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Tax Benefits for Cryptocurrency Exchanges and Blockchain Companies in Uzbekistan
In efforts to boost its market-based economy, the government of Uzbekistan has decided to take initiatives favorable to the growing cryptocurrency industry.
The former Soviet nation confirmed that it is legalizing cryptocurrency exchanges and will allow blockchain companies to set up their offices in the state. The legalization came in the wake of a presidential decree that was signed to encourage the use of cryptocurrency and blockchain in Uzbekistan.
A document published at the behest of the president of the Republic of Uzbekistan, titled “On measures to organize the activities of crypto-exchanges in Uzbekistan,” revealed a set of official definitions for bitcoin-like cryptocurrencies. The state has confirmed that it will not treat cryptocurrencies like securities. Therefore, the laws that are common to security exchanges will not bother cryptocurrency exchanges.
Instead, the crypto trading businesses will come under a new set of rules, referred to as special normative acts.
Only foreign legal entities which already have a subsidiary or other enterprises in Uzbekistan will be able to open cryptocurrency exchanges. These entities will not be liable to pay taxes on their cryptocurrency turnovers. According to the text, any revenue derived in cryptocurrency will be untaxable, considering Uzbekistan will define crypto assets as a set of data records on blockchain — which they indeed are — that has value and owner.
Terms and Conditions Applied
The free perks won’t be precisely free because the Uzbekistani government has also imposed special conditions to setup crypto exchanges.
Firstly, the foreign entities must have an authorized capital to support as much as 30,000 minimum wages on the day they apply. Moreover, an equivalent of 20,000 minimum wages will have to be reserved in a state-backed commercial bank. The minimum monthly salary in Uzbekistan was close to $185 in FY2017.
Secondly, the state requires the crypto-exchanges to base their servers in Uzbekistan.
Thirdly, Uzbekistan will require the exchanges to adhere to rules for trading and publishing exchanges rates based on a demand-and-supply ratio.
Finally, the exchanges must store information on transactions, users identification, and other KYC/AML-based data for five years.
Crypto Mining Industry Also Gets a Share
The presidential decree also legalizes cryptocurrency mining in Uzbekistan and has ordered state-controlled energy companies to allocate lands for mining operations. The bitcoin mining companies will be utilizing over 100 KW/h of electricity on locations designated by the National Project Management Agency, a body governed by the President’s office itself.
Tax Benefits for Cryptocurrency Exchanges and Blockchain Companies in Uzbekistan
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MCLR on Select Maturities Increased by Vijaya Bank
New Delhi: State-owned Vijaya Bank has hiked marginal cost based lending rates (MCLR) by 0.05 percent for select maturities, following industry peers. In a regulatory filing, the bank informed that the MCLR has been revised with effect from September 7, 2018.
The one-year MCLR, against which consumer loans are benchmarked, has been raised to 8.70 percent from 8.65 percent earlier.
Among others, six, three, one month and overnight MCLRs will attract 0.05 percent higher interest each in the range of 8.60-8.05 percent.
However, it has kept the MCLRs unchanged for three year and two-year loans at 9.25 percent and 9 percent, respectively.
Last week, industry leader SBI had increased the lending rate by 20 basis points or 0.20 percent across all tenors up to three years.
Apart from the lending rate, the MCLR for a one-year tenor has also been increased by the SBI from 8.25 percent to 8.45 percent.
ICICI Bank and Bank of Baroda to have raised their MCLRs.
MCLR on Select Maturities Increased by Vijaya Bank
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Petrol Prices Cross Rs 80 Mark in Delhi
New Delhi: Petrol prices witnessed the lifetime hike as the prices cross Rs 80 mark in the capital on the backdrop of 39 paise increase in the prices across the country. Diesel prices also went up by 44 paise sky-rocketing the prices to Rs 72.51 per liter in Delhi
A liter of petrol in Delhi now costs Rs 80.38 – a record high. It costs Rs 87.77 in Mumbai. Diesel is now priced at Rs 76.98 per liter in Mumbai.
Nationwide strikes have been announced by the opposition parties across the country next week over record-high fuel prices which they blame on high taxes imposed by the government.
