Hello guys, can some one show me the right way to do forex ( other than INR pairs) from India. I have been doing a demo with a broker called pepper stone for the past 8 months and I have found reasonable returns with it on the demo and I now want to move to real account starting with $200. My question is most brokers accept deposit via any MasterCard or visa and that’s easy but what about the withdrawal will there be any problems in getting money from my forex account in to my india account. Then will there be a situation where the bank can block my transaction. Also any issues I will face with our govt regulations and taxation. People who have done this before please help ....
RBI & how its policies can start to affect the market
Disclaimer: This DD is to help start forming a market view as per RBI announcements. Also a gentle reminder that fundamentals play out over a longer time frame than intraday. The authors take no responsiblity for your yolos. With contributions by Asli Bakchodi, Bran OP & dragononweed! What is the RBI? RBI is the central bank of India. They are one of the key players who affect India’s economic trajectory. They control currency supply, banking rules and more. This means that it is not a bank in which retailers or corporates can open an account with. Instead they are a bank for bankers and the Government of India. Their functions can be broadly classified into 6. · Monetary authority · Financial supervisor for financial system · Issuer of currency · Manages Foreign exchange · Bankers bank · Banker to the government This DD will take a look at each of these functions. It will be followed by a list of rates the RBI sets, and how changes in them can affect the market. 1.Monetary Authority One of RBI’s functions is to achieve the goal of “Price Stability” in the economy. This essentially means achieving an inflation rate that is within a desired limit. A monetary policy committee (MPC) decides on the desired inflation rate and its limits through majority vote of its 6 members, in consultation with the GoI. The current inflation target for RBI is as follows Consumer Price Inflation (CPI): 4% Upper Limit: 6% Lower Limit: 2% An increase in CPI means less purchasing power. Generally speaking, if inflation is too high, the public starts cutting down on spending, leading to a negative impact on the markets. And vice versa. Lower inflation leads to more purchasing power, more spending, more investments leading to a positive impact on the market. 2.Financial Supervisor For Financial System A financial system consists of financial markets (Capital market, money market, forex market etc.), financial institutions (banks, stock exchanges, NBFC etc) & financial assets (currencies, bills, bonds etc) RBI supervises this entire system and lays down the rules and regulations for it. It can also use further ‘Selective Credit Controls’ to regulate banks. 3.Issues of currency The RBI is responsible for the printing of currency notes. RBI is free to print as much as it wants as long as the minimum reserve of Rs 200 Cr (Gold 112 Cr) is maintained. The RBI has total assets or a balance size sheet of Rs. 51 trillion (April 2020). (1 Trillion = 1 Lakh crore) India’s current reserves mean our increase in currency circulation is well managed. 4.Manages Foreign Exchange RBI regulates all of India’s foreign exchange transactions. It is the custodian of all of foreign currencies in India. It allows for the foreign exchange value of the rupee to be controlled. RBI also buy and sell rupees in the foreign exchange market at its discretion. In case of any currency movement, a country’s central bank can directly intervene to either push the currency up, as India has been doing, or to keep it artificially low, as the Chinese central bank does. To push up a currency, a central bank can sell dollars, which is the global reserve currency, or the currency against which all others are measured. To push down a currency, a central bank can buy dollars. The RBI deciding this depends on the import/export and financial health of the country. Generally a weaker rupee means imports are more expensive, but are favourable for exports. And a stronger rupee means imports are cheaper but are unfavourable for exports. A weaker rupee can make foreign investment more lucrative driving up FII. A stronger rupee can have an adverse effect of FII investing in markets. 5.Banker’s Bank Every bank has to maintain a certain amount of reserve with the RBI. A certain percentage of a bank’s liabilities (anywhere between 3-15% as decided by RBI) has to be maintained in this account. This is called the Cash Reserve Ratio. This is determined by the MPC during the monetary policy review (which happens every six weeks at present). It lends money from this reserve to other banks if they are short on cash, but generally, it is seen as a last resort move. Banks are encouraged to meet their shortfalls of cash from other resources. 