Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture! 
An individual by the name of Saptarshi Prakash tweeted a picture of the papers he needed to obtain a Schengen visa, Twitter users were perplexed. 
In the caption, he wrote, “Applying for a tourist visa to one of the most developed countries of the world. This is the amount of paper I am supposed to carry to prove that I have the money to stay there and come back." The image shows a massive bundle of paperwork, which seems to be unending.
In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.
Since uploaded, the image has gone viral and managed to gather over 4K likes.
The amount of documentation astonished users of the internet. Others referred to it as a book manuscript, while some made the comparison to a PhD thesis.

Netizens shocked of paperwork for Schengen visa

Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture! 

 PhD thesis or Swiggy bills? Netizens shocked of paperwork for Schengen visa

<div class="ArticleShow-article-paragraph-18840">In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.</div>
<div>&nbsp;</div>

Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture!&nbsp;
An individual by the name of Saptarshi Prakash tweeted a picture of the papers he needed to obtain a Schengen visa, Twitter users were perplexed.&nbsp;
<a href="https://www.editorji.com/sports-news/commonwealth-games-2022/visa-delay-for-members-of-cwg-bound-indian-women-s-cricket-team-1658572505137">Visa delay for members of CWG-bound Indian women&rsquo;s cricket team</a>
In the caption, he wrote, &ldquo;Applying for a tourist visa to one of the most developed countries of the world. This is the amount of paper I am supposed to carry to prove that I have the money to stay there and come back." The image shows a massive bundle of paperwork, which seems to be unending.
In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.
<a href="https://www.editorji.com/sports-news/cricket/india-tour-of-west-indies-t20-series-facing-logistical-issues-as-players-still-await-us-visas-1659324192648">India tour of West Indies: T20 series facing logistical issues as players still await US visas</a>
Since uploaded, the image has gone viral and managed to gather over 4K likes.
The amount of documentation astonished users of the internet. Others referred to it as a book manuscript, while some made the comparison to a PhD thesis.

Joining the league of Big Tech companies, photo-sharing platform Snapchat is also planning employee layoffs in the organization. 
According to reports, news comes after the company “recently delivered disappointing earning results” and its stock price plunged following its failure to publish forecast earnings for the third quarter.  
"It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," The Verge said in the report. 
Snap joins companies like Microsoft, Twitter, TikTok, Meta and Google who have either laid off employees or frozen new hirings amid the global economic downturn.
 

Oh Snap! Next round of firing from social media giant Snapchat

It is not just photos or videos that disappear from Snapchat, reports indicate lay offs will lead to employees also suffering the same fate. 

As per the report in The Verge, the job cuts at Snap are coming after the company posted disastrous quarterly results (Q2) amid poor future forecasts.

Snapchat is set to join the firing brigade as the social networking app is reportedly laying off staff after disappointing numbers.&nbsp; The last time Snap did layoffs was in 2018 and currently has over 6000 employees and boasts of 347 million daily users of its popular disappearing photo and video app.&nbsp;
<a href="https://www.editorji.com/story/snapchat-will-no-longer-promote-us-president-donald-trump-s-content-1591265227004">Snapchat will no longer promote US President Donald Trump's content</a>
According to reports, news comes after the company &ldquo;recently delivered disappointing earning results&rdquo; and its stock price plunged following its failure to publish forecast earnings for the third quarter.&nbsp;&nbsp; Post the earnings Snap announced that co-founders Evan Spiegel and Bobby Murphy, the company&rsquo;s CEO and CTO, &nbsp; will be paid $1 per year with no additional equity.&nbsp; But that clearly was not adequate&nbsp; "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," The Verge said in the report.&nbsp;
<a href="https://www.editorji.com/business-news/adani-partners-with-french-giant-totalenergies-to-produce-green-hydrogen-1655194884680">Adani partners with French giant TotalEnergies to produce green hydrogen</a>
Snap joins companies like Microsoft, Twitter, TikTok, Meta and <a href="https://www.editorji.com/partner/dw/is-gen-z-killing-google-young-people-prefer-tiktok-1658829876289">Google </a>who have either laid off employees or frozen new hirings amid the global economic downturn.

As the future of Twitter is at stake, the social media giant said the notion Elon Musk was "hoodwinked" into inking a $44 billion buyout deal defies reason and the facts.
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April to buy the San Francisco-based company.
The company accused Musk of contriving a story to escape a merger agreement that he no longer found attractive.
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts. 

