5 Minutes Read

PhonePe launches its UPI in SriLanka in collaboration with LankaPay

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

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Summary

‘This collaboration provides unparalleled convenience to Indian tourists,’ Ritesh Pai, CEO of International Payments at PhonePe said. PhonePe users travelling to Sri Lanka can now make payments using UPI across LankaQR merchants nationwide, making transactions seamless and secure.

PhonePe on Wednesday, May 15, announced its partnership with LankaPay to enable Unified Payments Interface (UPI) payment acceptance across LankaQR merchant points throughout Sri Lanka. The event, held in Colombo, was attended by senior dignitaries from both the Sri Lankan and Indian governments.

Santosh Jha, the High Commissioner of India to Sri Lanka, was present as the chief guest. He emphasised the crucial role of fintech connectivity in enhancing the overall bilateral relations between India and Sri Lanka, referring to the broader implications of this collaboration, including support for Sri Lanka’s development of its Unique Digital Identity Program and other digital initiatives.

Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), also spoke at the event, highlighting the partnership’s potential to create new opportunities and boost competitiveness for Sri Lankan merchants.

Also read: PhonePe resolves trademark infringement dispute with Aniket Food via out-of-court settlement

Channa de Silva, CEO of LankaPay, moderated a panel discussion titled ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses.’ The discussion featured prominent figures such as Shashi Kandambi, GM/CEO of National Savings Bank; Sanjay Wijemanne, COO of Hatton National Bank PLC; Conrad Dias, Chairman of LOLC Finance PLC; and Renuka Fernando, Chairperson of Dialog Finance Plc. The panel explored how businesses could leverage digital payment technologies to tap into broader markets and stay competitive.

Ritesh Pai, CEO of International Payments at PhonePe, shared insights on leveraging UPI for global markets and the growth prospects for merchants. He announced that PhonePe users travelling to Sri Lanka can now make payments using UPI across LankaQR merchants nationwide, making transactions seamless and secure. “We are thrilled to partner with LankaPay. This collaboration provides unparalleled convenience to Indian tourists,” he said.

Key stakeholders from the Sri Lankan financial sector, including representatives from banks, payment system providers, the tourism sector, and business associations, were also present.

Channa de Silva added, “Our collaboration with PhonePe is set to revolutionise cross-border payments. This partnership will offer greater convenience to Indian tourists and business travellers, making UPI payments seamless at all LankaQR merchant points in Sri Lanka. This innovation is poised to strengthen bilateral relations and enhance the payment experience for Indian visitors.”

Also read: India to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

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

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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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sri Lanka in talks with India to set up small arms manufacturing unit

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

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Summary

Responding to media inquiries, State Minister of Defence Premitha Bandara Tennakoon stated that they are currently engaged in talks with India to establish a small arms manufacturing facility. She added that they are in contact with their Indian counterparts and emphasized the significant potential for learning and collaboration from India.

Sri Lanka on Wednesday said it is holding talks with India to set up a small arms manufacturing unit under the wider ambit of defence cooperation between the two countries. We are in discussions with India to set up a small arms manufacturing unit. We are in touch with our Indian counterparts, there is so much we can take and learn from India, State Minister of Defence Premitha Bandara Tennakoon said responding to a query from the media.

Discussions are ongoing (for) a joint venture in the military industry, Tennakoon said. His statement comes a little more than a month after India’s High Commissioner to Sri Lanka Santosh Jha told a defence seminar here that New Delhi was willing to offer modern defence equipment to friendly partner countries such as Sri Lanka.

Like in other areas, India and Sri Lanka are cooperating closely on security and defence matters. The Indian defence industry today rolls out state-of-the-art systems, advanced technologies and world class equipment, Jha had said on April 10. He added that various advanced platforms and equipment developed indigenously in India can also become viable, affordable and modern solutions for the Sri Lankan military.

Referring to the April 10 meeting, where he himself was present, Tennakoon on Wednesday said, Sri Lanka is not trying to buy anything at the moment, and added that such presentations are annual events. “Connectivity is really good … and military-to-military connectivity … Indian and Sri Lankan military-to-military connectivity is at a high. So we maintain that . that doesn’t mean that we are going to buy anything from anyone,” the minister was quoted as saying by news portal NewsFirst.lk.

Speaking at the Presidential Media Centre under the theme of Collective Path to a Stable Country,’ Tennakoon said, The Indian defence manufacturing arm has boomed during the last two decades, and it’s a model that Sri Lanka will have to look into. We can take a lot from the Indian model. There’s nothing wrong in learning from them. And I think we also should get into manufacturing, he said.

