The Create in India Challenge (CIC), launched under the World Audio Visual and Entertainment Summit (WAVES), has transformed from a national initiative into a global movement. With nearly 1 lakh registrations from across the world, including over 1,100 international participants, CIC Season 1 has struck a powerful chord with creators, technologists, and innovators.

All 32 challenges under CIC are now closed, and anticipation is building for the grand finale at the Jio World Centre, Mumbai, scheduled from May 1 to 4, 2025. The event will culminate in the WAVES Creator Awards ceremony, honouring excellence in creativity across domains.

Global Reach: Participants from Over 60 Countries

CIC has attracted attention from every continent, with entries from over 60 countries. From this rich talent pool, 750 finalists have been selected to exhibit their work at Creatosphere, a platform showcasing innovation across animation, comics, artificial intelligence, XR, gaming, music, and more.

International highlights include:

• 43 global finalists representing over 20 countries

• Strong representation from Sri Lanka, Nepal, and Tajikistan (6 finalists each)

• Finalists from Indonesia and the Maldives (5 each), and Mauritius (4)

• Other participating countries include the United States, the United Kingdom, Germany, Russia, Canada, Argentina, and more

This widespread international presence brings an inclusive and collaborative flavour to WAVES 2025, underlining India’s growing stature in the global creative economy.

Pan-India Participation from Every State and Union Territory

The challenge saw nationwide engagement, with participants hailing from all 28 Indian states and 8 Union Territories. From the hills of Himachal Pradesh to the coasts of Kerala, and from Gujarat to Meghalaya, the finalist list paints a vivid map of regional talent and diversity.

This expansive domestic footprint demonstrates the depth of India’s creative reservoir and the inclusive nature of the competition.

Celebrating Youth and Inclusivity

The Create in India Challenge has become a canvas for young dreamers and changemakers. Most of the participants are in their 20s, comprising college students, budding professionals, and teenage innovators. Remarkably, the age range of finalists spans from 12 to 66 years, proving that creativity knows no bounds.

This wide generational spectrum reflects CIC’s core ethos—a platform for all.

Challenges that Bridge Heritage and Innovation

The challenges covered an impressive spectrum of themes, marrying tradition with cutting-edge technology. Key highlights include:

• Innovate 2 Educate Challenge – promoting accessible education solutions

• Make the World Wear Khadi – reviving India’s textile heritage for a global audience

• India: A Bird’s Eye View – using drones and storytelling to empower communities, led by ‘Drone Didis’

Each challenge reflects a deep commitment to innovation, social impact, and cultural preservation.

Read More: Startup Mahakumbh 2025: Goyal’s Call to Move Beyond Ice Cream and Instant Delivery in Startup India

Conclusion

As WAVES 2025 draws near, the Create in India Challenge has clearly grown into more than a competition. It is a movement—an embodiment of India’s creative confidence, its global ambition, and its inclusive spirit.

The blend of Indian and international creators has made CIC a beacon of collaborative innovation. It perfectly aligns with the Hon’ble Prime Minister’s vision that “WAVES should reach every home and every heart.”

With its massive participation and inspirational themes, the Create in India Challenge stands as a landmark initiative that celebrates not just talent, but also purpose, diversity, and the future of global media and entertainment.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

The New India Co-operative Bank (NICB), once a trusted financial institution for thousands of account holders, finds itself in troubled waters following a large-scale embezzlement case involving Rs 122 crore. On February 13, 2025, the Reserve Bank of India (RBI) imposed restrictions on the bank, severely limiting withdrawals and triggering widespread concern among depositors.

Depositors Unite Under NICB Depositors’ Foundation

In response to the crisis, affected account holders formed the NICB Depositors’ Foundation, a body representing the interests of the depositors. The foundation has been at the forefront of efforts to seek a resolution, either through a revival plan or a merger with a more stable financial institution.

Led by Foundation President TN Raghunatha, a delegation of depositors recently met with key RBI-appointed advisors at the bank’s corporate office in Prabhadevi. These advisors — Ravindra Chavan and Ravindra Sapra — have been tasked with assessing the bank’s condition and exploring possible solutions.

Dialogue with RBI-Appointed Advisors

During the meeting, the advisors conveyed a cautiously optimistic stance. While they did not provide specific details, they confirmed that multiple options, including a potential merger, are actively under consideration. They also assured the delegation that all concerns and formal representations would be forwarded to the Reserve Bank along with their own observations and recommendations.