6.Banker to the government RBI is the entity that carries out ALL monetary transactions on behalf of the Government. It holds custody of the cash balance of the Government, gives temporary loans to both central and state governments and manages the debt operations of the central Government, through instruments of debt and the interest rates associated with them - like bonds. The different rates set & managed by RBI - Repo rate The rate at which RBI is willing to lend to commercial banks is called as Repo Rate. Banks sometimes need money for emergency or to maintain the SLR and CRR (explained below). They borrow this from RBI but have to pay some interest on it. The interest that is to be paid on the amount to the RBI is called as Repo Rate. It does not function like a normal loan but acts like a forward contract. Banks have to provide collateral like government bonds, T-bills etc. Repo means Repurchase Option is the true meaning of Repo an agreement where the bank promises to repurchase these government securities after the repo period is over. As a tool to control inflation, RBI increases the Repo Rate making it more expensive for banks to borrow from the RBI with a view to restrict availability of money. Exact opposite stance shall be taken in case of deflationary environment. The change of repo rate is aimed to affect the flow of money in the economy. An increase in repo rate decreases the flow of money in the economy, while the decrease in repo rate increases the flow of money in the economy. RBI by changing these rates shows its stance to the economy at large whether they prioritize growth or inflation. - Reverse Repo Rate The rate at which the RBI is willing to borrow from the Banks is called as Reverse Repo Rate. If the RBI increases the reverse repo rate, it means that the RBI is willing to offer lucrative interest rate to banks to park their money with the RBI. Banks in this case agree to resell government securities after reverse repo period. Generally, an increase in reverse repo rate that banks will have a higher incentive to park their money with RBI. It decreases liquidity, affecting the market in a negative manner. Decrease in reverse repo rate increases liquidity affecting the market in a positive manner. Both the repo rate and reverse repo rate fall under the Liquidity Adjustment Facility tools for RBI. - Cash reserve ratio (CRR) Banks in India are required to deposit a specific percentage of their net demand and time liabilities (NDTL) in the form of CASH with the RBI. This minimum ratio (that is the part of the total deposits to be held as cash) is stipulated by the RBI and is known as the CRR or Cash Reserve Ratio. These reserves will not be in circulation at any point in time. For example, if a bank had a NDTL (like current Account, Savings Account and Fixed Deposits) of 100Cr and the CRR is at 3%, it would have to keep 3Cr as Cash reserve ratio to the RBI. This amount earns no interest. Currently it is at 3%. A lower cash ratio means banks can deposit just a lower amount and use the remaining money leading to higher liquidity. This translates to more money to invest which is seen as positive for the market. Inversely, a higher cash ratio equates to lower liquidity which translates to a negative market sentiment. Thus, the RBI uses the CRR to control excess money flow and regulate liquidity in the economy. - Statutory liquidity ratio (SLR) Banks in India have to keep a certain percentage of their net demand and time liabilities WITH THEMSELVES. And this can be in the form of liquid assets like gold and government securities, not just cash. A lot of banks keep them in government bonds as they give a decent interest. The current SLR ratio of 18.25%, which means that for every Rs.100 deposited in a bank, it has to invest Rs.18.50 in any of the asset classes approved by RBI. A low SLR means higher levels of loans to the private sector. This boosts investment and acts as a positive sentiment for the market. Conversely a high SLR means tighter levels of credit and can cause a negative effect on the market. Essentially, the RBI uses the SLR to control ease of credit in the economy. It also ensures that the banks maintain a certain level of funds to meet depositor’s demands instead of over liquidation. - Bank Rate Bank rate is a rate at which the Reserve Bank of India provides the loan to commercial banks without keeping any security. There is no agreement on repurchase that will be drawn up or agreed upon with no collateral as well. This is different from repo rate as loans taken with repo rate are taken on the basis of securities. Bank rate hence is higher than the repo rate. Currently the bank rate is 4.25%. Since bank rate is essentially a loan interest rate like repo rate, it affects the market in similar ways. - Marginal Cost of Funds based Lending Rate (MCLR) This is the minimum rate below which the banks are not allowed to lend. Raising this rate, makes loans more expensive, drying up liquidity, affecting the market in a negative way. Similarly, lower MCLR rates will bring in high liquidity, affecting the market in a positive way. MCLR is a varying lending rate instead of a single rate according to the kind of loans. Currently, the MCLR rate is between 6.65% - 7.15% - Marginal Standing facility Marginal Standing Facility is the interest rate at which a depository institution (generally banks) lends or borrows funds with another depository institution in the overnight market. Overnight market is the