Tech & Startups
UPI crosses 10B transactions in September for second straight month
In terms of the total value of funds settled, UPI recorded Rs 15.80 lakh crore in September, slightly more than the Rs 15.76 lakh crore recorded in August.
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Will the Foxconn-India partnership make the country a chipmaking superpower?
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The awards ceremony of the Economic Times Startup Awards 2023, scheduled to be held in Bengaluru on October 7, will see Union minister of commerce and industry Piyush Goyal and minister of state for information technology Rajeev Chandrasekhar attending as guests of honour. This and more in today’s ETtech Morning Dispatch.
The gaming industry in India is facing tax woes as the GST department issued pre-show cause notices to several cash flow-rich firms in the sector. One of the notices, amounting to an estimated Rs 25,000 crore, was served to fantasy sports company Dream11, making it the largest indirect tax notice in India. This move has sparked legal disputes and challenges from the gaming companies, who argue that the tax demands are retrospective and unfair. The Supreme Court will conduct further hearings on the matter on October 10.
Online gaming firms aren’t getting any immediate relief from their Goods and Services Tax (GST) woes, as tax notices stand on firm legal ground, Central Board of Indirect Taxes and Customs chairman said.
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Tech Bytes
China moves to strengthen innovation in smart driving
China plans to support firms in the smart vehicle supply chain to form innovation consortia in order to foster technological breakthroughs and spread innovation in the field of assisted and autonomous driving. The country aims to establish standards for intelligent connected vehicles by 2025 and become a leading global player in the industry.
Sam Bankman-Fried trial poses biggest test to date for crypto's top cop
The upcoming trial of Sam Bankman-Fried on fraud charges will be a major test for Manhattan's top federal prosecutor, Damian Williams, who has prioritized rooting out corruption in financial markets since taking office in 2021. Williams has brought several indictments against executives in the cryptocurrency space and high-profile fraud charges against individuals such as Charlie Javice, Bill Hwang, and Joe Lewis.
Imagine making shadowy data brokers erase your personal info. Californians may soon live the dream
The California state Legislature has passed the Delete Act, which would establish a "one stop shop" for individuals to order data brokers registered in the state to delete their personal data with a single request. The Act would also require data brokers to disclose more information about the data they collect and strengthen enforcement mechanisms. Data brokers collect personal information such as names, addresses, and purchasing habits, and privacy advocates argue that this data can be used to identify individuals and is often not well secured. Data brokers argue that they serve a vital need and that the Delete Act could have unintended consequences.
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- GPay: 600x growth in six years and a long way to go, says Ambarish Kenghe, VP of Google Pay
