Month: April 2023

Elon Musk seeks to end $258 billion Dogecoin lawsuit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk asked a US judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.

In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the lawsuit by Dogecoin investors a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin.

The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as ‘Dogecoin Rulz’ and “no highs, no lows, only Doge” were too vague to support a fraud claim.

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

ALSO READ | Twitter algorithm to go open source at noon Pacific Time: Elon Musk

In a footnote, the lawyers also rejected the investors’ claim that Dogecoin qualified as a security.

The investors’ lawyer, Evan Spencer, said in an email: “We are more confident than ever that our case will be successful.”

Investors accused Musk, the world’s second-richest person according to Forbes, of deliberately driving up Dogecoin’s price by more than 36,000% over two years and then letting it crash.

They said, “This generated billions of dollars of profit at other Dogecoin investors’ expense, even as Musk knew the currency lacked intrinsic value.”

Investors also pointed to Musk’s appearance on a “Weekend Update” segment of NBC’s “Saturday Night Live” where, portraying a fictitious financial expert, he called Dogecoin “a hustle.”

The $258 billion damages figure is triple the estimated decline in Dogecoin’s market value in the 13 months before the lawsuit was filed.

Dogecoin Foundation, a non-profit, is also a defendant and seeking the lawsuit’s dismissal.

ALSO READ |  Twitter makes ‘Verification for Organisations’ globally available as it plans to take down legacy blue ticks from April 1

Musk’s posts on Twitter, which he owns, have prompted multiple lawsuits.

He won a court victory on Feb. 3 when a San Francisco jury found him not liable for tweeting in August 2018 that he had arranged financing to take Tesla private.

The case is Johnson et al vs Musk et al, US District Court, Southern District of New York, No. 22-05037.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amul hikes milk prices in Gujarat by Rs 2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk and milk products under the brand Amul, has hiked prices of milk by Rs 2 per litre in Gujarat in markets of Ahmedabad and Saurashtra-Kutch.

The price hike, which translates to a 3-4 percent increase in MRP, will be effective from April 1, 2023. In these markets of Gujarat, for the 500ml packs, the price of Amul Gold will be Rs 32, Amul Taaza Rs 26 and Amul Shakti will be Rs 29.

Revised MRP for Gujarat Market w.e.f. 1st April 2023

The increase in MRP, Amul says, is lower than the overall average food inflation.

The price hikes in Gujarat come after Amul increased the prices of its pouch milk in all other markets in February 2023. At the time, prices were hiked by anywhere between 3-5 rupees.

Before this, Amul hiked prices in October 2022 by Rs 2 per litre.

GCMMF, however, said in a statement that Amul has hiked milk prices in Gujarat only once before since April 1, 2022.

“This increase in milk prices was about 3-4 percent whereas cattle feed cost alone has increased by 13-14 percent over the last year which has  resulted in an increase in overall cost of milk production along with other input cost for our farmers.”

It added that GCMMF’s member unions have also increased procurement prices to the farmers in the range of 13-15 percent (Rs 80 to Rs 100 Rs per Kg fat) over the previous year.

The price revision, Amul says, will help in sustaining remunerative milk prices to its milk producers and encourage them to produce more milk in the upcoming summer season, which is typically a lean production period for milk as against the winter.

Also Read: HC quashes CIC order asking Gujarat varsity to give information on PM Modi’s degree

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Know how to talk with ChatGPT? You may just land a Rs 2-crore job

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Since its launch in November, Open AI’s ChatGPT has never been out of the news. This month, Open AI also announced the launch of GPT4, the refined AI model featured in the ChatGPT Plus subscription. Since its launch, ChatGPT has cleared MBA exams, written product descriptions for marketing professionals, stand-up scripts for comedians, codes for engineers, and even love letters.

