Digital payments platform <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Friday announced a buyback of employee stock options (<keyword id="173739" type="General" weightage="100" keywordseo="esops" source="Orion">ESOPs</keyword>) worth Rs 135 crore. The buyback offer follows a three-tier model, based on seniority, a statement said. The company's founders will not be participating in the buyback, while the top leadership can sell up to 10 per cent of their vested stock, it added. All other current employees can sell up to 25 per cent of their vested stock. The company currently has over 2,500 employees. "Last December, we launched a new <keyword id="10701968" type="General" weightage="20" keywordseo="phonepe-esops" source="Orion">PhonePe ESOPs</keyword> plan and issued ESOPs to 100 per cent of our employees across levels, functions and grades. All these employees will complete the one year cliff of their stock vesting next month, so it's a great time to offer some liquidity to everyone," PhonePe Head of HR Manmeet Sandhu said. Sandhu added that almost 75 per cent of PhonePe's current workforce is eligible to participate in the current buyback offer, and "for most it's the first time in their careers that they've either owned ESOPs or had a chance to liquidate them". In December last year, PhonePe launched its ESOPs program, under which it allotted ESOPs to all its 2,200 employees starting at a minimum of Rs 3.5 lakhs, cumulatively worth Rs 1,500 crore. PhonePe has over 335 million registered users in the country. Using PhonePe, users can send and receive money, recharge mobile phones, make various kinds of payments, and invest in gold and silver. It had forayed into financial services in 2017. PhonePe is also accepted at over 22 million merchant outlets across India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/covid-19-situation-worsens-in-europe-as-after-netherlands-austria-imposes-full-lockdown/articleshow/87801856.cms">COVID-19 situation worsens in Europe as after Netherlands, Austria imposes full lockdown</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-enters-healthcare-sector-by-acquiring-stake-in-online-pharmacy-sastasundar/articleshow/87797041.cms">Flipkart enters healthcare sector by acquiring stake in online pharmacy SastaSundar</a>

PhonePe will buy back shares worth ₹135 crore from its employees

Elon Musk-run <keyword id="6360701" type="General" weightage="20" keywordseo="spaceX" source="Orion">SpaceX</keyword> is now aggressively hiring for the India market, after it appointed Sanjay Bhargava as the country director for its satellite company Starlink, and announced that it has registered its business in the country. Starlink, which will deliver low-latency broadband internet in India, is looking for a Director of Rural Transformation in the country. "In this role, you will be a critical member determining Starlink's successful adoption by local communities in India," the company said in a latest job posting, first seen by an unofficial group of fans called 'Tesla Club India'. The Director of Rural Transformation will be responsible for helping selected geographical areas deliver measurable and time-bound GDP and sustainable development goals through the deployment of Starlink technology. He or she will be responsible for partnering with the country director, and potentially manage regional directors as Starlink grows. The company's affordable satellite broadband services are being targeted in India in 2022, although its availability is subject to regulatory approvals. According to SpaceX, it is also looking for a "driven Executive Assistant to support our local team in India". "This role will work closely with HR and the management team to manage all office administration, assist with event planning, and facilitate the smooth day to day operations and functioning of the office," the company added. Starlink has already registered its business in India and is in process to apply for licenses in the country, according to Bhargava. "Pleased to share that SpaceX now has a 100 per cent owned subsidiary in India. The name is SSCPL -- Starlink Satellite Communications Private Limited and the incorporation date is November 1, 2021. We can now start applying for licenses, open bank accounts etc," Bhargava said in a LinkedIn post earlier this month. Starlink has announced that it will first focus on 10 rural Lok Sabha constituencies to provide internet services. "We will probably focus on 10 rural Lok Sabha constituencies for 80 per cent of the Starlink terminals shipped to India. The number of preorders from rural constituencies will be one factor that helps us select focus constituencies," Bhargava had said. Starlink shipped 100,000 terminals to customers recently. The project aims to provide global broadband connectivity through a constellation of satellites. SpaceX began satellite launches in November 2019 and opened its $99 per month beta programme for select customers around a year later. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/government-may-change-income-tax-laws-to-tax-cryptocurrency-gains-in-budget/articleshow/87802508.cms">Government plans to tax cryptocurrency gains in Budget 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a>

Elon Musk run firm Starlink that will provide affordable internet services to rural India is on a hiring mode

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

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PhonePe will buy back shares worth ₹135 crore from its employees

PTI

Elon Musk run firm Starlink that will provide affordable internet services to rural India is on a hiring mode

IANS

Government plans to tax cryptocurrency gains in Budget 2022

PTI