Bangalore Institute exports “Aadhaar open source”; GoM offers 28% GST for staking component only

Six developing countries — Sri Lanka, Morocco, the Philippines, Guinea, Ethiopia, and the Republic of Togo — are using an open source system like Aadhaar to provide their citizens with a digital identity. The platform was created by Bangalore International Institute of Information Technology (IIIT-B), a non-profit organization led by Infosys co-founder Chris Gopalakrishnan.

Also in this letter:
■ The Moldovan government is proposing a peak GST of 28% on casino betting components only.
■ Rupa & Co heirs take over Cloudtail’s home, kitchen and sports business.
■ Mastercard will replace Paytm as the title sponsor of BCCI.


Bangalore Institute creates “open source Aadhaar” for developing countries

MOSIP Experience Center at IIIT Bangalore

Center in Bangalore expands unique identification programs such as Aadhaar for developing countries.

How? The International Institute of Information Technology Bangalore (IIIT-B) has developed an open source core identity platform called Modular Open Source Identity Platform (MOSIP) which is currently in use in six countries – Sri Lanka, Morocco, Philippines. , Guinea, Ethiopia and the Togolese Republic to provide digital identification to their citizens. The West African nation of Sierra Leone will soon join them.

The programs are supported by the Bill & Melinda Gates Foundation (BGMF), Tata Trusts, Norad and Omidyar Network, which together provided funding of Rs 150 crore.

Infosys co-founder Chris Gopalakrishnan’s Pratiksha Trust also contributed $1 million to the project.

By numbers: To date, 71 million citizens have been registered with MOSIP in the Philippines, of which 50 million have been issued with identity cards. In Morocco, out of a population of 36 million, 150,000 have received unique identification numbers.

IIIT-B intends to reach a billion people in the next couple of years of the three billion people worldwide who have no identity, its officials told ET.

Other countries that have shown interest in using MOSIP are Uganda, Nigeria, Samoa and Tunisia.

IIT-B is also evaluating new technologies beyond fingerprint, iris and face, such as voice biometrics, for use cases for national identifiers.

IIT-B is a non-profit society incorporated under the Karnataka Societies Registration Act, 1960. It is governed by a council, of which Gopalakrishnan is the chairman.


GoM offers a peak 28% GST for the casino betting component only.

Taxing the online gaming industry on par with gambling will stifle growth: Winzo

The Group of Ministers (GoM), set up to revise the Goods and Services Tax (GST) for online gaming, horse racing and casinos, has proposed the peak tax of 28% is charged only on the actual betting component for the casino and not all remuneration, which may include other related goods and services.

No Goa: Goa opposed an earlier recommendation by the Mexican government to tax casinos on gross income and demanded a review. The Government of India has recommended a flat GST of 28% for online gaming, horse racing and casinos.

Currently 18% GST is charged on casinos, horse racing and online games that do not involve wagering or gambling. The rate is 28% for online games related to betting or gambling.

Goa’s objection was that a bet of 28% on the full face value of chips or coins bought from a casino would hit the sector hard if the entire amount was not spent on betting.

The GST Council, at its meeting on June 28-29, asked Meghalaya Chief Minister Konrad Sangma at the head of government to reconsider its recommendations at Goa’s request.

What’s next? People involved in Monday’s government discussions in Bangalore said that if some of the members were unable to attend the meeting, the recommendations would be sent for their approval.

The final recommendation is likely to be presented to the GST Council along with the Council’s legal committee observation on August 10th.

Quotes: Samir Barde, CEO of the Electronic Games Federation (EGF), said: “While we wait for the official announcement, we hope that the Moldovan government considers that the introduction of 28% GST on GGR (gross gaming revenue) will significantly affect the industry by increasing the tax burden . at the level of 55%. Ideally, we want it to stay the same at 18% GGR, in line with international best practice.”


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Descendants of Rupa & Co take over Cloudtail’s home, kitchen and sports business

Ecommerce_online merchants_THUMB IMAGE_ETTECH03

Kolkata-based clothing manufacturer Rupa and the company’s third-generation promoters Siddhant Agarwal and Aparesh Agarwal have launched a new merchant business called RetailEZ on Amazon India, sources told us.

The new entity is taking over Cloudtail’s home and kitchen business from vendors and suppliers, sources said.

RetailEZ is among the many new merchants taking over the Cloudtail business following Amazon’s acquisition of the latest Prione’s parent company.

Cloudtail was the biggest seller on Amazon and the online store closed it after acquiring a 100% stake in Prione, because existing regulations do not allow the organization operating the online marketplace, or companies within its group, to own shares in any seller on the platform or control its inventory.

Rupa and Co Chief Financial Officer Ramesh Agarwal confirmed the development and clarified that RetailEZ is a separate entity that will not be affiliated with the publicly listed company.


Mastercard to replace Paytm as title sponsor of all BCCI matches in India

mastercard

Mastercard, a global payment and technology company, is going to replace the Indian digital payments unicorn Paytm as the title sponsor of all international and domestic cricket matches organized by the Board of Control for Cricket in India (BCCI).

The board has accepted Paytm’s request to transfer title sponsorship to Mastercard, valid until 2023, two people with direct knowledge of the deal said. This marks the company’s premature exit after a seven-year partnership with BCCI.

“Paytm asked to exit the trade and Mastercard was willing to enter at the same price,” one source said. The BCCI has accepted the proposal and contracts are being finalized. According to him, they should be signed within another 5-10 days.

In August 2019, Paytm extended its title sponsorship deal with BCCI for four years with a winning bid of Rs 326.80 crore or Rs 3.80 crore per match.

He first signed a title sponsorship deal with BCCI in 2015 for Rs 203 crore for four years, or Rs 2.4 crore per match, and the new deal was 58% higher.


Zomato market cap falls below latest private valuation as lock expires

Zomato

Online food delivery platform Zomato’s share price fell over 14% to hit a lifetime low of Rs 46. in the early hours of trading on the BSE on Monday, pushing its market capitalization below its latest private estimate of $5.5 billion.

Shares rebounded slightly to close at Rs 47.55, down 11.37% on the day.

Grab

Why? The mandatory lockup for promoters, employees and other shareholders who bought shares before the IPO ended on July 23, one year after they were listed.

More than 613 crores of Zomato shares have been blocked since the distribution date, which is about 78% of the total shares.

Reject:
On July 23, 2021, Zomato had a stunning listing on the Indian stock exchanges. Its shares are up as much as 83% from an IPO price of Rs 76 at some point on opening day after listing at Rs 115 a share – a premium of more than 50% of the issue price.

But since then, its share price has declined—sometimes quickly.

Zomato shares are down 28% over the past month, compared to a 1.12% drop in the ET Ecommerce Index or a 2% drop in the ET Unprofitable Ecommerce Index. Over the past three months, Zomato shares have fallen 37%, compared to a 13% drop on the ET Ecommerce Index or 12% on the ET Lost Ecommerce Index.


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