On Wednesday, Finance Minister Arun Jaitley had remained non-committal on cutting excise duty to cushion spiraling petrol and diesel prices, saying international oil prices are volatile and have not shown any linear movement.
Demand for cutting down the excise duty is raised by the demand as it said that it has been done by the previous government too when the international crude oil prices went up.
Central and state taxes contribute to about half in the total fuel prices. The upsurge in the prices has been since mid-August on the backdrop of increasing crude oil prices and depreciation in Indian Rupee against the US Dollar.
The Centre currently levies a total of Rs 19.48 per liter of excise duty on petrol and Rs 15.33 per liter on diesel. Apart from this, VAT (Value Added Tax) is being imposed by states. The lowest sales tax is in Andaman and Nicobar Islands which is about 6 percent on both the fuel.
The highest VAT on petrol is levied in Mumbai which is 39.12 percent whereas Telangana levies the highest VAT on diesel which is 26 percent. The fuel prices are cheap in Delhi on the backdrop of lower sales tax. Notably, 27 percent of the VAT is imposed on petrol while 17.24 percent on diesel.
Petrol Prices Cross Rs 80 Mark in Delhi
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$10 Billion Saving Plan of Vodafone Idea Might Cost 2,500 Jobs
New Delhi: Vodafone Idea, India’s largest telecom company, is moving towards realizing its targeted $10 billion synergy benefits from the merger, with a major part being a rationalization of tower tenancies, and is also likely to limit employee headcount to 15,000 levels.
Vodafone India and Idea finally completed their merger last week — about two months behind schedule — and will need to shed up to 2,500 people from its 17,500-18,000 staff.
While some are likely to be absorbed in their respective parent companies — Vodafone Group and Aditya Birla Group — some others will be taken care of by natural attrition.
The week-old company is also likely to hold back promotions and increments for a while, people familiar with the matter said. Vodafone Idea, however, denied the employee-related moves, calling them “speculation”.
“There will be some rationalization, which is natural and the company will look at reducing about 2,000-2,500 employees in the next few months,” said a senior executive aware of the developments.
The person added that the company will, however, look into the welfare of the employees, severance packages will be given and a possibility of internal transfers within the parent group Aditya Birla Group will be explored.
Another senior executive in the merged entity said that internally, employees have been told that hikes and promotions this year will be halted for a while as the aim now is to keep ahead of the competition and maintain the leadership position.
However, it was reiterated by the senior managers that the new firm will treat employees from both merging partners — Vodafone India and Idea — equally. During the town hall held last week, Suvamoy Roy Choudhury, HR head for Vodafone Idea, said: “All employees will be treated with respect.”
Also, like other operators in the industry, the new operator is seeing voluntary attrition, which should automatically reduce headcount. The telecom industry in the last two years has seen operators shut shop, merge and exit and there has been a steady exodus of employees.
Both Idea Cellular and Vodafone Idea, in the run-up to the merger, have already let go of about 5,000 employees and even prompted Vodafone Group to roll out golden handshakes for their good performers who could not be accommodated in the new firm.
A recent report of Bank of America Merrill Lynch said, “We believe one of the most critical points for post-merger Idea-Vodafone would be integration, given the different cultures of both companies — one is a domestic company while the other an international one.”
“On day 1 of the merger, the 2 tenancies of each of these sites will be accounted as 1 tenancy and 1 loading, which should result in Rs 2,000 crore savings on an annualized basis according to estimates,” the report said. The new company has 73,000 overlapping sites. The brokerage house added that the next steps of integration would involve removing the overlapping 3G/4G equipment, which would lead to power savings.
$10 Billion Saving Plan of Vodafone Idea Might Cost 2,500 Jobs
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GST Slabs Might be Reduced to Two by the Government in Near Future
Bengaluru: The Centre is planning to slash the number of GST rate slabs from the present five to two in the near future, according to AK Jyotishi, Principal Chief Commissioner of Central Taxes, Bengaluru Zone.
While delivering the inaugural address at Workshop on GST: Practical Requirements and Challenges organized by Bangalore Chamber of Industry and Commerce (BCIC), he said that the thinking is guided by the fact that 90 per cent of the taxes come under the 18 per cent rate slab.