While there is no doubt that artificial intelligence (AI) is the future, there have been concerns about AI tools like ChatGPT taking away jobs from humans. According to Goldman Sachs, as many as 300 million full-time jobs around the world could be automated in some way by the newest wave of AI that has spawned platforms like ChatGPT.

But while on one hand, there is the fear of jobs shrinking, there’s also an opportunity to be grabbed — companies have now started offering six-figure salaries to a select few who know how to use the next-gen AI chatbots.

In just the last six months, job platform Fiverr saw a 1,400 percent increase in demand for services connected to AI. Further, many employers have also started asking for ‘know how to use ChatGPT’ as a skill on recruitment platforms.

Prompt engineering is the hottest job trend in AI

Do you know that some companies are paying up to $335,000 per annum or over Rs 2 crore for knowing how to talk to ChatGPT?

The hottest job in the field of AI right now is prompt engineering, which requires people to talk to a program such as Google’s Bard or OpenAI’s ChatGPT and try to convince it to respond in certain ways. According to a report in Bloomberg San Francisco-based AI startup, Anthropic is hiring a ‘prompt engineer’ with a salary of up to $335,000 per year.

Also read: From manual pricing to ChatGPT: How Air India is transforming under Tata

One of these prompt engineers, Albert Phelps, who works for a UK-based Accenture consultancy company subsidiary, told Bloomberg that the job entails serving as an “AI whisperer.”

Also, one of the best parts of many of these AI jobs is that people can pursue them, regardless of educational background. So technically, you do not need to be an engineer to land a high-paying AI job.

Additionally, in the US, companies like NSM Automation are also offering internships for prompt engineers.

Here are some AI jobs to look out for

According to Manikanth Challa, CEO & Founder, Workruit, these are some of the AI jobs in demand:

• • Prompt Writers – For creating content and questions to train AI models.
• • Data Scientists – For analysing and interpreting data to improve AI algorithms.
• • Software Engineers – Developing and optimising AI algorithms and systems.
• • AI Ethicists – Ensuring responsible and ethical use of AI in various industries.
• • AI Trainers – Teaching machines to learn and improve their performance.
• • AI Consultants – Advising businesses on AI adoption strategies and implementation.
• • Natural Language Processing (NLP) Specialists – Working on the development of NLP models and systems.
• • Machine Learning Engineers – Designing, building and implementing machine learning models.
• • AI Product Managers – Overseeing the development and implementation of AI-powered products and services

The Rise of AI jobs

In order to use generative AI technologies to enhance their marketing, sales, and business processes, organisations are already looking for people with AI skills.

The demand for AI skills like machine learning, deep learning, NLP, robotics, and image recognition has risen dramatically globally, with the US alone anticipated to see a 30 percent increase, according to a status report on AI by the software development company Tenzai.

India is also not untouched by the wave of ChatGPT. Many companies in India have posted job requirements on Linkedin, adding ChatGPT as one of the skills needed to apply for the job.

“While some jobs will be automated, new jobs will also be created that require expertise in AI, data analysis, and machine learning. Jobs that involve creative problem-solving, emotional intelligence, and interpersonal skills will likely remain in high demand. It’s also possible that AI tools like ChatGPT will be integrated into various industries, allowing workers to collaborate more efficiently and effectively with machines,” added Challa.

Also read:  Microsoft-backed GitHub fires entire India engineering team — is AI at play

A recent report by TeamLease also pointed out that there were 45,000 AI job openings in India alone as of February 2023, with data scientists and machine learning (ML) engineers among the most sought-after careers.

Accenture Technology Vision 2023, ‘When Atoms Meet Bits: The Foundations of Our New Reality,’ report which was made from a global survey of 4,777 C-level executives and directors across 34 countries and 25 industries also mentioned that 98 percent of respondents agreed that AI foundation models will play an important role in their organisation’s strategies over the next 3-5 years.

How can employees stay ahead of ChatGPT?

One thing is for sure — employees who co-exist with AI tools are the future. So both employees and companies need to upskill with technology.

