StartupTalky

Tag: News 📰

  • Who is Takanori Nakamura – How this Failed Silicon Valley Entrepreneur turned billionaire

    Silicon Valley has seen a lot of successful startups and the emerging of the big tech companies such as Google, Facebook, etc. But there has been a recent news where a CEO of one of the companies had become a billionaire and had failed in the Silicon Valley. In this article let’s look at who exactly is Takanori Nakamura and how he turned to be a billionaire.

    Takanori Nakamura – Latest News
    About Rakus Co.
    What is the Story of Takanori Nakamura?
    FAQ

    Takanori Nakamura – Latest News

    Takanori Nakamura a CEO who had failed in the Silicon Valley has become successful in his home country. His company’s stock price has surged and provided a return of around 4,500%. He was pulled out of Silicon Valley in the year 2015 after his mobile marketing software had failed and later on decided to completely take his business into Japan which is his home country.

    Now the efforts put by him are paying off and his company Rakus Co. has seen a surge in its stock price of more than 4000% since the day it was listed in Tokyo. The company that year was also one of the best performances on the stock market index of the country.

    About Rakus Co.

    Rakus Co. is the latest startup in Japan which created a vast wealth for its founder which saw a surge in its price after the company went public. The company is considered to be an example of how some of the hot stocks of the country apply cloud based software and Artificial Intelligence into business ideas which a lot of people consider it to be boring.

    Takanori Nakamura owns around 34% stake in the cloud based expense software firm and serves as the president and the chief executive officer of the company. According to the Bloomberg Billionaires index, his net worth has seen a surge to around USD 1.9 billion.

    Top Countries with Most number of Billionaires 2021
    There are a lot of billionaires all around the world but which country has most number of Billionaires?, Lets find out
    StartupTalkyAlan Joseph

    What is the Story of Takanori Nakamura?

    Takanori Nakamura has conveyed that he doesn’t feel real about his newfound wealth. One of the major dreams of Nakamura was to be able to eat out without worrying about the cost and now he is grateful that he doesn’t have to worry anymore.

    Nakamura used to love reading the tales of rags to riches as a boy and had decided in high school that he wanted to be an entrepreneur. He had finished his graduation from Kobe University and soon after that, he joined the telecommunications giant Nippon Telegraph and Telephone Corp in the year 1996. However, after a year he had quit the company.

    He founded a company in the year 2000 which is a predecessor of Rakus Co. The company had provided training to engineers on how to use and operate the Linux which is an open source operating system. The company later had branched out in different areas where it provided services such as email services and a software that helped in automating the data processing.

    In the year 2009, the company had launched its main business which the current business of Rakus Co. The company released a software called Raku Raku Seisan which means easy easy settlement in English. This software helped the workers to create expense reports online and later the company had developed a mobile version of the software as well.

    In the initial stages, the Software had failed to take off and Nakamura had set his sights and thought that they would win and succeed in the Silicon Valley. He had planned to develop a software which helped the companies to analyze how effective their ads that are run on social media and to whether decide to pull or continue to run their ads.

    He had a thought that the company required a pull in the overseas market because the population of Japan was declining during that period of time. But eventually, the idea and the business had failed in the Silicon Valley.

    According to Nakamura, the US based companies were pouring in investments in the Silicon Valley and competing with them was kind of impossible for them. So later on, he realized that with the given resources the company has a better chance to win in their home country and in the year 2015 Rakus Co. had gone public on the Tokyo stock exchange.

    Billionaires getting richer even during the Pandemic and post crisis
    The global pandemic had affected the world economy but billionaires, in the selected group of countries, have improved their financial situation during the pandemic.
    StartupTalkyVibhavari Madki

    Conclusion

    The company started taking off as Smartphones became more popular in Japan. According to the company, the software developed has more than 8,000 corporate customers. The company is also estimated to have a potential for medium term and long term growth.

    FAQ

    What is the net worth of Takanori Nakamura?

    The net worth of Takanori Nakamura is 180 crores USD.

    Who is Takanori Nakamura

    Takanori Nakamura is the founder and CEO of cloud software firm Rakus, his company offers cloud-based solutions for small and medium business enterprises. He founded Rakus in 2000 and the company went public in 2015.

  • Why is the UK competition watchdog planning a probe against Amazon and Google?

    The Competition and Market Authority is a regulator for competition related to the business in the United Kingdom. The Authority was founded in the year 2013 and has its headquarters in London. The organization is responsible for preventing and reducing the anti competitive activities and for strengthening the business competition. The CMA has accused Google and Amazon of fake reviews and in this article let’s look at further information regarding it.

    United Kingdom Regulators – Latest News
    UK Regulators Investigation against Amazon Google Fake Reviews
    Response from Amazon and Google on its Fake Reviews
    FAQ

    United Kingdom Regulators – Latest News

    The United Kingdom Watch Dog has accused the biggest tech companies Amazon and Google in relation to fake reviews on their platform for the goods and services. The UK regulators had stated on 2 July 2021 that they are looking into Amazon and Google in relation to it.

    The regulatory has said that online giants are not taking enough steps or putting the required efforts in order to stop the fake reviewing of products and services on their platform.

    The CMA has also conveyed that they had conducted an initial inquiry last year and had raised a lot of concerns in relation to whether the companies had been doing the required amount of work in order to detect the fake reviews for their products and services on their platforms and removing them quickly from their websites.