Since the launch of GST, the government has cleared a lot of misconception among taxpayers about the new indirect tax law. “GST is not a disruptive law but a transformational law. As the law is maturing, the industry, which initially had inhibitions and doubts is now voluntarily complying with the law,” he said.
“We do accept the fact that, GST initially had several glitches and had created complexity in complying with it, but now a sizable chunk of the hitches stands removed.”
The Principal Chief Commissioner said by a word of caution: “There is an impression that tax assessees can get away by not complying with GST law in the garb that the Department is still using manual methods. But let me flag you, after the initial handholding and a go-slow attitude, which was deliberate, we now have all the wherewithal to track tax defaulters and will act with a stern hand if taxpayers continue to default.”
The government is using data analytics and the defaults have already been detected, he said.
Explaining how simple and plain the GST law is Jyothishi cited an example of a credit card seller and how he forced him to buy the card despite his strong reservation. “After initial no-no, I was coaxed to take the credit card. After reaping the benefits of the Credit Card, I was overwhelmed by the benefits and the ease of transaction. Similarly, GST may look complex initially, but let me tell you that once you begin to adapt to the new law, operations will be as simple as sending an SMS to the Department,” he said.
Jyothishi said that as per current records there are 8 lakh assessees (3.4 lakh Central Government monitored and the rest by the State). The Department collects on an average Rs. 6,500 crores every month. The Tax base has increased from 60 lakh crores to 1.10 crores. Basically, the increase is due to voluntary compliance and also some sectors, hitherto left out, have now come under the GST gambit.
BCIC president Kishore Alva said despite a few drawbacks the industry is facing due to the new tax legislation, the business community must celebrate the landmark reform. “At the same time, we also must acknowledge that it is only half the job done, as far as tax reform is concerned. We have a long way to go
GST Slabs Might be Reduced to Two by the Government in Near Future
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One Crore Fine Imposed on Union Bank of India by RBI
New Delhi: The Reserve Bank of India has imposed a Rs 1 crore penalty on Union Bank of India for failing to detect and report fraud on time.
“This is to inform that Reserve Bank has imposed a penalty of Rs 10 million on the bank for the delay in detection and reporting of fraud. The penalty has been imposed in exercise of powers vested in RBI under …Banking Regulation Act,” Union Bank of India said in a regulatory filing Friday.
RBI had issued a show cause notice to the bank on January 15, 2018, asking why a penalty not be imposed on Union Bank of India under the Act.
Subsequently, the bank had replied to the regulator on February 1, followed by representations on an oral submission during a personal hearing on April 14 before the Committee of Executive Directors of the RBI.
“The reply as well as oral submission made by the bank in the personal hearings and also additional documents furnished has not been found adequate by RBI leading to the imposition of the penalty of Rs 10 million,” UBI said.
However, the bank said that the amount of the penalty is not material considering the size of the bank.
The bank further said it received communication from RBI on imposition on the penalty on September 6.
The bank has taken necessary preventive measures and has implemented a comprehensive corrective action plan to strengthen internal controls and to ensure that such incidents do not recur, it added.
Stocks of Union Bank traded 0.06 per cent up at Rs 83.15 on BSE.
One Crore Fine Imposed on Union Bank of India by RBI
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Tax Benefits for Cryptocurrency Exchanges and Blockchain Companies in Uzbekistan
In efforts to boost its market-based economy, the government of Uzbekistan has decided to take initiatives favorable to the growing cryptocurrency industry.
The former Soviet nation confirmed that it is legalizing cryptocurrency exchanges and will allow blockchain companies to set up their offices in the state. The legalization came in the wake of a presidential decree that was signed to encourage the use of cryptocurrency and blockchain in Uzbekistan.
A document published at the behest of the president of the Republic of Uzbekistan, titled “On measures to organize the activities of crypto-exchanges in Uzbekistan,” revealed a set of official definitions for bitcoin-like cryptocurrencies. The state has confirmed that it will not treat cryptocurrencies like securities. Therefore, the laws that are common to security exchanges will not bother cryptocurrency exchanges.
Instead, the crypto trading businesses will come under a new set of rules, referred to as special normative acts.
Only foreign legal entities which already have a subsidiary or other enterprises in Uzbekistan will be able to open cryptocurrency exchanges. These entities will not be liable to pay taxes on their cryptocurrency turnovers. According to the text, any revenue derived in cryptocurrency will be untaxable, considering Uzbekistan will define crypto assets as a set of data records on blockchain — which they indeed are — that has value and owner.
