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Tag: Business News

  • HCL Tech – Q2FY25 Results review by Sagar Shetty, Research Analyst, StoxBox

    HCL Tech Q2FY25 Results Review:
    HCL Tech reported healthy financial performance during the quarter, beating estimates on all fronts. The topline growth was driven by key deal wins across verticals, product offerings and geographies, with the Telecommunications, Media, Publishing & Entertainment vertical recording a solid 61.2% YoY CC growth, while Financial Services continued to be under pressure due to State Street disinvestment. The EBIT margin also stayed within the guidance range of 18-19% driven by positive operating leverage in the ER&D business. A lower attrition rate further highlights easing concerns on the talent pool. The management also raised its lower-end guidance for revenue growth from 3% to 3.5%, highlighting its growing confidence in the business environment, especially the next-generation technologies. We expect visible growth in H2FY25, with the impact of State Street receding. Going ahead, the management’s commentary on aspects like demand environment, TCV outlook, guidance for H2FY25 and attrition rate would be key factors to watch.


    Neel Achary

  • MethodHub – A journey of global expansion led by founder Aho Bilam

    NRI PULSE STAFF FEATURE

    Atlanta, GA, October 1, 2024: In a tech-driven world, MethodHub stands out as a global IT services firm that is not only evolving rapidly but is also expanding into critical technological areas. Founded in 2019 by Aho Bilam, the company has grown from its humble beginnings in India to a global player with operations in six countries, including the U.S., Canada, Thailand, the Philippines, Malaysia and India.

    Recently, Bilam spoke to NRI Pulse about his vision to further MethodHub’s growth in the American market.

    Chennai-born Bilam’s journey began far from the fast-paced tech world. He earned a mechanical engineering degree, followed by an MBA in marketing from the College of Engineering, Guindy. It was his transition into selling ERP solutions like SAP that opened the doors to the IT sector in the early 1990s.

    “I initially got into sales, specifically selling ERP solutions like SAP,” he shared. His deep understanding of the manufacturing process led him into the IT sector, where he transitioned fully by 1994. Since then, he’s accumulated nearly 30 years of experience, primarily in fulfillment, including recruitment and staffing for top companies.

    The Genesis of MethodHub

    Bilam’s entrepreneurial spirit flourished when he joined Innova Solutions (which he calls Innova Solutions 1.0) and later Clairvoyant, a company he helped build into a $42 million business. Clairvoyant was sold to Innova Solutions 2.0. Following that, he started MethodHub in 2019 in India.

    Six months after launching MethodHub, the pandemic hit and the world shut down. The company lost all its business. However, despite the initial setback, Bilam rebuilt the business from scratch.

    “We began with the lowest level of business — RPO — and built ourselves up,” he says.

    MethodHub now specializes in offering various IT services, including recruitment, managed services, project services, and platform development.

    “We began with Recruitment Process Outsourcing (RPO) but quickly moved up to project services for major clients, like OnPoint Warranty and some of the largest banks and oil companies in Thailand,” Bilam explained. Today, MethodHub works with top-tier clients such as TransUnion, Halliburton, Telus, and Ericsson.

    What sets MethodHub apart, Bilam emphasized, is its agility and focus on cutting-edge technologies. “We are a younger company, so we’ve adopted new technologies—cloud migration, AI, data services, and cybersecurity—faster than most larger firms. Our strength lies in our ability to show proof of concept quickly, which resonates with customers looking for tangible results before committing to new investments.”

    MethodHub’s growth trajectory has been remarkable, with the company now generating over $35 million in revenue within five years. With four key verticals—banking, healthcare, oil & gas, and telecom—and expertise in cloud, AI, data, and cybersecurity, Bilam sees even more potential ahead.

    The company is now over 600-strong and headquartered in Wilmington, DE.

    A Global Footprint

    Today, the company is thriving with operations in six countries and over 120 employees in Thailand alone, where it services top banks like Bangkok Bank and Kasikorn Bank, along with PTT, Thailand’s largest oil company. In Canada, MethodHub recently acquired a 51% stake in Zortech, a company that works with Telus, Canada’s leading telecom firm.

    “Timing has been key,” Bilam reflects on the company’s rapid growth. In just five years, MethodHub has grown to over $35 million in revenue, expanding its client base to cover critical industries like financial services, healthcare, oil and gas, and telecom.

