The Income Tax Department conducted a raid at Flipkart’s warehouse in Dasna in Ghaziabad and imposed a penalty of INR 23.51 Cr. on the ecommerce retailer for irregularities in its operations. According to an official, the company although used to collect taxes from its customers but did not deposit the same with the department.
Here is a short summary of the important developments that took place during the week in the startup and tech horizon.
AP Govt Announced 15Mbps Broadband For INR 150 Per Month
The Andhra Pradesh state government requested the Centre to release its share of funds amounting to INR 1940 Cr. from the National Optical Fibre Project (NOFN). If and when the project is successfully completed, the government would provide internet connections to nearly 12 Mn families in the state at the speed of up to 15 Mbps for just INR 150 per month.
A VC Fund For The Reserved Categories
The government announced an INR 250 Cr. VC fund exclusively for the Scheduled Caste entrepreneurs and traders. Each entrepreneur from Scheduled Caste can borrow a minimum of INR 50 lakh and a maximum of INR 15 Cr fund in the form of equity linked Debt.
Ola Expanded Services to 50+ Cities
Ola announced its expansion in 24 more cities, taking the total tally to over 50 and became the first pan-India cab booking service . The company added over 15000 cars in just the last three months, launched operations in over 34 new cities, and now operates over 60,000 cabs.
International Voice Calling App Ringo Launched In India
International voice calling app Ringo, which enables users call without the need of an internet connection and claims to provide 70% less calling rates than existing mobile operators, expanded its network to India. Users can create an account with an amount ranging from INR 25 to INR250 and track their usage using itemized billing.