Terms and Conditions Applied
The free perks won’t be precisely free because the Uzbekistani government has also imposed special conditions to setup crypto exchanges.
Firstly, the foreign entities must have an authorized capital to support as much as 30,000 minimum wages on the day they apply. Moreover, an equivalent of 20,000 minimum wages will have to be reserved in a state-backed commercial bank. The minimum monthly salary in Uzbekistan was close to $185 in FY2017.
Secondly, the state requires the crypto-exchanges to base their servers in Uzbekistan.
Thirdly, Uzbekistan will require the exchanges to adhere to rules for trading and publishing exchanges rates based on a demand-and-supply ratio.
Finally, the exchanges must store information on transactions, users identification, and other KYC/AML-based data for five years.
Crypto Mining Industry Also Gets a Share
The presidential decree also legalizes cryptocurrency mining in Uzbekistan and has ordered state-controlled energy companies to allocate lands for mining operations. The bitcoin mining companies will be utilizing over 100 KW/h of electricity on locations designated by the National Project Management Agency, a body governed by the President’s office itself.
Tax Benefits for Cryptocurrency Exchanges and Blockchain Companies in Uzbekistan
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Security Token Startup Ox Appoints Former PayPal COO in Advisory Role
According to a report of Fortune, Former Paypal COO David Sacks has joined 0x, an open protocol used for token trading in an advisory role.
Sacks, the co-founder of Harbor and a partner at Craft Ventures — a compliance service for token sales — shared the news via a tweet. The move is expected to create an industry standard for security tokens, leading to faster adoption with investors and software developers. The 0x protocol was founded by Will Warren and Amir Bandeali, who saw the need for a trustless peer-to-peer token exchange platform for ERC-20 tokens.
Will Warren, CEO of 0x, said the company’s trading protocol is quite secure. He also said he expects a massive shift from the current closed systems that are highly regulated to a much “more open system,” which is not dependent on trading location. The 0x protocol also offers off-chain order books, which allow it to bypass Ethereum’s gas fees and others when orders are altered or canceled.
Security tokens are a blockchain-based representation of a physical asset — such as stocks, bonds, real estate, etc.— subject to regulation under security laws. Since cryptocurrencies are not classified as securities, they are easier to trade on a larger scale compared to security tokens. Security tokens go through a long process from issuance to delivery — KYC/AML accreditations. To further complicate compliance, regulations often differ in jurisdictions.
Speaking on the development, Harbor CEO Josh Stein said regulatory compliance is needed for a growing network like 0x which helps connect “buyers and sellers around the world.”
He further added, “By tackling the regulatory compliance challenges of tokenizing private securities, Harbor makes it easy for issuers and investors to abide by existing rules and regulations across jurisdictions.”
Adoption of security tokens is on the rise, but they are still far away from being an everyday investment like bitcoin. There is a gradual shift, though, in the way assets are being traded. Sacks believes the real estate industry is in line to be the first major asset class to migrate to the blockchain-based system of ownership. Tokenizing properties will provide a greater form of liquidity, which makes it easier to divide and transfer ownership.
Earlier in July, Colorado-based St. Regis offered digital tokens to investors who wish to own a share of the luxury property. Swiss stock exchange operator SIX has also announced plans to build a regulated exchange for tokenized securities.
Security Token Startup Ox Appoints Former PayPal COO in Advisory Role
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Punjab National Banks Tops the List in Digital Transactions
New Delhi: As per a report released by Department of Financial Services, under the Finance Ministry, released a report in which Punjab National Bank topped the list of the bank in terms of digital transactions.
As per the report, PNB becomes the number one state-owned bank in terms of digital transactions.
The statement released by PNB said The Nirav Modi scam-hit bank is also rated as the sixth overall amongst all banks in India for digital performance.
“Based on the recent findings of DFS, PNB is ranked number one PSU bank in digital transactions in India. The bank is fully committed to the Digital India initiative,” it said.
The bank is rated as ‘Good’ by the government with a score of 71 which is the highest category of performance, it said.