    Carving a Niche in America’s IT Landscape

    Now that Bilam has relocated to Atlanta, he sees a great opportunity for MethodHub to service mid-sized companies in the US. “We’re targeting companies in the $100 million to $3 billion revenue range,” Bilam explains. Larger firms often overlook this sector, leaving space for MethodHub to fill a gap with tailored IT services.

    The MethodHub Edge

    What sets MethodHub apart from its competitors? Bilam explains that, being a younger company, MethodHub has adapted more quickly to cutting-edge technologies like cloud migration, data services, artificial intelligence, and cybersecurity. “We are in areas where the customers want to see tangible results. We can quickly present prototypes or proof of concepts, something larger firms may struggle with due to bureaucratic hurdles.”

    This agility positions MethodHub uniquely to attract companies looking to stay ahead in rapidly evolving technological fields. “We focus on four core technologies: cloud, data, AI, and cybersecurity,” Bilam adds. With a strong track record, especially with high-profile clients like TransUnion, MethodHub is poised to make a significant impact in the U.S. market.

    Looking Ahead

    MethodHub’s journey is far from over. Bilam reveals plans for an IPO in India worth $8-10 million (INR 70 crore range). This move will provide the company with the capital needed for further acquisitions in the U.S. “We’re looking for companies with strong branding, project work, and logos,” Bilam says, indicating that MethodHub’s expansion is strategic and focused.

    After the Indian IPO, the company will explore entering the U.S. market with similar moves, depending on the economic climate. The goal? To become a dominant player in mid-market IT services, especially in areas where innovation and speed are critical.

    MethodHub, under the leadership of Aho Bilam, has come a long way in just five years. From starting with recruitment services to offering complex project management solutions, the company’s trajectory is one of agility and strategic growth. With its eyes set on the mid-sized companies of the US and beyond, and a strong foothold in data-driven industries, MethodHub is positioned to be a major player in the global IT services space.

    As Bilam himself says, “The opportunities are there, and we’re ready to seize them.”

  • Innogress – IIT Gandhinagar Partners To Setup Quantum Tech. Park

    Ahmedabad, India 01st October 2024: Great moment to share that when Govt. of India backed National Quantum Mission (NQM) is progressing towards establishing four Quantum T (Thematic)-Hubs at various IITs/eminent institutions of India, Innogress, promoter of India’s first Quantum Tech. Park-GKQCTP (Greater Karnavati Quantum Computing Tech. Park), has partnered with IIT (Indian Institute of Technology) Gandhinagar to collaborate for developing futuristic technologies, including Quantum Technology ecosystem in India. A partnership MoU has been signed recently between Innogress Ventures and IIT Gandhinagar at Gandhinagar, Gujarat under which IIT Gandhinagar and Innogress shall be collaborating for setting up the proposed Quantum Technology Park, GKQCTP at Gujarat, which shall be incubated at IIT Gandhinagar.

    In addition, Innogress, its startup partners and IIT Gandhinagar also jointly participating in the National Quantum Mission (NQM) of Govt of India by jointly submitting innovative quantum technology development proposals.

    Commenting on the recent partnership of Innogress with IIT Gn Founder Director of Innogress Ventures, Mr Sumant Parimal said “Since we announced our plan to set up a Quantum Technology Park, GKQCTP, at Gujarat in last Vibrant Gujarat, we are in touch with IIT Gandhinagar, and getting consistent mentorship and support of its Director, Prof Rajat Moona and other faculties, now through our recent MoU we have formalized our partnership for jointly working towards development of emerging technologies ecosystems including Quantum Technology in India. Under this MoU we have envisaged strategic role of IIT Gandhinagar as key partner cum co-promoter for developing our proposed Quantum Technology Park, Greater Karnavati Quantum Computing Tech. Park, at Gujarat”.

    “Innogress, its startup partners and IIT Gn are also jointly participating in the prestigious NQM (National Quantum Mission) of Govt of India to collaborate for development of various Quantum Tech products, solutions, services and use cases. These products/solutions and various initial facilities proposed under the Quantum Tech. Park shall be incubated at IIT Gandhinagar as per our proposed plan” Mr Sumant Parimal said further.