    UK Regulators Investigation against Amazon Google Fake Reviews

    The UK Regulators have conveyed to have started an investigation into Google and Amazon in relation to the fake review on the products and services. The Competition and Markets Authority has said that they have started a formal investigation in order to analyze whether the major tech giants have broken the consumer law of the UK by failing to protect their customers or shoppers.

    It is reported that in the previous year amidst the boom in the e-commerce industry due to the pandemic the UK regulators had looked into some top e-commerce platforms in relation to fake reviews without identifying any specific ones.

    Andrea Coscelli who is the Chief Executive of the Regulatory Authority of UK said in a press statement that the only worry of the regulator is about the consumer who would mislead by looking at the fake review and would purchase the product by spending their hard-earned money and later realize that it was not worth it.

    The Chief Executive also added that it is equally not fair that certain businesses can go against the laws and provide 5 star reviews on their products and services making them stand out and in the meanwhile, the businesses that follow the laws and regulations would lose out.

    Flipkart’s Shopsy App to Help Small Businesses, Entrepreneurs and Others
    Flipkart has recently launched its new platform – Shopsy. Lets find out how it will help Small Businesses, Entrepreneurs to be resellers.
    StartupTalkyAnik Banerjee

    Response from Amazon and Google on its Fake Reviews

    Both the companies Google and Amazon have said that they would work together and provide the support to the UK Regulators with their investigation.

    Google has conveyed that the strict policies of the company have a clear statement that the reviews provided on the services and products should be based on real experiences and genuine ones and added that the company would soon take action and remove the abusive contents to even disabling the user accounts if they find any policy violators.

    Amazon also stated that even the company focuses on removing the fake reviews from their e-commerce websites and also avoid fake and incentivized reviews from appearing on their store as it would help in earning the trust of their customers.

    Conclusion

    Amazon has already been accused in the past of fake reviews on their products. The company has also taken specific measures in relation to it with certain Chinese products and companies. However, we will have to wait for the investigation in order to get much more clarity into it.

    FAQ

    Does Google take down fake reviews?

    Google only remove reviews that it sees to be in direct violation of their policies. It may be that there is insufficient evidence to determine whether the review is legitimate or not.

    What percent of Amazon reviews are fake?

    According to the December 2018 findings, the supplements category had the highest share of fake product reviews on Amazon, with a reported 64 percent of reviews being considered fake.

    Are fake Amazon reviews illegal?

    In several countries, paying people to conduct fake reviews is an illegal practice that damages the rights of consumers.

  • How Flipkart’s New Platform Shopsy will help Small Businesses and Individuals to be Resellers?

    Flipkart is not unknown to Indians. With the birth of Flipkart, eCommerce has been a household term for us.

    The Walmart-owned Indian eCommerce giant has been the trustworthy companion for millions of Indians till date since it was founded 14 years back in 2007. Flipkart has experienced incredible growth over the years.

    Along with keeping up with quality standards of products and services, the Indian startup stood strong against none other than Amazon, which is not an ordinary feat. Furthermore, along the years that Flipkart served the country, it not only increased its business on a large scale but also continued to provide both direct and indirect opportunities of employment for its users.

    On its way to offer employment opportunities for the people of the Indian subcontinent, Flipkart announced its latest app Shopsy.

    What is Shopsy?
    How will it Help Small Businesses, Entrepreneurs, and Individuals?
    Many Users Often Shy Away from Ecommerce Platforms, Why?
    How to use Shopsy?
    FAQ

    What is Shopsy?

    Shopsy, as announced by Flipkart, is launched as an app that will help tens of thousands of native entrepreneurs, businessmen, and other individuals to grow and further their businesses and enterprises.

    According to the Senior Vice President – Growth and Monetization of Flipkart, Prakash Sikaria, the launch of Shopsy as an app will help drive easy employment opportunities for the Indians that will further their “vision and provide additional earning opportunities for millions of enterprising Indians. Now, anyone from anywhere can start their online business with zero investment.”

    Traditional Business Vs Digital Business
    This post discusses traditional business , digital business, and the difference between digital and traditional business models.
    StartupTalkyDevashish Shrivastava

    How will Shopsy Help Small Businesses, Entrepreneurs, and Individuals?

    Flipkart offers a wide range of products, equaling almost 15 crore products from varying industries, which the web app displays its users from where they can choose to buy the ones they prefer.

    To date, Flipkart has only offered its users products and opportunities to be sellers but with Shopsy the app also aims to create resellers out of their users. Now, the wide range of products that Flipkart boasts of on its website, spanning across categories like fashion, beauty, electronics, mobiles, home essentials, etc., will also be available for the budding entrepreneurs and other individuals to resell them and add to their income.

    The people who will choose Shopsy would be able to share Flipkart’s catalogs with their prospects via any social media or messaging apps, place orders for their customers, and earn commissions for themselves. The amount or the percentage of commissions received will not be the same and depend on the products and the categories from which they are ordered.

    Shopsy will also be a great help for Flipkart and have unlimited opportunities to widen their user base and boost their business. People who are relatively new to the world of eCommerce or aren’t sure of buying things online will be acquainted with Flipkart. This will further grow their trust in the brand and eCommerce in general because the known thread will be their trusted point of contact, who will be a Flipkart user.

    This new app will not only benefit the people who already exhibit a strong network but will also be an enviable opportunity for those who only aspire to build a decent network. Yes, the latter can also weave their own network successfully with the daily transactions that they will depend upon once they sign in with this Flipkart app.

