A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
'It is a sign of a bigger problem which is coming in the next six months.'
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
'We are targeting the 5G tender around January-March 2023.'
However, the US praises India for its significant counter-terrorism actions.
The Bangalore-headquartered firm had posted a net profit of Rs 1,623.3 crore (Rs 16.23 billion) in the year-ago period, it said in a BSE filing.
With the Uttar Pradesh government set to conduct a survey of private madrassas, proprietors of the theological schools fear that their institutions may be declared illegal and 'run over by bulldozers'.
It may be a 'no-go' for banking licences to large industrial houses.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
IMF report says billions more cash and debt relief needed
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
'Most students find it difficult to cope with the way they are expected to learn at the IITs.' 'So, all the students face the same stress.' 'But those students who are mentally weak are more affected.'
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
Stock exchanges and other market infrastructure institutions as well as their top officials are liable to face penalties for lapses in handling and recitfying technical glitches, with Sebi putting in a place a stricter compliance system driven by "financial disincentives". The markets watchdog has come out with a detailed Standard Operating Procedure (SOP) for Market Infrastructure Institutions (MIIs) less than five months after a technical glitch halted trading at the country's largest bourse NSE for nearly four hours. There will be a "financial disincentives" structure for MIIs -- stock exchanges, clearing corporation and depositories -- for any business disruption beyond pre-defined time, according to a circular issued on Monday.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
The Centre is unlikely to announce an agreement over payment mechanism with Russia until a ceasefire is declared in the Ukraine war, said people in the know. An inter-ministerial group headed by the finance ministry has been meeting regularly for over a month to analyse and discuss payment mechanisms that can work under the current circumstances and ensure the trade between India and Russia is not disrupted. The US had recently said that there would be consequences for countries actively attempting to "circumvent or backfill" American sanctions against Russia.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
Start-ups don't care that mad-money funding comes to a hard stop after an IPO, observes Debashis Basu. As a listed entity, corporate actions have to take the interests of all shareholders, especially minority shareholders, into account. So far, we are not seeing any sign of it, observes Debashis Basu.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Bayern's Mazraoui suffers heart complications due to COVID
IIM-A saw 36 per cent jump in maximum domestic salary in 2018 placements this year.
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
Nearly 25 million jobs could be lost worldwide due to the coronavirus pandemic, but an internationally coordinated policy response can help lower the impact on global unemployment, according to a UN agency. In its preliminary assessment report titled 'COVID-19 and world of work: Impacts and responses', the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars -- protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
National Security Advisor Ajit Doval on Thursday called for seamless coordination among various agencies involved in protecting India's maritime interests in the face of emerging security challenges and increasing rivalries and competitions in the Indian Ocean.
The highest domestic package, however, fell 10 per cent
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
The US State Department, in its Congressional mandated annual Country Reports on Terrorism for the year 2018, on Friday said even though the Pakistani government voiced support for political reconciliation between the Afghan government and the Taliban, it did not restrict the terror group and the Haqqani Network from operating in Pakistan-based safe havens and threatening the US and Afghan forces in Afghanistan.
Messi's contract expires at the end of June and there has been no announcement on an extension.
If indeed the gate opens for big industrial houses, the RBI needs to be smarter than them and demonstrate it through action, not reaction, observes Tamal Bandyopadhyay.
Mumbai traffic, mobile internet speeds, and grocery and pharmacy visits are all showing lower numbers for the latest week.
In India we have to be careful not to copy any level of dependence on the financial sector and infatuation with the get-rich-quick syndrome, says Jaimini Bhagwati.
Manchester United signed Netherlands midfielder Donny van de Beek from Ajax Amsterdam on a five-year contract, the English Premier League club said on Wednesday.
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