Google Tez records 4 lakh active users within 24 hours of its launch

Google Tez, digital payment app launched in India touched the benchmark of lakh active users on within 24 hours. The app launched by Finance Minister, Arun Jaitley on Monday saw a total of nearly 1.8 crore gross merchandise, a Google spokesperson said in a statement.

Google tez, an app which allows the users to make the digital payments free of charge from their Bank accounts is being designed on Unified Payments Interface (UPI) and is being made to work on the smartphones in the country. With a view of supporting the agenda of Digital India, the app is being made available in English and seven major Indian languages namely Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telegu.

In the partnership with four major banks – Axis bank,  HDFC Bank, ICICI Bank and State Bank of India Google has put a step forward to explore the potential in the field of Digital payments in a developing nation.

On the occasion of launch Arun Jaitley said that the idea of Tez was in talks with Sundar Pichai, CEO Google from Januay, 2017. D.D Mishra, the Research Director, Tez stated that “It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now.”

SOURCES: NDTV  , TOI

India needs to be a low-cost manufacturing hub, says Arun Jaitley

Finance Minister Arun Jaitley on Saturday emphasized that for the Make in India programme to be a success, the country needs to become a low-cost manufacturing hub. Speaking at the 57th National Cost Convention in New Delhi, he also stressed that the country should make the most of favorable low commodity prices.

The Minister said that in the case of service sector, India is undoubtedly capable of becoming a low cost service provider for the world.

“If Make in India has to succeed, we actually have to become a low-cost manufacturing hub. And I think there are several global factors which collectively are suiting us,” he said.

The world is witnessing an unusually low price regime. With China’s cost wages going up, India is back in competition and low prices of oil and commodities are also acting as tailwinds.

Jaitley also mentioned that it would be highly essential for India to make use of this global situation, because as a net buyer, the country will get huge benefits from this low price regime.

The finance minister focusing on the global markets, said that everyone wishes to have products at the lowest rate and aspects such as poor infrastructure, capital and lack of trade simplification increase the cost of goods and services.

Source: The Hindu 

 

AAP alleges Jaitley’s interference in DDCA probe

New Delhi: The Aam Aadmi Party (AAP) on Wednesday alleged that Union Finance Minister Arun Jaitley tried to interfere in the Delhi police’s investigation of a case related to corruption in District and Delhi Cricket Association (DDCA).

The party produced letters written by Jaitley, who was at the helm of DDCA for 13 years till 2013, to the Delhi police.

In one of the letters dated October 27,2011, he wrote to then Delhi Police Commissioner B K Gupta asking him to close the probe against DDCA officials. In the letter, Jaitley wrote that the investigation into the irregularities related to the Syndicate Bank Cricket Club should be closed as the “DDCA had done no wrong”.

In an other letter dated May 5, 2012 produced by AAP during the press conference, Jaitley wrote to Ranjit Narayan, then Special Commissioner in Delhi Police, asking him to stop questioning the DDCA office bearers.

The letter reads, ” The complaints are unsubstantiated and do not disclose any offence. Certain office bearers of the DDCA are feeling harassed by the repeated questioning in this regard.”

AAP leader Ashutosh said that on the basis of the documentary, there is prima facie evidence proving Jaitley’s interference in the DDCA probe.

The party also posed five questions to Jaitley, including whether he had misused his position as the Leader of Opposition in Rajya Sabha to settle the case against DDCA officials.

Source: The Hindu

DDCA Controversy: SIT probe on the cards?

Coming as yet another development in the DDCA (Delhi and District Cricket Association) fiasco, Gopal Subramaniam – head of the inquiry commission to probe the cricket body’s alleged irregularities – has written to National Security Advisor (NSA) Ajit Doval requesting a Special Investigation Team (SIT) for the case, constituted of officials from the Central Bureau of Investigation (CBI), Intelligence Bureau (IB) and Delhi Police.

