wayne

PM Modi announces Rs 1,000 cr startup fund to push growth of tech ventures

wayne 5 days ago


Prime Minister Narendra Modi on Saturday launched a Rs 1,000 crore startup seed fund at ‘Prarambh: Startup India International Summit.’ This fund would help to launch and grow new-age ventures.


PM Modi said this fund is one of the initiatives that the country has started so that startups don’t face any capital crunch. Startups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help startups raise debt capital through guarantees.



“India is trying to create a startup ecosystem which is based on the mantra ‘of the youth, by the youth, for the youth’,” said Modi. “For the next five years, we have a mission that our startups, unicorns emerge as global giants and lead in futuristic technologies.”


He said if such is the mission of all the countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), then a huge population would benefit from it. BIMSTEC is an international organisation of seven nations of South Asia and Southeast Asia, housing 1.5 billion people and having a combined gross domestic product of $3.5 trillion. The BIMSTEC

…

5 tips for using merchant cash advance

wayne 5 days ago

Merchant cash advances (MCAs) are one of the most common ways that small businesses choose to access quick capital in the modern world.

Rather than acting as a traditional loan, which requires a lengthy process of applications and credit checks, alongside typically complex and opaque repayment terms, MCAs tend to be used as a short-term bridge to keep businesses afloat and prospering in the event of any unprecedented cost they may be faced with.

The merchant cash advance system is pretty straightforward; the provider will give a business a large lump-sum payment, which will then be paid back via the lender taking a percentage of future debit or credit card sales.

The amount loaned and repaid varies significantly depending on the size and revenues of your business, but MCAs are generally viewed as an effective and easy way to address short-term cash flow issues. The industry is large and growing, so it’s important you approach an MCA equipped with the right knowledge. Here are 5 tips on how to make the most of your merchant cash advance.

Know Your Terms

The number of merchant cash advance providers is significant and all of them have different terms. For those still asking

…

CBDT relaxes requirement of remunerating fund managers of offshore funds

wayne 5 days ago


The Central Board of Direct Taxes (CBDT) has relaxed the requirement of remunerating fund managers of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section 9A.


The Section provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India.



The CBDT has stated that for financial years 2019-20 and 2020-21 in cases where the remuneration paid to the fund manager is lower than the amount of remuneration prescribed under sub-rule (12) of Rule 10V, but is at arm’s length, there is no need to take CBDT nod for that lower amount to be the amount of remuneration.


However, the board’s permission will be required from FY21-22 if fees paid to the manager are lower than the prescribed amount.


The Finance Act 2019 had replaced one of the conditions requiring an arm’s length remuneration to be paid to the eligible fund manager for performing fund management activities, with a minimum remuneration to be paid under a prescribed methodology, which became effective from April 1, 2019.


The

…

New launches pick up, but home sales yet to revive amid Covid-19 pandemic

wayne 6 days ago


The Covid-19 pandemic disruptions and the subsequent lockdown brought the already stressed real estate sector to its knees during mid-2020.


However, by the end of year, new launches bounced back – registering 12 per cent growth in the October-December quarter.



Sales, however, continue to remain tepid as a gloomy economic outlook, faltering income levels, and legacy issues in the sector keep buyers skeptical.


chart


chart


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality

…

Was The US Capitol Attack Planned?

wayne 6 days ago

Attackers in organized columns, a woman shouting instructions on a megaphone, and suspicious tours the day before: investigators are probing the possibility that the January 6 attack on the US Capitol was planned, with help from insiders.

Disturbing videos, photos and online communications point to potential conspiracy.

In one video, more than a dozen men wearing assault force-type garb push up the Capitol steps in a line, cutting through the dense crowd toward the building’s doors.

In another, a woman in a pink hat gives directions via megaphone to others inside the building, telling them where to go.

And several men, including two who made it inside the Senate chamber, carried zip ties that could be used to restrain hostages.

Some officials said many of the pro-Trump protestors who broke into the offices of top legislators like House Speaker Nancy Pelosi appeared to know how to navigate the maze-like Capitol.





Police detain a person during the attack by supporters of US President Donald Trump on the US Capitol
 AFP / ROBERTO SCHMIDT

“They knew where to go,” senior Democrat James Clyburn told CBS News. “Yes, somebody on the inside of those buildings were complicit in this.”

Prosecutors have arrested dozens

…

Subscribe Now