    Shopsy will be a great boon for all upcoming entrepreneurs and individuals because all of them will have equal access to the wide inventory, effective logistics management, and established delivery networks of the eCommerce giant, which they can use as their ladder to establishing a successful business. Gain credibility and acceleration will not be a problem to them this way and with this app.

    Shopsy Website
    Shopsy Website

    How Dropshipping Works?Should you Start Dropshipping in 2020
    Do you want to start dropshipping in 2020?Check out this post to know what is dropshipping and why you should start dropshipping in 2020.
    StartupTalkyParnas Ghosh

    Many Users Often Shy Away from Ecommerce Platforms, Why?

    Though online transactions have grown by leaps and bounds in the past couple of decades, many users still fail to muster enough courage to transact online on eCommerce websites mainly because of their ignorance and the lack of trust. Distributed commerce, however, has acted as a channel to solve these problems and has witnessed quite a growth in these recent years. Shopsy will further gear up the possibilities for the app and its users to grow.

    How to use Shopsy?

    Flipkart has grown its eCommerce expertise over the years and is now aiming to help legions of budding Indian entrepreneurs to make the best of the app. All the users who want to use Shopsy will have to first register on the app with their phone numbers in order to kickstart their entrepreneurial venture and can continue adding to the income and expanding their business leveraging the key resources of the platform.

    Conclusion

    With this new initiative, Flipkart aims to benefit over 25 million online entrepreneurs by 2023 through digital commerce. Shopsy will be a major boost to the company, its citizens, and the country, and will be a major step forward to eradicate the country’s long-standing problems of unemployment.

    Besides, with the post-pandemic woes that have ousted several and weakened the stable financial grounds of many individuals and businessmen, Shopsy has the potential to glow as a silver lining at the end of the dreadful pandemic.

    FAQ

    What is Shopsy?

    Shopsy is an e-commerce platform launched by Flipkart to help entrepreneurs grow their business through platforms like WhatsApp.

    Is Shopsy Free?

    Yes, Shopsy platform is free for small businesses and individuals but sellers on Shopsy will have to pay the usual marketplace fee.

  • How GPS imaging will replace Toll Booths in India within one year?

    Toll Booths are very common for an Indian citizen who takes a road trip often and stopping in between your road tips multiple times to pay tolls which consumes a lot of time. However, the Government had introduced FASTag to fasten the process but still was not effective as expected. The Transport Minister has currently announced that the toll booths will be removed from the country and will be replaced by GPS imaging. In this article let’s look at more information regarding it.

    GPS Imaging Toll Booths – Latest News
    Reason Why Government is moving to GPS imaging toll
    The success of FASTag Toll
    How does GPS Imaging work
    FAQ

    Toll Booths – Latest News

    The Government has announced that it would remove all toll booths across the country within a year and will continue the collection of tolls through GPS imaging on the vehicles instead of using toll booths. This was conveyed by the Road Transport and Highways Minister of the country, Nitin Gadkari.

    He conveyed to the Lok Sabha that he would provide an assurity within a year all the toll booths in the country would be removed and the toll collection would happen through GPS imaging.

    Reason Why Government is moving to GPS imaging toll

    The announcement of the removal of the toll booth was announced as an answer to the question that was raised by BSP’s Danish Ali.

    Danish Ali had complained about the toll booths in the Ganamukteshwar in the Hapur district saying that according to the rule there should be toll booths at an interval of 60 km on the National Highways but his constituency had toll booths at an interval of 40 km.

    The Transport Minister said that he knows that in some places there are too many toll booths and added that it is wrong and unfair and also conveyed that he would remove it.

    One of the reasons mentioned by him was that there was a lot of theft in this system and said that the income from toll booths used to be around INR 24,000 crore per year and during the Covid, the income generated from toll booths was less which was around INR 10,000 crore.

    Value of tolls collected on national highways across India
    Value of tolls collected on national highways across India

    The success of FASTag

    The FASTag system which helps in paying the fee on the toll plaza through an electronic system was introduced in the country in the year 2016. Around 93% of the existing vehicles use FASTag for paying the tolls but the remaining 7% have not adopted to using FASTag.

    The vehicles that have not adopted to paying toll through FASTag will have to pay double the amount as toll fees. Gadkari has conveyed that it seems like the rest of the vehicles do not want to leave a record of their travel details and added that he has called an police enquiry for the matter.

    Top 10 Automobile Startups In India To Know In 2020 – StartupTalky
    The automotive industry is a pillar of Indian economy and the automotive industry contributes more than 7% to the total GDP. Auto industry is recognised as a ‘sunrise industry’.
    StartupTalkySouvik Dey

    How does GPS Imaging work

    The collection of toll fees would be through the GPS which will collect the toll tax based on the image that is captured and charge them accordingly.

    At the beginning of the toll road, there will be a camera that will capture an image on GPS. The toll money will be charged based on from where a vehicle would be coming from and will be going to. There will be no toll booths and no one will be stopped on their way.

    Conclusion

    Toll booths are one of the major sources of income for the Government of India. Replacing of Toll booths with GPS Imaging will be one of the steps to achieve digitalization after the adoption of FASTag.

    FAQ

    What is GPS Imaging toll collection?

    GPS imaging means that toll collection will happen via GPS. The money will be collected based on GPS imaging on vehicles.

    Why are there tolls in India?

    In India, Toll tax is charged for raising the cost incurred in constructing as well as for maintaining the roads.