Related: BANDHAN BANK ENTERS THE RACE FOR ACQUIRING STAKE IN PNB HOUSING
Since the Nirav Modi scam came into the light, things have not been good for Punjab National Bank. The credibility of the bank has deteriorated not only in the country but the international rating agencies have also given negative ratings to the bank. Hence, with this something good has come up for the bank and this would help the bank in gaining back its credibility.
Department of Financial Services, which is headed by the Secretary looks into the functioning of banks, financial institutions, insurance companies and the National Pension System.
Source: digitalworldeconomy
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Bitcoin Scammers Arrested in India, Duped Nearly 15 Crores from Investors
Chandigarh: Despite all the uncertainty about the regulatory framework on cryptocurrency, the numbers of fraud cases have increased in India. Most of the cases involve Bitcoin. In a recent case, Chandigarh Police has arrested Amit Bharadwaj, Vivek Bharadwaj, Pankaj Adhlakha and Hemant Bhope in Bitcoin scam.
Chandigarh Police informed that a complaint has been lodged against Amit Bharadwaj, Vivek Bharadwaj, Pankaj Adhlakha and Hemant Bhope by three investors for duping around 15 crores. Police have arrested all the four accused after they received arrest warrants from Tihar Jail and they will be in Police custody for four days. Currently, Cybercrime cell is interrogating all the scammers.
As per the details were given by an investor, the main accused Amit used to set the plot through lavish parties across various cities and thus attracting investors from these places. Then he used to invite them to attend Investor’s Summit in Dubai and Macau and even yachts were booked for them for several days.
Related: GUIDELINES ON CRYPTOCURRENCY EXPECTED BY SEPTEMBER
The three firms of Amit, Gain Bitcoin, GB Minors and GB 21, used to send the tickets and incur all the expenses. The investor also informed that investors not only from India but from countries like China, Dubai, Mauritius, Vietnam and several other countries also used to come.
He revealed, “When we started raising our voice for not getting the profit on our invested money in Bitcoin during the summits, Amit and his younger brother Aditya Bhardwaj assured us that our money would be returned but all in vain.”
Rashmi Yadav, DSP, Cybercrime cell informed that the statements of 16 investors have been recorded. These investors purchased 180 bitcoins in total from Amit. They also informed that every investor paid different prices for the bitcoin for example; one investor purchased a bitcoin for Rs 40,000 whereas the other one purchased it for Rs 1 lakh.
One thing which was the same was the promise of return. Every investor was given assurance that they would get 10 per cent returns on their total investments for the period of 18 months. Another accused, Pankaj Adhlakha used to motivate and encourage the investors to invest their money in bitcoin.
A few of the investors got some returns in the initial period on the backdrop of which they started believing that their money is safe.
As per the information revealed by the internal sources, Amit agreed to return principal investments of two of the investors in INR and refused to give return at the current bitcoin rate which is nearly Rs 2 lakh.
In recent time, the bitcoin scams have increased in India as last week only, Divyesh Darj was also arrested by Indian police. It is said that he is the promoter of bitcoin connect kingpin and was involved in a Bitcoin scam worth $12.6 billion.
Read more at https://www.digitalworldeconomy.com
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Packaged Food startup, Sattviko Raises Strategic Funding from Multiple Investors
Sattviko, a packaged food startup, has raised an undisclosed amount of strategic funding from multiple investors, as well as Ashish Gupta, India’s one among the foremost successful angel investor and founder of Helion Venture, Sunil Chandiramani- Former India Head, ernst & Young advisory, and others senior Pvt. equity professionals who conjointly participated on the round.
Adding such names on their portfolio, together with few existing investors like GHV India Pvt. Ltd., Sattviko, today has some of the most eminent investors backing them.
This is the third time Sattviko has raised funding since its beginning in 2014; earlier in september 2017, the company had raised Pre-Series A investment from a clutch of investors led by Raman Roy (chairman of Nasscom). Sattviko has used the amount to grow 6x in FY 2017-18, and it aims to more grow by 50 cr in FY 2018-19 by creating use of the fresh capital.