    Key architect of this partnership between Innogress and IIT Gandhinagar, Mr Jai Shankar Sharma, who is mentoring and advising Innogress and also mentors IIT Kanpur’s Alumni Association, has hailed strategic role of IIT Gandhinagar in developing various indigenous Quantum Tech. solutions and use cases in collaboration with industry partners like Innogress, Qnu, SQube-Tabor, under visionary tech leadership of Director Dr Rajat Moona.

    “IIT Gandhinagar under visionary leadership of Dr Raja Moona is poised to deliver pioneering innovations in fast emerging Quantum technology. We are looking forward establishing IIT Gn as incubation hub for many innovative Quantum Tech products, solutions, use cases, services and processes for developing quantum technology for adoption in strategic sectors and critical missions of India like Gati Shakti Master Plan, Quantum Communication Satellite of ISRO, Defence/DRDO, DoT, life sciences and finance. And this partnership with Innogress shall enable large scale productization and commercialization of Quantum tech innovations getting incubated at IIT Gandhinagar” Mr. Jai Shanar Sharma said.

    Innogress partners, Qnu and S-Qube-Tabor also signed partnership MoU with IIT Gandhinagar for jointly working on various Quantum Tech solutions.

    Prof Amit Prashant, Dean of R&D, Prof Shanmuganathan Raman, Prof Anagh Bhaumik of IIT Gandhinagar were present during MoU exchange event along with Mr Sumant Parimal of Innogress and Ms Shweta Patel of S-Qube-Tabor, with other team members. Team also met Director of IIT Gandhinagar Prof Rajat Moona and updated him on ongoing and planned collaboration activities.


    Mansi Praharaj

  • India-Israel Workforce Collaboration Soars – NRI News

    Highlights from the Massive Recruitment Drive at ITI Aundh, Pune

    PUNE: The strategic workforce partnership between India and Israel has entered an exciting new phase as thousands of skilled Indian workers flock to ITI Aundh, Pune, for the second round of a ground-breaking recruitment initiative.

    This drive, which commenced on September 17 and will run through September 25, 2024, marks a significant milestone in international labour cooperation.

    A delegation of 12 Israeli officials arrived in India on September 16 to oversee this ambitious recruitment effort. Their presence underscores the importance of this initiative, which aims to fulfill Israel’s growing demand for skilled construction workers while offering Indian talent unprecedented international career opportunities.

    The current phase of recruitment builds upon the resounding success of the initial drive conducted earlier this year in Haryana, Uttar Pradesh and Telangana. To date, approximately 4,800 Indian workers have already been deployed to Israel, earning competitive salaries of around Rs 1.32 lakh per month and a monthly bonus of Rs 16,000. An additional 1,500 workers from the first cohort began their journey to Israel on September 18, 2024, bringing the total number of skilled Indian professionals in Israel to over 5,000.

    Encouraged by these positive outcomes, Israeli employers have expanded their recruitment targets, seeking an additional 10,000 candidates in this round. The focus remains on four critical areas of expertise: Framework, Iron Bending, Plastering, and Ceramic Tiling.

    This initiative is the fruit of a landmark Government-to-Government (G2G) agreement signed between India and Israel in November 2023. The Maharashtra Government has shown its full support behind the program, providing crucial infrastructure and logistical support at ITI Aundh. Deputy Director and in-charge Joint Director Ramakant Bhavsar, along with his team, are spearheading the recruitment efforts at the institute.

    The National Skill Development Corporation (NSDC) plays a pivotal role in this process, ensuring that India’s skilling programs align with global employment demands. Their tireless efforts guarantee that candidates are well-prepared for the technical and professional challenges they will face in Israel.

    This recruitment drive represents a significant step in India’s journey to become a global supplier of high-quality human resources. It showcases the nation’s commitment to enhancing employment opportunities for its workforce in international markets, particularly in countries that value Indian expertise in labour-intensive industries.

    As this initiative continues to gather momentum, it sets a powerful precedent for international labour mobility and demonstrates the mutual benefits of collaborative partnerships between nations. The success of this program is expected to pave the way for many more such international placement opportunities in the future, further cementing India’s position as a key player in the global skilled workforce arena.