    What is GPS FASTag?

    The Government of India is planning to remove toll booths and implement low powered GPS FASTag, which will collect the toll tax by GPS imaging.

  • What is the new PPP project process announced by FM Nirmala Sitharaman?

    The PPP (Public Private Partnership) Projects in India have provided mixed results. The country had faced problems in regards to land acquisitions, overextended balance sheet, contract disputed and lack of a mechanism for the resolution of disputes.

    Certain projects have left the large public sector banks to end up with bad loans. However, the Finance Minister has announced a new policy to fasten the PPP projects. In this article let’s look at the new project announced by the government.

    PPP Projects – Latest News
    What are PPP Projects?
    The New PPP Policy
    Other Details about PPP
    Assets that will be covered in PPP
    FAQ

    PPP Projects – Latest News

    The Finance Minister of the country, Nirmala Sitharaman on 28 June 2021 had conveyed a new simpler and more efficient and effective approval process for the PPP projects as well as financing of the core infrastructure projects that will be formulated in the country.

    This new formulation will help the CPSEs (Central public sector enterprises) to fasten up the asset monetization. The Finance Minister announcing various economic relief measures had conveyed that the current measure requires a lot of approvals for Public Private Partnership projects and was really long.

    What are PPP Projects?

    PPP projects are the process where the public services are delivered by the private entities which are awarded through a competitive bidding process. These projects are typically run on the lines where the private entity would build it, operate it for some time and later transfer it.

    This method of undertaking the projects is favored by various Governments on a global basis as it makes up for the shortfall of the investments the Government of a particular country can undertake.

    Experts convey that the PPP strategy holds promise for the creation of infrastructure if the financing sector is tied up.

    Will the Central Bank of India become a private bank? | Why is the Government Privatizing banks?
    The Government of India had made a number of announcements and plans in theUnion Budget of 2021-22 and one of the major plans was in regards todisinvestment of privatization. In this article let’s look at the plans of theGovernment in regards to privatizing the banks and whether the Central Bank …
    StartupTalkyAlan Joseph

    The New PPP Policy

    The new policy for the approval and the appraisal of the public private partnership proposals and financing of the core infrastructure projects, including the one through InvITs (Infrastructure Investment Trusts) is aimed at providing and assurance for a faster way towards clearance of projects and to provide support and facilitate the efficiencies of private sector in regards to monetize construction and the management of the infrastructure.

    Nirmala Sitharaman added that, this new policy will help in moving ahead with the proposal of budget regarding the financing of assets.

    List of Economic Relief measures announced by the Government for Startups and Businesses
    As the country is badly hit by the first and second wave of Covid-19, Finance minister has announced various economic relief measures to boost economy.
    StartupTalkyAlan Joseph

    Other Details about PPP

    T V Somanathan, who is the expenditure secretary has conveyed that the further details of the project will be announced by the Department of Economic Affairs. In the Budget Speech of 2021-22, Nirmala Sitharaman had announced that operating the public infrastructure assets is a very important financing operation for the new construction.

    She had stated that there would be a launch of a national monetization pipeline of a potential brownfield infrastructure asset.

    List Of Government Schemes for Startups in India
    India is gradually building a robust startup ecosystem. In order to promote andsupport entrepreneurs, the government has created a ministry (department)dedicated to helping new businesses. The ruling party has introduced manyschemes to bolster entrepreneurship in India and to assist emerging star…
    StartupTalkyAshwini

    Assets that will be covered in PPP

    Some of the core infrastructure assets that will be covered under the asset financing programme are the toll roads that are operated by NHAI, transmission assets of the PGCIL, the oil and gas pipeline of GAIL, HPCL and IOCL, AAI airports in the tier II and tier III cities.

    The other core infrastructure assets included under this programme are railway infrastructure assets, sports stadiums, warehousing assets of the Central Public Sector Enterprises such as the Central Warehousing Corporation and NAFED.

    Conclusion

    The new PPP project policy that is stated by the Finance Minister seems to have scope for undertaking a fast track on completing the infrastructure projects and to facilitate the efficiency of private sectors in regards to monetization on the projects.

    FAQ

    How do PPP projects work?

    Public-private partnerships allow large-scale government projects, such as roads, bridges, or hospitals, to be completed with private funding.

    What does PPP mean?

    Public-private partnership (PPP), partnership between an agency of the government and the private sector in the delivery of goods or services to the public.

    How many active PPP projects are there in India?

    There are around 1,069 active PPP Projects in India.

  • List of Economic Relief measures announced by the Government for Startups and Businesses

    The Covid-19 had created a huge impact on the Indian economy and the lockdown due to the second wave had left a lot of people unemployed and a lot of businesses around the country to be closed down. However, the Government has announced various Economic Reliefs to boost the economy concentrating on various businesses and startups. In this article let’s look at more information on the Economic Relief Measures.

    Economic Relief Measures – Latest News
    Loan Guarantee Scheme
    ECLGS
    Support to the Tourism Industry
    Atmanirbhar Bharat Rozgar Yojana
    Subsidy on Fertilizers
    Underwriting of Additional Projects
    Other Economic Relief Measures
    FAQ

    Economic Relief Measures – Latest News

    The Finance Minister of the country, Nirmala Sitharaman had addressed the press conference on 28 June 2021 and has discussed about various economic relief measures. The Finance Minister has addressed various reliefs for the sectors affected due to Covid-19.


