Page 13 - BANKING FINANCE OCTOBER 2021

ROUNDUP

apply from the previous year in which demand grows. It is expected to have France, UK, Japan, UAE, China, Mexico,
the company, that was the ultimate a capacity of 10 million units, accord- Australia, among others would be the
holding company of such erstwhile ing to Ola. major focused markets in the next 75
public sector company immediately The company's website claims the fac- months to achieve the goods export
after completion of the strategic dis- target of USD 750 billion by 2027.
tory is highly automated. It has over
investment, ceases to hold, directly or
3,000 robots powered by artificial in-
through its subsidiary or subsidiaries, telligence (AI), which enable it to make Income tax refunds worth
51 per cent of the voting power of the
each scooter in just "2 seconds". Rs. 70,120 crore issued till
erstwhile public sector company"it
said. Necessary legislative amend- IRCTC's i-PAY gains trac- 6 Sep
ments shall be proposed in due course The Income Tax Department said it has
of time, CBDT said. tion, introduces autopay issued refunds of over Rs 70,120 crore
feature till September 6 this year.
10,000 women to run Ola
The in-house payment gateway of In- Of this personal income tax refunds of
e-scooter factory dian Railway Catering and Tourism Rs 16,753 crore have been issued in

Ola Electric said a team of 10,000 Corporation (IRCTC), i-PAY, is now pro- over 24.70 lakh cases and corporate
women will exclusively operate its up- cessing more than 125,000 transac- tax refund of Rs 53,367 crore have
coming factory in Tamil Nadu by the tions every day. A statement from been issued in 1.38 lakh cases.
time it runs at full scale. IRCTC said that i-PAY facilitates pay- "CBDT (Central Board of Direct Taxes)
ments for booking railway tickets, air
Chief executive Bhavish Aggarwal issues refunds of over Rs 70,120 crore
tickets and tour packages on the IRCTC
claimed this will be the world's largest website and mobile app. to more than 26.09 lakh taxpayers
women-only factory and the only such between 1st April, 2021 to 6th Sep-
automotive manufacturing facility in It is one of the multiple payment gate- tember, 2021, the Income Tax Depart-
the world. He said the company is ways available to users on the IRCTC ment tweeted.
upskilling its workforce as its factory is website and mobile apps.
far more advanced than what most of "When launched in the month of Apr- India sending 109 ambu-
the automotive workforce is used to 2019, i-PAY did only 5.8 per cent of lances to Bangladesh as a
right now. "This is the first in a series total online rail ticket booking, which
of initiatives we are undertaking at Ola has increased to 13 per cent. At goodwill gesture
to create a more inclusive workforce present, i-PAY has been made live in In early July, Bangladesh Prime Minis-
and provide economic opportunities various business verticals of IRCTC such ter Sheikh Hasina had sent 2,600 kg
for women across the board. We have as Air ticketing, Tourism, i-mudra and mangoes for the President, Prime Min-
invested significantly to train and e-ticketing," a IRCTC statement said. ister of India and several CMs, includ-
upskill them in core manufacturing ing Bengal chief minister Mamata
skills, and they will be responsible for PHDCCI identifies 75 po- Banerjee. In a reciprocal gesture, the
the entire production of every vehicle tential products for $750 Narendra Modi government is sending
manufactured at Ola Future Factory," 109 ambulances to Dhaka to fight the
Aggarwal said in a blog post. bn export boost third wave of the Covid pandemic.

The ride-hailing company, which has Industry chamber PHDCCI said it has In the first phase, 30 air-conditioned
been aggressively promoting its upcom- identified as many as 75 potential prod- ambulances with all live-saving devices
ucts from nine sectors, including agri-
ing consumer electric scooters, an- will move to Bangladesh from the
nounced a Rs. 2,400 crore investment culture and minerals, and as many Petrapole border. During his trip to
markets like the US and Europe, which
last year to set up what it calls a Fu- Dhaka in March, Modi had promised to
ture Factory. In the first phase, the can help take India's exports to USD provide the ambulances to help ferry
factory is expected to start with an 750 billion by 2027. patients in crisis and sent vaccines to
annual production capacity of 1 million Sanjay Aggarwal, President, PHDCCI, Bangladesh soon after inoculations
units and will double it to 2 million if said that the US, Canada, Germany, started in India. T

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