Elon Musk making up excuses to breach twitter deal? 

Twitter calls Musk’s reasoning “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”

Musk also accused Twitter of breaching their agreement by &ldquo;stonewalling&rdquo; his information requests

It is a battle of a bungled buyout, bots and with billions at stake. As the future of Twitter's sale remains in limbo, the social media giant dismissed the notion the world's richest man Elon Musk was "hoodwinked" into inking a $44 billion buyout deal.&nbsp;
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April. In a court filing, Twitter calls Musk&rsquo;s reasoning &ldquo;a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.&rdquo;
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts.&nbsp; The fate of that acquisition, which Musk agreed to without taking the time to examine the details of Twitter&rsquo;s business, now rests with a Delaware court where Twitter sued to force Musk to complete the deal. The case is scheduled to go to trial on October 17. &nbsp;

After partnership with luxury maisons like Valentino, Manish Malhotra and Abu Jani Sandeep Khosla, Mukesh Ambani-backed Reliance Industries is in another effort to make luxury fashion accessible by bringing Spanish luxury house Balenciaga to India by 2023. 
Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL’s second with the parent group Kering, that houses Balenciaga. 
Founded by Spanish-born Cristóbal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique. 

Reliance to bring Spanish luxury brand, Balenciaga to India by this year

Reliance to bring Spanish luxury brand Balenciaga to India

Get ready to shop at Balenciaga in India

Reliance has been on a dealmaking spree, signing franchise agreements with brands like Valentino, Gap and British coffee and sandwich chain Pret-A-Manager&nbsp;

The House of Ambani is adding one more luxury brand to it's offering. Mukesh Ambani-backed Reliance brands is bringing Spanish luxury house Balenciaga to India.&nbsp; Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL&rsquo;s second with the parent group Kering, that houses Balenciaga.&nbsp;
Founded by Spanish-born Crist&oacute;bal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique.&nbsp;
Reliance Brands Ltd(RBL) has a portfolio of brand partnerships with leading global brands, including Armani Exchange, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Versace, Villeroy &amp; Boch and West Elm.

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better. 
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.LIC topped the list of companies from India, followed by eight other domestic firms. 
Reliance Industries jumped 51 places to 104 on the 2022 list.
Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. 

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

LIC breaks into Fortune 500 joining 8 other Indian firms. Reliance makes a huge leap

Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better.&nbsp;
Recently-listed Life <a href="https://www.editorji.com/business-news/lic-shares-hit-new-record-low-1654504813674">Insurance Corporation (LIC) </a>has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. LIC topped the list of companies from India, followed by eight other domestic firms.&nbsp;
Reliance Industries jumped 51 places to 104 on the 2022 list.
<a href="https://www.editorji.com/business-news/big-job-losses-walmart-lays-off-hundreds-slashes-profit-guidance-1659588670683">Walmart </a>landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever.&nbsp;

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that awaited what next from Beijing, the tension in the tech ecosystem escalated. Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution. 
- Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China- Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI-  U.S. consumes more than $63 billion worth of Taiwanese tech exports - Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet-  Taiwan accounts for more than 90% of the world’s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group-  Most companies that design chips today — Qualcomm, Nvidia and Apple among them — don't actually do the manufacturing, instead relying on companies like TSMC.- If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.- The island manufactures about 25–30% of integrated circuits (ICs) globally - Taiwan’s Foxconn, is the world’s largest contract electronics makes iphone and in contract with Google as well-  Big suppliers of liquid-crystal display panels- The island manufactures about 25–30% of integrated circuits (ICs) globally - No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%

Explained: Why Taiwan tensions is worrying the entire tech ecosystem?

Tensions around Taiwan on the rise, Editorji explains why this 14,000-square-mile island is critical to the global tech ecosystem from iPhones to AI. 