Speaking on the occasion Prasoon Gupta, Co-founder, Sattviko, aforesaid “This new fundraiser marks a major milestone in growth journey and consolidation of Sattviko. Till date, we have spread our wings to ten major cities of India and across all massive retailers like big Bazaar, More, Hypercity, Easyday, Spar, Metro, etc. Besides, our product are also available at airports and we also serve in-flight. Our next step is to initiate our dubai and us operation. Over time, we are going to endeavour to penetrate across geographies and borders, introducing the Sattwik taste of Indian-origin recipes and healthy food items to the world.”
Sattviko’s product are an ideal fusion between old food recipes and modern food technology to present the standard food in modern avatar. Running high on tremendous client response, Sattviko that had registered Rs 70 lakh revenue in the 1st year, currently aims at touching Rs 45 crore mark in the coming years and has robust expansion. during the last year (2017-18) Sattviko grew at 700 per cent rate.
The company has conjointly got a number of awards and recognitions to its credit. under ‘Make in India’ programme, it was conferred the ‘Best Food brand of India’ during the third National Entrepreneurship Awards last year by the Ministry of skill Development, Government of India.
The Co-founder, Prasoon Gupta was rewarded with ‘Young entrepreneur of the Year’ in december last year by TiE delhi NCR and a well known publication—Business World recognized him among the highest forty young entrepreneurs in its “40 under 40 series”.
sourse: Packaged Food startup, Sattviko Raises Strategic Funding from Multiple Investors
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Tesla to Remain Public, Confirms CEO in a Blog Post
Taking a reverse from his own statement, Tesla chief executive officer Elon Musk confirmed on friday through a blog post that Tesla would remain public. a couple of weeks past, he solely urged that he would take the electric car manufacturer private.
In his statement, chief executive officer Elon Musk aforesaid that his decision is on the backdrop of feedback from shareholders which also include institutional investors. He aforesaid that the shareholders aforesaid that the internal rules limit them on how much they can float into a private company.
In his blog post, Musk wrote that he met the board of directors on thursday and informed them that “I believe the better path is for Tesla to stay public.” He more wrote, to which the board indicated that they agree.
Notably, Musk posted on Twitter on August seven, that he was considering taking the company private. In his tweet, Musk said, with the company going private there would be no pressure of reporting the quarterly results. His tweet further read that funding had been secured for the deal however later it had been denied saying that things are still to be worked out with Saudi Arabia’s Public Investment Fund.
This tweet was written by Musk while he was driving to the airport. Apparently, soon after the tweet, U.S. Securities and Exchange Commission looked into the matter so as to find out whether this was intentional from Musk so that he could maneuver the share prices which have fallen down after his tweet.
Source: Tesla to Remain Public, Confirms CEO in a Blog Post
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Revised Flexi-Fare Scheme of Railways Set to Roll out from next Month
As per the data discovered by the sources, the revised Flexi-fare scheme of railways is geared up to roll out from september. The revised Flexi-fare scheme would come as a relief for passengers who have to pay as much as airfare for few premium trains.
The sources well-read that the plan of the Ministry of Railways is to suspend the scheme temporarily during lean months in some known trains. this can be being experimented on the backdrop of low occupancy that is as low as 30 per cent.
Apart from this, the ministry is also performing on the formula that is being used in Humsafar trains. In Humsafar trains, 1st fifty per cent berths are sold at fifteen per cent higher value than the base value thereafter the slab changes with every 10 per cent of the birth sold.
Other than these 2 experiments, the govt is additionally aiming to come up with some special discounts under the schemes in routes with less traffic.
An official well-read that the final shape for such a move will be proclaimed by next week as its removal would conjointly lead to refunds for advance bookings.
Notably, comptroller and Auditor General of India hit onerous on the railways with its recent report. The report expressed that for an oversized number of routes travelling in a flight was cheaper than in the train. The report was expressed this after comparing airfare for thirteen sectors.
While talking concerning absolutely the numbers, CAG mentioned in its report that during post-flexi period that was around september nine, 2016, to July 31, 2017, 240 million passengers traveled in premium trains whereas, throughout pre-flexi amount that was from Sep nine, 2015, to July 31, 2016, 247 million passengers travelled in train.
Source: Revised Flexi-Fare Scheme of Railways Set to Roll out from next Month
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Crypto Transactions Barred WeChat Pay, AliPay
As the Chinese Government is proceeding with its crackdown on crypto exchanges and digital currencies, portable installments mammoths of China WeChat Pay and AliPay have additionally banished crypto exchanges on their stages.