“While some jobs may transform due to automation, others will evolve, requiring workers to adapt and develop new skills. Furthermore, AI tools like ChatGPT can also create new job opportunities in AI development, training, and management. The key to this transition will be ensuring that workers are provided with the necessary resources and support to reskill and adapt to new roles. Workforce role transformation and novel opportunities will coexist, necessitating strategic upskilling and reskilling initiatives for smooth transitions,” said Sumit Sabharwal, CEO of TeamLease HRtech.

Even when we asked ChatGPT if it would take jobs from humans it said “Yes, AI has the potential to take over some human jobs. As AI technologies continue to improve and evolve, they are becoming increasingly capable of performing tasks that were previously done by humans. For example, AI can automate repetitive and routine tasks, analyse data more quickly and accurately than humans, and even perform complex decision-making processes.”

“Overall, it’s likely that AI will continue to play an increasingly important role in the workplace, but it’s unlikely to completely replace human workers in the near future. Instead, AI will likely augment human skills and provide new opportunities for collaboration between humans and machines,” it added.

Also read: Generative AI like ChatGPT will be a co-worker, will not replace jobs: TCS

The chatbot also added that for humans to stay ahead of AI, it requires developing skills that are complementary to those of AI.

Sabharwal suggests that employees need to continuously acquire and refine skills, staying attuned to technological breakthroughs.

He further added that upskilling targets emerging sectors such as data analytics, AI ethics, or ML engineering, embracing adaptability and leveraging networks.

Also read: Will the AI jobs revolution bring about human revolt, too? 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Karnataka polls countdown: CM post to Lingayats, 5 challenges before Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Congress faces a tough and challenging  road in run-up to the Karnataka election 2023 — which is said to be the first of the four ‘semi-finals’ between the Bharatiya Janata Party (BJP) and the Congress before the 2024 general elections. Winning the Karnataka polls may give the Congress a chance to up its stakes as a key challenger and the main Opposition player in the year’s Lok Sabha elections. However, the grand old party needs to up its ante and cross several hurdles on the way. 

Some of the challenges are listed below:

1.Factionalism

Former chief minister Siddaramaiah and Karnataka Pradesh Congress Committee (KPCC) President D.K. Shivakumar are often seen to be engaging in political one-upmanship for some time now. Both leaders are already jostling for the chief minister’s post without waiting for the voters’ mandate.

ALSO READ | Karnataka election 2023 | Congress, BJP lodge complaint against each other over poll code violation

Besides the tussle between the two bigwigs, disgruntlement is evident among senior leaders like G. Parmeshwara, H.K. Patil, K.H. Muniyappa and others over being sidelined. Dalit leader Parameshwara, the Chairman of the Manifesto Committee “is sulking, having been totally sidelined, with the party finalising and announcing electoral promises without his knowledge,” Moneycontrol reported.

Parameshwara has even expressed his desire to become the next Karnataka CM. About 10 leaders have aspirations in our party (to become the chief minister) and I’m one among them,” Parameshwara had said earlier.

2. Ticket distribution

Aspirants revolting on not getting election tickets is another cause of worry for the Congress, which is confident about its prospects based on its poll guarantees, and its successful campaign against BJP’s alleged corruption. As of now, the Congress has released a list of 124 candidates.

3. Lingayat vote base

Expanding its vote base among the Lingayat community is another key challenge for the Congress. In poll-bound Karnataka, where caste plays a crucial factor in deciding the outcome of the elections, Lingayats are said to constitute about 17 percent of the state’s population. Meanwhile, the community has dominance in as many as 100 out of the total 224 constituencies, majority of these seats being in north Karnataka region.

ALSO READ: Karnataka election and caste politics | Numbers tell which community holds key to BJP, Congress and JDS

The Congress has taken several steps to woo the community. Among them was electing the party’s Lingayat face, M.B. Patil as the chairman of the Congress Campaign Committee in Karnataka. According to the Hindustan Times, the Veerashaiva Lingayat community has demanded 52-60 seats in the upcoming elections. In an exclusive interview to the Print, Patil said, “During ticket distribution, Lingayats will be considered wherever their presence is strong.”