Read More: New India Co-op Bank Scam: 8th Accused Promised 50% Interest on Stolen Funds

Relief Demanded for Hardship-Burdened Depositors

One of the most pressing demands made by the foundation was an increase in the withdrawal limit, currently capped at ₹25,000 per account. The foundation urged that this be raised to ₹1.5 lakh, especially to support senior citizens and co-operative housing societies who are facing significant financial stress due to the ongoing restrictions.

Further Engagement with RBI Officials

The delegation also met with three Assistant General Managers from the RBI’s Supervision Department at the central bank’s Maker Chambers office in Cuffe Parade. According to Foundation Vice President Rajani Pitale, the officials were receptive to their concerns and promised to escalate the matter to senior authorities.

Additionally, a formal copy of the depositors’ representation was submitted to the Cuffe Parade police station as part of the Foundation’s continued advocacy.

Arrests Made in Connection with the Scam

As investigations continue, the Mumbai Police have arrested eight individuals in connection with the Rs 122 crore embezzlement. These developments highlight the severity of the financial misconduct and reinforce the urgency for resolution measures to protect depositors’ interests.

Conclusion

While no final decision has been made public, the depositors are pressing for clarity and timely action. The ongoing dialogue between depositors and regulatory authorities signals an intent to find a solution that restores confidence in the co-operative banking system.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

In response to rising concerns among apartment residents, the Central Board of Indirect Taxes and Customs (CBIC) has clarified the applicability of Goods and Services Tax (GST) on housing society maintenance charges. The clarification aims to eliminate confusion regarding whether GST applies solely to the portion exceeding ₹7,500 or the entire contribution when certain thresholds are met.

Key Thresholds for GST on RWA Maintenance

As per the prevailing GST framework, Resident Welfare Associations (RWAs) are obligated to collect and remit GST on monthly maintenance charges when both of the following conditions are satisfied:

1. Monthly contribution exceeds ₹7,500 per unit.

2. Total annual turnover of the RWA surpasses ₹20 lakh.

If both conditions are met, the entire maintenance charge—not just the amount exceeding ₹7,500—is subject to GST at the applicable rate. This clarification from the CBIC aligns with earlier notifications and intends to bring consistency and transparency in GST compliance for RWAs and apartment owners.

Read More: Government Confirms No GST on UPI Payments Over ₹2,000

Not a New Rule, But a Reaffirmation

This is not the first time the government has addressed this issue. A similar clarification was previously issued through a Ministry of Finance circular dated 22 July 2019. It had affirmed that RWAs would not be required to charge GST if individual contributions remained below ₹7,500, regardless of the association’s total turnover.

The ₹7,500 exemption threshold has been in place since January 2018, when it was revised from ₹5,000, providing a wider relief to apartment owners in terms of GST liability.

The Impact of the Clarification

Given that this clarification is a reiteration of an existing regulation rather than a new imposition, it is not expected to increase monthly outgoings for residents. Most RWAs and gated communities that fall within the purview of these provisions are already complying with the stated GST norms.

Thus, the CBIC’s move is more about reinforcing awareness than introducing any new burden.

Kerala High Court Ruling on GST for Member-Based Associations

In a parallel and significant development, the Kerala High Court in April 2025 delivered a judgement declaring a 2021 amendment to the Central GST Act as unconstitutional. The struck-down amendment had allowed for the imposition of GST on services rendered by clubs or associations to their own members.

The case was brought forward by the Indian Medical Association (IMA), which operates internal welfare schemes for its members. The IMA argued that such member-funded activities do not constitute a commercial ‘supply’ and should not be taxed under the GST regime.

The court upheld this interpretation, stating that the principle of mutuality, where contributors and beneficiaries are the same, should not be disregarded, thereby setting a precedent for similar associations across the country.

Conclusion

The recent CBIC clarification brings clarity, not change, to the GST treatment of housing society maintenance charges. Meanwhile, the Kerala High Court’s ruling on GST levied on internal services among members may potentially influence future policy direction for member-based associations. Apartment owners and RWAs should remain informed about these legal and regulatory developments to ensure compliance and clarity in tax-related matters.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

During the 24th FIMMDA-PDAI Annual Conference held in Bali, Reserve Bank of India (RBI) Governor Sanjay Malhotra raised a red flag regarding the shrinking liquidity in the call money market. This tightening of liquidity conditions, he noted, could hinder the seamless transmission of monetary policy decisions and limit the potential benefits of current policy rate cuts for the broader economy.