    Loan Guarantee Scheme

    The Finance Minister has announced a Loan Guarantee Scheme for the affected sectors due to Covid-19 of around INR 1.1 lakh crore. The Government will provide a guarantee coverage that is 70% for new projects and around 50% for the expansion and the duration for the guarantee will be up to 3 years.

    This is concentrated on the health sectors and medical infra specially targeting the underserved areas would get an amount of INR 50,000 crore. Other sectors would get INR 60,000 crore and the interest rates would be around 8.25 % p.a.

    ECLGS

    The Emergency Credit Line Guarantee Scheme of an additional INR 1.5 lakh crore has been announced. The coverage on Contact-Intensive sectors will be continued and the loan amount that is proposed and the limit of admissible guarantee is expected to increase above 20%.

    Support to the Tourism Industry

    The Government has announced to provide support to the tourism industry by providing monetary support to more than 11,000 travel and tourism stakeholders and tourist guides. The tourism sector will also be provided with loans under the new loan guarantee scheme for areas affected due to Covid.

    The Government has announced that it would provide loans that are 100% guaranteed up to INR 10 lakhs for the Travel and Tourism sector agencies and an amount up to 1 lakh for the licensed tourist guides.

    The Finance Minister also announced that they would provide free tourist visas and conveyed that once the issuance of visas is restarted the first 5 lakh visas will be issued free of cost and that is offer will be available only once per person. This scheme will be valid till 31 March 2022 or until the number reached 5 lakh tourists.

    Government’s Emergency Credit Line Guarantee Scheme – How hospitals can avail Rs. 2 crores of Government loan?
    Government has recently a new scheme which will help hospital avail 2 crore Govt loan. Lets find out how hospital can avail the scheme?
    StartupTalkyAlan Joseph

    Atmanirbhar Bharat Rozgar Yojana

    The Atmanirbhar Bharat Rozgar Yojana has been extended from 30 June 2021 to 21 March 2022. The scheme provides incentives for the employers in order to increase the new employment opportunities through EPPFO.

    The Government has also approved an outlay of INR 22,810 crore that is expected to benefit around 58.50 lakh beneficiaries by providing them with a monthly wage of around INR 15,000. So far, the benefits of around INR 902 crore have been given to around 79,577 beneficiary establishments.

    Nirmala Sitharaman also stated through the press release that through this scheme from the last October until 18 June 2021 around 2.14 million people have been benefited from around 79,577 establishments.

    Subsidy on Fertilizers

    An additional subsidy for P&K fertilizers and DAP fertilizers has been announced. The NBS subsidy has been increased to INR 42,275 crore in the FY 2021-22 from INR 27,000 crore in the FY 2020-21. An additional amount of INR 14,755 crore is announced to be provided for DAP as well as NPK based complex fertilizers.

    The Government has also conveyed that an amount of INR 85,413 crores has been paid to the farmers.

    Underwriting of Additional Projects

    The Finance Minister also said that there would be underwriting of the additional export projects through the EXIM bank that is worth around INR 33,000 crore. The Minister also conveyed that in the span of the next 5 years there would be an equity infusion in the Export Credit Guarantee Corp of INR 88,000 crore.

    Other Economic Relief Measures

    Some of the other announcements during the press release include providing a viability gap funding of INR 19,041 crore for broadband connectivity in villages through Public Private partnerships, flexibility in claiming incentives linked to production by the large-scale electronics manufacturers, etc.

    Conclusion

    Narendra Modi, the Prime Minister of India had tweeted that the announcements will help in stimulating the economic activities, boost the production and increase the exports as well as increase the employment opportunities.

    FAQ

    How did Covid 19 impacted Indian economy?

    The economic impact of the COVID-19 pandemic in India has been largely disruptive. India’s growth in the fourth quarter of the fiscal year 2020 went down to 3.1%

    Is the Visa free under the Economic relief measure by the government?

    The first 5 lakh visas will be issued free of cost and the offer is only available once per person.

  • What are the Latest Tax Exemptions by the Government for Covid-19 treatment?

    The Covid-19 had affected a lot of families in India and has also wiped out a lot of wealth of many individuals and left many others unemployed. In order to provide a relief to the tax payers, the Income Tax Department of the country has announced certain tax benefits and reliefs for the taxpayers. In this article let’s look at some of the important announcements.

    Tax Exemptions – Latest News
    Tax Exemptions for Employees
    Tax Exemption on Ex – gratia payment
    Deadline extended by the Government
    FAQ

    Tax Exemptions – Latest News

    Anurag Thakur who is the Minister of state in the finance ministry had confirmed about the tax exemptions and the development regarding it. He conveyed that the amount paid by an employer to an employee or any other person for the treatment of Covid-19 for the year 2019-20 and the subsequent years will not be taxed.

    The Finance Ministry had released a report in detail about the information. As per the reports, any amount spent by anybody for the treatment of the employee or someone else would-be tax free. In simple terms, the person who has paid for the treatment and the beneficiary who has received the payment will be exempted from tax.

    Tax Exemptions for Employees

    The Government has announced exemptions on the tax that is received by employees from their employer or any other person for the treatment of Covid-19. The Government has stated that many employees and individuals have received help from their employers and other well-wishers to meet the expenses of their Covid treatment.

    The Press release has conveyed that in order to make sure that an individual would not have any liability on the income tax payment that arises on this account, the Government has decided to provide exemptions for the employees or the individuals or the tax payer for the amount received by their employers or well wishers for the payment of the expenses caused for the medical treatment of Covid-19 in the FY 2019-20 and the subsequent years.

