India

India will scrap a tax of 6% on digital advertisements online, the finance minister said on Tuesday, easing costs for U.S. tech giants such as Alphabet's Google, Meta and Amazon as a way of soothing U.S. trade concerns, Reuters reported. The move responds to concerns raised by Washington after President Donald Trump threatened reciprocal tariffs from April 2 on trading partners, including India, that fuelled alarm among exporters.

A large number of home buyers face a roadblock at the doors of MahaRERA when projects that they have invested in land at the National Company Law Tribunal (NCLT) following initiation of insolvency and bankruptcy proceedings, the Times of India reported.

Budget carrier SpiceJet is facing fresh insolvency proceedings, this time from Indonesia’s PT BBN Airlines over unpaid lease rentals totalling $5.94 million, Mint.com reported. The National Company Law Tribunal (NCLT), Delhi bench, heard the case on Friday but has yet to issue a notice after SpiceJet sought time to respond. The next hearing has been scheduled for 21 April. PT BBN Airlines claims SpiceJet leased three Boeing aircraft under specific agreements, took possession on 9 June 2024, and used them for operations.

Reliance Capital Limited (RCL) has successfully exited insolvency after the implementation of its approved resolution plan, making it the first Non-Banking Financial Company-Core Investment Company (NBFC-CIC) to complete resolution under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator under Section 45-IA of the RBI Act, 1935.

Food delivery giant Zomato is facing an insolvency plea from uniform supplier Nona Lifestyle, alleging unpaid dues of Rs 1.64 crore, as reported by Bar and Bench on March 17, the Economic Times of India reported. The National Company Law Tribunal (NCLT) has adjourned the case to April 3, requesting the petitioner to clarify its next steps.

India's central bank-regulated entities can leverage artificial intelligence internal controls to address consumer complaints on mis-selling and aggressive practices, central bank governor Sanjay Malhotra said on Monday, Reuters reported. Ninety-five commercial banks in India received over 10 million customer complaints in the 2023-2024 financial year, Malhotra said. "With the rapidly growing customer base and expanding suite of products, this may grow if we do not get our act together," he added.

A unit of Ola Electric Mobility Ltd. is facing insolvency petitions from two of its key vehicle registration service providers in India over unpaid dues, adding to the EV maker’s mounting troubles, Bloomberg News reported. Rosmerta Digital Services Pvt. and Rosmerta Safety Systems — suppliers of vehicle registration services and high-security registration plates respectively — have separately filed insolvency pleas against closely held Ola Electric Technologies Pvt., citing unpaid invoices.

The commerce ministry of India on Thursday assured domestic exporters, particularly those in labour-intensive sectors like leather and textiles, to protect their interests amid the US tariff threats, industry officials said, the Economic Times of India reported. The issues related to the country's exports were discussed during a virtual meeting chaired by Commerce and Industry Minister Piyush Goyal. Sectors like steel flagged concerns over the possible impact of US tariffs on exports.