Apple plans to make iPhones for the Indian market in Bengaluru

Apple plans to make iPhones for the Indian market in Bengaluru. Wistron, a Taiwanese OEM maker for Apple, is setting up a facility in Peenya, the city's industrial hub, to manufacture the iPhones. The facility will start production from next April, according to industry sources.

Top sources in the company confirmed to TOI that Apple is "very serious" about beginning assembly operations —and thereafter full manufacture — in India by the end of next year. "Bangalore is being looked at seriously," said multiple sources within the company. Local manufacture will help Apple price its phones competitively as full imports attract 12.5% additional duty.

Foxconn, Apple's largest Taiwan-based OEM, earlier committed to setting up a manufacturing plant in Maharashtra. The assumption was the plant would make only Apple products. But sources say Foxconn has tied up with other players like Xiaomi and OnePlus for local manufacture and not necessarily to only make Apple products there.

This will be Apple's second big announcement for Bengaluru. In May, Apple announced a design and development accelerator in the city to grow the iOS developer community and also to guide Indian developers to leverage Apple's programming language Swift and build apps for Apple TV and Apple Watch. The facility will open early next year.

The Bengaluru manufacturing facility underscores India's importance for the Cupertino-based company. Apple CEO Tim Cook's multi-city India tour earlier this year signalled the growing importance of India powered by the demand for Apple products by a burgeoning middle class. Data from Hong Kong-based Counterpoint Technology Market Research showed that Apple sold 2.5 million iPhones in India from October 2015 to September 2016, a rise of more than 50% over the year-ago period.

33 MLAs of People's Party of Arunachal join BJP

Politics turned a full circle in Arunachal Pradesh on Saturday when 33 of the 43 People's Party of Arunachal (PPA) MLAs joined the saffron party in Itanagar. PPA is left with only 10 MLAs in the 60-member house.

Cash withdrawal limit from ATMs increased to Rs 4,500 per day from January 1

The RBI has decided to increase the cash withdrawal limit from ATMs to Rs 4,500 per day from the present Rs 2,500 with effect from January 1.

However, there is no change in the weekly withdrawal limits, which stays at Rs 24,000.

"On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2500/- to Rs 4500/- per day per card. There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500," said RBI in a statement.

Earlier today, Finance Minister Arun Jaitley had said that RBI has enough currency and situation of cash supply has improved significantly.

Friday was the last day of the 50-day window to deposit demonetised notes in banks.

Long queues were seen at bank branches and ATMs.

PM Modi likely to address nation on New Year eve

With the 50-day period for depositing of demonetised notes of Rs 500 and Rs 1,000 expiring on Friday, Prime Minister Narendra Modi is set to address the nation before the dawn of the New Year.

"Prime Minister Narendra Modi is likely to address the nation before dawn of the New Year," sources said.

The PM, announcing the demonetisation of Rs 500 and Rs 1,000 notes on November 8, had urged the nation to give him 50 days to get things back on track.


In his address, the Prime Minister may speak about the roadmap post the demonetisation period, especially on the steps likely to be taken to ease cash flow that has been a major problem ever since demonetisation took place.

He may also speak on the steps to deal with the problems the economy faces after the demonetisation was announced on November 8.

The Prime Minister in his public meetings in the last few weeks has been urging the people to bear with the pain following the government's decision and that it would start easing gradually once the 50-day period is over.

On Tuesday, Modi met economists and experts at a meeting in Niti Aayog to discuss the current economic situation.

Sunder Lal Patwa, former Madhya Pradesh Chief Minister, passes away

Former Madhya Pradesh CM Sunder Lal Patwa passes away at 92 after suffering a heart attack on Wednesday morning. Patwa was elected twice as Chief Minister of Madhya Pradesh, once a period of just two months, from January 20, 1980 to February 17, 1980, when he was a part of Janata Party and second time he came to power when he was with the Bharatiya Janta Party from March 5, 1990, to December 15, 1992.

Alibaba entertainment affiliate to invest over $7.2 billion over next three years

BEIJING Alibaba Digital Media and Entertainment Group, the stimulation associate of Alibaba Group Holding Ltd <BABA.N>, arrangements to contribute more than 50 billion yuan ($7.2 billion) throughout the following three years, the offshoot's CEO said. 

In an inner email seen by Reuters and affirmed by an Alibaba bunch representative, the partner's new CEO Yu Yongfu promised to put resources into substance, saying "he didn't come to play." 

Alibaba's stimulation business experienced a noteworthy rearrangement in October, denoting an aggregate solidification of the organization's media resources. 

In the meantime, Yu, previous CEO of Alibaba unit UCWeb Inc, turned into the administrator and CEO of the new operation. 

It was not quickly clear whether the 50 billion yuan figure incorporates a formerly revealed a 10 billion yuan support for new undertakings in the unit. 

The Alibaba assemble representative declined to give more particular points of interest on the member's speculations.

Ratan Tata meets Mohan Bhagwat at RSS Headquarters

Secured a sharp meeting room fight with expelled Tata gather director Cyrus Mistry, industrialist Ratan Tata went by the RSS base camp at Nagpur on Wednesday. Goodbye, right now the break director of the nation's greatest combination, was with RSS boss Mohan Bhagwat for around 20 minutes, a senior functionary of the Sangh, the ideological guide of the decision BJP, told PTI.
Prior toward the evening, Tata was gotten by RSS functionaries on his landing in the air terminal, he said. Goodbye initially went by the remembrance to RSS originator Keshav Baliram Hedgewar and offered his regards. From that point he headed to the RSS headquarter to meet Bhagwat.