The minister said that the Sri Lankan military has expertise in weapons manufacturing, which, however, is not at a scale expected to be and confirmed, (So) Sri Lanka is in discussion with India to set up a small arms ammunition manufacturing unit. During the April 10 event, apart from Tennakoon, Sri Lanka’s Chief of Defence Staff Gen Shavendra Silva and the Commanders of the Air Force and Navy apart from senior officials from the Sri Lankan Armed Forces were also present.

Led by a senior India’s Ministry of Defence official, a large and very diverse delegation from the Indian defence industry, along with the representatives from the Sri Lankan businesses too had attended that conference. India had asserted that its approach to Sri Lanka is guided by its neighbourhood-first policy and the vision SAGAR or Security and Growth for All in the Region is a flagship government initiative to help Indian Ocean Region neighbours.

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

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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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sri Lanka to hold presidential election between Sept 17 and Oct 16: Election Commission

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

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Summary

The last presidential election was held on November 19, 2019 when Gotabaya Rajapaksa was elected.

Sri Lanka will hold presidential election between September 17 and October 16, the country’s top electoral body announced on Thursday.

In a notice signed by its chairman R M A L Ratnayake, the Election Commission said it will call for nominations to hold the Presidential election within the specified timeframe in terms of the provisions of the Constitution.

“In terms of the powers vested in the elections commission the presidential election will be held at a date between 17 September and 16 October,” it said.

The last presidential election was held on November 19, 2019 when Gotabaya Rajapaksa was elected.

The announcement came on the second anniversary of the public uprising against Gotabaya Rajapaksa’s government over the handling of the unprecedented economic crisis in the island nation.

On May 9, 2022, Mahinda Rajapaksa was forced to resign following anti-government protests. Ranil Wickremesinghe replaced him as prime minister. Two months later, Wickremesinghe replaced Gotabaya Rajapaksa as the President to serve the balance term until the end of 2024.

President Wickremesinghe is expected to contest the presidential election under a new symbol, his top aide said last month.

Wickremesinghe, 75, will represent several parties as a national candidate, Senior Presidential Advisor and UNP senior leader Ashu Marasinghe said last month.

The veteran politician has led the United National Party (UNP) since 1994. He has served as prime minister on five occasions, leading six governments.

President Wickremesinghe may have a face-up with his cabinet colleague Wijeyadasa Rajapakshe, who is currently serving as the Minister of Justice.

Former president Maithripala Sirisena, the chairman of Sri Lanka Freedom Party (SLFP), recently said that Rajapakshe, 65, would be his party’s candidate in the presidential election.

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

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sri Lanka approves MoU with Adani Green for development of wind power stations

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

 Listen to the Article (6 Minutes)

Summary

Colombo has appointed a negotiating committee, approved by the cabinet, to review the project proposals offered by the Indian billionaire-led firm

The Sri Lankan government on May 7 approved an agreement with Gautam Adani-led Adani Green Energy for the development of wind power stations in Mannar and Poonerin, according to a report by Reuters.

Colombo has appointed a negotiating committee, approved by the Cabinet, to review the project proposals offered by the Indian company. The Lankan cabinet has also given its nod to a power purchase agreement for 20 years, the report said.

The stock of the green power major, however, traded 0.54 percent down at Rs 1,755.8 on the BSE around 10:39am on May 7.

On May 3, the company reported a 39 percent drop in its net profit at Rs 310 for the quarter ended March 31, compared to Rs 507 crore a year ago.

The Adani Group firm’s revenue declined 6 percent to Rs 2,806 crore in the fourth quarter against Rs 2,977 crore in the same period last year.

Also Read: IRB Infra gains on 29% jump in yearly toll revenue collection in April

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India denies involvement of any company in unauthorised visa processing at Sri Lanka’s Colombo airport

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

 Listen to the Article (6 Minutes)

Summary

The High Commission of India in Sri Lanka has clarified that no Indian firms were involved in providing visa on arrival services at the Colombo International airport.

The Indian High Commission in Sri Lanka has dismissed local media reports claiming that aprivate company from India was involved in unauthorised visa issuance at Colombo’s Bandaranaike International Airport. The High Commission of India clarified that no Indian firms were involved in the providing visa on arrival services at the airport.

It addressed concerns raised on social media and emphasised that the companies mentioned in the reports were neither based in India nor were of Indian origin.

Sri Lanka’s Immigration authorities claimed that they had regained control of the Visa on Arrival counters at Colombo International Airport after an alleged incident involving the Indian company. However, senior immigration department official Jayasinghe Bandara told PTI that the company faced challenges in executing smooth operations as no trial runs were performed, which left passengers dissatisfied with the service.