4. Leadership

The Congress’s central leadership seems to be not-so-strong to keep the party united in case of revolt. The role of Randeep Surjewala, the party general secretary in charge of Karnataka, is being reportedly questioned after leaders accused him of doing nothing to project a united front by bringing peace between the warring groups. According to Moneycontrol, Surjewala is also accused of indulging in favouritism and being inaccessible to ordinary workers and ticket aspirants.

ALSO READ | Karnataka Election 2023: Why these Lingayat and Vokkaliga-dominated seats are crucial

5. Amp up Election campaign

The Congress needs to liven up its poll campaign, reaching out to the grassroot level. Currently, it seems to be heading for the Karnataka polls on the strength of its local leadership and focusing on issues concerning the state, making corruption a central theme of its campaigning. The party also launched ‘Praja Dhwani Yatra’ in Karnataka “with an aim to share the party’s idea with the people and assuring the all-round development of the state.”

For Congress, defeating BJP will be a morale booster and a key to reviving its electoral fortunes and strengthening its credentials as the main Opposition player against the saffron party ahead of the 2024 Lok Sabha elections. The elections in Karnataka will be held on May 10 and the counting of votes will be held on May 13.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lucknow Super Giants vs Delhi Capitals preview: Probable XI, key players, avg score and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Lucknow Super Giants (LSG) will face the Delhi Capitals (DC) at the Ekana Sports City in the capital of Uttar Pradesh (UP) for their first game of the 16^th season of the Indian Premier League (IPL) on Saturday.

Delhi will head into this tournament in the absence of their captain-wicketkeeper Rishabh Pant with Australian opener David Warner set to lead the Capitals this year.

Lucknow will be missing their South African star Quinton de Kock in this game as the southpaw is engaged in international commitments for South Africa at this moment.

Kyle Mayers is likely to open the batting with KL Rahul in the initial few games though Lucknow will be bolstered by the presence of English express pacer Mark Wood.

For Delhi, the onus will rest on the likes of Prithvi Shaw and Sarfaraz Khan to have big seasons with the bat and make up for Pant’s absence. Khan, who is coming on the back of an incredible domestic season for Mumbai, will also be donning the gloves for Delhi this year.

Also Read: KKR’s new captain Nitish Rana is excited to team-up with head coach Chandrakant Pandit for IPL 2023

Predicted Playing XI

Lucknow Super Giants:

KL Rahul (c), Kyle Mayers, Deepak Hooda, Marcus Stoinis, Nicholas Pooran (wk), Ayush Badoni, Manan Vohra, Krunal Pandya, Jaydev Unadkat, Ravi Bishnoi, Mark Wood.

Delhi Capitals:

David Warner (c), Prithvi Shaw, Mitchell Marsh, Sarfaraz Khan (wk), Rilee Rossouw, Rovman Powell, Axar Patel, Lalit Yadav, Mukesh Kumar, Kuldeep Yadav, Chetan Sakariya.

Key Player To Watch Out

Marcus Stoinis (LSG)

The Australian all-rounder brings a fine balance to the Lucknow playing XI with his all-round skills. He can hold the batting line-up together by steadying the innings if required.

The 33-year-old has a tremendous strike rate of 147.34 in 51 T20Is and that suggests that he can take any bowling attack to the cleaners when required. Stoinis can extract decent movement with the ball at the start and is quite wily with mixing up his lengths and pace towards the backend of innings.

Sarfaraz Khan (DC)

A national call-up has eluded the Mumbai middle-order mainstay so far but he could use this IPL and Pant’s absence to make a strong case to represent India in front of the national selectors. If he can bring his domestic form to the IPL, Khan can really do both the Capitals and himself a very big favour.

