Top headlines: TCS defies tech-sector inertia, India's final call on IPEF

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TCS defies tech-sector inertia: Top execs see salary hikes in FY23

At a time when salaries of the top management of India’s two largest information technology (IT) services have seen erosion, the leadership at Tata Consultancy Services (TCS) has seen just the opposite.

Rajesh Gopinathan, who stepped down from the role of chief executive officer (CEO) and managing director of TCS — India’s largest IT services firm — saw his total remuneration go up 13.17 per cent for 2022-23 (FY23). He received a total package of Rs 29.16 crore. Read more...

Govt's 20% TCS policy unfair on domestic operators: Travel agents

Domestic travel agents (DTA) are up in arms against the fin­ance ministry for creating a “non level-playing” field favouring overseas travel companies (such as tour operators and online aggregators) which, they say, will risk the viability of local businesses and make customers prefer the former. In the last Budget, the Union finance ministry announced that the tax collected at source (TCS) on foreign remittances, including international bookings and tour packages, would be raised sharply from 5 per cent to 20 per cent from July 1. Overseas debit and credit card spends (on most items except education and healthcare) would also come under the new rule. This, DTAs say, provided them with a level playing field with overseas travel service players. Read more...

Byju's schedules call for lenders to discuss loan amendment proposal

Byju’s reached out to a broad group of lenders after it elected to skip an interest payment on its dollar loan amid escalating tensions with its creditors, according to people with knowledge of the matter. The company scheduled a call for lenders on Monday to discuss an amendment proposal, the people said, who asked not to be identified because the matter is private. Details of the proposal will be shared ahead of the call, they added. Read more...

Around 35% of Rs 2,000 currency notes deposited or exchanged so far

The withdrawal of Rs 2,000 banknotes, which started from May 23, gathered pace with around 35 per cent of such notes being either deposited or exchanged thus far, top central banking sources told Business Standard.

There were 1.81 billion pieces of Rs 2,000 banknotes in circulation as on March 31, comprising 1.3 per cent of total circulation in volume terms. Read more...

To join or not? India yet to take a final call on IPEF trade pillar

India will soon take a final call on joining the trade pillar of the Indo-Pacific Economic Framework (IPEF) amid growing feelings within the government that it may be losing out on shaping the negotiations with its ‘observer’ status.

India pulled out of the IPEF’s trade pillar-related negotiations in September last year, citing it was unclear what benefits member countries, including India, would derive from the negotiations. Read more...