Former Reserve Bank of India Governor Duvvuri Subbarao has said the central bank could lose control over money supply and inflation management if cryptocurrency is allowed in the country. Speaking at a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business, Rao also said India's case for issuing a central bank digital currency (CBDC) may not be strong as there are capital controls. "Crypto is backed by algorithms and there is fear that the central bank might lose control over money supply and inflation management.
The RBI has been repeatedly cautioning everyone about the usage of cryptocurrencies, flagging a slew of concerns.
Telecom service operator Airtel on Thursday urged the government not to charge high fees for allotting 5G spectrum, saying a faster roll out of the next-generation telecommunication network can have more benefits than collecting revenue in upfront cost. Sunil Bharti Mittal, chairman of Bharti Enterprises which runs the country's second largest telco, said that there are a variety of applications across sectors ranging from healthcare to video interactions, which will make 5G a technology to be introduced as soon as possible. "5G is important and that's why we keep on requesting the government to make the 5G as an enabler for hundreds of things that we develop in the country, to keep the spectrum at affordable pricing, to not load the industry too much," Mittal said at the Times Network India Economic Conclave.
Heightened volatility and lacklustre returns continue to make a dent in retail participation in the equities cash market segment. The percentage of retail participation in the average daily turnover in the National Stock Exchange's (NSE's) cash segment has come down to 40.8 per cent in February 2023, from 52 per cent a year ago. At the peak, retail investors accounted for nearly two-thirds of cash market volumes in July 2020.
Cryptocurrency exchanges face issues with their current bank accounts.
Finance Minister Nirmala Sitharaman on Friday said the entire fiscal stimulus announced by the government would be funded by borrowings and revenues, and taxpayers will not be charged even a single penny. "I am not expecting the stimulus to be funded by taxpayers. Not a rupee from the taxpayer. The entire amount .... is shown as revenue and borrowings. "The government is borrowing to spend, but it is not taking from people," she said while interacting with journalists at the IWPC (Indian Women's Press Corps).
After hiking the repo rate by 0.50 per cent, RBI Governor Shaktikanta Das on Wednesday said future policy actions by the central bank will be guided by the evolving conditions. Addressing a press conference, the governor said the RBI has changed the policy stance to drop the phrase "remains accommodative", and instead opted for "withdrawal of accommodation" for guiding its future moves. The central bank did not hike the cash reserve ratio contrary to speculation, he said, adding that the liquidity withdrawal will be calibrated and measured.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Sansad TV, which broadcasts live Lok Sabha and Rajya Sabha proceedings, on Tuesday said its YouTube channel was compromised due to unauthorised activities by "some scamsters".
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
BollyCoin aims to house Bollywood's most iconic movie dialogues, clips, and posters, etc, starting with NFTs of the Dabangg franchise.
'If one believes that the Indian stock market will go up 70 per cent every year for the next 10 years, I wish you good luck!'
'A key trend that one should expect to see is tonnes of failures.' 'Several blockchain-focused companies will fail.'
Don't invest more than 5 per cent of your portfolio in bitcoin. The virtual currency's price has run up very fast and experts feel a correction may be around the corner.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Like software-as-a-service (SaaS), CaaS has emerged as a well-orchestrated ecosystem for cybercriminals.
The government plans to bring down its stake to 26 per cent in these two banks, which are yet to be identified. This may not come in the way of getting investors for these banks, provided the government is willing to step back rather than run them the way it had been doing for over five decades since these banks were nationalised, points out Tamal Bandyopadhyay.
Osaka takes equity stake in crypto exchange FTX
Tharoor questioned about the alleged hacking of phones using spyware Pegasus, to which the officials responded that the matter is subjudice.
The suit, filed in federal court in California, alleges that Basant Gajjar's company LeadCloak provided ad-cloaking software designed to sneak fake news and scams related to COVID-19, cryptocurrency, diet pills and more past Facebook and Instagram's automated advertising review process.
As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
Do you suspect that your partner is cheating on you and want to find out the truth by installing spyware on their phone? Or, perhaps you are a student who wants to get out of an online classroom so you can play an online game with friends? How about some Zoom raiding for a mere Rs 50-100? Or, are you a person who wishes to hack into someone's phone or laptop, and steal their financial details? Crimeware-as-a-Service (CaaS) allows you to do all this and more.
The announcement came late Monday evening - and broke the internet. Elon Musk, the world's richest man, had bought microblogging site Twitter for a neat $44 billion. The little blue bird, which is known to take on many avatars depending on the mood, leanings and interests of who it is chirping for, went into overdrive. While some Twitter users flooded the site with memes and humorous takes on the move, the deal also had a fair share of critics.
India proposes to organise a briefing of the Security Council on December 15 on 'Global counter-terrorism approach - principles and the way forward" under the 'Threats to international peace and security caused by terrorist acts'.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said there is a need for coordinated action between the centre and state governments to reduce taxes on petrol and diesel prices. "There is a need for coordinated action between the centre and states because there are inherent taxes levied by both," the Governor said adding that calibrated reduction of taxes was important. He was speaking at an event organised by Bombay Chamber of Commerce.
He also said that terrorists are constantly finding new ways to carry out violence, radicalise youth and raise financial resources and the darknet is being used by terrorists to spread radical content and conceal their identities.
'Avoid going overweight on gold. But maintain a 10 per cent allocation via sovereign gold bonds,' Bajaj Capital MD Sanjiv Bajaj tells Sarbajeet K Sen.
The death of a 20-year-old engineering student on a railway track in Raisen district of Madhya Pradesh has left the police baffled due to a chilling WhatsApp message talking about the "beheading punishment for disrespecting Nabi" (Prophet Mohammed) sent from his mobile phone shortly before his death.
The OF saga has led to sex-workers looking at cryptocurrency as an alternative, notes Devangshu Datta.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
The Securities and Exchange Board of India (Sebi) is working on a new payment system for the secondary market, which could prevent brokers from accessing their client funds. It will be on the lines of the Application Supported by Blocked Amount (ASBA) process used for subscribing to initial public offerings (IPOs), where funds move out of an investor's bank account only after the trade is confirmed. Sebi chairperson Madhabi Puri Buch on Wednesday said that despite the challenges, the new system would be ready in a few months.
The sharp correction in equity markets has taken a toll on mid-and-small cap stocks that have underperformed their large-cap peers. Thus far in calendar year 2022 (CY22), the mid-and-small cap indexes on the BSE have slipped over 8 per cent and 7 per cent respectively, as compared to a fall of around 6 per cent in the S&P BSE Sensex. While investors dumped mid-and small-cap stocks as the markets remained choppy over the past few weeks, analysts still expect these two segments to see good investor interest from a medium-to-long term perspective.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
Install blockers to prevent falling prey to cryptojacking.
A small percentage of asset allocation to bitcoin seems like a reasonable gamble, as it could be a major gainer in an uncertain global environment, says Devangshu Datta.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
The tiny Central American nation of El Salvador has embarked on an interesting experiment by recognising bitcoin as legal tender. This is proving painful for many of its citizens but it's a useful "pilot" project for larger economies that are contemplating the peculiarities of this new asset class. El Salvador has a population of 6.5 million and GDP of about $27 billion.
Christopher Wood, global head of equity strategy at Jefferies reiterate his bullish view on Indian equities on the back of a steady fall in Covid cases coupled with a sharp economic recovery in India, reports Puneet Wadhwa.