Pitch Report

The average first innings score in nine T20Is in this stadium is 151, which is an indication that this game could present a good contest between the bat and the ball.

Where to Watch LIVE:

The match will start at 7:30 PM IST and it will be telecast live on the Star Sports network. Online viewers can also tune into the action via the Jio Cinema app.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Punjab Kings vs Kolkata Knight Riders preview: Mohali to see two new captains lead — possible 11, avg score and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Punjab Kings (PBKS) will square off against the Kolkata Knight Riders (KKR) at the Punjab Cricket Association (PCA) Stadium for their first game of the 16^th season of the Indian Premier League (IPL) in Mohali on Saturday.

KKR will be heading into this campaign under the leadership of their new skipper Nitish Rana. The two-time IPL champions are dealing with the absence of their regular captain Shreyas Iyer, who is nursing a back injury currently.

Like KKR, PBKS too have a new captain at the helm. After the team offloaded Mayank Agarwal ahead of the 2023 IPL mini-auction, veteran batsman Shikhar Dhawan was promoted as the team’s captain.

Punjab too begins its campaign with a few injury concerns. The team will be missing their star Englishman Jonny Bairstow as he is set to miss the season due to an injury. Bairstow’s countryman, the middle-order powerhouse Liam Livingstone is set to be side-lined due to a fitness concern for the first few games as well.

They will be hoping for their overseas all-rounder duo of Sikandar Raza and Sam Curran to deliver comprehensively in all departments until Livingstone returns to the setup.

But all eyes will be on Curran as he returns to Punjab’s fold after becoming the league’s most expensive player ever.

Also Read: Most expensive players taking part in IPL 2023

IPL 2023 Kolkata Knight Riders vs Punjab Kings Predicted Playing XI

PBKS: Shikhar Dhawan (c), Bhanuka Rajapaksa, , Jitesh Sharma (wk), Shahrukh Khan, Sikandar Raza, Sam Curran, Harpreet Brar, Kagiso Rabada, Arshdeep Singh, Rahul Chahar.

KKR: N Jagadeesan (wk), Rahmanullah Gurbaz, Nitish Rana (c), Rinku Singh, Venkatesh Iyer, Andre Russell, Shardul Thakur, Sunil Narine, Umesh Yadav, Lockie Ferguson, Varun Chakravarthy.

Key Player To Watch Out

Shikhar Dhawan (PBKS)

Shikhar Dhawan scored 460 runs in 14 games at an average of 38.33 last season. He will assume greater batting responsibility in the absence of Bairstow and Livingstone and will be expected to carry the mantle of a rather inexperienced middle-order.

The track at the PCA Stadium is such that it will benefit flawless stroke players like Dhawan and he can enable Punjab to get a good score on the board if he gathers some momentum and gets going in the powerplay.

Andre Russell (KKR)

The Caribbean all-rounder will be the glue holding the KKR batting order together. He can both anchor the innings and bring in the finishing touch as and when required. Similarly, he can bowl at a good pace at all phases of the innings and Rana can pick his brains for leadership at crucial junctures of the game as well. KKR are cutting a depleted look in Iyer’s absence and Russell will have to shoulder more control over the batting unit in that case.

Pitch Report

The average first innings batting score at the PCA Stadium is 168 runs, which suggests that a fairly high-scoring encounter is on the table on Saturday.

Where to Watch LIVE:

The match will start at 3:30 PM IST and it will be telecast live on the Star Sports network. Online viewers can also tune into the action via the Jio Cinema app.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Electricity bills to rise 5-10% for Maharashtra residences starting April 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If you stay in Maharashtra get ready to pay 5-10 percent more for electricity from today (April 1). In a decision taken on Friday late at night, the Maharashtra Electricity Regulatory Commission (MERC) agreed to a proposal by distribution companies and announced the out-of-turn hike.