Taiwan, Tension & Tech

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.&nbsp;

As 82-year-old <a href="https://www.editorji.com/world-news/us-house-speaker-nancy-pelosi-leaves-taiwan-after-a-high-tension-visit-1659536532607">Nancy Pelosi</a> landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.
US House Speaker Nancy Pelosi leaves Taiwan after a high-tension visit
Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution.&nbsp;
<ul>
<li>Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China</li>
<li>Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI</li>
<li>U.S. consumes more than $63 billion worth of Taiwanese tech exports</li>
<li>Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet</li>
<li>Taiwan accounts for more than 90% of the world&rsquo;s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group</li>
<li>Most companies that design chips today &mdash; Qualcomm, Nvidia and Apple among them &mdash; don't actually do the manufacturing, instead relying on companies like Taiwan's TSMC&nbsp;</li>
<li>&nbsp;If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.</li>
<li>The island manufactures about 25&ndash;30% of integrated circuits (ICs) globally</li>
<li>Taiwan&rsquo;s Foxconn, is the world&rsquo;s largest contract electronics makes iphone and in contract with Google as well</li>
<li>Globally big suppliers of liquid-crystal display panels</li>
<li>&nbsp;No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%.&nbsp;</li>
</ul>

Top 10 richest women in India: Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list: 

List of Richest Women in India 2022 | Top 10 richest women in India |  India's Richest Women List

Do you know these top 10 wealthiest women of India?

Here's the list: 


List of Richest Women in India 2022

The cumulative wealth of the top 100 women in the list surged by 53% to ₹4,16,970 crore.

Top richest women of India : Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list:&nbsp;
Roshni Nadar Malhotra, the recently appointed Chairperson of the INR 70,680 crore global technology company, HCL Technologies, ranks first on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 54,850 crore.&nbsp;
Falguni Nayar, the founder and CEO of beauty e-commerce platform Nykaa overtook Kiran Mazumdar Shaw, Chairperson of Biocon, to become the richest self-made woman with a wealth of Rs. 57,520 crores.
Kiran Mazumdar-Shaw, Founder &amp; MD of Biocon, ranks second on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 36,600 crore.
Leena Gandhi Tewari ranks third on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 21,340 crore. Leena chairs privately-held USV, which is a pioneer in diabetic and cardiovascular medicines in India with growing traction in APIs and biosimilars among other medical solutions.&nbsp;
Nilima Motaparti For the past five years, as a director of Divi&rsquo;s Laboratories, Nilima oversaw all elements of Divi&rsquo;s Laboratories&rsquo; material sourcing and procurement, corporate finance, and investor relations. Her wealth surged by over 50 percent during the year.
Radha Vembu sister of Zoho founder Sridhar, ranks fifth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. Radha Vembu founded the tech company, Zoho Mail with her brother Sridhar Vembu and has been co-leading it since 2007. Based out of Chennai, this product manager of Zoho Mail, saw her wealth rise by 127 percent in one year.
<a href="https://www.editorji.com/business-news/pm-modi-to-launch-india-s-first-international-bullion-exchange-but-what-is-it-1659005075875" target="_blank" rel="nofollow noopener">PM Modi to launch India's first international bullion exchange but what is it?</a>
Jayshree Ullal Jayshree Ullal ranks sixth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 10,220 crore. London-born, Jayshree is the CEO of the fastest-growing cloud-networking company, Arista Networks, which is currently valued at USD 16 billion under her leadership.
Neha Narkhede, the co-founder, CTO and CPO,&nbsp;is the eighth richest new member in the list. In June 2021, Confluent&rsquo; valuation rose 25% on the NASDAQ, to hit $11.4 billion (₹84,930 crore), according to the report.&nbsp;
Vandana Lal, director at Dr Lal PathLabs is a new entrant to the top ten list. She is also the head of Dr Lal PathLabs&rsquo; research and development department with a wealth of Rs 6,810 crore.&nbsp;

Burberry has set an example for cultural representation in fashion as they recently chose to pick a four-year-old Sikh boy for their autumn winter '22 collection. 

Burberry casts 4-year-old patka-wearing model for autumn-winter '22 collection

A four-year-old Sikh boy has become the first patka-wearing model. Recently, Burberry shared the pictures of their autumn winter '22 collection and the little boy was featured in it. 

Burberry sets example for cultural representation in fashion!