Also read: ITC enters international market with ultra-luxury Ratnadipa in Sri Lanka

In October 2024, the Sri Lankan Cabinet had approved the policy to issue free tourist visas to travellers from India and six other countries. Foreign Minister Ali Sabry said on October 24, 2023, that efforts were being made to rebuild the debt-trapped island nation’s tourism sector. He added that under the pilot project, free visas will be applicable until March 31, 2024.

Meanwhile, in an unverified video that went viral on social media, a Sri Lankan was reportedly seen confronting company officials over alleged refusal of entry visa for his foreign national wife. CNBC-TV18 could not independently verify the report or the alleged video.

Also read: Sri Lanka looks to thank Indian tourists by extending visa exemption beyond March 2024

The Sri Lankan national, then consulted with authorities and alleged that an Indian was denying rights to Sri Lankan citizens to enter the country. PTI reported that Sri Lankan authorities resumed operations at the counters and said that protocols were in place and only the prescribed visa will be levied on tourists, eliminating additional charges allegedly imposed by the Indian firm on tourists from various countries, including those eligible for free visas under Sri Lanka’s tourism promotion initiative.

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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After Sri Lanka, is Nepal next on ITC’s expansion radar? Sanjiv Puri opens up on investment, growth, and demerger

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

 Listen to the Article (6 Minutes)

Summary

Explaining the rationale behind venturing into Sri Lanka, Sanjiv Puri, Chairman of ITC Group highlighted the country’s untapped tourism potential and its alignment with India’s “neighborhood first” policy.

In an exclusive interview with CNBC-TV18, Sanjiv Puri, Chairman of ITC Group, shed light on the company’s recent foray into Sri Lanka, its investment strategy, and potential future expansions, including a possible move into Nepal.

ITC’s entry into the international hospitality market with ITC Ratnadipa marks the largest investment by any Indian company in Sri Lanka to date. Puri emphasised the significance of ITC Ratnadipa, situated amidst the breathtaking backdrop of the Indian Ocean and Beira Lake. With nine vibrant dining options, the property aims to showcase the best of Sri Lanka while adhering to ITC’s renowned hospitality standards.

“The globally acknowledged cuisines of ITC Hotels will also find a pride of place in ITC Ratnadipa through a repertoire of fine dining experiences. ITC Hotels’ commitment to promote local cuisine through its initiative – ‘Local Love’ has led its renowned chefs to draw inspiration from Sri Lanka’s ancient culinary traditions & indigenous foods. The Ahasa bride bar is an experience in itself and the entire property is an engineering and design marvel,” said Sanjiv Puri.

ITC’s expansion plans

Explaining the rationale behind venturing into Sri Lanka, Puri highlighted the country’s untapped tourism potential and its alignment with India’s “neighborhood first” policy. Despite economic challenges, Puri expressed optimism, citing promising macroeconomic indicators and the resilience of Sri Lanka’s economy.

“When we make investments, we look at analysis beyond the near-term issues. Sri Lanka has great potential in terms of tourism and it is not explored that much. The country has a lot to offer and tourism is bound to flourish here. There has been a bounce back in tourism already, and the economic bounce back is also looking up,” Puri said.

Furhter talking about ITC’s investment and expansion plans, Puri revealed that Nepal could be the next destination. With ongoing exploration by its subsidiary, ITC aims to capitalise on proximal markets while maintaining a robust pipeline of 70 properties for the next five years, including 22 new openings in India over the past 24 months.

“We will continue to look at various destinations, but we have a subsidiary in Nepal and we are looking for options there,” said Puri.

ITC demerger and post-COVID travel trends

Touching upon ITC’s demerger process, Puri assured stakeholders of progress, aiming for completion by year-end. Amidst the post-pandemic surge in travel enthusiasm, Puri advocated for sustainable tourism and encouraged the youth to prioritise properties upholding the highest standards of sustainability.

With an optimistic outlook on the hospitality sector, Puri emphasised the evolving preferences of modern travelers and the role of ITC in shaping sustainable and memorable travel experiences. As the company continues to chart its expansion course, all eyes are on potential future endeavors, including a potential entry into the Nepalese market.

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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ITC enters international market with ultra-luxury Ratnadipa in Sri Lanka

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

 Listen to the Article (6 Minutes)

Summary

ITC Ratnadipa has 352 guest rooms, suites, and service apartments, each boasting private balconies offering stunning waterfront views.

