Good morning. Earlybird here with your daily pocket digest of Indian business and tech news. Made with love in every stitch.

In this edition:

• 📱 Mobile apps used for terrorism

• 👨‍🎓 Jack Ma, the Tokyo college prof

• 🚗 Charles Schumer and the Chamber of Progress

MARKETS

*Stock data as of market close. Source.

• Markets: The Indian stock market is bracing for a busy week ahead as traders and investors closely monitor several key factors. The Reserve Bank of India's monetary policy decision, earnings reports from blue-chip companies like Tata Steel and HDFC, and COVID-19 developments are all on everyone’s radar. Additionally, pundits posit that global cues, oil prices, and the progress of monsoon rains will play a significant role in shaping market sentiment.

POLITICS

India bars 14 mobile apps used by terrorists to comm with Pakistan

As a matter of national security

📱 The Indian government has blocked 14 mobile apps that were allegedly being used by terrorists to receive messages from their handlers in Pakistan. Here’s what you need to know:

Blocklisted

• The full list of apps has not yet been publicly listed by the authorities, but media reports cite some as following: Crypviser, Enigma, Safeswiss, Mediafire, Wickrme, BChat, Nandbox, Conion, IMO, Element, Second line, Zangi, Threema, and Briar.

• According to News18, terrorist orgs in Jammu and Kashmir were using these messaging apps to contact partners in Pakistan.

Been here before. Indian government has already banned similar apps due to national security concerns in the past. Even before this, a number of applications have come under scrutiny because of their use by terrorist organizations.

TAXES

A new GST invoicing rule for firms with turnover of Rs 100 Cr and up

📜 Starting May 1st, Indian companies with an annual turnover of Rs 100 crore or more will be required to comply with a new GST invoicing rule. The new rule aims to streamline the invoicing process and make it more transparent, efficient, and digital. Here’s a quick rundown:

The gist of it. Under the new guideline, relevant companies will be required to feed electronic invoices on the Invoice Registration Portal (IRP) within a week of issuance — which means, no more crazy backdating.

In addition, the new rule aims to promote the following:

• Reduced errors and discrepancies in invoicing

• Improved compliance with GST regulations through cumulative filing

• Enhanced transparency and accountability in the invoicing process

Potential roadblocks. While the new rule is expected to bring several benefits, some businesses may still face challenges in adapting to the new invoicing formats and procedures.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 📖 BYJU’s transactions are under the scope. India's Enforcement Directorate is seeking more clarity from lenders and banks about transactions made by edtech giant BYJU's, following a recent probe on the firm and its financial filings.

• 🏭️ Indian factories are churning out more stuff than ever. India's factory activity hit a four-month high in April, fueled by robust demand for physical goods across various industries.

• ✋Unicorn Pine Labs postpones IPO. Pine Labs, the fintech unicorn that provides transaction tech for retail and financing, has deferred its IPO listing to focus on global expansion plans in South East Asia and the Middle East.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• Serentica Renewables, the green energy company known for its end-to-end energy management solutions, is on track to receive an additional $250M from US private equity firm KKR, as part of the latter’s quest to acquire a controlling stake.

• Tata Capital, the financial services arm of India's Tata Group, is reportedly in talks with lenders to raise Rs 10,000 crore through debt financing, as the company aims to shore up its balance sheet amid the ongoing pandemic.

WORLD

Headline Explorer

Is Reddit stealing Discord’s mojo? Reddit is experimenting with a new Discord-like chat feature with the participation of roughly 100,000 users across 25 volunteer channels. The new aims to provide users with better ways to connect in real-time and grant moderators more community control.

🧑‍🎓 Jack Ma’s in Japan… as a college prof. Well this is interesting. Chinese billionaire and founder of Alibaba, Jack Ma, has popped up in Tokyo College as a visiting professor, as he sets out to do research on sustainable agriculture and teach some corporate management on the side.

🚗 US tech group lobbies for self-driving cars. Senate Majority Leader Charles Schumer is being side-elbowed by the Chamber of Progress to hasten the adoption of AI-powered self-driving cars, in fear of being left behind by countries like China in similar initiatives.

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