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South Korea is planning a law to ban cryptocurrencies such as Bitcoin being traded through its exchanges. The justice minister said virtual currencies were causing the government "great concern". Meanwhile, several Seoul cryptocurrency exchanges have been raided this week in a probe into alleged tax evasion. Bitcoin fell about 7% to just under $13,800 on Thursday, although that decline may not be directly related to the South Korean decision.

Given the low levels of trading and relatively small number of people holding virtual currencies, wild price swings have become the norm, leading to an argument that paying too much attention to price rises and falls is futile.

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Scrutiny

Digital currencies such as Bitcoin have surged in value over the past year - driving a huge demand. That has led to concerns about gambling addiction as inexperienced investors try to ride the wave. "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," said South Korean justice minister Park Sang-ki. It is understood the department is preparing legislation that would allow the exchanges to be shut down. The crackdown in South Korea by authorities included a raid on the country's second-largest virtual currency operator, Bithumb. "We were asked by the tax officials to disclose paperwork and things yesterday," an unnamed official told Reuters. The government had already said in December that it would apply more scrutiny to the exchanges, including moves to curb anonymous trading.

News Source: BBCNEWS

Posted On Thursday, 11 January 2018 11:52

rbiWith ordinance in place, Finance Minister Arun Jaitley on Monday said the RBI is at a fairly advanced stage of preparing a list of borrowers where NPA resolution is required under the insolvency law and action on this front is expected soon.

The ordinance was promulgated last month amending the Banking Regulation Act, 1949, to empower the Reserve Bank of India to resolve the thorny issue of non-performing assets (NPAs) or bad loans.

The government empowered the RBI to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA problem.

"Under the new ordinance issued, the RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the Insolvency and Bankruptcy Code (IBC) process. You will be shortly hearing about it ... The RBI is actively working on that," he said after meeting heads of PSU banks here.

"Consolidation of banks was not on the agenda as far as this present meeting is concerned. But I can tell you, we are actively working in that direction," Jaitley told reporters.

He left no one in doubt that the Centre will not be part of a state's fiscal leverage in waiving farm loans and the cost has to be borne by the states.

This assumes significance against the backdrop of farm debt waiver announced by the Maharashtra government on Sunday even as farmers in Madhya Pradesh were up in arms demanding relief.

The finance minister pointed out that a few top bankers expressed apprehensions about the infrastructure available for enforcement under the NPA ordinance. He, however, did not go into the specifics.

According to RBI Deputy Governor SS Mundra, who was present, the ordinance on NPAs essentially involves 2-3 components.

"One of the important components was to enhance the size and scope of oversight committee. Also, the identification of the accounts which can be actively taken up under the process. So, on the second point, an internal advisory committee is constituted by the RBI," Mundra said.

RBI is discussing it, he said, adding that information has been collected from banks on certain large accounts, for which some additional details are being sought.

"So, there's active work going on it. I think soon some of the action points will emerge from that," he said.

News source: TOI

Posted On Monday, 12 June 2017 12:26

mobile-india-4GMukesh Ambani - owned Reliance Jio on Monday said telecom companies not investing in new technology and instead leveraging their balance sheet are themselves to blame for financial difficulties.

Newcomer Reliance Jio, which met the Interministerial Group (IMG) on Monday said operators need to raise funds by selling stake or invest in new technology through internal accruals. Telecom companies not investing in technology causing financial stress: Jio

"Operators (excluding Jio) need to invest Rs 1,25,000 crore, payback debt and they need to invest in technology, as growth is happening in data they can do this by selling stake," said a senior Jio official who did not want to be named.

Stating that the financial stress being faced by operators was "their own creation", the official said the only policy intervention required is in form of reduction in GST rates, licence fee and USO levies.
Lowering of these levies can generate Rs 20,000-25,000 crore additional EBITDA for the industry, the Jio official said after coming out from the 45 - minute meeting with the IMG.

The IMG today began consultation with operators as part of efforts to address the financial difficulties being faced by the sector. The telcos are reeling under a massive Rs 4.6 lakh crore debt, and are facing pressure on revenue, profitability and all other financial matrix in face of increasing competition intensified by the entry of Jio.

New source: TOI news

Posted On Monday, 12 June 2017 10:25

businessSignaling the intent of the government, Power Minister Piyush Goyal on Monday said the ministry is doing its job to revive stalled and stressed thermal and hydro power projects.

"We are close to the resolution of stressed thermal power projects soon where developers are not wilful defaulters," Goyal told reporters here while speaking about three years of the government's performance.

The power ministry, which is also working on reviving stalled hydro projects, already had extensive discussions with bankers and stakeholders.

According to sources, the ministry has firmed up a policy for stalled hydro projects to revive 11,639 megawatts by dispensing Rs 16,709 crore till 2024-25. Additionally, the government has decided to provide interest subvention of about 4 per cent to developers to turn around hydro projects.

The power ministry and the Niti Aayog, Goyal said, are jointly working on a policy for next 25 years to ensure energy security. He expects renewable energy capacity to surpass thermal power by 2022. India intends to create 175 gigawatts of renewable energy capacity by 2022.

New source: The Time Of India news

Posted On Monday, 12 June 2017 09:34

arun-jaitleyReserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans where resolution is required under the country's insolvency and bankruptcy rules, Finance Minister Arun Jaitley said on Monday.

Last month, India tweaked its laws to help tackle a record $150 billion in troubled bank debt. The government has authorised the RBI to direct banks to initiate an insolvency resolution process in the case of a default under provisions of the bankruptcy code. "The RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the IBC (Insolvency and Bankruptcy Code) process and you'll shortly be hearing about it," Jaitley told reporters after meeting bank chief executives.

New source: TOI news

Posted On Monday, 12 June 2017 09:15
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