British luxury brand Burberry chose to cast a 4-year-old Sikh boy for their autumn winter '22 collection and with this, they set an example for cultural representation.&nbsp;

Fashion is versatile, it can be revamped and customised but what is lacking is cultural representation. However, Burberry has now set an example as it showed diversity in its latest campaign.&nbsp;
The British luxury fashion house released pictures of its children's autumn-winter '22 collection. In the latest collection, they chose to cast a four-year-old boy Sahib Singh, and they made him the first patka-wearing model.
The images of the same were shared on the official Instagram account of Sahib Singh. In the caption, it was mentioned that "being part of the Burberry Bear autumn winter '22 campaign is incredible and to be the first patka wearing model for the biggest British brand is just an amazing achievement for our little 4-year-old and the Sikh community."
<h3>What is patka?&nbsp;</h3>
Patka holds traditional value as it is worn by Sikh boys before they start wearing the pagri, which is also known as a turban.&nbsp;
Burberry has been drawing praise on social media. Several users praised the brand for representing the Sikh community and promoting inclusivity and diversity.

RBI Governor salary 2022 : RTI response reveals that the RBI Governor Shaktikanta Das’ remuneration stood at Rs 2.5 lakh per month last year. RBI chief's salary is in-line with what the SBI Chairman earns which amounts to close to Rs 34 lakhs/years.

RBI Governor salary: RBI Governor's salary, the comparison with a bank CEO is shocking! 

Revealed: The RBI Governor's salary, the comparison with a bank CEO is shocking!

Payslip vs Payslip: Regulator vs Regulated

Right to Information (RTI) query response reveals how much RBI Governor earns&nbsp;

The top boss of Mint Street makes 40 times less than the bankers he regulates! An <a href="https://www.editorji.com/india-news/pm-cares-fund-can-t-be-under-rti-it-is-not-a-govt-trust-pmo-1632389522095" target="_blank" rel="nofollow noopener">Right to Information Act (RTI) </a>response reveals that the Reserve Bank of India (RBI) Governor Shaktikanta Das&rsquo; remuneration stood at Rs 2.5 lakh per month last year.&nbsp; Moneycontrol reports that the <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-factors-at-play-for-shaktikanta-das-1654078209537" target="_blank" rel="nofollow noopener">RBI </a>chief's salary is in-line with what the State Bank of India (SBI) Chairman earns which amounts to close to Rs 34 lakhs per year.&nbsp;
<a href="https://www.editorji.com/business-news/fed-rate-hike-to-massive-market-rally-all-that-happened-overnight-1658966796657" target="_blank" rel="nofollow noopener">Fed raises rates but Fed Chief Powell's comments power up the markets</a> The comparison with SBI Chairman may seem equitable but when the figure is pitched against the private bankers Das supervises and regulates the gap is shocking. The salaries of the top five private bank leaders ranged between 2.3 crore to Rs 7.1 crore per annum, including perks. Thus refelecting that they earn over 10 times what their counterpart at SBI or their regulatory supervisor earns.

ITR Filing Mistakes : The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings

ITR Filing: Mistakes that you should avoid while filing income tax returns

Time for ITR Filing: Make sure you have this list of Dos and Donts 

ITR Filing Mistakes : The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing

ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
<h3>1. Income Tax Return filing last date</h3>
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
Also read/watch| <a title="Which country holds the most powerful passport?" href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645">Which country holds the most powerful passport?</a>
<h3>2. ITR filing late fees:</h3>
People can file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">ITR </a>after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
<h3>3. Keep your form in mind&nbsp;</h3>
Individuals should be careful while filling out the<a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank"> income tax return (ITR)</a> forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
<h3>4. Providing incorrect information</h3>
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.

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As the online food delivery giant Zomato's shares hit all-time low, and ended over 12% lower in one week, the company's founder and CEO, Deepinder Goyal announced that it is moving to a multiple-CEO structure. 
According to reports by moneycontrol, Goyal said ''We are now at a stage of life where we are maturing from running (more or less) a single business to running multiple large companies. We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses , all acting as peers to each other, and working as a super team with each other towards building a single large and seamless organisation. Starting today, we are going to call this larger organisation 'Eternal'," 
Zomato hits all-time low
It was an eventful week for Zomato shares on the stock exchanges. While the foodtech startup’s shares have been on a downward spiral ever since it announced acquisition of Blinkit in June, the stock witnessed massive selling this week as the lock-in period for its pre-IPO investors ended. 

Zomato to be 'Eternal' ?

As Zomato's shares hit all-time low, and ended over 12% lower in one week, the company's founder and CEO, Deepinder Goyal announced that it is moving to a multiple-CEO structure. 

Goyal explained that Eternal is a mission statement in itself, as it means forever, something that will last for more than just a few lifetimes.