Governor Malhotra emphasised that the efficiency of monetary transmission depends heavily on the functioning of the short-term money market, particularly the call money segment, which plays a critical role in interbank lending.

Asymmetries Among Key Short-Term Rates

One of the major concerns highlighted by the governor was the persistent asymmetry among three key money market rates: the call money rate, market repo rate, and the Triparty Repo (TREPS) rate. These rates, ideally, should move in tandem, reflecting a well-integrated liquidity framework. However, deviations have been observed.

Governor Malhotra urged banks, which are uniquely positioned with access to the RBI’s liquidity windows and money market instruments, with to act more proactively. He stressed that banks must work towards ensuring quicker and more effective transmission of the RBI’s liquidity management actions to the wider market.

Need for a Robust Risk-Free Term Structure

In his address, Governor Malhotra highlighted the urgent need to build a robust, risk-free term structure for short-term interest rates, particularly in the three-day to three-month maturity range. Such a structure would serve as a reliable benchmark for pricing a wide range of financial instruments, including loans and other interest rate-linked products.

A well-developed term structure in this segment is vital for fostering transparency and efficiency in interest rate pricing, which in turn supports better risk management across the financial system.

Read More: Rate Cut Alert! RBI Just Made Borrowing Cheaper – Here’s What It Means for Your Stocks and SIPs

Limitations of the Swap Market and the Call for Basis Swaps

Addressing concerns in the swap market, which currently relies on overnight rates, the governor noted that this may not be the ideal mechanism for entities aiming to hedge interest rate exposure. The overnight rate is often used to express expectations of future monetary policy changes, making it a less stable foundation for hedging long-term risk.

Drawing parallels with developed economies, Malhotra pointed out that having two distinct benchmark rates—one for monetary policy expectations and another for risk hedging—helps improve the resilience of the financial ecosystem. He called for the development of basis swap instruments and derivatives based on the Secured Overnight Rupee Rate (SORR) to address these limitations and support market participants in managing basis risk more effectively.

Stability Across Financial Market Segments

Despite liquidity challenges in specific segments, Governor Malhotra affirmed that India’s broader financial markets have remained largely stable. The foreign exchange market, government securities, and money market segments have shown resilience. While the Indian rupee experienced some pressure earlier, it has since recovered. Moreover, the government securities market remained strong throughout FY25, even as the equity markets faced corrections due to capital outflows.

Conclusion

Governor Sanjay Malhotra’s remarks underline the importance of strengthening the architecture of India’s money market. With dwindling liquidity and structural inefficiencies in short-term rates, the RBI is urging banks and market participants to enhance market depth, improve risk management tools, and ensure smoother transmission of monetary policy actions. While the overall financial system remains stable, these proactive measures are deemed essential for maintaining long-term financial resilience.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Several media outlets recently reported that a satellite-based tolling system would be launched across India from May 1, 2025, replacing the existing FASTag-based toll collection. This news caused confusion among commuters and stakeholders.

To clarify, the Ministry of Road Transport and Highways and the National Highways Authority of India (NHAI) have issued a statement confirming that no such nationwide decision has been taken.

Read More: FASTag Rules Change from Today: What It Means for You

ANPR-FASTag Hybrid System to be Piloted at Select Toll Plazas

In a move aimed at enhancing efficiency and reducing travel time, NHAI is working on introducing an ANPR-FASTag-based Barrier-Less Tolling System at select toll plazas.

This system aims to enable seamless and barrier-free movement of vehicles, minimising congestion at toll booths.

How the New System Works: A Blend of ANPR and FASTag

The proposed tolling mechanism integrates:

• Automatic Number Plate Recognition (ANPR): High-performance cameras will automatically detect vehicle number plates.

• FASTag RFID Technology: The current FASTag system, using Radio-Frequency Identification, will continue for toll deduction.

Vehicles will be charged without needing to stop at the toll plaza. The toll amount will be deducted automatically based on vehicle recognition.