It is noteworthy, that the last electricity price hike in the state was done three years back and as per the Electricity Act, tariff hikes happen once every five years. However, there is a provision for a mid-term hike as well.

The average hike that MERC has approved comes to  2.9 percent for 2023-24 and 5.6 percent for 2024-25.

A closer look shows that for the residential category there has been a six percent hike announced for 2023-24 and 2024-25.

For industry (HT category), the hike is a percent for 2023-24 and four percent hike for 2024-25.

For the agriculture sector, the hike is a steep one. For the next two years, a nine percent hike has been announced.

But this is just the average hike. The hikes differ from distributor to distributor.

The next question is how does this translate to per kilowatt charges?

Why the hike?

The four distribution companies of Maharashtra, MSEDCL, BEST, Tata Power and Adani Electricity had sought this tariff hike citing coal price increase in their petitions as the main reason for the demand. The companies also mentioned the losses they had to bear during COVID and the shortfall in the availability of renewable power as the reason for the overall cost of power purchases shooting up. The discoms reasoned that in order to adjust the revenue gap after the increased power purchase cost a mid-term tariff hike was needed.

As per the procedure, once the distribution companies filed their petition, MERC conducted multiple meetings with all the stakeholders and then issued an order allowing an electricity tariff hike in Maharashtra. The new rates will be applicable from 01st April 2023.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Remembering Guru Tegh Bahadur — the saint who started langars — on his birth anniversary

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ninth guru of the Sikh religion, Guru Tegh Bahadur, was born on April 1, 1621, in Amritsar. He was the youngest son of Guru Hargobind, the sixth Sikh guru. Throughout his life, he travelled extensively to spread the teachings of Guru Nanak Dev to various regions of the nation, including Kashmir and Assam.

Guru Tegh Bahadur was profoundly spiritual and an artist at heart. Many of his hymns are included in the Guru Granth Sahib. By travelling to numerous locations, from Dhaka to Assam, he disseminated his knowledge and the lessons of Guru Nanak. Additionally, he established langars that served free food for the underprivileged.

Guru Tegh Bahadur Birth Anniversary: History 

Guru Tegh Bahadur was born on April 1, 1621, and his childhood name was Tyaga Mal. Despite being trained in swordsmanship, horse riding and martial arts, he chose a life of renunciation and meditation. He was the ninth Sikh guru between 1665 and 1675. He was preceded by Guru Gobind Singh.

Guru Tegh Bahadur was publicly executed in 1675 on the order of Mughal emperor Aurangzeb for refusing to submit to the Mughal ruler.

ALSO READ | All you need to know about ‘fugitive’ Amritpal Singh’s videos, audio releases

Significance

Guru Tegh Bahadur is regarded as the saviour guru among the Sikh community as he resisted Aurangzeb’s forced conversion to Islam and saved people from different kinds of oppression. The birth anniversary of Guru Tegh Bahadur plays a significant role in the Sikh community and it’s observed with much fanfare at gurdwaras across the country.

Guru Tegh Bahadur’s inspirational quotes

• “Give up pride and attachment to mammon, and devote your heart to the worship of God. Saint Nanak, this is the way to salvation – through the teachings of the Guru find it.”
• “Give up your head, but forsake not those whom you have undertaken to protect. Sacrifice your life, but relinquish not your faith.”
• “True realisation of the actual nature of this material world, its perishable, transitory and illusory aspects best dawns on a person in suffering.”
•  “Consider the man, who meditates on God, day and night as His image. Between God and his servant there is no dissimilarity — recognise this to be true.”
•  “The person who has given up his egoism by recognising God as the creator shall get deliverance; be sure of this truth, O my mind.”

ALSO READ |  Who is Bhupinder Singh Gill? The first Sikh-Punjabi assistant referee in the English Premier League

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

One stop guide | All the investment rule changes from today that you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the new financial year 2023-24 starts today (April 1), individuals will be affected by several changes. These amendments were announced by Union Finance Minister Nirmala Sitharaman during the Union Budget presented on February 1, 2023. The recently passed Finance Bill 2023 also introduced a slew of changes which will likely affect one’s personal finances.

