Business

China’s commerce ministry accused American artificial intelligence firms of using Chinese models. This statement follows recent US threats of sanctions against Chinese technology companies. Beijing stated that many US AI companies distilled Chinese models during their development processes. The ministry defended distillation as a common industry practice while criticizing US actions. China vowed to take

The rupee strengthened significantly against the US dollar on Monday. RBI governor Sanjay Malhotra indicated the domestic currency was undervalued. Foreign currency inflows, particularly FCNR(B) deposits, also supported the rupee’s rise. Global crude prices declined sharply, further aiding the currency’s appreciation. Indian stock markets also saw a substantial jump, ending their losing streak.

The government has allowed the Reserve Bank of India to print two billion polymer notes. These new polymer notes will be printed for field trials and regular issuance. The minister stated that paper and polymer currency will coexist in circulation. RBI is currently sourcing materials for these polymer banknotes. This initiative aims to enhance the

Government data shows 576 individuals disclosed over Rs 100 crore income in FY2024-25. This number includes 161 new high-income earners added during the past year. Most of these super-rich taxpayers are non-salaried, reflecting past income trends. Direct tax collection’s share in total revenue has significantly increased over time. The number of income tax filers has

HDFC Bank’s board penalized top executives over deposit arrangements with MSRDC. The internal review found business overreach but no personal gain or mala fide intent. Top executives received nominal penalties and warning letters following the review’s recommendations. This action comes as the RBI pushes boards for greater oversight and before the CEO’s term ends. The