    How are Indian Startups fighting Covid 19?
    In this hour of need, startups have again risen to the occasion to help Indiacope with the second wave of the COVID-19 pandemic. From providing freevaccinations to imparting mental health sessions, Indian startups hasn’t leftany stone unturned to help the country fight the Covid 19 pandemic. Star…
    StartupTalkyJeenal Jain

    Tax Exemption on Ex – gratia payment

    The Government has also conveyed that there won’t be any tax on the ex – gratia payment that is received by the family member of the deceased employee due to Covid-19. The Government has conveyed that there wouldn’t be any tax charged on the amount that an individual has received as a help from the family, friends or relatives due to Covid-19. The amount exempted from the tax would be up to INR 10 lakhs.

    This is considered to be one of the most important relief and a much needed one that is bought in by the Income Tax Department. The taxpayers have faced a lot of difficulties whenever they were hospitalized or under the treatment and the medical expenses for the Covid-19 had turned to be costlier for a lot of people.

    The exemption for the amount received for the medical treatment would provide some relief for the taxpayers and their families as well. It is considered that the families who have lost a member would get benefited by providing exemptions on the ex – gratia amount received by them.

    Deadline extended by the Government

    The Government has extended the deadline for linking PAN cards and Aadhar cards to 30 September 2021 from 30 June 2021 as many people were facing troubles in linking the PAN with Aadhar cards. The deadline for making payment under the Vivad Se Vishwas Scheme has also been extended till 31 August 2021.

    The deadline for the Tax Compliance for the deadline for saving Capital Gains tax has also been extended to 30 September 2021.

    Why Restaurant bodies are seeking waiver – The Performance of Restaurant Industry from 2020 to 2021
    The major cities of India are under a lockdown with the Covid cases rising allover the country. The second wave of the virus was an unexpected hit towards thecountry causing a lot of casualties among the citizens and a lot of businessesgoing down. With regards to it, the National Restaurant Assoc…
    StartupTalkyAlan Joseph

    Conclusion

    The move from the Income Tax Department of the country would help a lot of families and taxpayers to come out of the financial crisis they are currently facing due to the pandemic and this would provide a relief for them.

    FAQ

    What is exemption in income tax?

    Tax exemption is the monetary exclusion that reduces the taxable income which include exemption of charitable organizations from property taxes and income taxes, veterans.

    Who are tax exempted for Covid-19 treatment?

    The government stated that tax exemption will be presented to the amount received for medical treatment from the employer or the third party for treatment of Covid-19.

    What is the limit to the tax exemption provided for Covid-19?

    The exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other persons for Covid-19.

  • Why the UK banned the world’s largest cryptocurrency exchange, Binance?

    The cryptocurrency exchanges have been growing for a very long time with a huge set of believers towards the digital coins. At the same time, there has been a lot of crashes, a lot of wealth wiped off, and as well as a lot of wealth gained through it.

    However, many countries across the globe have been laying restrictions over the trading of cryptocurrencies and the most recently even the UK has banned the largest cryptocurrency of the world from undertaking transactions related to cryptocurrency. In this article let’s look at the reason for it.

    Binance – Latest News
    Terms stated by FCA to Binance
    Reason Why UK imposed a ban on Cryptocurrency exchange – Binance
    Will UK ban other cryptocurrency exchanges?
    FAQ

    Binance – Latest News

    The Financial Regulator of Britain has ordered Binance which is one of the largest cryptocurrency exchanges around the globe, to stop all the regulated activities conducted by the crypto exchange. The Financial Regulator has also issued a warning for the consumers about the platform which is coming under critical observation globally.

    In a notice that was sent on 25 June 2021, the Financial Conduct Authority of the UK has conveyed to the UK entity of Binance, Binance Market Limited that the exchange should not carry out any regulated activities without the prior written consent from the FCA.

    Terms stated by FCA to Binance

    The trading of cryptocurrencies is not directly restricted in the United Kingdom but offering services such as trading in the derivatives of cryptocurrencies does require the authorization.

    The FCA has asked Binance to display a notice on its website and social media channels by 30 June 2021 stating that “BINANCE MARKET LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK”.

    Other than this the FCA has asked Binance to secure and preserve all the records relating to the UK consumers and to provide the information to the FCA by 2 July 2021.

    The Curious Case of Africrypt | How Africrypt leveraged Bitcoin popularity to operate a scam
    Cryptocurrencies have a separate fanbase that loves to mine, possess and tradein them. Ever since bitcoin, the open-source software, was released as theworld’s first cryptocurrency, the era of this new form of digital currenciesbegan. The craze of cryptocurrencies is nothing new and is the drive…
    StartupTalkyAnik Banerjee

    Reason Why UK imposed a ban on Cryptocurrency exchange – Binance

    The regulator has not provided any information or has provided an explanation for why it had taken the measure against Binance. However, Binance had stated earlier that it takes its legal obligations very seriously and engages with the law enforcement and regulators in a collaborative manner.

    Some of the reasons can be the problems faced by Binance across the globe. The regulator of Japan has conveyed on 25 June 2021 that Binance had been operating in the country illegally. This was found through a notice that was posted on the country’s Financial Services Agency Website.

    In the month of May officials from the US Justice Department and Internal Revenue Service who investigate tax offenses and money laundering had sought various information from individuals regarding insights into the business of Binance.