E-Notices and Penalties for Violations

To ensure compliance with the new system, e-Notices will be sent to violators. If toll charges remain unpaid:

• FASTag accounts may be suspended

• Penalties under the VAHAN rules could be imposed

This mechanism is expected to deter non-compliance and promote smoother toll operations.

Pilot Implementation and Future Nationwide Rollout

NHAI has invited bids for implementing the ANPR-FASTag hybrid system at selected locations. Based on:

• Operational performance

• System efficiency

• User feedback

A decision regarding the nationwide rollout will be taken. Until then, the existing FASTag-based tolling system remains in force.

Conclusion

The government has not announced any nationwide shift to satellite-based tolling. The ANPR-FASTag hybrid system is currently under pilot testing to assess its feasibility for future rollout.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

In response to mounting concerns over inconsistency and perceived harassment in the Goods and Services Tax (GST) registration process, the Central Board of Indirect Taxes and Customs (CBIC) has issued a detailed set of revised instructions. These new guidelines aim to bring clarity, transparency, and uniformity in GST registration procedures across jurisdictions, while curbing unnecessary interference by tax officials.

Why the New Guidelines Were Needed

Over time, businesses have reported procedural delays and arbitrary documentation requests from field officers during GST registration. From asking for the landlord’s PAN and Aadhaar to questioning the business model itself, the process often became cumbersome. Recognising these irregularities, CBIC’s latest move is seen as a corrective step to enforce consistency and prevent discretionary practices.

Standardisation of Documentation

The revised instructions reinforce reliance on the document list already provided in Form GST REG-01. Officers are explicitly directed not to request additional documents unless crucial for verifying ownership or business legitimacy. A key clarification is that only one document establishing the ownership of rented premises, such as a property tax receipt, electricity bill, or municipal record, is sufficient when submitted with a rent or lease agreement.

This change is expected to be particularly helpful for startups and small enterprises operating from shared or rented spaces.

Curtailing Presumptive Queries

Another significant reform is the prohibition of presumptive and irrelevant queries. Officers have been instructed not to question matters such as why an applicant’s residential address differs from the business location or to scrutinise the nature of goods or services offered at a particular premise, unless it directly relates to the submitted application and documents.

This measure addresses the longstanding issue of subjective questioning, which often led to unjustified delays or rejections.

Clear Timelines for Processing Applications

To promote timely clearance, the CBIC has imposed strict deadlines:

• Within 7 working days for applications that are complete and not flagged as risky.

• Within 30 days for applications flagged for risk, requiring physical inspection.

The timelines are expected to reduce uncertainty for applicants and prevent files from lingering due to officer inaction. Notably, the instructions clarify that no registration should be granted on a deemed basis simply because the officer did not act in time.

Structured Physical Verification for Risky Applications

For cases flagged as risky — either due to lack of Aadhaar authentication or suspicious backend data — the Board has introduced a well-defined protocol for physical verification. Officers must:

• Conduct the inspection,

• Upload GPS-tagged photos as part of the verification report,

• Submit the report at least 5 days before the 30-day limit.

These steps ensure accountability and traceability in verification procedures.

Approval Needed for Additional Document Requests

To curb unauthorised demands, any request for documentation beyond the prescribed list now requires approval from a deputy or assistant commissioner. Furthermore, minor discrepancies in submissions cannot be grounds for queries unless they are central to verifying business or ownership claims.

This top-down approval mechanism is designed to act as a check on overzealous or arbitrary officer conduct.

Oversight and Monitoring Mechanisms

CBIC has instructed senior officers to monitor application processing more rigorously and to ensure adequate staffing at relevant departments. Any deviation from the new process may attract disciplinary action, thereby reinforcing the seriousness of the reform.

States may also issue trade notices to clarify what constitutes acceptable documentation under state-specific laws, ensuring smoother implementation on the ground.

Read More: Penalty of ₹10,000: If These New GST Rules Are Not Followed from April 1, Businesses Should Take Note.

Conclusion

The CBIC’s move to overhaul the GST registration protocol marks a decisive effort to reduce administrative friction for businesses. With defined documentation requirements, firm processing timelines, and accountability for officers, the new guidelines aim to make GST registration more uniform, predictable, and fair.

While the reforms are administrative in nature, they hold significant implications for businesses navigating India’s indirect tax landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.