part of financial market which offers the shortest term loans. These loans have to be repaid the next day. MSF can be used by a bank after it exhausts its eligible security holdings for borrowing under other options like the Liquidity adjustment facilities. The MSF would be a penal rate for banks and the banks can borrow funds by pledging government securities within the limits of the statutory liquidity ratio. The current rate stands at 4.25%. The effect it has on the market is synonymous with the other lending rates such as repo rate & bank rate. - Loan to value ratio The loan-to-value (LTV) ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage. Typically, loan assessments with high LTV ratios are considered higher risk loans. Basically, if a companies preferred form of collateral rises in value and leads the market (growing faster than the market), then the company will see the loans that it signed with higher LTV suddenly reduce (but the interest rate remains the same). Let’s consider an example of gold as a collateral. Consider a loan was approved with gold as collateral. The market price for gold is Rs 2000/g, and for each g, a loan of Rs 1500 was given. (The numbers are simplified for understanding). This would put LTV of the loan at 1500/2000 = 0.75. Since it is a substantial LTV, say the company priced the loan at 20% interest rate. Now the next year, the price of gold rose to Rs 3000/kg. This would mean that the LTV of the current loan has changed to 0.5 but the company is not obligated to change the interest rate. This means that even if the company sees a lot of defaults, it is fairly protected by the unexpected surge in the underlying asset. Moreover, since the underlying asset is more valuable, default rates for the loans goes down as people are more protective of the collateral they have placed. The same scenario for gold is happening right now and is the reason for gold backed loan providers like MUTHOOT to hit ATHs as gold is leading the economy right now. Also, these in these scenarios, it also enables companies to offer additional loan on same gold for those who are interested Instead of keeping the loan amount same most of the gold loan companies. Based on above, we can see that as RBI changes LTV for certain assets, we are in a position to identify potential institutions that could get a good Quarterly result and try to enter it early. Conclusion The above rates contain the ways in the Central Bank manages the monetary policy, growth and inflation in the country. Its impact on Stock market is often seen when these rates are changed, they act as triggers for the intraday positions on that day. But overall, the outlook is always maintained on how the RBI sees the country is doing, and knee jerk reactions are limited to intraday positions. The long term stance is always well within the limits of the outlook the big players in the market are expecting. The important thing to keep in mind is that the problems facing the economy needn’t be uni-dimensional. Problems with inflation, growth, liquidity, currency depreciation all can come together, for which the RBI will have to play a balancing role with all it powers to change these rates and the forex reserve. So the effect on the market needs to be given more thought than simply extrapolated as ‘rates go low, markets go up’. But understanding these individual effects of these rates allows you to start putting together the puzzle of how and where the market and the economy could go.
Indian sugar industry’s major player Nirani Group projects going forward as a bio-energy company with sugar a by-product
Indian sugar industry’s major player Nirani Group is looking to evolve beyond the traditional sugar business model and expand further as it targets new long-term supply deals for the ethanol, leaving sugar as a by product. The company's Managing Director - Mr. Vijay Nirani told ChiniMandi News in an interview. Speaking on his assessment on the sugar season in terms of sugar production, exports and profitability he said, “With a very good monsoon this year, Karnataka is set to see a record breaking crushing season this year. The district of Bagalkot itself has forecasted a crushing of 14 million Mt, which is the highest ever. This year is an opportunity to crush with high efficiency and try and make it even with the preceding 3 bad seasons where we had to face huge natural calamities like droughts and flash floods. The high crushing that is forecasted is not all merry, as there will be a huge gap between demand and supply as there is going to excess production of sugar, it is going to be a challenge in itself this year to get a good realisation for sugar. With speculations from the Government of India, that they may not consider giving subsidy for exports, it will only multiply the challenges in hand. Though mills in the state and the country have a great chance to make up for the accumulated losses in the past, with good availability of quality cane, the millers are all set to exhibit their talents by ensuring high efficiency crushing with maximum value additions, the true crux of profitability lies with the sugar market dynamics, the Govt. has to ensure proper regulation to make sure