The Finance Minister has requested the RBI to have monthly meetings with start-ups and fintech companies to address their concerns, following recent regulatory actions. 

Additionally, the RBI, DPIIT, and Finance Ministry will examine the change of ownership in listed fintech companies to ensure regulatory compliance. 

During a meeting with top executives from various firms, discussions were held on simplifying KYC processes, addressing cyber fraud, and reducing the patent application turnaround time as part of the new Digital India Act.

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The tax authority has introduced an on-screen feature on the e-filing portal for taxpayers to address any discrepancies. Income Tax department has revealed an on-screen feature on its e-filing portal after identifying ‘mismatches’ between taxpayers’ filed Income Tax Returns (ITRs) and information received from third parties concerning interest and dividend income.

The information regarding mismatches for Financial Years 2021-22 and 2022-23 is currently displayed on the Compliance portal. Taxpayers are being notified of these mismatches via SMS and emails based on available Department data. 

The on-screen feature, as mentioned by the IT department, is self-contained, enabling individuals to reconcile the discrepancies on the portal directly by responding.

The process does not require any document submission and is a proactive approach by the Department to engage with taxpayers and provide them with a structured way to address the communication. However, this communication should not be considered as a notice.

To view the discrepancy, registered users can directly access the Compliance portal after logging into the e-filing website. On the other hand, non-registered users must first register on the website by providing the necessary details and setting up their account. After registration, they can log in to view the mismatch on the Compliance portal.

Individuals who have disclosed their interest income under the ‘Others’ category in their ITR need not respond to the mismatch as it will resolve automatically and show as ‘Completed.’ Moreover, taxpayers who are unable to provide an explanation for the discrepancy may need to submit an updated ITR if they are eligible, according to the IT department.

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In January 2018, Religare Enterprises Ltd (REL) was placed under the Corrective Action Plan (CAP) by the Reserve Bank of India (RBI). In March 2023, the company successfully completed its one-time settlement (OTS) with 17 lenders by using organic collections, resolving all legacy issues.

 REL’s subsidiary, Religare Finvest Ltd (RFL), cleared all its debts with external lenders, becoming debt-free and ready for fresh lending business. 

The successful debt resolution has allowed RFL to resume operations with renewed vigor and strategic clarity, aiming to establish itself in the Micro and Small Enterprise (MSE) lending segment. 

This development follows efforts to address legacy issues related to misconduct and fund diversion by the previous promoters. Additionally, an expert agency has been appointed to investigate alleged fund diversion. The Burmans of the Dabur group have made a takeover bid for REL, which is being contested by the current management.

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Paytm’s share price surged by 5% as the RBI instructed NPCI to review their request to become a third-party app provider for UPI payments. 

This move could allow Paytm to continue processing payments via UPI, but would require support from a group of selected banks.

 The RBI has also restricted Paytm Payments Bank from accepting new credits after March 15, 2024, to minimize risk in the UPI system. Paytm’s share price has seen a significant decline recently, dropping by nearly 44% in the last month and over 52% in three months.

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Reliance Industries Limited (RIL) and Walt Disney Co have reportedly signed a pact to merge their media operations in India. Under the agreement, Reliance and its affiliates are set to own a minimum of 61% in the combined entity, with Disney having the remaining stake. 

Disney has also agreed to sell 61% of its India business to Viacom 18 for approximately $3.9 billion. This move is anticipated to have a significant impact on the Indian media and entertainment industry.

 Previously, Sony of Japan’s merger plan with Zee Entertainment fell through due to disagreements over leadership. 

Disney has made previous attempts to establish a presence in India through various alliances. However, investor interest in Disney’s India business waned in 2022 after losing online streaming rights for the IPL tournament.

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Uber CEO Dara Khosrowshahi, currently visiting India, considers the country very important for the company. 

He views India not just as a market with great potential but as a crucial aspect of the company’s identity. Khosrowshahi praised India’s demanding customers and unique digital infrastructure, stating that Uber aims to be a part of India’s innovative growth. 

He emphasized the importance of being entrepreneurial and providing a cost-effective, quality service in India. Despite the challenges, he believes that Uber’s presence in India can be profitable in the long run, given the country’s market size and potential. 

Khosrowshahi is optimistic about expanding Uber’s driver base and increasing bookings in India, on par with other successful markets like Brazil.

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Adani Group is currently in discussions with Uber to introduce electric passenger cars, as reported. 

During Uber CEO Dara Khosrowshahi’s visit to India on February 24, a meeting was held with Gautam Adani. 

The talks included plans to bring Adani Group’s electric passenger cars onto Uber’s ride-hailing platform. The potential partnership may lead to integrating Uber’s services under Adani One, a platform offering various services like flight bookings, holiday packages, and cab bookings. 

Adani Group’s interest in entering the electric passenger vehicle segment aligns with this collaboration, as they aim to further expand their presence beyond commercial EVs. 

This partnership stands to benefit both Adani Group and Uber, as it could contribute to the adoption of electric vehicles in India and support Uber’s global goal of transitioning to a zero-emission mobility platform by 2040.

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