This move will probably make it significantly harder for digital money fanatics to exchange Bitcoin and its group in China.
Both the installments suppliers, WeChat Pay and AliPay will screen their separate stages for the exchanges identified with digital forms of money. WeChat, created by Tencent effectively educated on Friday that any clients sending stores identified with computerized monetary forms on its online networking stage will be restricted.
Alibaba upheld, Ant Financial likewise discharged an announcement saying that records identified with crypto exchanges have been confined on its installments stages for some time now. It is been said that AliPay has just about 520 million clients though WeChat has around 1 billion month to month dynamic clients.
A representative from Ant Financial said in the announcement that Principle of AliPay has dependably been evident that it won't give administrations to advanced cash exchanges. He additionally stated, "Over-the-counter exchanging exercises will be checked intently on everyday schedule. On the off chance that any dubious crypto-related exchanges are discovered, suitable move will be made quickly. In this course, the reserve exchange usefulness may be suspended of any AliPay accounts utilized by organizations for crypto exchanges. In spite of the fact that this won't be the main activity however one of the moves that may be made against the crypto exchanges."
Related: More than 120 Offshore Crypto Exchanges Blocked by Chinese Authorities
As a move to crackdown digital forms of money, Chinese Government officially hindered around 120 seaward crypto trades and starting coin contributions (ICOs). According to the reports of media, further, it is hoping to square outside trades which are utilizing the Great Firewall of China.
Regardless of the considerable number of confinements, there is a window open for the financial specialists to buy advanced money through finished the-counter strategies. Nonetheless, authorities are dubious about that exchanging escape clause.
An alerted was given by the Chinese Authorities which incorporated the China Banking and Insurance Regulatory Commission, prior this week, about the gathering pledges tricks which professed to build up a blockchain venture. Numerous WeChat bunches were likewise obstructed that talked about more current digital forms of money.
Source: Crypto Transactions Barred WeChat Pay, AliPay
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In Order Expand Electrosteel Capacity, Vedanta to Invest $300-400 Million
Metals and mining giant vedanta will spend around USD 300-400 million in recently acquired Electrosteel Steels to expand its capability to 2.5 million tonnes each year (mtpa), a prime company official aforementioned. This investment will be a part of the company’s overall USD 8-billion (about Rs 56,000 crore) capex plan over the next 3 years, according to vedanta chairman Navin Agarwal.
“Electrosteel Steels is presently processing at a full capability of 1.5 mtpa, and we will before long begin work to expand capability to 2.5 mtpa at a very nominal capex of USD 300-400 million,” Agarwal told reporters on the sideline of the firm’s annual general meeting (AGM) today.
In March, vedanta acquired assets of Electrosteel Steels, which marked its entry into steelmaking in India.
“Our acquisition of Electrosteel has a lot to do with the combination of our iron ore business,” said Agarwal.
Replying to a query on the firm’s troubled copper smelter at Tuticorin in Tamil Nadu, Agarwal said, “At now our endeavour is to restart the copper smelter and discussion of expanding will happen afterwards.”
The Tuticorin plant has been closed since could after 13 people were killed in a police firing during protests against the plant on allegations of it causing health and environmental issues.
Related: NANOTECH START-UP LOG 9 RAISES PRE SERIES-A FUNDING FROM MULTIPLE INVESTORS
Meanwhile, the company has chalked out a mega capital expenditure plans of USD eight billion over the next 3 years on growth projects across its businesses. The company is observing at growing its oil and gas business to about 400,000 barrels per day, from the current 200,000 barrels per day.
Similarly, the zinc business will grow to about 1.35 mtpa. the company is additionally observing at growing its international zinc business and aluminium and alumina refinery capacities, the chairman said.
“We will be spending USD 8 billion across all our businesses. Most of this capex are going to be funded through internal accruals as our cash flows stood at Rs 7,900 crore (as on March 31) and we have reduced our gross debt by Rs 8,500 crore,” Agarwal said, adding the company won't opt for external funding. Following this expansion, he believes that the firm’s business size will grow by around 50 per cent.