    In the month of April, the financial regulator of Germany, BaFin had warned the exchange about the risks of being fined for offering Digital tokens without a prospectus of the investor.

    These can be the reasons why the UK had decided to ban the cryptocurrency exchange in the country. Amidst the growing number of acquisitions and cases against the Crypto exchange, the UK regulator would have taken the move.

    Will UK ban other cryptocurrency exchanges?

    Since the month of January 2021, the FCA has asked all the different Cryptocurrency exchanges and the apps that offer crypto related services to register and to provide details that they comply with the rules of anti money laundering. However, in the month of June, the FCA has conveyed that only 5 firms have registered and that the majority of the firms were not compliant.

    The FCA is stepping up its unintentional failure to notice the cryptocurrency trading, which has grown in popularity in the UK along with various other countries across the globe.

    How El Salvador became the first country to declare bitcoin as Legal Tender?
    El Salvador which is known as the Republic of El Salvador is a country that islocated in Central America. The country has a population of more than 68 lakhs.El Salvador has accepted bitcoin as a legal tender and will be accepted in 90days starting from 9 June 2021. Let’s look at how El Salvador b…
    StartupTalkyAlan Joseph

    Conclusion

    This may be a major step towards hunting down the firms that are not compliant with the anti money laundering rules in the country. Binance may be the first step that is taken by the regulator. However, the countries across the globe have been hunting down the crypto exchanges and various transactions of the cryptocurrencies.

    FAQ

    Is Binance banned in UK?

    Yes, The UK financial watchdog has banned leading cryptocurrency exchange Binance from all regulated activities.

    Why is Binance being banned?

    Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.

    Will UK ban Crypto exchanges?

    The U.K. does not regulate cryptocurrencies, but it requires exchanges to be registered to operate, which means companies must comply with anti-money laundering measures.

  • Why Carnival, the biggest Cruise company, facing shortage of ships to deliver?

    The tourism and hospitality industry were the most affected during the Coronavirus pandemic and is still said to have been reviving from it. Some of the 5-star hotels have been shut down as they did not have the revenue to pay the employees.

    Carnival which is the world’s biggest cruise company has reported that their demand has been increasing. The company had sold around 19 ships during the pandemic and reduced its capacity to 13%. But now the company is planning to buy back the ship and increase it by around 2.5%. In this article let’s look at the reason for the increase in demand.

    Carnival – Latest News
    Reason Why demand for Ships Increased
    Carnival CEO on the Rising Demand of Cruise bookings
    Carnival CEO on Covid Precautions
    Carnival CEO on Unvaccinated Passengers
    Carnival Company’s new Cruise launch
    FAQ

    Carnival – Latest News

    Carnival is the world’s biggest cruise company. The CEO of Carnival has conveyed that there is a huge demand for travel and the number of strips is outnumbered by the demand. The CEO of Carnival Corp has stated that the demand across its 9 cruise lines is rapidly increasing and added that the Americans are enthusiastic and eager to get back on the water.

    Arnold Donald, the CEO of the world’s biggest cruise company has said that people are impatiently waiting to get back to cruise again. He added that the company has no issues in being able to fill the ships. People are ready to sail but the fact is that the company has far more demand compared to the ships that they have available right now to supply.

    Reason Why demand for Ships Increased

    The CEO has stated that the people are confident about the safety measures taken by cruises and even the vaccine roll out is being continued in the United States. The vaccine shots have acted as a huge game changer and according to Arnold Donald, the bookings were vigorous and the most highest in the history of the company.

    People are ready and are spending a lot of money on board. Travelers are eager to spend their money on extra cash items such as Casinos, luxury meals, massages, etc.

    Carnival CEO on the Rising Demand of Cruise bookings

    Arnold Donald has said that during the second quarter of the company’s business update that was held on 24 June 2021, the company has conveyed that the booking volume of the cruises in the future was higher than the 1st quarter of up to more than 45%. He stated that the advance bookings for 2022 were way higher than 2019 due to the increased demand amongst the people.

    Revenue of Carnival Corporation & plc worldwide
    Revenue of Carnival Corporation & plc worldwide

    Business Travel Management Trends And Impact Of Covid-19
    The travel that is carried out for doing business with someone else is called business travel. Global business travel was largely halted during the epidemic. Covid-19 has affected a few businesses in the travel industry. Let us discuss about business travel management trends.
    StartupTalkyATHUL C K

    Carnival CEO on Covid Precautions

    While speaking about the Covid precautions taken on board the CEO of Carnival Corp has conveyed that some of the cruise lines of Carnival including Costa, have been sailing out of Europe during the Pandemic.

    He added that most of the travelers were unvaccinated but the company had ensured that it took necessary precautions and followed the basic SOPs such as social distancing, wearing masks, periodical Covid tests and intense medical screenings.

    The CEO added that the guest satisfaction scores were flying high as there were less than 50 cases of Covid positive reported out of around 400,000 guests that were onboard.

    The company is expecting some unvaccinated people to be on board from the United States and also adds that these passengers and Travelers will have to take the necessary Covid measures which include wearing masks and periodic Covid tests.

    Carnival CEO on Unvaccinated Passengers

    The world’s biggest cruise and also the celebrity cruise had laid down new regulations that were subjected for the unvaccinated passengers. The passengers or travelers that haven’t taken the vaccination or did not want to show the proof of vaccination intake will have to go through certain onboard restrictions, additional costs and Covid tests. However, the company has conveyed that the passengers who are fully vaccinated would prevent from the risk of spreading the Covid-19.