  • Karnataka Showcases BTS 2024 – NRI News

    A Global Partnership for Innovation and Growth

    From Bengaluru to the World- A Preview of BTS 2024

    Consul Generals from Australia, Denmark, Israel, Japan, Switzerland, the USA, and the UK confirm their commitment to participation

    BENGALURU: The Department of E, IT, Bt Government of Karnataka, under its Global Innovation Alliance (GIA) initiative, hosted the GIA Meet today to promote the Bengaluru Tech Summit 2024 (BTS 2024) to its Global Innovation Alliance partner countries & international trade mission representatives. The meeting, held in Bengaluru, was graced by Shri Priyank Kharge, Hon’ble Minister for IT, Bt, and Rural Development, Panchayati Raj, Government of Karnataka. The Consul Generals of GIA countries along with Heads of International Trade Missions & different provinces of these countries participated in the event including Australia, Denmark, Israel, Japan, Switzerland, the USA, the UK, Poland, Finland, France, Germany, Netherlands, Italy & many more. Shri Darshan H.V, IAS, Director, Dept. of Electronics, IT, Bt, and Managing Director, KITS, Govt. of Karnatakaset the tone for the GIA Meet, detailed presentation on the event was provided by Dr. Ekroop Caur, IAS, Secretary to Government, Department of Electronics, Information Technology, Biotechnology and Science & Technology, Govt. of Karnataka, and Ms. Ruchi Bindal, IAS, Deputy Secretary, Dept. of E, IT, Bt Govt. of Karnataka concluded the event.

    The Global Innovation Alliance (GIA) is an initiative of the Department of Electronics, Information Technology, Biotechnology, and the Government of Karnataka. The platform aims to create partnerships with leading countries in the field of technology and innovation. This program was conceptualized in 2017 under the Karnataka Unit for International Co-operation (KUIC), and the GIA partners have grown exponentially, from 10 countries in 2018 to 30+ countries in 2024. The GIA Meet aimed to strengthen international cooperation, foster innovation, and invite global participation in the upcoming BTS 2024 scheduled from November 19-21, 2024, at the iconic Bangalore Palace.

    Addressing the gathering, Shri Kharge, Hon’ble Minister for IT, Bt, and Rural Development, Panchayati Raj, Government of Karnataka emphasized the importance of Bengaluru and Karnataka as a global hub for technology collaboration. He stated, “Bengaluru is not just the tech capital of India; it’s a globally recognized hub for innovation, research, and technology-driven growth. The state’s dynamic ecosystem has attracted over $45 billion in foreign direct investment, with global giants establishing significant R&D centers here. With over 15,000 startups and a startup valuation of $180 billion, Karnataka is at the forefront of global innovation. It is also the leading destination for Global Capability Centers (GCCs), with more than 400 centers already established in Bengaluru, making up over 40% of all GCCs in India. The Bengaluru Tech Summit has been instrumental in bringing together the brightest minds from around the world, and I strongly urge our Global Innovation Alliance partners to include BTS 2024 in their event calendars. Active participation will not only contribute to our shared technology future but also help continue creating high-quality jobs, driving economic growth, and building a more connected, sustainable, and inclusive world. Karnataka remains the destination of choice for global technology collaboration, and we look forward to welcoming our GIA partners to explore new opportunities and drive innovation together.”

    International partners were invited to bring their country delegations, including both ministerial, academic, R&D, and corporate representatives, to participate in the exhibition by setting up country pavilions to showcase their technological capabilities, hold meetings with representatives from various nations, and conduct focused sessions under the Global Collaboration Track in the conference.

    Echoing the message from Shri Kharge, Dr. Ekroop Caur, Secretary to Government, Department of E, IT, Bt, and S&T, Government of Karnataka said, “GIA has been a key pillar in promoting Karnataka’s status as a global innovation hub, fostering partnerships with over 30 countries worldwide. Through these partnerships, Karnataka has successfully established itself as a vibrant center for technology and innovation, creating a conducive environment for startups, entrepreneurs, and global corporations alike. The GIA Meet marks the start of global outreach efforts to ensure robust international participation in this as well as the future editions of Bengaluru Tech Summit.”

    Dr. Ekroop Caur presented an overview of the event along with new GIA initiatives which will be tailored to the requirements of the partner countries. She spoke about how the Government of Karnataka is actively enhancing its global engagement through several key initiatives aimed at fostering international collaboration for the state’s vibrant startup ecosystem. The Global Innovation Alliance Market Access Programme (GIA MAP) has successfully facilitated physical exploratory visits for growth-stage Karnataka startups to five countries—UAE, Singapore, Belgium, Australia, and Germany—across various tech segments, supporting 42 startups. Notably, the recent edition in North Rhine Westphalia, Germany, announced a Welcome Package offering €10,000 in financial support to Karnataka-based startups.

