Mumbai, Aug 9 (IANS) The Securities Exchange Board of India has proposed easier norms for resident Indians and mutual funds to invest in foreign funds. The regulator proposed to enable retail schemes based in IFSCs in India with resident Indian non-individuals as sponsors or managers to register as FPIs.The investment limit is capped at 10 per cent of the targeted corpus, in line with IFSC rules, a release from SEBI said.The suggestion is to replace the sponsor and manager with a fund management…

New Delhi, Aug 9 (IANS) Delivering on PM Narendra Modi’s vision of ‘Minimum Government, Maximum Governance’, the Government e-Marketplace (GeM) evolved into a cornerstone of transparency, inclusivity and efficiency, said Union Commerce Minister Piyush Goyal on Saturday, hailing the successful 9 years of the digital governance initiative.”Congratulations to @GeM_India on completing 9 years as one of India’s most impactful digital governance initiatives,” Goyal wrote on his official ‘X’ account.Th…

New Delhi, Aug 9 (IANS) India has more than 22,000 e-Services under the National e-Governance Service Delivery Assessment (NeSDA) framework, the Ministry of Personnel, Public Grievances and Pensions said on Saturday.In a bid to further strengthen the public service delivery framework under the NeSDA, the Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry, met with the Right to Service (RTS) Commissioners.Eight RTS Commissioners representing Chandigarh, Punjab,…

New Delhi, Aug 9 (IANS) The Income Tax Department on Saturday released the ITR-5 Excel Utility for Assessment Year 2024–25. This utility can be used by partnership firms, Limited Liability Partnerships (LLPs), and cooperative societies to file their annual returns. Associations of Persons, Bodies of Individuals, artificial juridical persons, cooperative societies, societies registered under the Societies Registration Act, local authorities, and certain business trusts and investment funds are …

Mumbai, Aug 9 (IANS) The Securities and Exchange Board of India (SEBI) has proposed a distinct alternative investment fund (AIF) scheme that would admit only “accredited investors”. Such specialised AIF schemes can benefit from “a lighter-touch regulatory framework than a regular AIF,” a release from SEBI said.Accredited investors are persons or businesses who meet SEBI-certified wealth, net worth and income criteria. For sole proprietorships, HUFs, and Family Trusts, a minimum annual income of …

New Delhi, Aug 9 (IANS) Arbitrage and multi-asset allocation funds saw the highest inflows in open-ended hybrid schemes during Q1 FY26, as investors moved to safer and diversified investment strategies, a report said on Saturday.Hybrid funds’ AUM saw a significant jump during the quarter, with arbitrage funds rising 22.2 per cent and multi-asset allocation funds up 15.4 per cent, according to a report by stockbroking platform Ventura Securities.Balanced hybrid or aggressive hybrid funds experien…

New Delhi, Aug 9 (IANS) To avoid rush by ensuring hassle-free ticket booking experience during the upcoming peak festive seasons, the Ministry of Railways on Saturday said that it has decided to formulate a ‘Round Trip Package’ on discounted fare and rebates benefit.The move will facilitate passengers and redistribute the peak traffic for a larger range during peak festival seasons and ensure both sides utilisation of trains, including special trains.”It has been decided to formulate an experime…

New Delhi, Aug 9 (IANS) Former G20 Sherpa Amitabh Kant on Saturday urged the need to strengthen the country’s tourism sector to earn big on exports, as well as tackle tariffs, imposed by US President Donald Trump.His remarks came amid concerns over the Trump’s escalation of tariff to 50 per cent on Indian goods.”India’s biggest export earnings can come from Tourism which is totally free from Trumps tariffs,” Kant said, in a post on social media platform X.”We must attract global tourists. Th…

New Delhi, Aug 9 (IANS) India’s second largest lender ICICI Bank has raised the monthly minimum average balance requirement for all customer segments, effective August 1.Customers at metro and urban locations who opened their savings accounts on or after August 1 have to maintain Rs 50,000 monthly average balance to avoid penalties, according to the latest notification on the bank’s website.The minimum average balance for older customers remains Rs 10,000.New customers in semi-urban locations …

New Delhi, Aug 9 (IANS) Elon Musk-run electric car maker Tesla is all set to inaugurate its second showroom in India — in Delhi on August 11 — after it opened the Mumbai showroom last month.In a post on social media platform X, Tesla posted, “Arriving in Delhi – stay tuned,” along with a graphic showcasing its upcoming arrival in the national capital.The new Tesla Experience Centre will open at Aerocity’s upscale Worldmark 3 complex in the national capital, catering to customers in the nat…