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Analysts peg the net profit at Rs 5,934.5 crore as compared to a net loss of Rs 4,875.9 crore in the corresponding quarter of the previous fiscal (Q1FY19) from Markets https://ift.tt/2LQNHXn
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Showing posts from July, 2019
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The ban proposed by an inter-ministerial on private cryptocurrencies is backward looking and a setback for companies mulling to launch their own virtual currencies on the lines of Bitcoin, said experts on Tuesday. The panel headed by Economic Affairs Secretary S C Garg, in its report made public Monday, recommended banning of private cryptocurrencies and criminalising any activities related to virtual currencies. It, however, pitched for introduction of an official digital currency with a status of a legal tender and appropriately regulated by the Reserve Bank of India. "...the proposal by a government panel to ban crypto is backward looking. Bans don't serve much purpose and only drive users to try and circumvent the law. Bans also hamper productive innovation and risk leaving the country behind if crypto indeed evolves to become a bigger part of the financial system over time," said Gaurav Jalan Founder & CEO, mPokket. Prashant Phillip, Partner, Lakshmikumaran &...
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An inter-ministerial committee has recommended banning cryptocurrencies in the country and imposing penalties for activities connected with them, the government said on Monday.As virtual currencies and its underlying technology are still evolving, the group has proposed the establishment of a standing committee to revisit the issues addressed in its when required, according to a statement.The government had constituted the inter-ministerial committee on November 2, 2017 under the chairmanship of Secretary at the Ministry of Electronics and Information Technology (MeiTY), Chairman of the Securities and Exchange Board of India (SEBI) and Deputy Governor of the Reserve Bank of India (RBI) as members.They were asked to study the issues related to virtual currencies and propose specific action to be taken in this matter.The group's report along with the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 have been submitted to the government. They will now be...
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Facebook will need to meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." Facebook last month unveiled its plans for Libra, widely regarded as a challenger to dominant global player bitcoin. Libra is expected to launch in the first half of 2020. It is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. Mnuchin said the US Treasury w...
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Asian markets recovered after an early stumble on Monday as data showed China's economy growing at its weakest pace in nearly three decades, hit by the US trade war, while investors debated the depth of an expected Fed rate cut. The world's number-two economy expanded 6.2 per cent in April-June, the worst reading since the early 1990s but in line with forecasts and within the government's target range. The reading highlights the negative impact the US tariffs stand-off is having on China as leaders also try to recalibrate its growth model from exports and state investment to one driven by consumer spending. "While GDP touched a 27-year low in Q2, the on-consensus print does lessen market fears that China's economy is headed for a hard landing," said Stephen Innes at Vanguard Markets. Observers also pointed out that the weakness raised the chances of further monetary easing measures from the central People's Bank of China, while investors were also tracking...
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/ -- Financial technology solutions provider MonetaGo has today announced that a commercial paper has been digitally issued in Asia for the first time using blockchain technology. MonetaGo completed this transaction through a partnership with banking services provided by Yes Bank and the issuer Vedanta, a natural resources conglomerate. India's highly-regulated commercial paper market involves huge amount of paperwork to be prepared by the Issuer for every transaction. DETAILS OF THE TRANSACTION HERE Issuances are on the increase as more businesses manage their short term cash needs through this product however absence of a streamlined digital process makes this entire process cumbersome resulting in many man hours being wasted. The transaction was delivered using Corda Enterprise technology from R3, along with a robust set of standardized workflows to deliver a solution that will rapidly scale across markets and geographies. MonetaGo moved to Corda Enterprise in February 2019, ......
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A Tokyo-based cryptocurrency exchange said Friday it had halted all services after losing cryptocurrency worth more than USD 32 million in the latest apparent hack involving virtual money. Remixpoint said its subsidiary BITPoint Japan discovered overnight that about 3.5 billion yen (USD 32.3 million) in various digital currencies had gone missing from its management. The apparent hack was discovered after an error appeared in the firm's outgoing funds transfer system on Thursday night. It said the cryptocurrency went missing from a so-called "hot wallet", which is connected to the internet, but that currency held in "cold wallets" that are offline was not affected. BITPoint Japan handles various virtual currencies, including bitcoin, ethereum and ripple. Remixpoint said the firm was still analysing the loss and offered no further details. It said it would compensate customers for the losses. Around 2.5 billion yen worth of the missing currency was customer funds...
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A government panel is examining all issues related to crypto currencies, including the pros and cons of the introduction of an official digital currency in the country. Crypto currencies are not recognised as legal tenders in the country and the issue of allowing trading in such currencies is being examined by the government, Union Minister Anurag Thakur said Monday. The Minister of State for Corporate Affairs told the Lok Sabha that no decision on licensing and authorising any entity or company to deal with Bitcoins or any other virtual currency has been made yet. The issue of permitting trading in crypto currencies is under examination by the government which has constituted an Inter-Ministerial Committee (IMC) under the chairmanship of Secretary, Department of Economic Affairs. "The committee, with representations from MeitY, RBI, Sebi and CBDT is examining all issues, including the pros and cons of the introduction of an official digital currency in India and is working to dev...
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A private bank manager was arrested for allegedly duping people by promising high returns on cryptocurrency, police said Tuesday. The accused has been identified as Sandeep Singh Dua, they said. Earlier, seven people Narender, Asif Malkani, Baljeet Singh Saini, Pradeep Arora, Sunil Kumar, Puneet Mahindru and Ashok Goel were arrested in the case, police said. Mahindru disclosed that Dua was the main accused in the conspiracy, a senior police officer said. "Police got a tip-off and arrested Dua on Monday from here," Additional Commissioner of Police (Crime) A K Singla said. On August 9, 2017, one Arun Kumar, a resident of West Ghonda in Delhi, filed a complaint where he alleged that some persons cheated him of Rs 14,90,000 after luring him to invest in a newly-launched cryptocurrency Kashhcoin, a senior police officer said. The Kashhcoin was initially launched with the price rate of Rs 3.50 per coin, promising high profit to its buyers but presently those coins are of no use, t...
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Shares of rating agency Icra tumbled over 6 per cent Tuesday after the company decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the "concerns" raised by capital markets watchdog Sebi. The scrip declined 6.41 per cent to Rs 3,012 on the BSE. At NSE, shares tanked 5 per cent to Rs 3,000.05. The agency has appointed chief financial officer Vipul Agarwal as the interim CEO who will be reporting to the board, according to a company filing on Monday. Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India", said the agency. Though the agency did not share the exact reasons for the unprecedented step, which is a first in the industry, it can be noted that the move comes at a time when rating agencies are under a cloud following the IL&FS debacle. from Markets https://ift....