Assets worth around ₹550 crore were unearthed in three lockers of businessman Avinash Amarlal Kukreja at Bengaluru-based elite social club Bowring Institute. The revealed assets of Kukreja, who has been a member of the club since 1993, included property documents, jewellery, gold and premium watches. The discovery was made during a routine exercise of freeing up lockers for club members.

The GST Council on Saturday shifted certain items from 28% tax slab to the lower 18% slab including washing machines, refrigerators, up to 25-inch televisions, vacuum cleaners, perfumes, food grinders, mixers, water cooler and paints. Common-use footwear up to ₹1,000 per unit will now be taxed at 5%. GST on handbags and handmade lamps has been reduced to 12%.

India's richest person Mukesh Ambani, his brother Anil Ambani, Priyanka Chopra and Salman Khan have featured on Variety Magazine's list of 500 most influential business leaders in the entertainment industry. Filmmakers Karan Johar, Aditya Chopra and Ekta Kapoor are among the 12 Indians on the list. World's richest person Jeff Bezos and Facebook's Mark Zuckerberg also featured on the list.

The GST tax rates have been cut for 88 items including refrigerators, water coolers, washing machines, vacuum cleaners, small-screen TVs, all of which have been shifted from 28% to 18% slab. Sanitary napkins, rakhis, and idols made of stone, marble, and wood have been exempted. Further, footwear costing up to ₹1,000 will now attract 5% GST, up from ₹500 earlier.

Bigg Boss 11 contestant Bandgi Kalra has been booked by Bengaluru police for allegedly cheating a city-based engineering student by posting a fake advertisement of an iPhone X on her Instagram account. The student claimed two firms Bandgi endorsed sold him two fake iPhone X smartphones for ₹61,000. He added only dummy phones were inside the package.

The number of complaints against e-commerce platforms has gone up by 1,400% over the last four years, according to government data. The complaints have risen from just 5,204 in 2013-14 to 78,000 in 2017-18. Most of the complaints are related to the delivery of fake products, damaged or substandard items, and delay in refund of money.

Carmaker Fiat Chrysler has named its Jeep division chief Mike Manley to replace CEO Sergio Marchionne, who suffered serious complications following shoulder surgery. Marchionne joined Fiat in 2004 and led the Italy-based company's merger with bankrupt US carmaker Chrysler. The 66-year-old will also leave his roles as chairman and CEO of Ferrari, which spun off from Fiat Chrysler in 2016.

Japan's parliament on Friday passed a controversial law to legalise casino gambling paving way for up to three casino resorts to open. The law limits Japanese citizens to three casino visits per week and 10 per month out of concerns about gambling addiction. Further, admission will be free for foreigners while local residents will be charged a fee.

The GST Council has pruned the 28% slab by cutting rates on 191 goods over the past one year, leaving just 35 items in the highest tax bracket. The items remaining in the 28% bracket include automobiles, digital cameras, tyres, yachts, aircraft, aerated drinks and cigarettes. The Council on Saturday cut rates on TV, fridge and washing machine among others.

Toblerone is reverting to its original shape nearly two years after its maker widened the gaps between the chocolate bar's distinctive triangular chunks. Toblerone's US-based maker Mondelez International faced criticism when it introduced wider gaps between the distinctive pyramids as a cost-saving move. Mondelez has admitted that the re-design was not the "perfect long-term answer" for consumers.

India's largest private lender by market capitalisation, HDFC Bank, on Saturday posted an 18.2% increase in its profit at ₹4,601 crore for the quarter ended June. This is the bank's slowest profit growth in five quarters and missed analysts' estimates. The bank's net interest income or the core income from operations, rose 15.4% to ₹10,813.6 crore.

The government on Friday indicated that 25% of the ATMs run by state-owned banks may be vulnerable to fraud as they are running on outdated software. However, it did not disclose details of such ATMs run by private sector lenders. The government also informed the Parliament that the total number of functional ATMs constitutes nearly 89% of the total ATMs.

A New Zealand-based e-will managing company Perpetual Guardian is said to make a four-day work week permanent for employees after a two-month trial for the same turned out to be a success. Over 240 company employees worked for eight hours for four days but were paid for five days. Their work-life balance increased by 24 percentage points during the trial.

An arbitration tribunal has rejected media tycoon Kalanithi Maran's ₹1,300 crore claim for loss on account of non-issue of share warrants by SpiceJet. The tribunal, however, awarded Maran a refund of ₹579 crore, the subscription amount he made for the warrants. Maran sold his 58.46% stake in SpiceJet to current chairman Ajay Singh for a nominal ₹2 in 2015.

US technology giant Microsoft's shares rose about 5% to an all-time high on Friday after the company's annual revenue crossed the $100-billion milestone for the first time boosted by its cloud business. Microsoft's market capitalisation surged by as much as $30 billion to $832 billion on Friday. Notably, Microsoft is the world's fourth most valuable company.

The GST rate on lithium-ion batteries used in electric vehicles and mobile phones has been reduced from 28% to 18% on Saturday. The GST Council has also reduced the tax rate on ethanol used to blend petrol and diesel to 5% from 18%. Furthermore, the GST on e-books has been reduced from 18% to 5% as a "green initiative."

The GST Council on Saturday approved quarterly filing of return for small taxpayers having a turnover of up to ₹5 crore as an optional facility. The move is expected to benefit 93% of the taxpayers who have a turnover of less than ₹5 crore. However, they will need to deposit the tax every month.

BSNL Chairman Anupam Shrivastava has said the company has earned ₹100 crore revenue in one year from its satellite phone business. BSNL has sold 4,000 handsets, majority to government agencies, a year since the launch of the satellite phone services. "We are seeing interest from state governments of Kerala and Tamil Nadu for the fishing industry," Shrivastava further said.

NITI Aayog Vice Chairman Rajiv Kumar has said India needs to develop a model of capitalism that's "caring and compassionate". He added that capitalism should not be solely driven by profit maximisation and also urged that there was a need to get rid of a "termite" called cronyism. Kumar further said cronyism has given capitalism a bad name in India.

Reliance Jio's Group Chief Technology Officer Jagbir Singh and Bharti Airtel's Chief Technology Officer for Mobile Networks Shyam Prabhakar Mardikar have resigned from their companies. Singh had joined Jio before the soft launch of 4G services and had previously worked with Samsung and Airtel. Mardikar joined Airtel in August 2012 for his second stint with the telecom major.

A day after government slashed the GST rates on several items, former Finance Minister P Chidambaram said that the decision was taken keeping upcoming Assembly elections in mind. The GST Council cut rates on various items including refrigerator, washing machine, TV, water heaters and paints. Notably, Assembly polls are due in Rajasthan, Madhya Pradesh, Chhattisgarh and Mizoram later this year.

India has relied on imports to meet more than 90% of its solar power sector requirements over the last three financial years, Power Minister RK Singh has said. The commerce ministry recommended imposing a 25% duty on imports of solar cells and modules for one year. It said the aim is to "prevent complete erosion" of India's solar manufacturing base.

The Goods and Services Tax Council on Saturday exempted the GST on the supply of services by an old age home which was 18% earlier. Further, the value limit of footwear has been enhanced from ₹500 to ₹1,000 for the 5% rate.‎ The Council has also brought video games from 28% to 18% GST slab rate.

Infosys has said that increased rejection of work visa applications could result in delays and rise in project costs for clients. The Bengaluru-based company added that it may have to apply in advance for visas or could incur additional cost in maintaining such visas. Notably, there has been increased scrutiny over work visas in the US in the recent months.