    The CEO conveyed that if the virus is on board, then there are chances that the passengers would catch it even though the company has put a lot of restrictions. However, he clarified it by adding that they can’t guarantee on not being a single case on board but the chances of an outbreak seem to be really low.

    A fully vaccinated cruise, Royal Caribbean cruise that was sailing from the Bahamas has tested two positive cases of Covid-19 from two of the passengers on board. Both the passengers were under the age of 16 and were exempted from the vaccine mandate.

    5 Fast-Growing Businesses You Should Invest In
    Entrepreneurs and people looking to invest in businesses have never had itbetter than they do today. Along with online platforms that provide highervisibility to startups [https://startuptalky.com/tag/gurugram-startups/] and SMEs,consumers are displaying more acceptance and appreciation for produ…
    StartupTalkyShubham Kumar

    Carnival Company’s new Cruise launch

    The company has a launched a new cruise which is the latest cruise. The cruise would set its sail on 31 July 2021 from Port Canaveral to Easter and the Western Caribbean. The cruise is the first in the world to have a roller-coaster on board and also the first cruise in the Northern America to be run on a liquefied natural gas.

    Conclusion

    The company is expected to sailing at least 52% of its capacity by the end of November and is expecting to have its entire fleet into operation by the spring of 2022.

    FAQ

    Has Carnival Cancelled any cruises?

    Carnival Cruise Line cancelled some of its July 2021 cruises, but it will still sail some ships from the U.S. in July.

    What is the Revenue of Carnival cruise?

    The revenue of Carnival Cruise in 2020 was 559.5 crores USD.

    What is Carnival Cruise net worth?

    The net worth of Carnival in 2020 was US$−10.236 billion, as due to Covid restrictions the company faced a huge loss.

  • Why is Anil Agarwal not giving his business to his family but the society? | How is he doing it?

    Vedanta Resources is a global diversified company that is involved in mining. It has its headquarters located in London, England and is the largest mining company in India. The company was founded by Anil Agarwal who is the current Chairman of the company.

    He has a net worth of USD 3.5 billion and is among the 24th richest men in India. He had recently announced that the company will be institutionalized and won’t be giving his business to his family. In this article let’s look at the further details about it.

    Anil Agarwal – Latest News
    Reason Why Anil Agarwal is not giving his Business to his Family
    How is Anil Agarwal doing it?
    Anil Agarwal on India
    Anil Agarwal on Women Entrepreneurship in India
    FAQ

    Anil Agarwal – Latest News

    The Chairman of Vedanta Resources, Anil Agarwal has conveyed on 26 June 2021 that the company will be institutionalized no matter what and it will not go to his family. He added that the company cannot be run in a defensive mode.

    The family itself is an institution according to him and he conveyed that in the future if the family is capable enough to run the company then it is a different thing. It was conveyed during a webinar on Vedanta of Business that was organized by the FICCI Ladies Organization which is a women business wing of the apex body of FICCI.

    Reason Why Anil Agarwal is not giving his Business to his Family

    One of the major reasons the NRI Anil Agarwal and his family has stated is aiming to give back to the society from where he has got it all. He and his family have decided to give away 75 % of their wealth for the good of the society.

    Anil Agarwal has stated that it is important to give back what we earn for the greater good of the society and community programmes that work towards the eradication of poverty, child welfare and women empowerment.

    Vedanta Revenue from Operations
    Vedanta Revenue from Operations

    How is Anil Agarwal doing it?

    Anil Agarwal has stated that he would provide 75 % to the society and the rest 25% would be given to his family. He also stated that the 25% will be enough for the family. The pledge of 75 % is estimated to be around USD 2.6 billion which is about INR 15.900 crores.

    He stated that the company is the largest producer of oil in India and the largest producer of zinc and silver. He added that he would institutionalize the company at any cost.

    Anil Agarwal on India

    Anil Agarwal while speaking about India conveyed that India is a land of entrepreneurship with the advantage of location, young talent, natural resources, and sea on all the three sides. He also added that the country is moving towards an economy that is self reliant.

    He added that the world never wanted India to grow and always looked at it as a market. But at present, the process of being self-reliant has grown over time and the youth of the country have come up with various startups and ideas and are taking the country to greater heights.

    Anil Agarwal on Women Entrepreneurship in India

    Speaking of women entrepreneurship in the country he added that India has the largest deposit of gold, oil and minerals and stated that it is high time that we explore them and added that the young and women entrepreneurs are supposed to do it.

    Worldwide around 44% of the women are entrepreneurs and in India, it is just 20% of the women are into entrepreneurship. It is considered as the time for the women to come up as they can deliver as well as convince people.

    Conclusion

    India will have to eradicate poverty and create more jobs, which all the countries have done by exploring their natural resources and the current policy of India is expected to bring in a lot more investments because there are opportunities in the country and the government has created a likely environment.

    FAQ

    What is the net worth of Anil Agarwal?

    The Net worth of Anil Agarwal is 430 crores USD.

    What is the revenue of Vedanta?

    The revenue of Vedanta is ₹183,622.00 crore (US$26 billion). Its operations span across India, South Africa, Namibia, Ireland, and Australia.

    Is Vedanta an Indian company?

    Vedanta Limited is the Indian subsidiary of London listed Vedanta Resources Plc and Its operations span across India, South Africa, Namibia, Ireland, and Australia.