Days after the online food delivery giant Zomato's shares hit all-time low, the company's founder and CEO, Deepinder Goyal forms an umbrella organisation to make bigger plans.
Deepinder Goyal has announced a new structure for the company that will see its businesses like Zomato, Blinkit and Hyperpure run by different CEOs under one umbrella organisation called 'Eternal'.
According to reports by moneycontrol, Goyal said ''We are now at a stage of life where we are maturing from running (more or less) a single business to running multiple large companies. We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses , all acting as peers to each other, and working as a super team with each other towards building a single large and seamless organisation. Starting today, we are going to call this larger organisation 'Eternal',"&nbsp;
Zomato hits all-time low
The company is going to call this larger organisation "Eternal", at a time when Zomato's stock gets hammered on Dalal Street.&nbsp;
According to report, the new branding has been acknowledged by the company employees, with the "Eternal" logo now being placed at the company's premises and merchandise like t-shirts.

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms. Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions.The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing. The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

10 crypto exchanges under ED lens for laundering over Rs 1,000 crore

Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms.&nbsp; Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions. Read/Watch Also: <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance a hub for laundering?</a> The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing.&nbsp; The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Ministry of Civil Aviation on Wednesday lifted caps on domestic airfare stating that the order will be effective from August 31.
The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020. The ministry reiterated that airlines will continue to adhere to COVID guidelines.
Civil Aviation Minister Jyotiraditya Scindia stated that the decision to remove air fare caps was taken after careful analysis of daily demand and prices of air turbine fuel.
The minister added that stabilisation has set in and the sector is poised for growth in domestic traffic in the near future.

Domestic airfare caps to be lifted from August 31

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The cap on domestic airfare will be removed from August 31, almost 27 months after it was imposed due to Covid-19.&nbsp;
"The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel (ATF). Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Aviation Minister Jyotiraditya Scindia said on Twitter.
ATF prices have been coming down during the last few weeks after jumping to record levels, primarily due to the Russia-Ukraine war that began on February 24.
On August 1, the price of ATF in Delhi was Rs 1.21 lakh per kilo-litre, which was around 14 per cent lower than last month.
The ministry had imposed lower and upper limits on domestic airfares based on flight durations when services were resumed on May 25, 2020 after a two-month lockdown due to the COVID-19 pandemic.
Also Watch| <a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881" target="_blank" rel="nofollow noopener">Scindia holds meeting, safety issues and concerns taken up with DGCA</a>
For example, airlines currently cannot charge a passenger less than Rs 2,900 (excluding GST) and more than Rs 8,800 (excluding GST) for domestic flights of less than 40 minutes.
The lower caps were there to protect the financially weaker airlines and the upper caps to protect passengers from high fares.
On Wednesday, the Civil Aviation Ministry stated in an order: "After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel...it has been decided to remove the fare bands notified from time to time regarding the airfares with effect from August 31, 2022." The airlines and airport operators must, however, ensure that the guidelines to contain the spread of COVID-19 are strictly adhered to and COVID-appropriate behaviour is strictly enforced by them during travel, it added.
Vistara CEO Vinod Kannan had on June 19 said that he would be happy if the lower and upper limits on airfares were increased but the best solution would be for the airlines to have absolute freedom on airfares.&nbsp;

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.  Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill. 
What does the bill propose to do?

Enable consumers to choose from multiple power suppliers in an area, just like in telecom 
Introduce concept of graded revision of tarriff 
Fixing of maximum and minimum tarriff offered by the power companies 
Allow network sharing for optimum utilisation
Regulation and obligation to source power from renewable sources. 

Who is opposing?The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers’ Protests is also protesting the proposed amendments. What are the main points of opposition 

The govt did not hold consultations with all concered before tabling 
Would hurt government discom balance sheets further 
Protestors claim that only government discoms or distribution companies will have universal power supply obligations
Private operators will choose to be available only in 'profitable' areas 
 Profit-making areas will be snatched from government discoms
Given central govt authority to allow private distributors to use state built networks
Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually
Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition. 

What next?Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

Explained: The new Electricity Bill and the opposition it faces

Explained: The new electricity bill and the opposition it faces

The new power struggle in Lok Sabha over the Electricity Bill 

Centre on Monday, 8 August, tabled the Electricity Amendment Bill 2022 in the Lok Sabha during the Parliament's Monsoon Session.