The former solicitor general is heading the inquiry panel that was set up by the Arvind Kejriwal-led AAP government to indict finance minister Arun Jaitley on charges of financial irregularities and conflict of interest during his tenure as the President of the DDCA till 2013.

Significantly, in response to such allegations, Jaitley had filed a defamation suit/case against Kejriwal and five other AAP leaders.

On the issue, Subramaniam was quoted by Hindustan Times and Times of India as saying, “I have written to him because he is the National Security Advisor… he is in the position to identify who are competent people in various organisations and to send names of independent police officers who can investigate meticulously (HT)… I have sought 4-5 officers from the CBI, the IB and the Delhi Police each for the commission.” (TOI)

The political sparring between the Centre and AAP has been going on in full flow, with questions being raised about the jurisdiction of the respective governments in the context of the case. While the Centre has brought to attention the purported limitations of the Delhi government, and is all set to declare the inquiry commission as invalid, Gopal Subramaniam has maintained that the panel adheres to the provisions of the Constitution.

SOURCES:

Hindustan Times

Times of India 

DDCA Row: AAP leaders get three-week notice to respond

New Delhi: The Delhi High Court on Tuesday gave Chief Minister Arvind Kejriwal and five other Aam Aadmi Party leaders three weeks time to file their replies to the civil defamation case moved by Union Finance Minister Arun Jaitley for the ‘derogatory’ terms used against him and the members of his family in the DDCA corruption row.

The senior BJP leader has sought Rs.10 crore as damages for the remarks made by AAP leaders Kumar Vishwas, Ashutosh, Deepak Bajpai, Raghav Chadha and Sanjay Singh, accusing Jaitley to have played a key role in the alleged irregularities in DDCA during his 13-year term at the helm of the organization.

The High Court has allowed Jaitley to file a rejoinder in two weeks or thereafter. While the next hearing is scheduled for February 5, the court dismissed the process of issuing summons as the counsel representing the AAP leaders was present at Joint Registrar’s  to accept the notice. Jaitley has also filed a criminal defamation case at the Patiala district court against AAP leaders.

Sources: http://www.thehindu.com/news/cities/Delhi/hc-seeks-kejriwals-reply-to-jaitleys-civil-defamation-suit/article8017893.ece

Jaitley has filed both civil and criminal defamation cases against Arvind Kejriwal and five other AAP leaders Image source: ANI
Jaitley has filed both civil and criminal defamation cases against Arvind Kejriwal and five other AAP leaders
Image source: ANI

 

Good news: Excise duty cut on cars extended till December

Car Buyers can breathe a sigh relief, thanks to the Finance Ministry’s decision to stay put the cut in excise duty till December 31,2014, which was scheduled to end on 30th June as decided by the previous UPA government.

Finance Minister Arun Jaitley. AFP
Finance Minister Arun Jaitley. AFP

The auto stocks showed a little uplift with Maruti Suzuki trading up by 3 percent. The decision is mainly aimed at cutting back revenue, thereby benefiting economy in the long run, Finance Minister Arun Jaitley said.

The excise duty for SUVs dropped to 24 percent from the earlier 30 percent while on larger cars it came down from 27 percent to 24 percent. The small cars and scooters witnessed a 8 percent cut down from an earlier 12 percent. This announcement is expected to boost the crumbling auto industry, which continued to face a steady decline for the second consecutive fiscal of 2013-2014.

Industry experts welcomed the move and deemed it necessary to revive economic growth and stability during this phase when the country is facing a major economic slump in 25 years. “The nation voted 4 change. We need 2 stand together 2 support the new Govt’s actions to re-build economic growth and prosperity in India (sic),” tweeted Mr. Ratan Tata, Chairman emeritus to Tata Group.

Read more on: http://profit.ndtv.com/news/economy/article-relief-for-car-buyers-excise-duty-cut-extended-543301?pfrom=home-bigstory