence the spending pattern. The government included credit cards under the LRS to keep a track of the overseas expenses. However, many experts feel that this could have been done even without increasing the TCS rate.
Meanwhile, the All-India Association of Authorized Money Changers &amp; Money Transfer Agents have asked the government for specific clarification regarding small value transactions involving Foreign Currency Cash, Wire Transfers through Banks, Prepaid Forex Cards, and other International payment options widely used by individuals during overseas trips for leisure or employment.&nbsp;

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