Here we list all personal finance changes that take place from today:

Income tax changes

New tax slabs under new tax regime

Budget 2023 introduced several changes to the ‘new income tax slab’, which will be effective from April 1, 2023. As part of this, the tax rebate has been extended on income up to Rs 7 lakh as per Section 87A, as against Rs 5 lakh. The basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh.

As per the revision, an individual with an annual income up to Rs 3 lakh will not have to pay any tax (as against an earlier limit of Rs 2.5 lakh). Further, it has put 5 percent tax for income between Rs 3 – 6 lakh, 10 percent for income between Rs 6-9 lakh, 15 percent for income between Rs 9-12 lakh, 20 percent for income between Rs 12 – 15 lakh and 30 percent above Rs 15 lakh.

The new slab, with changes, will also become default option.

Standard deduction in new tax regime

Standard deduction for salaried employees will be a part of ‘new tax slab’ from April 1, 2023. Additionally, each salaried person with an income of Rs 15.5 lakh or more will stand to benefit by Rs 52,500 as standard deduction.

Reduced surcharge under new tax regime

The surcharge will be lowered from 37 percent to 25 percent for those earning more than Rs 5 crore a year under the ‘new income tax regime’. This means that, with effect from April 1, 2023, all income above Rs 2 crore would be subject to 25 percent surcharge. This also brings down the highest tax rate from 42.74 percent to 39 percent.

TDS on online gaming

The tax deducted at source (TDS) on online gaming applications will be effective from April 1, 2023. TDS on winnings from online games will be deducted for every rupee earned, net of entry fees (if any).

No LTCG and indexation benefits on debt funds

The investment in mutual fund where not more than 35 percent is invested in equity shares of Indian company (which is debt funds) will be considered as short-term capital gains. This means long-term capital gains will go away.

Also, debt funds held for more than three years will no longer enjoy indexation benefits. Additionally, they won’t be eligible for a 20 percent tax rate.

Reduced TDS on EPF withdrawals for non-PAN cases

In case of withdrawals, where EPF account is not seeded with account holders’ PAN card, TDS rate will come down to 20 percent from April 1, 2023 or from the beginning of FY24.

Tax exemption up to Rs 25 lakh on leave encashment

The limit of tax exemption on leave encashment on retirement of non-government salaried employees will be raised to Rs 25 lakh from April 1, 2023.

Changes in insurance sector

Insurance taxation changes 

If premium paid by an individual for a savings life policy is more than Rs 5 lakh than on maturity the income from policy will be taxed. The threshold of Rs 5 lakh will be applicable on first year premium and not first year + renewal.

This will, however, not impact taxation of unit-linked insurance plans (ULIPs), term insurance and old policies, The income from insurance policies with aggregate premium up to Rs 5 lakh shall be exempt. This will not affect the tax exemption provided to the amount received on the death of person insured.

Removing sub-limits on expenses and commissions of policies

The insurance regulator has revised Expenses of Management (EOM) and commission limits for the industry, which will come into effect from April 1, 2023. This will replace the earlier cap on commission payments with an overall cap on expenses of management of insurers.

Capital gains changes

No capital gains on converting physical gold to digital gold

Converting physical gold to Electronic Gold Receipt and vice versa will not be considered a transfer and not attract any capital gains from April 1, 2023. This would promote investments in the electronic equivalent of gold.

New cap on reinvestment of capital gains from the sale of housing property

From April 1, the government will impose a Rs 10 crore cap on the reinvestment of capital gains from the sale of housing property under the provisions of Sections 54 and 54F of the income tax act.

Section 54 lets a taxpayer claim benefits on selling a residential house and acquiring another from the sale proceeds. On the other hand, Section 54F offers tax on the long-term capital gains from the sale of any capital asset other than a house property.