the mills get a fair share in order to ensure timely and proper payments to farmers who are already in great distress due to continued draught, flash floods and now the spread of this deadly pandemic of COVID-19. On being asked how he sees the prices of sugar in Karnataka State considering the aftermath of Covid-19 and no announcement of hike in MSP Nirani said, “It is definitely going to be a great challenge to get a proper realisation for sugar though there is an Minimum Selling Price (MSP), if we look at the pretext of MSP being set at ₹3100 is itself not a thorough price, in order to bridge the cost gap between FRP to MSP the MSP has to be revised to ₹3500. Since sugar being an essential commodity there is not going to be a huge drop in consumption by any means at the same time we know there is already carried forward stock from the last season and the production this year is going to be massive by all measures and the consumption of sugar is not going to increase all of a sudden. This is definitely going to directly impact the price, the symptoms have already begun, the rates are already in a downward trajectory.” Sharing views about the growth prospect in Karnataka state for the sugar industry he shared, “It is definitely going to be value addition and ensuring zero wastage, we need to ensure there is a proper backward and a forward integration for all the mass that is being generated or put into use in the mills.” “The major advantages that the sugar industries have are yet untapped by many, with just sugar cane as a raw material, we can generate - Sugar, jaggery powder, jaggery cakes, sugar syrup, icing sugar, Electricity, Pulp from Bagasse, furniture from bagasse, biodegradable products from bagasse, CNG and Bio gases, bio fuels, chemicals, ENA, Ethanol the list goes on. The key to sustain is to add value to every product, rather create products of value and not just depend on sugar as a product.” He further added. Over the couple of years, Nirani Group has been widening its wings in the business of sugar, answering whether there are any further plans on expansion in capacity and beyond Karnataka Nirani said, “We started off about 2 decades ago as the smallest industry in the country with a crushing capacity of 500 mT per day, but now stand tall with a consolidated crushing capacity of 60,000mT with 230 MW of Co-Generation and with allied integration spread across 6 mills. We have understood the weight that the sector carries and envision the thousands of lives that each of our mills have an effect on. We have been turning around sick units in the state, like Kedarnath Sugars and Agro, Badami Sugars Ltd, Pandavapura SSk, Sreerama Sugars SSK, SPR sugars, these were all closed/distressed units that we took over and are being run professionally and successfully, directly helping out all the families that were associated with those mills by means of employment, by crushing farmers cane in time, by creating many unorganised businesses around the campuses and creating revenue for the state and the country. Coming towards, how we at Nirani Group are taking measures to step up for the Ethanol Blending Programme (EBP); our chairman Shri Murugesh R Nirani ji was one of the pioneers of this EBP programme, he being a close associate in the govt and decision making, had key impact in developing of this scheme. As a group we already have a production capacity of 650 KLPD and are in an advanced stage of expanding the capacities to over 1000 KLPD by December of 2021. The EBP program has truly been a blessing not just for the health of the sugar industry but also achieves major goals like, reducing crude imports, directly benefiting our FOREX and addressing major ecological crises. We were one of the first in the state to divert sugarcane juice to Ethanol, during the previous crushing season 19-20, we have produced close to 16 Million litres of Ethanol from Sugarcane juice/Syrup. Going forward also we have all the plans to divert maximum of sugar into producing Ethanol we estimate a production of close to 96 Million liters of Ethanol purely from Sugarcane juice/syrup, the decision to allow Sugar cane juice/Syrup/B-heavy molasses for Ethanol and giving attractive incentives have been a landmark policy in the country for Sugar Sector. On being asked, what long term policies should be announced by the Govt. for the sugar industry to develop he said, “The Govt. should first eliminate the EBP hinges, like allowing for OMCs to enter into a 5 year supply contract and bringing in 2nd round of Interest subvention scheme, the GOI has already addressed a big crux, the enhancement of rate for ethanol by 3 odd rupees is an icing on the cake. The key policy that is thoroughly in need is the revision in MSP to ₹3500 at least, this is no way going to burden the average consumer as shelling out ₹3 to 5 more on sugar is not a huge impact for them, as compared to the benefits that this decision would bring, timely and prompt payments to farmers and sustainability of the mills. “Also to address the challenge of excess supply of sugar in the country the GOI usually gives export subsidy, which is usually released after a lot of scrutiny and delays, instead they should allow for this excess sugar to be diverted to ethanol so that the cash cycle is quicker and we address the demand that is there for ethanol. This diversion of excess sugar to Ethanol can be considered as deemed export and the same benefit can be given to the sugar mills that adopt this mechanism. To address the issue of excess production the GOI should increase the radial distance between the plants from the existing 15 Kms to atlest 35 Kms.” Nirani added. https://storage.googleapis.com/stateless-chinimandi-com/2020/11/8b27b37c-indian-sugar-industry’s.dom\_.eng\_.02.11.2020.08.58.mp3