    In addition, the GIA Mixer, a monthly event launched in August 2024, focuses on promoting collaboration with a new country each month, with the pilot edition featuring DeepTech and Fintech startups pitching to Australian counterparts. Furthering its commitment to nurturing innovation, the Department is in discussions with the UK’s Catapult Network and Paris’s Station F incubator to bolster Karnataka’s Centres of Excellence (CoEs) and support the growth of its startups. The Department has recently launched a newsletter: ‘The Innovation Chronicle’: a monthly guide to key events, initiatives, and industry highlights in ESDM, startups, IT, and biotech through different sections like Breaking news, Department Hub, Industry in Focus, Luminary talks, among many other interesting insights from the Department.

    The event under the theme ‘Breaking Boundaries’, will provide unbound opportunities that will feature a range of activities including a 6-track Conference covering IT & Deep Tech, Biotech & Healthtech, Startup Ecosystem, Global Innovation Alliance, India-USA Tech Conclave and newly added Electro-Semicon track. The Conference will host over 85 sessions featuring 460+ speakers. Each of these tracks are curated by a committee of experts from the industry, research, and academia. Special programs like the India-USA Tech Conclave, CEO Conclave, Startup Conclave, and Fireside Chats with renowned personalities will also be featured. The International Exhibition with over 700 Exhibitors including  500+ startups will be a major highlight with focused pavilions on Corporate & Industry, Global Innovation Alliance, Startup Zone, STPI National Showcase, MSME Pavilion, R&D Pavilion (Lab to Market), Leading States of India, Karnataka Showcase and Technology Parks. This year there is a special emphasis on the sectorial pavilions focusing on industry sectors like Biotech & Healthtech, Electro & Semicon, Telecom, Spacetech, Mobility, Greentech, Edutech, BFSI & Fintech, and Animation & Gaming.

    A host of networking events like B2B Partnering, Awards, Strategic Roundtables with GCCs, investors, startup ecosystems, satellite events like Beyond Bengaluru; as well as IT & Bio Quizzes, Poster showcase, and Hackathon are some of the other highlights of the event.

    The GIA meet also featured addresses from the Consul Generals including Ms. Hilary McGeachy, Consul General, Australia; Mr. Eske Rosenberg, Consul General, Denmark; Ms. Orli Weitzman, Consul General, Israel; Mr. Nakane Tsutomu, Consul General, Japan; Mr. Jonas Brunschwig, Consul General, Switzerland; Mr. Chrisopher Hodges, Consul General, USA; Mr. James Godber, Deputy Head of Mission, UK and Ms. Anne Cremers, Deputy Consul General, Netherlands. They expressed their commitment to fostering deeper engagement with Karnataka’s thriving innovation ecosystem and participating in the Bengaluru Tech Summit.

    BTS 2024 is set to bring together global thought leaders, industry executives, technology experts, policymakers, and investors to explore the latest trends and developments in technology and innovation. As the event approaches, it heralds a new era of unbound technological innovation and expansive global collaboration.

  • Soul Cages – A Short Film Looking at the Equilibrium between Life and Death

    13th Aug 2024 New Delhi, Delhi, India The much-anticipated short film “Soul Cages,” starring celebrated danseuse Savitha Sastry and written and directed by AK Srikanth, is set to premiere on April 6, 2024. The film explores the delicate balance between life and death, weaving a story that is philosophically rich, extremely moving, and yet at the same time easy to understand. The film promises to further build on the cult status of its stage show version, aiming to extend the narrative’s reach into new realms of intensity.

    Besides Savitha, the film also features the acclaimed actor Rupesh Tillu, known for his roles in “Ship of Theseus” and “Ophelia,” in a never-before-seen avatar. The film is being praised for its stunning visuals and emotional depth and is expected to captivate the audiences with its unique blend of storytelling and visual artistry.

