George Soros, the legendary hedge manager, once said that in the financial markets, it doesn’t matter whether one is right or wrong: What matters is how much money one makes when right and how much one loses when wrong. Investors who managed to catch Bitcoin early looks like geniuses and[Read More…]
Bitcoin value plummeted 12 per cent on Friday after hitting a record high of 2.4 million yen ($21,167) in the first hours of trading in Japan. Bitcoin reached the high at 8 a.m., on Coincheck, one of the biggest bitcoin exchanges in Japan, and a little bit lower on bitFlyer,[Read More…]
The proposed Financial Resolution and Deposit Insurance (FRDI) Bill is designed to protect the rights of depositors, the government said on Thursday. The bill, which seeks to deal with the insolvency of financial service providers, had been tabled in August in the Lok Sabha and has currently been referred to[Read More…]
Bitcoin crossed $14,000 on Thursday, surging $2,000 in less than 24 hours, a new record high for the cryptocurrency. Bitcoin began the year below $1,000 but continues its sharp rise despite warnings of a dangerous bubble, reports the BBC. It hit the latest milestone during early trading in Asia, according[Read More…]
In its penultimate monetary policy review of the fiscal, the Reserve Bank of India (RBI) on Wednesday maintained status quo on its key lending rates citing concerns over the rising trajectory of inflation. The central bank said its repurchase rate, or the short-term lending rate for commercial banks, has been[Read More…]
Mumbai: The Rs 2.11 lakh crore recapitalisation plan for state-run banks would be sufficient to tackle the problems of stressed assets and the multiplier impact of the package could be “at least an expansion of the economy by Rs 3.3 lakh crore”, a State Bank of India (SBI) report said[Read More…]
New Delhi: The government’s decision to infuse Rs 2.11 lakh crore in public sector banks and spend Rs 14 lakh crore on infrastructure projects has received the thumbs up from India Inc. “This milestone announcement on recapitalising banks in one-go is a bold and courageous move and was indeed the[Read More…]
Senior Bharatiya Janata Party (BJP) leader and former finance minister, Yashwant Sinha, has spoken out against the way his party has weakened the economy of India. According to him, many leaders in the party know that the economy is in a downward spiral, but refuse to speak up because of[Read More…]
Even as the economy continues to slump after each quarter, there is a particular set of professionals who are rolling in money. According to rough industry estimates, a major jump in revenue has been recorded by the top audit firms in the recent months. “In the last 3 months, the[Read More…]
Amid fears of an economic slowdown in India, Union finance minister, Arun Jaitley, on Wednesday said that the government has taken a note of the indications and it will take further steps if needed for the revival. He said this while announcing decisions taken during the Narendra Modi Cabinet meeting[Read More…]
Prime Minister Narendra Modi on Friday listed demonetisation as one of the successful measures taken by the government to tackle black money as he urged the tax officials to improve India’s tax administration by 2022. His statement comes two days after the Reserve Bank of India released data which showed[Read More…]
To facilitate senior citizens and those with income below Rs. 5 lakh to file tax returns for 2016-17, the Income-tax office department declared to remain open until midnight on Saturday. Notably, the last date of filing Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced[Read More…]
The finance ministry had given the go-ahead to print Rs 200 notes in July. It was also said that the Rs 2,000 were no longer being printed in a bid to push more of the Rs 200 notes into the market. Rs 200 note will be smaller in size and[Read More…]
The Reserve Bank of India (RBI) has reduced the key policy rate or the repo rate by 25 Basis Points (bps) to 6% in its third monetary policy review on Wednesday, as retail inflation softened. This is the second rate cut by the Monetary Policy Committee (MPC) since its inception in[Read More…]
With a net worth increase of USD 12.1 billion (Rs 77,000 cr) this year, Reliance Industries Chairman Mukesh Ambani has become the second-richest man in Asia. India’s richest man, Ambani has overtaken Hong Kong-based Li Ka-Shing who until now was the second-richest person in Asia. According to the Bloomberg’s Billionaire Index,[Read More…]
Shares of public sector undertakings (PSU) banks were trading higher by up to 4%, recovering from their intra-day lows, after the state-owned banking giant State Bank of India (SBI) cut saving bank interest rates. SBI restructured by 2.7% to Rs 307 on BSE after the bank introduced a two-tier saving bank interest rate[Read More…]
The last day to file the Income Tax Returns (ITR) for the financial year 2016-17 and assessment year 2017-18 is today (Monday) though the government has not put any penalties, failing to do it might lead to severe financial losses. The Income Tax department has already made it clear that[Read More…]
It is reported that The Reserve Bank of India stopped printing Rs 2000 notes in March this year. The federal bank is also not likely to print any more Rs 2,000 notes in the current financial year. The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of[Read More…]
Even though Raghuram Rajan, former RBI governor, co-wrote the influential 2003 book, “Saving Capitalism From the Capitalists,” it has fallen upon his successor at the Reserve Bank of India to actually attempt such a thing. By the looks of it, Urjit Patel has a hard slog ahead. For now, the[Read More…]
In a first such move, the Reserve Bank of India (RBI) will soon introduce Rs 200 notes. Reportedly, the printing order for the new Rs 200 notes has been placed already. Recently, reports surfaced that Reserve Bank of India has cleared a proposal to introduce new lower denomination currency notes[Read More…]
Just three days after the GST rollout, as many as 22 states have removed check posts. With the implementation of Goods and Services Tax GST, states such as Delhi, West Bengal and Maharashtra have abolished check-posts; while states, including Assam, Punjab, Himachal Pradesh, and some north-eastern states, are also in[Read More…]
As the business costs keep rising with a slow growth, Cognizant Technology Solutions (CTS) has pushed back promotions and salary hikes by three months. A top official of the software company informed its employees that any salary revisions and promotion will be done only after October 1 where the process[Read More…]
While GST is hitting the headlines, on Wednesday, Haryana Chief Minister Manohar Lal Khattar said the implementation of the Goods and Services Tax (GST) is not going to terribly affect the textile business. “Textile has been placed in the slab of 5 per cent under the GST. Presently, there is[Read More…]
On Thursday, the Reserve Bank Governor Urjit Patel said that to be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term. “The prudent point is that GST itself[Read More…]
In the latest development on the Aadhaar debate, the Centre has made quoting of Aadhaar mandatory for the opening of bank accounts as well as for any financial transaction of ₹50,000 and above. While the existing account holders have been asked to submit their Aadhaar numbers issued by the Unique[Read More…]