1) ONION Trade rules/regulations 2) Extension of ESI Scheme to Arunachal Pradesh 3) IIT in Partnership with TCS Sets New Trends in India’s Advanced Manufacturing Sector 4) Astronomers from NCRA-TIFR, Pune, and RRI, Bangalore uncover the mystery behind the decline of star formation rate after its peak 8-10 billion years ago 5) Sustainable Processing of Municipal Solid Waste: ‘Waste to Wealth’ 6) Maharashtra Denies consent to CBI 7) Forex Reserves 8) Pakistan on FATF Grey List 9) South Asian Flash Flood Guidance System 10) Deworming in India In Details: https://dailynewsteller.blogspot.com/2020/10/daily-current-affairs-24-october-2020.html
Hello, Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building. If you are solving for these problems in particular, please ping me and I'd love to talk further with you
On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
ALERT Cryptocurrency Scammer with fake broker and account management
In recent 2019 until now, there is a Scammer using **FAKE BROKER** names: **DIGITALTRADEFX** “http://www.digitaltradefx.com", “**DIGITALTRADEFIRM** ”http://www.digitaltradefirm.com“, **TRACEOPTIONFX** “http://www.traceoptionfx.com" or “**CRYPTONLINEFXPRO** ”http://www.cryptolinefxpro.com" , he is contacting people directly through Instagram, Facebook, Twitter, Telegram, WhatsApp and using different **FAKE profile** …. claiming himself as an account manager. He is using a different **FAKE phone number**, and many others. Last year he was using <> or <<>> to scam people and then he changes it this year. the website looks familiar with** Pocket option** web (another fraud broker in EU) . He promised a high return on investment weekly, to his victim investors. Once you put your money in his hands, you will never get anything back from him as money. First, let's start with the website. the website phone number belong to two different platforms…be aware of that. the support team contact will never help get your money back….HE IS BEHIND ALL THAT and using a fake certificate. When you try to reach the support team by the web, there is another contacts email appear with another FAKE web he is using. He may allow you to** become affiliate **to him, introduce his platform to others and bring more victim in his game…. **DON’T PUT YOUR FRIENDS HARD EARN MONEY IN HIS HANDS.**. NOW, in the platform itself, there only one way…Deposit your money. All withdraw possibility are FAKE, and it will never work. The platform itself looks like Pocket option platform. On the platform, you make deposit by Bitcoin address he provides you. You money grow week after week. Then the withdraw, this is where the game change. **you can NEVER withdraw** by crypto address, paypal or skrill. He will send you to a **FAKE BANK** he names** ROCUNITY BANK** “http://www.rocunity.com“ which is a **FAKE website** he creates less than a month ago**. the website is empty, you won’t get any information in there. Your money is gone. A website he bought about another bank…. look down of the page. he said the bank was create since 1865 but he just create the website less than a month ago. The grammar on the web page is wrong. he download some images on google containing another language to feed the web. **IF HE CONTACT YOU ABOUT INVESTMENT OR BORROW MONEY WITH HIM, YOU REPORT AND IGNORE IT.** After try many time to get your deposit back, he will ignore you or try to put you in another Scam business. He has many accounts on Facebook, Instagram, Twitter, Whatsapp, Telegram …etc. he may work from India or US between those places despite his fake IP address he used. He create many group on telegram for investment in short term, If he get in touch with you…. know you are not in good hands. REMEMBER AND SHARE THE MESSAGE WITH YOUR FRIENDS.. NOW YOU KNOW HOW THE SCAMMER WORK AND IF YOU WANT TO INVEST IN CRYPTO OR FOREX, YOU BETTER FIND A REGULATED BROKER AND WELL KNOWN. see you!
Hey guys Just wanted to a sense check on this tweet. The essence of it is that foreign currency synthetics could likely be a reality in 2020 How will it work?
You take a USD based stable coin (ideally DAI, because USDC, GUSD, TUSD etc come with custody risks
You build a price feed oracle for forex rates (eg: Google finance -> Chainlink)
Use a synthetic asset creation instrument (Market protocol, Uma Protocol)
Now on basis of historical volatility data, you can adjust collateral requirements. That is, unlike ETH:USD, since this is a currency : currency CDP - you don't need a 150% collateral need. A 5% move in currency like INR is rare - so sub 10 % collateral should suffice
Issue said foreign currency and use for geo-specific use-cases.
