India’s income tax department has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, a tax official said.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.
The Indian government has issued repeated warnings Continue reading
Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin. With Mukesh Ambani’s elder son Akash Ambani leading the project, the company plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 professionals with average age of 25 years. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said. Blockchain is a digital ledger for storing data but not limited to Continue reading
Posted in Business, NATIONAL NEWS
Tagged anil ambani, bitcoin, Business, crypto currency, currency, indian cyrptocurrency, internet service provider, invest in Reliance, investment, investment schemes 2018, jio, jio hiring, jiocoin, money laundering, mukesh ambani, online trading, reliance communication, trolled, where should i invest my money
The ministry of finance on Friday cautioned people against the risks of investing in virtual currencies such as Bitcoin that are not backed by government fiat, and compared them with Ponzi schemes.
This follows a crackdown by the South Korean government on trading of Bitcoins which led to a 8% drop in its value on Thursday. Currently, the value of Bitcoin is around $15,000. The rapid rise in the value of the virtual currency this year has attracted the attention of not just speculators but also unsophisticated retail investors who often do not understand the risks involved. The virtual currency was valued at $1,012.4 on Continue reading
Posted in Economy, NATIONAL NEWS
Tagged bitcoins, consumer, crash, currency, digital, electronic, finance ministry, industrialist, investment, investor, money, ponzi schemes, scam, virtual currency
A number of policy reforms has helped India significantly improve its business climate, an annual World Bank index showed on Tuesday, burnishing Prime Minister Narendra Modi’s reformist credentials that could help him win big-ticket investments.
For the first time, India jumped a record 30 places to 100 in the Ease of Doing Business report for 2018, which is an influential 190 country barometer of competitiveness that many businesses likely consider for investment decisions. Continue reading
Posted in Economy, Infrastructure/Property, NATIONAL NEWS, WORLD NEWS
Tagged arun jaitly, Business, country, ease of doing business, economy, investment, Narendra modi, policies, policy, ranking. india, reforms, world bank
China’s commerce ministry banned North Korean individuals and enterprises from doing new business in China, in line with United Nations Security Council sanctions passed earlier this month. Continue reading
MUMBAI: The BSE’s benchmark Sensex index closed above the 30,000 mark for the first time on Wednesday, riding a world wide stocks rally fuelled by central bank asset buying. experts advised Investors against irrational exuberance, saying underlying fundamentals had not changed; few expect the liquidity driven rally to stop.
The Sensex rose 0.63%, or 190.11 points higher, to close at 30,133.35 points.
This follows the 50-share Nifty’s record closing above 9300 points on Tuesday. On Wednesday, the Nifty climbed 0.49% to close at 9351.85.
Across the globe, stocks climbed in markets from Tokyo to New York, as investors cheered robust US corporate earnings and chances of tax cuts for American companies. These, along with a centrist victory in the first round of the french presidential election, kept the markets upbeat.
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