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.&nbsp; Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill.&nbsp;
What does the bill propose to do?
<ul>
<li>Enable consumers to choose from multiple power suppliers in an area, just like in telecom&nbsp;</li>
<li>Introduce concept of graded revision of tariff&nbsp;</li>
<li>Fixing of maximum and minimum tariff offered by the power companies&nbsp;</li>
<li>Allow network sharing for optimum utilisation</li>
<li>Regulation and obligation to source power from renewable sources.&nbsp;</li>
</ul>
Who is opposing? The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers&rsquo; Protests is also protesting the proposed amendments.&nbsp; What are the main points of opposition?&nbsp;
<ul>
<li>The govt did not hold consultations with all concerned before tabling&nbsp;</li>
<li>Would hurt government discom balance sheets further&nbsp;</li>
<li>Protestors claim that only government discoms or distribution companies will have universal power supply obligations</li>
<li>Private operators will choose to be available only in 'profitable' areas&nbsp;</li>
<li>&nbsp;Profit-making areas will be snatched from government discoms</li>
<li>Given central govt authority to allow private distributors to use state built networks</li>
<li>Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually</li>
<li>Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition.&nbsp;</li>
</ul>
What next? Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

In the latest news from the IPO corner, Syrma SGS a technology-focussed engineering and design company is ready to test its fate with investors. Here is all you need to know 

IPO Opens: August 12 
IPO Closes: August 18
IPO Price: Rs 209 to Rs 220
Grey Market Premium: Rs 30/share (as per reports)

The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon.Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries.As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

IPO watch: Syrma SGS Technology IPO, dates to GMP everything you need to know

After over 2 months of an IPO drought, Syrma SGS Technology tests the markets' mettle. Here is all you need to know about the IPO 

First IPO to hit Dalal Street after two and a half months&nbsp;

In the latest news from the IPO corner, Syrma SGS a technology-focused engineering and design company is ready to test its fate with investors. Here is all you need to know&nbsp;
<ul>
<li>IPO Opens: August 12 </li>
<li>IPO Closes: August 18</li>
<li>IPO Price: Rs 209 to Rs 220</li>
<li>Grey Market Premium: Rs 30/share (as per reports)</li>
</ul>
The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon. Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries. As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

Elon Musk is sprung yet another surprise by selling nearly $7 billion worth of Tesla shares. The move comes just months after the billionaire had said that he planned no further Tesla stock sales.Musk sold around 7.9 million shares between Friday andTuesday, regulatory filings show. With the latest sale Musk has sold $32 billion worth of stock in Tesla in the last one year.  Musk said in April "no further TSLA sales planned," after he sold $8.5 billion worth of Tesla shares. Technoking of Tesla is currently locked in a legal battle with Twitter over a 'botched' $44 billion buyout. The rationale for the latest sale of shares is still undisclosed. Tesla shares have risen about 35% from recent lows reached in May, though are still down about 20% this year 

Why did Elon Musk sell $6.9 bn worth of Tesla shares?

Musk on Tesla stock selling spree?

With a $250.2 billion fortune, Musk is the world&rsquo;s richest person, according to the Bloomberg Billionaires Index

Elon Musk has sprung yet another surprise by selling nearly $7 billion worth of Tesla shares. The move comes just months after the billionaire had said that he planned no further Tesla stock sales. Musk sold around 7.9 million shares between Friday andTuesday, regulatory filings show. With the latest sale Musk has sold $32 billion worth of stock in Tesla in the last one year. &nbsp;Musk said in April "no further TSLA sales planned," after he sold $8.5 billion worth of Tesla shares.&nbsp;
<a href="https://www.editorji.com/business-news/twitter-trials-musk-to-face-legal-onslaught-from-october-1658283714506">Twitter Trials: Musk to face legal onslaught from October</a> Technoking of Tesla is currently locked in a legal battle with Twitter over a 'botched' $44 billion buyout. The rationale for the latest sale of shares is still undisclosed.&nbsp;
<a href="https://www.editorji.com/business-news/markets/zomato-delivers-esop-bonanza-shares-for-re-1-1658917566467">Zomato delivers ESOP bonanza, shares for Rs 1</a> Tesla shares have risen about 35% from recent lows reached in May, though are still down about 20% this year. &nbsp;

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