Basically I've been thinking once a floor of reliance on DAI is established, it will be possible that synthetic foreign currencies in regions where foreign currency volatility is not high could likely sprout. Why does this matter? Because currencies set context for use-cases. Lending circles in Indonesia would rather prefer a regional currency than USD to hedge against inflation risks. Similarly traders in India may much rather prefer a synthetic INR to cash in on the premium (against Bitcoin) vs paying a premium on USDT purchases (Note : There's a typical 3-5% premium on buying dollars in India). I think contextual use-cases in geospecific regions could spur if synthetic stablecoin foreign currencies are launched. The added use-cases for this are multiple
Hedge against regional token : forex volatility (eg: Regulations against crypto could rally or dump prices against crypto in one region. This gives individuals an instrument to enteexit with ease)
Create a synthetic foreign currency market (Morpher.io is already allowing individuals to trade synthetic stocks)
Create a DAO that profits primarily from creating liquidity for synthetic foreign currency (think of it as a uniswap for synthetic forex)
There's a lot more thinking that needs to happen around this. Just putting it out in the wild to know if someone else is working/ thinking about this. Edit : Sorry if adding my tweet up there is shilly - will remove it Regards
Stocks to Watch: Infosys, Yes Bank, Vodafone Idea, Tata Steel, Adani Gas
https://preview.redd.it/9q74fr8w1ha41.jpg?width=600&format=pjpg&auto=webp&s=b3d1f4c9df30fa6db2df833395c391c1084792d0 Infosys: Information technology services provider Infosys Ltd declared its third quarter earnings after market hours on Friday. The company’s net profit for the third quarter ended December stood at ₹4,457 crore, up nearly 11% quarter-on-quarter. Also, the IT major’s audit committee found no evidence of financial impropriety or executive misconduct against its CEO Salil Parekh following a detailed probe into whistleblower allegations. Vodafone Idea: In view of two-year moratorium granted by the department of telecommunications (DoT) on deferred payment liabilities towards spectrum payments to telecom companies, Vodafone Idea has decided to utilize ₹2,826 crore earmarked for the same against repayment of loans and redemption of non-convertible debentures. Yes Bank: The board of directors of Yes Bank on Friday approved raising of funds up to ₹10,000 crore through a mix of equity and debt and decided not to proceed with the offer from Erwin Singh Braich-SPGP Holdings. Also, Yes Bank’s co-promoter Rana Kapoor and his family-run firms have completely exited the bank, taking their stake in the institution to nil, thereby losing all control and voting rights in the bank. Edelweiss Financial Services: The Enforcement Directorate (ED) on Friday issued summons and called for information from Edelweiss group and its Chairman Rashesh Shah in a ₹2000 crore Foreign Exchange Management Act (FEMA) case. However, the company on 12 January in a filing with exchanges said that Edelweiss has no relationship with Capstone Forex and all allegations of FEMA violations are false. Reliance Home Finance: Anil Ambani lead Reliance Home Finance on Sunday said an independent forensic audit, mandated by lenders, has found no fraud, embezzlement or diversion and siphoning of funds in the company that is seeking debt resolution. In a statement, the company said the audit made “no adverse findings” on the quantum and end-use of lending. Adani Gas: The gas distributor has sought a perpetual loan of $350 million from its promoters to finance expansion, according to a Mint report. The Adani group company has approached three promoter group entities—Adani Rail Infra Pvt. Ltd, Adani Infra India Ltd, and Adani Properties Pvt Ltd—for the loan. Adani Gas Ltd will pay an interest of 9% for the loan, and spend about $50 million of the $350 million for retail distribution. Tata Steel: The company on Friday announced that Tata Steel Netherlands Holdings B.V. (TSNHBV), a 100% subsidiary of Tata Steel Limited, has executed agreements for the refinancing of its bank debt. TSNBHV has raised term loan facilities of EUR 1.75 billion from 19 banks. This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of Mar 2019, enabling the standalone European business to have a more robust balance sheet. Hindustan Construction Company: Lenders of Ajit Gulabchand’s Hindustan Construction Co. Ltd. (HCC) on Friday said they were going to carve out about ₹2,100 crore of debt on the construction firm to a third-party-controlled special purpose vehicle; certain arbitration awards and claims will also move to the SPV and will significantly deleverage the company and address its asset-liability mismatch. Lupin: The pharma company on Saturday said it has received two observations from the US health regulator following the inspection of its Nagpur manufacturing facility. A prior approval inspection was carried out by the United States Food and Drug Administration at the company’s Nagpur oral solid dosage manufacturing facility between January 6-10, 2020, Lupin said in a filing to BSE. Auto Stocks: Passenger vehicles sales declined 1.24% year-on-year in December to 235,786 units as manufacturers decided to cut production to match subdued retail demand and reduce inventory of Bharat Stage -VI emission norms compliant vehicles. The fall was largely due to an 8.4% decline in passenger car sales to 142,126 units. Watch our Stock Market Target Calls Quality, Track sheet – Click Here or Subscribe us for Stock Market Trading >>>>Stock Cash Tips
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2021