Colombo’s skyline welcomed a new landmark today as ITC Hotels unveiled ITC Ratnadipa, marking the hospitality giant’s foray into the international market. Situated in the prestigious Gale Face area, the twin towers of ITC Ratnadipa, reminiscent of iconic structures seen in Singapore and Malaysia. As  Ranil Wickremesinghe, President of Sri Lanka, said at the inauguration ceremony- “The skyline of Colombo has a new gem.”

This is not just ITC’s first hotel outside of India, this also marks the biggest investment made by an Indian company in Sri Lanka so far. The inauguration ceremony was graced by His Excellency Ranil Wickremesinghe, President of Sri Lanka, and attended by esteemed dignitaries including Hon’ble Prime Minister Dinesh Gunewardena and Indian High Commissioner Santosh Jha.

Sanjeev Puri, Chairman, ITC group said that ITC Ratnadipa is a step towards strengthening tourism ties between India and Sri Lanka in the direction that PM Narendra Modi called- neighbors first.

Also read: Tourism in Sri Lanka rebounds as revenue reaches $1.8 billion in 2023

Beyond hospitality, ITC Ratnadipa aims to boost MICE tourism in Sri Lanka with its modern banqueting facilities spread over 40,000 square feet, ideal for hosting corporate events, weddings, and social gatherings. Additionally, the project introduces Sky Mansions to South Asia with the Sapphire Residences, offering luxurious apartments and penthouses with panoramic ocean views.

Santosh Jha, Indian High commissioner in Sri Lanka, stressed on India’s commitment towards Sri Lanka and said that India has always stood by its neighbor through thick and thin including the Covid pandemic and the financial crisis in the island country. “Launch of UPI, connectivity corridors and now ITC luxury property show India’s support to Sri Lanka,” said Jha.

Keeping it local, the hotel’s architecture and design is inspired by the national flower of Sri Lanka, the floating water lily. ITC Ratnadipa has 352 guest rooms, suites, and service apartments, each boasting private balconies offering stunning waterfront views. The hotel is strategically positioned between the Indian Ocean and Beira Lake, comprises two towers connected by the state-of-the-art ‘Ahasa’ sky bridge, an architectural marvel soaring 100 meters above ground.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Katchatheevu controversy: What official documents show

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

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Summary

PM Narendra Modi has raised the Kachchativu issue by attacking the Congress government for compromising with India’s territorial integrity by ceding the island to Sri Lanka in 1974 as part of an agreement

Former Chief Minister of Tamil Nadu M Karunanidhi had expressed his “general acceptance” of the “suggested solution” by the Centre to hand over Katchatheevu Island to Sri Lanka but said that he won’t take a public stand in favour of it due to political reasons. This was after the then Foreign Secretary Kewal Singh met the chief minister on June 19, 1974, in Madras (now Chennai).

Documents from the Ministry of External Affairs in possession of News18 now reveal these facts. These documents also reveal the opinion of the then Prime Minister Jawaharlal Nehru over the island.

“I attach no importance at all to this little island and I would have no hesitation in giving up our claim to it. I do not like matters like these pending indefinitely and being raised again and again in Parliament,” said Nehru’s noting dated May 10, 1961, in the document.

Prime Minister Narendra Modi has made the Katchatheevu issue a major one as he has attacked the Congress government for compromising with India’s territorial integrity by ceding the island to Sri Lanka in 1974 as part of an agreement. PM Modi said DMK leaders keep writing to him to get back the island but do not attack their INDIA bloc partner Congress for ceding it in the first place.

The MEA document reveals that while DMK had launched protests against ceding the island in 1974, party chief Karunanidhi had accepted the Centre’s proposal.

“On the substance of the proposal, the Chief Minister indicated that he was inclined to accept the suggested solution…the Chief Minister having once again signified his general acceptance of the suggested solution, said that, for obvious political reasons, he could not be expected to take a public stand in favour of it,” the documents say about foreign secretary’s meeting with the CM.

The document says the chief minister assured the foreign secretary that he would help keep the reaction “low key” and would not allow it to be played up.

“Foreign secretary appreciated this gesture and stressed that nothing should be done to embarrass the Central Government or turn the affair into an issue between the Centre and the state,” the documents say. They add that the Tamil Nadu government had been “kept informed throughout the negotiations with Sri Lanka”. The foreign secretary, in that meeting, had also thanked the chief minister for favouring him with the views of the Tamil Nadu government and said he would report to the foreign minister and prime minister about his talks with the chief minister.