Replying to a query on inorganic growth, Agarwal said, “We have nothing on the plate on the acquisition side, however if a good chance comes, that is synergic to our business, we'll consider it.” Vedanta had posted 2.13 per cent year-on-year rise in consolidated net to Rs 1,533 crore in june quarter, while its total income increased to Rs 22,624 core.
The company’s shares ended 4.26 per cent up at Rs 223.95 apiece on the bse these days, against 0.22 per cent decline in the benchmark.
Soure: In Order Expand Electrosteel Capacity, Vedanta to Invest $300-400 Million
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Reliance Industries Hits Rs 8 Lakh Crore Market Valuation
Reliance Industries won the market capitalisation (m-cap) race against TCS as it became the first listed Indian company to hit Rs 8 100000 crore in market valuation.
On Thursday, the stocks of the company were trading at 1.27 per cent higher at Rs 1,262.30. This helped the company reach the market capitalisation of Rs 8,00,001.54 crore.
With this, the market valuation of the enormous in oil-to-telecom sector stood abundant higher than the market valuation of TCS that was recorded to be Rs 7,77,870 crore m-cap.
The company operated by Mukesh Ambani reached the $100 billion mark for market capitalisation. This mark was achieved by the company only once in the year 2007.
At the company’s forty first annual general meeting on July fifth, Chairman Mukesh Ambani aforementioned that RIL aimed to more than double its current size by 2025, as its customer-centric business expands to match the standard revenue stream.
Shares of Reliance Industries have climbed sixty per cent in the last one year against sixty three per cent rise in TCS stock during the same period.
Related: Tie-up between Reliance Jio and SBI to provide digital banking services
The RIL’s stock has contributed a lot to Nifty‘s 18 per cent rise during the period.
Brokerage edelweiss Securities expects the non-regulated segments such as refining, chemicals and shale to contribute 90 per cent of the company’s incremental EBITDA over the next few years.
“We believe refining margins in Asia will rise due to a paradigm shift in regional refining dynamics, which will favour a posh refiner like Reliance Industries,” the brokerage aforementioned in a recent note.
RIL is presently at the end of its capex phase, investing in world-scale projects like petcoke gasification, off-gas crackers and telecoms, which will drive future growth, it added.
Source: Reliance Industries Hits Rs 8 Lakh Crore Market Valuation
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Platform for Refurbished Products Launched by Flipkart
A platform for refurbished products has been launched by online merchandiser Flipkart. The platform is called ‘2GUD’ and is an independent platform for refurbished products. As of now, this platform can begin with a mobile web site.
As of now, 2GUD are going to be giving smartphones, laptops, tablets and electronic accessories while giant appliances are going to be added in near future. the {price|the worth|the value} range of the products will vary from 50–80 per cent of the original product’s price depending on the level of the certification.
This development underscores the etailer’s increased concentrate on tier 2 and beyond customers. the company recently declared their acquisition of AI-led speech platform Liv.ai, to target a similar client base.
Kalyan Krishnamurthy, ceo of Flipkart, said, “The refurbished website is for the aspirational client in india. The refurbished market is unorganised and we need to organize it and break the barrier of trust.”
There were media reports regarding the plan of the online retail merchant to come up with a platform for refurbished product based on their “learnings from eBay.” Notably, the online retail merchant had raised $1.4 billion in 2017 from Microsoft, Tencent and eBay. eBay alone had endowed around $500 million and got shares worth $220 million from selling its indian business to Flipkart.
However, there wasn’t a lot of activity following that. Then, In could when Walmart declared its intent to acquire Flipkart, eBay had said that it had decided to finish its strategic partnership with Flipkart and relaunch eBay india with a differentiated giving to focus on cross-border trade.
Several members from the eBay team have been integrated with Flipkart’s 2GUD team. products ordered on 2GUD are refurbished by sellers either using Flipkart’s company F1 info Solutions or alternative third party services. However, the company offers a post-purchase warranty of 3 to 12 months.
While the present platform is mobile-only, it’ll soon be available on desktop and mobile app. will soon be taken across other channels as well as desktop and mobile app.
With this move, Flipkart will compete with platforms like Zefo, which provide second-hand refurbished products across categories ranging from furniture and appliances to mobile phones.
Source: Platform for Refurbished Products Launched by Flipkart
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