Dear Ladies and Gentlemen, I shall be presenting the position of the People's Bank of China on the current forecast for the fiscal year 2021, with emphasis on the growth predicted for the country and the ramifications it has for the monetary policy of the PBOC. Additionally, I shall address the demand for the People's renminbi as a reserve currency for the Federal Republic of India. Concerning the growth of the economy for 2021, official growth stands at 6,3 percent. We raise our satisfaction with some positive changes have occurred in the structural adjustments of the Chinese economy in previous quarters, but deep problems remain amid uncertainties. While the the trade war with the United States has been officially ended and there has been regulatory and financial reform, we raise concerns with the additional oversight that has been placed on the digital economy and infrastructure of firms operating in the country. We would like to raise - in coordination with the State Council, that the policy is in response to both the U.S. CLOUD Act and European GPDR to which the burden is regrettable. Of more pressing concern is the slowing growth for the year that has missed the official target of the PBOC and the government. Thus I shall state that the People's Bank will continue the prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. However. The Bank shall begin a further stimulus package to address the slowing growth through creating further domestic credit growth and boost consumer demand. The additional aim will be to allow for easier borrowing for businesses that does not hold substantial non-performing loans that have been flagged to the Ministry of Finance. This relates to the new Supplementary Measures that are now being issued:
Article 1. In the process of identifying nonperforming loans, all banks shall strictly abide by the relevant stipulations of the Measures with regard to the statistics and identification of bad loans. Bad loans identified in accordance with the current regulations stipulated by the Ministry of Finance may be reported individually.
Article 2. Standards and procedures stipulated by the Ministry of Finance shall continuously apply to the verification of bad loans. We herein request all branches of the People’s Bank of China to pass this Notification to the urban commercial banks, urban credit cooperatives, rural credit cooperatives and their affiliates, credit investment companies, financial companies, and financing and leasing companies within their geographical jurisdiction.
Regarding State-Owned Enterprises, credit expansion will delegated by State-owned Assets Supervision and Administration Commission (SASAC), under guidance by the PBOC. With this screening policy in place - essentially window guidance, we hope to avoid flooding of inefficient credit creation. As to the matter of the size of the stimulus, the PBOC shall roll out a $260 billion package, with targeted support for performing small- and medium banks that have has viable credit profiles. Banks that fail to meet this requirement shall be reported to regulators to shore up, with asset sell-offs and NPL write offs - with the State-owned Assets Supervision and Administration Commission (a percentage of the $144 billion operating budget has been allocated for this write-off, complimented with the National Debt Service allocations as outlined by the Ministry of Finance's projected budget for 2021) Concerning the state of the renminbi and its valuation, should growth projections worsen, the Bank is willing act robustly in the defence of the currency. Current repo rates shall remain in line and compliment current inflation metrics. Concerning more fascinating matters, the internationalisation of the renminbi is a policy that we at the PBOC would encourage policy makers to continue upon. Due to the dominance of the American dollar, the US government can issue debt and print money freely. It gains from seigniorage, as people hold dollars for use in transactions. As the world has seen, especially in recent years, control of dollar-clearing systems enables the United States to limit others’ financial access - which is of particular concern for the PBOC. Many global goods, especially commodities, are priced in dollars. These benefits also provide the United States with political gains and soft power. The same can be assumed for the renminbi and China should further relaxation of capital accounts and the not too loose or restricted monetary policy of the PBOC continues as it has. From 2009, the dollar has held steady at 60% of global reserves over the past decade, after declining from 70%. With the euro area’s troubles, the euro’s share has slipped; developing economies now hold about 24% of their reserves in euros, down from 31% in 2009. Other currencies – Swiss, Australian, Canadian – increased their attractiveness for a time, but their market size is limited and cyclical conditions have dampened some interest. The Japanese yen and British pound will continue to play a modest role, though we remain pessimistic on the role of the British pound should a No Deal Brexit be followed through. SDRs, which represent less than 3% of global reserves, suffer from a lack of private trading, invoicing, borrowing and lending, granted the renminbi has been added to the basket peg in which SDRs are issued by the IMF. Given the decision of the Indian government to divest from the their dollar holdings, the PBOC shall announce the sell of $20 billion of National Government Bonds to the Reserve bank of India as well as a purchase of $30 billion worth of renminbi to be held in forex reserves. Due to this measure, we hope to see that the liquidity of the Renminbi expands as international interest picks up, to which the PBOC shall facilitate all currency purchases as well as bond issuance to those who seek a stable investment.