In this meeting, Karunanidhi, however, told the foreign secretary about his “difficulty” that he could not take the opposition into confidence without sharing with them the knowledge about the oil strike and convince them about the need to accept the compromise. The CM wanted to know whether then PM Indira Gandhi had sounded the opposition.

“Foreign secretary said, to his knowledge, the proposal was known only to one or two senior Cabinet Ministers and that probably the Prime Minister would like to have the views of Chief Minister of Tamil Nadu before discussing it with the opposition,” the documents reveal.

The chief minister also wanted to know if any mass hysteria had been built in Sri Lanka over Katchatheevu.

“Foreign secretary said that the controlled press in Sri Lanka, unlike that of India, could whip up public feeling on the subject and make a solution difficult to attain.”

The foreign secretary also said that various suggestions had been mooted by the Indian side — like a condominium, a line cutting through the island, and a line skirting the island. “But none of this is acceptable to Sri Lanka,” the foreign secretary told the CM. At one stage, the Tamil Nadu chief secretary suggested that the strong feelings prevalent in the state could help strengthen the central government’s bargaining posture.

“Foreign secretary said this had not been lost sight of but apparently it has had no effect on the Sri Lankan side,” the documents say.

Interestingly, the Centre’s then Attorney General, MC Setalvad, in his opinion to the Centre on October 19, 1958, had said: “…it appears that the balance lies in favour of concluding that the sovereignty of the island was and is in India.”

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

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India provides more grants to build houses in Buddhist sacred town of Sri Lanka

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

 Listen to the Article (6 Minutes)

Summary

Santosh Jha, the High Commissioner of India, and the relevant Sri Lankan officials on March 21 exchanged letters about the grant to the island nation.

India has signed an additional grant of Sri Lanka rupees 150 million to build houses and infrastructure facilities in the Buddhist sacred town of Anuradhapura, the Indian High Commission has said.

Santosh Jha, the High Commissioner of India, and the relevant Sri Lankan officials on March 21 exchanged letters about the grant to the island nation.

With this, the Indian government’s total commitment to the project currently stands at SLR 450 million for the construction of houses and infrastructure facilities in Sobitha Thero village of Anuradhapura. The late Sobhitha Thero was an iconic Buddhist monk in the island nation’s good governance movement. Responding to the drastic changes in the economic landscape of Sri Lanka, the Government of India decided to infuse additional funds into nine ongoing grant projects to expeditiously complete these projects, while also minimising the impact of the sharp rise in the cost of construction materials on the original scope of projects. The extent of additional funds is up to 50 per cent of the original commitment by GOI in each of the nine projects,” the Indian High Commission said.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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UPI now available in Sri Lanka, Mauritius: Check steps to make payments abroad

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

 Listen to the Article (6 Minutes)

Summary

To facilitate UPI payments in Mauritius and Sri Lanka, individuals need to follow a registration process through a UPI-enabled mobile application. Here’s more

In a move towards enhancing cross-border digital transactions, the Ministry of External Affairs announced the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius on Monday, February 12.  As part of this initiative, India has also introduced RuPay card services in Mauritius.

The launch of UPI services in Sri Lanka and Mauritius follows the introduction of UPI at the Eiffel Tower in Paris (France) on February 2, 2024.

The new development will enable Indians visiting Sri Lanka and Mauritius to utilise UPI for payments, while Mauritians traveling to India will also have the same privilege.

The UPI, a mobile-based payment system in India, operates round-the-clock, allowing users to make payments via a virtual payment address. It consolidates multiple bank accounts into a single app, offering various banking features under one platform.

Developed by the National Payments Corporation of India (NPCI), UPI facilitates instant real-time inter-bank peer-to-peer and person-to-merchant transactions.

How UPI works abroad?

To facilitate UPI payments in Mauritius and Sri Lanka, individuals need to follow a registration process through a UPI-enabled mobile application.

Once the bank account is linked, users are prompted to provide recipient information, including the bank account number, IBAN, and BIC, along with specifying the transfer amount and currency.

Here are the steps to make UPI payments in Mauritius and Sri Lanka:

Step 1: Open the UPI app and navigate to the home screen.

Step 2: Tap on the profile picture.

Step 3: In the Payment Settings section, select UPI International.

Step 4: Tap on ‘Activate’ next to the chosen bank account for international UPI payments.

Step 5: Enter UPI PIN to confirm the activation.

Step 6: Once activated, scan the provided QR code by the merchant.

Step 7: Enter the desired payment amount displayed in both local currency and Indian rupees.

Step 8: Tap on “Pay.” Enter the UPI PIN to complete the transaction.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?