Higher capital gains on market linked debentures

The capital gains as a result of the transfer or redemption or maturity of market-linked debentures will be considered deemed as short-term capital gains and taxable at applicable slab rates from April 1, 2023. These gains were earlier claimed to be equity in nature and taxed depending on the holding period of the instrument.

Market-linked debentures are non-convertible in nature where the returns are not fixed but linked to the market.

Higher capital gain taxes under Section 24 of the Income Tax Act

Section 24 allows a deduction on the interest paid on a house loan up to a maximum of Rs 2 lakh in a given fiscal year in case of self-occupied property. From April 1, the cost of acquisition and the cost of the improvement will not include the amount of interest claimed under Section 24. So, the capital gain on the sale of the property will be higher and double deductions claimed by the taxpayer will be removed.

Major changes in small savings schemes

Small savings schemes are likely to get a major lift from today as the government has made some changes to the existing plans and introduced a fresh one. While the maximum deposit limit for Senior Citizen Savings Scheme (SCSS) has been hiked to Rs 30 lakh, the maximum deposit limit for Monthly Income Scheme (MIS) has been enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account, effective from today.

The government has also launching a one-time new small savings scheme — the Mahila Samman Bachat Patra — from April 1.

New NPS rule

New rule for National Pension System (NPS) come into effect from April 1, 2023 as Pension Fund Regulatory and Development Authority (PFRDA) has mandated uploading withdrawal or Know Your Customer (KYC) documents for subscribers willing to exit and receive annuity payments. This would speed up and simplify annuity payments after exiting NPS.

UPI transactions new rule

Any Unified Payments Interface (UPI) transaction of more than Rs 2,000 via prepaid payment instruments (PPI) like online wallets or pre-loaded gift cards, etc., will carry an interchange fee of up to 1.1 percent from April 1, 2023 i.e. today. The interchange fee is typically associated with card payments and is levied to cover the costs of accepting, processing, and authorising transactions.

The fees will, however, not be applicable to consumer for UPI payments from bank account or from wallets (or from RuPay credit cards). Merchants also won’t pay until and unless they agree to accept and okay to pay any charge levied by the QR company.

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Prevention of Blindness Week 2023 — focusing on better eye care in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Government of India organises the Prevention of Blindness Week from April 1-7 every year to raise awareness about the causes and prevention of blindness. The annual event aims to support individuals with visual impairments, and to promote access to eye care services.

The Government of India organises several events to highlight many factors that cause blindness. Several departments work towards bringing inclusivity to the blind, and their disability.

Several institutional aspects such as improving employment opportunities for the blind, building more eye care health institutions, and covering various health-related topics remain in focus at various events and campaigns organised during the week.

On this Prevention of Blindness week, here is all you need to know about the history and significance of the observance.

History

Pandit Jawaharlal Nehru and Raj Kumari Amrit Kaur, the first health minister of India, established the National Society for the Prevention of Blindness and along with it, the observance of the week was started in 1960. The organisation has since participated and collaborated with various other agencies like the Rotary International, and Sightsavers to spread awareness on prevention of visual impairment.

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Significance

According to the World Health Organization (WHO), at least 2.2 billion people globally have a near or distant vision problem while at least one billion cases could have been prevented with proper care. Also, half of these visual impairment cases are yet to be addressed.

The WHO says most people with vision impairment and blindness are over the age of 50 years, but the vision impairment can affect people of all ages.

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According to a report by Dr Sandeep Buttan of Sightsavers, India has the largest number of blind people and most of the population lacks awareness about trachoma, vitamin A deficiency, glaucoma, and malnutrition. He says blindness rates in India are alarming and it is important to take care of the eyes as closely as any other part of the body.

Thus, the week raises awareness among citizens about the value of taking care of one’s eyes. It is a time to educate the public on the matter through NGOs, various departments of the government and publication houses.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow