MAM
PhonePe launches a new Savings Product to help Indians earn more
Mumbai: PhonePe, India’s leading digital payments platform today announced the launch of a new savings product ‘Liquid Fund’ on its app. The all-digital product will help over 175 million PhonePe users grow their savings by earning higher short term FD-like returns with the ease and liquidity of a Savings Account.
Users can begin saving with as low as Rs.500/- in a completely secure and paperless process in less than 5 minutes. Liquid Funds are the best way for new users to experience Mutual Funds as the money is invested in safer instruments such as bank and government securities. Customers can withdraw their money instantly – anytime and from anywhere*. There is no lock-in period and the customer does not have to maintain a minimum balance. The best part is that customers can watch their money grow every day.
With this launch, PhonePe is taking large strides towards its goal of expanding awareness and adoption of Financial Services products in India. PhonePe aims to achieve this by creating simple products and offerings that are intuitive for customers to understand and easy to apply for. PhonePe’s Liquid Fund product is targeted at users across India including those from smaller towns and cities, who have never experienced solutions beyond Savings Accounts. PhonePe already sees over 56% of its transactions from Tier 2 and Tier 3 cities.
Speaking on the launch, Terence Lucien, Head of Mutual Funds, PhonePe, said, “This is our second product in the Mutual Funds space after Tax Saving Funds where we have created a completely digital investment flow for our users. Liquid Funds will allow millions of our users to earn higher returns on their savings with the ability to withdraw their money instantly 24×7*. We will continue to add more such financial solutions for our users to manage their money and fulfill their life aspirations in a better way.”
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