    In 2012, Bharatanatyam danseuse Savitha Sastry and her writer husband AK Srikanth stunned the world of classical Indian dance with their thematic presentation ‘Soul Cages’. The stage presentation was the outcome of an attempt to use classical dance to tell a novel story not based on religion or mythology, and therefore evangelize the art form amongst the uninitiated and the disinterested. While the couple had embarked on this project in true ‘do-or-die’ fashion, with a resolution that if this didn’t work, they would go back to their lives and give up art – it ended up changing their life; the show was an astounding hit which went on to play in 150 venues across 14 countries.

    Over the last 12 years, the couple has moved far ahead with no less than fourteen productions to their name – mostly in the arena of short films with a strong base of Bharatanatyam as the subtext. While they have explored intense subjects in their earlier films like ‘Slow Rivers’ (with thespian Ashish Vidyarthi) and ‘Ghost of the Lighthouse’ (also starring Jamie Alter), one project that they did not revisit was the one that started it all – Soul Cages. “That is because it was difficult to bring as a concept to film” explains writer Srikanth. “On stage, Savitha played all the characters, against a bare stage, and the unfolding of the drama had the audiences become a part of what they could not see but imagine. But on screen, it was a different ball game altogether”. But when it did get written, it was a different story from the one presented in 2012, but with an identical theme and core.

    According to Savitha Sastry, “The 2012 stage production was considered a landmark in the history of Bharatanatyam by critics and ‘vidwans’. This presentation on film is a different story, but connected to the original by an umbilical. It is a sense of deja vu for us.”


    Mansi Praharaj

  • Binance Faces Rs 700 Crore Penalty for Tax Evasion – What You Need to Know

    The Directorate General of GST Investigation (DGGI) has issued a show cause notice to Binance, one of the world’s leading cryptocurrency exchanges, demanding over Rs 700 crore.

    The notice concerns the fees collected from Indian customers dealing in virtual digital assets (VDAs) on the Binance platform, categorizing this service under the online information database access or retrieval (OIDAR) services. This action covers the fiscal period starting from 2017-18.

    Non-Compliance with Indian GST Framework

    Despite being a major player in the global cryptocurrency market, with operations spanning more than 150 countries, Binance had not registered under the Indian GST framework. This oversight has now brought the company under the scrutiny of Indian tax authorities. Binance’s official website describes the platform as “the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange.”

    ALSO READ: Escape from Cyber Hell: How 14 Indians Were Rescued from Cambodian Scam Centers

    A Binance spokesperson clarified the company’s stance to media: “We are aware of certain media reports circulating regarding tax notices being issued by Indian GST authorities to global crypto platforms. We would like to clarify that Binance is, and has always been, committed to adhering to relevant domestic legislations applicable to us. We are fully cooperating with the Indian authorities to address any concerns. Binance remains dedicated to maintaining the highest standards of compliance and transparency in the industry.”

    Previous Regulatory Issues

    This recent GST notice is not Binance’s first encounter with Indian regulatory authorities. Earlier, in June, the Financial Intelligence Unit (FIU) issued a notice to Binance under the Prevention of Money Laundering Act (PMLA). The FIU identified Binance as a Reporting Entity (RE) due to its operations as a Virtual Digital Asset Service Provider, which involves designated business activities under the PMLA.

    The notice, dated December 28, 2023, cited Binance’s failure to comply with its statutory obligations under the PMLA, despite its status as a Reporting Entity. Following a review of Binance’s written and oral submissions, the Director of FIU-IND substantiated the charges against Binance. Consequently, the FIU imposed a penalty exceeding Rs 18.82 crore on June 19. Additionally, the FIU issued specific directives to Binance to ensure diligent compliance with the obligations outlined in the PMLA and the PMLA Maintenance of Record Rules (PMLA Rules) of 2005. These directives aim to prevent money laundering activities and combat the financing of terrorism (AML/CFT).

    India’s Crypto Market Landscape

    India continues to attract global players in the cryptocurrency market, despite its stringent tax regulations. A 2023 report by Chainalysis highlights India’s significant position in the global crypto landscape. Despite the imposition of a 30% tax on gains and a 1% Tax Deducted at Source (TDS) on VDAs, India remains one of the top crypto markets in the world.

    According to the report, India leads the world in grassroots crypto adoption as measured by the Global Crypto Adoption Index. More impressively, India has become the second-largest crypto market in the world by raw estimated transaction volume, surpassing several wealthier nations. The United States leads the table, but transactions in India are pegged at over $260 billion.

