MAM
Reuters in tie up with Airtel to offer commodity price service
MUMBAI: Reuters and mobile operator Airtel are working jointly on a pilot project to provide commodity prices through text messaging service.
Aimed at the farmer community, subscribers can receive quick updates on the commodity market.
The pilot project is slated to kick off in August for the Maharashtra region, Reuters South Asia managing director Samir Shah said on the sidelines of a press conference.
The messaging service will be provided in the Marathi language. The farmers will have access to real-time information on commodity prices. This will enable them to make informed choices about when and where to sell their produce.
“The aim is to link farmers and traders and also provide them reports on commodity prices from all major markets. By using the mobile messaging service, the farmers can obtain the market updates. They can also be informed about the international prices in their own language,” Shah said.
Reuters is targeting early next year to launch this service on a national scale by tieing up with various mobile operators.
Earlier addressing the press conference, Shah said Yes Bank has chosen to make prices on Reuters Trading for Foreign Exchange (RTFX).
The bank has also signed up for Reuters leading edge pricing engine technology, Reuters Electronic Trading for Automated Dealing (RETAD), to automate its FX transactions in a real time environment over the bank’s intranet.
Recently, Reuters had signed in Union Bank of India, the first public sector bank in India to become a market maker on Reuters Trading for Foreign Exchange (RTFX) and Reuters Trading for Bullion.
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.