    ALSO READ: CBI Captures Fugitive Declared Dead by Court in SBI Fraud Case

    Regulatory Environment

    India does not officially use the term “cryptocurrency.” Instead, the Indian Tax Administration refers to cryptocurrencies and NFTs as Virtual Digital Assets (VDAs). Effective April 1, 2022, any income from the transfer of VDAs is taxable at the rate of 30%, plus surcharge and cess. Furthermore, the government introduced a 1% TDS on VDA transactions effective from July 1, 2022. This TDS is deducted by any individual or HUF while buying a VDA.

    The lack of a comprehensive regulatory framework for cryptocurrencies in India has not deterred global players from entering the market. However, the ongoing scrutiny of platforms like Binance underscores the importance of compliance with local laws to avoid significant penalties and legal challenges.

    As the Indian government continues to refine its regulatory approach to VDAs, the industry can expect more stringent oversight. This is crucial to ensuring compliance and transparency in the rapidly evolving digital asset landscape. The case of Binance serves as a stark reminder to global crypto platforms about the necessity of adhering to local regulations to maintain smooth operations and avoid legal entanglements in the burgeoning Indian market.

     

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  • Cybercrime News 2024 – Making Cyberspace safe for women and children

    The news article is a User Guide on making cyberspace safe for women and children, providing information on identity theft, trolling, hacking, sexting, cyberbullying, cyber grooming, monetary scams, digital payments security, and being cyber vigilant.

    PHISHING

    Scammers may send deceptive emails to steal credentials, offenders can clone credit/debit card information. Follow security measures. 12 letters, numbers, symbols in passwords, enable two-factor authentication, check financial accounts often. Set up alerts, avoid untrusted links, never give personal information, shred documents, choose paperless billing. Report on national cyber crime portal.

    NATIONAL CYBER CRIME HELPLINE NUMBER

    In 1930, guidelines on spotting and dealing with trolls were introduced, emphasizing ignoring and reporting. Trolls aim to bring people down emotionally and mentally, using off-topic remarks, refusal to acknowledge evidence, and a dismissive tone. By not engaging with trolls and reporting them, they can be suspended or banned according to site policies.

    HACKING

    Computer hackers and online predators can steal money, open accounts, and sell personal information.

    SAFEGAURDS AGAINST HACKING

    The section covers tips on online safety, combating cyberbullying, and the do’s and don’ts of handling cyberbullying.

    • Use a two-way firewall and extreme caution in chat rooms to protect personal and financial information online.
    • Report explicit content immediately and block individuals who make you uncomfortable.
    • Combat cyberbullying by saving evidence, reporting to content providers, and seeking police/legal action if necessary.
    • Follow the do’s and don’ts of cyberbullying, including being empathetic, collecting evidence, and not retaliating against bullies.

    SIGNS OF CYBER GROOMING

    Constant messages on different platforms urging secrecy, leading to inappropriate messages and personal information requests. Blackmail attempts follow.

    COMBATING CYBER GROOMING

    Beware of scammers online, as 1930 is the national cyber crime helpline number. Avoid sharing personal details, accepting friend requests from unknown people, and falling for guaranteed loan approval ads. Always check for ‘https’ in the lender’s website URL.

    HOW TO SECURE DIGITAL PAYMENTS?

    Review account statements frequently for unauthorized transactions. Don’t share login details or OTP. Use strong password with special characters. Enable two-factor authentication for online purchases.

    NATIONAL CYBER CRIME HELPLINE NUMBER

    False information from 1930 is being spread, raising questions about its origin and accuracy. Fact-checking is essential.

    WHERE CAN I FACT CHECK?

    Use factcheck.telangana.gov.in or factly.in to verify news, hoaxes, scams. Reverse image search for viral images.

    HOW TO BE CYBER VIGILANT?

    Keep software and operating systems updated, use antivirus software, set social networking profiles to private, and use strong passwords for all accounts. Avoid opening attachments in spam emails and giving bank account details to unknown people. Be cautious while using public wifi hotspots.

    GOLDEN RULES TO FOLLOW ONLINE!

    Be cautious online, as not everyone is who they claim to be; avoid sharing personal information.

  • Explore Jaffna with IndiGo – NRI News

    IndiGo’s Newest International Destination from Chennai

    Jaffna becomes the 122nd destination in the larger 6E network

    Expands reach within Sri Lanka, with direct access to the Northern parts of the country

    INDIA: IndiGo, India’s preferred airline has announced Jaffna, Sri Lanka as the newest addition to its international route network. The airline will start non-stop daily flights between Chennai and Jaffna, starting September 01, 2024. Jaffna will be the second destination in Sri Lanka after Colombo for IndiGo, making it the 34th international and 122nd overall destination in its extensive 6E network.

    This strategic announcement will further strengthen the strong cultural and trade ties between India and Sri Lanka that have been marked by cooperation in the fields of commerce, infrastructure development, and air connectivity. Bookings for the flight are open from August 01, 2024.

    India has consistently held the position of the top primary market for international tourist arrivals to Sri Lanka. In June 2024, Indian arrivals accounted for 25.2% of the total, with over 28,631 travelers, compared to a 26.7% share in June 2023, with around 26,830 passengers. There is also an increasing interest in travel to Jaffna. In this context, IndiGo’s latest route announcement to Jaffna will enhance accessibility across the region. Jaffna will complement IndiGo’s existing flights to Colombo, offering travelers a secondary market access point in Sri Lanka.

    Vinay Malhotra, Head of Global Sales at IndiGo, said, “We are pleased to announce Jaffna as our new destination in Sri Lanka, which will catalyze enhancing trade & tourism between our two countries. In addition to these daily flights from Chennai to Jaffna, we also offer 30 weekly frequencies from 4 points in India to Colombo. This 75-minute flight would significantly reduce travel time, making Jaffna, Sri Lanka even more accessible. We are continuously working towards providing our customers with superior connectivity and enhanced accessibility to explore new horizons with our ever-expanding range of travel options.”

    The demand for travel between Chennai and Jaffna is evident, with over 21,000 passengers flying the route in just nine months last year. IndiGo’s new direct flight provides a timely boost to this resurgence, offering seamless connectivity and tapping into a key market for Sri Lanka’s tourism revival. India and Sri Lanka share a rich legacy of intellectual, cultural, religious, and trade relations spanning over 2,500 years.

    Jaffna, a city located in the northern province of Sri Lanka, is a destination that boasts a rich history and cultural significance. Its vibrant Tamil heritage is reflected in its traditions, festivals, and historical landmarks, showcasing the resilience and diversity of its people. Visitors can explore iconic sites such as the Jaffna Fort, which serves as an architectural testament to the region’s colonial past, and the Nallur Kandaswamy Kovil, a revered Hindu temple that holds both religious and cultural importance. The community’s resilience, combined with its cultural treasures and culinary delights, makes Jaffna a must-visit destination for travelers seeking an authentic and enriching experience.

    Customers who wish to plan their travel can book tickets via our official website www.goIndiGo.in or through our mobile app. The introduction of these flights will further bolster the airline’s international connectivity.

    Flight schedule:

    Flight No.OriginDestinationFrequencyEffectiveDepartureArrival6E 1177ChennaiJaffnaDailySep 01, 202413:5515:106E 1178JaffnaChennaiDailySep 01, 202415:5517:10

    *Schedule may be subject to change depending on approvals from regulatory authorities

  • Unveiling Creativity In Challenging Times: Once Upon A Time, A Pandemic – An Exhibition Of Paintings From 2nd August


    Once Upon a Time, a Pandemi

    PUNE: ‘Once Upon a Time, a Pandemic’ – An Exhibition of Paintings by young artist Chithkala Ramesh is all set to mesmerize art enthusiasts from 2nd August to 25th August at Monalisa Kalagram, Koregaon Park Pune. The one-of-its-kind exhibition is being curated by Giridhar Khasnis and will be open to all from 11 am–7:30 pm. The exhibition is presented by Monalisa Kalagram and organized by IGA Galleria, Pune.

    ‘Once Upon a Time, a Pandemic’ is Chithkala’s first exhibition in Pune and will display her poignant and personal artistic expression of the pandemic times. The art offers meaningful insights into human experiences by recalling the realities of living through lockdowns and isolation. Each painting in this exhibition tells an evocative story. Chithkala’s visuals will encourage viewers to introspect about life, grief, recollection, and resilience. They will serve as lyrical tools to understand the fragility of the world around us.