Indian consumers appear to show zero loss of appetite for cash despite Government’s numerous efforts to wean them away from currency notes and get them to transact digitally. Currency in circulation in India in the fortnight to July 5 was Rs 21.1 lakh crore, as against Rs 18.7 lakh crore in the same period last year, translating into growth of 13%. -Economic Times Finance Minister Nirmala Sitharaman today said Government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the Co law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2% profit on Corporate Social Responsibility (CSR) activites for a total period of 4 years will be required to deposit the amount in a special account. -Economic Times RBI Governor Shaktikanta Das has expressed concerns over the impact of stressed trade negotiations and rising geopolitical tensions on global economy while backed the building up of forex reserves by emerging economies as safe-guard against global contagion. -Economic Times Punjab National Bank today reported a net profit of Rs 1,019 crore as compared to a net loss of Rs 940 crore recorded in the same quarter last fiscal. -Business Line The New Delhi-based agri services solutions firm Sohan Lal Commodity Management (P) Ltd said today that it entered into an agreement with SBI for collateral management and warehousing services. As part of the pact, SLCM will act as custodian of the commodities that SBI has taken as a security against loans, said a press statement. -Business Line The South Indian Bank has achieved a net profit of ₹73.26 crore in Q1 of FY19, against ₹23.04 crore during the corresponding period of the previous year. The bank’s operating profit has also grown to ₹317.63 crore from ₹269.64 crore. -Business Line The Mumbai bench of the NCLT, on Thursday, put a stay on its own order which had allowed the government’s plea to prosecute IL&FS’ erstwhile auditor, Deloitte. -Business Line Union Home Minister Amit Shah received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the Central Government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said. -Economic Times Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The Government has asked the NPCI to look into the matter and ensure that user data collected through payment services such as WhatsApp and Google Pay is not shared, top officials said. -Economic Times Muthoot Finance has halted gold loan processing and disbursal in several branches for about 3 days from Thursday. The NBFC did not respond to a query on the likely impact of the halt in gold loan disbursal on its business. It may be noted that the RBI had said earlier this week that it was seeing ‘signs of fragility’ and that it was constantly watching 50 NBFCs, including large ones. -Business Line USD/INR 68.89 SENSEX 37882.79 (+51.81) NIFTY50 11284.30(+32.15)
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2022
Dear Ladies and Gentlemen The People's Bank of China (PBOC) is gladdened to announce that the efforts made by the Bank to consolidate financial markets and reign in unproductive credit and the misappropriation in debt lending are seeing bountiful returns. For the 2022 year forecast, we are thus heartened to state that the economy has exponentially preformed to bring growth above 7 percent, beating negative analysis on efforts on the PBOC and government's meaningful reforms to address core structural issues that have threatened the Chinese and global economy. While we have identified specific measures in relation to consumer demand and business growth, in conjunction with the improving regulatory framework, we foresee promising inflationary movement and are pleased to see an adaptive labour market take hold in overall trends for key benchmarks. In regards to the current developments in the Banks's stimulus efforts, we shall maintain the current level of market guidance and capital assistance. While we continue this approach, we are constantly assessing the Mainland's capital markets liquidity and should concerns be spotted that identify general overheating, the PBOC is ready to address those concerns and enforce targeted measures. Now, onto the main elements of the year's statement: the current status on the internationalisation of the Renminbi and policy responses to optimise a favourable environment as well as new guidelines on capital market The following discussion shall be complimented with the following handout:
The Renminbi - The People's Currency, and Soon the World's?
The Continued Dollar Dominance
First, a blunt fact: while multiple reserve currencies have co-existed before, and of course dominance today does not guarantee dominance in the future, with the British pound's fall as a gentle reminder of this, the PBOC is pragmatic in stating that dollar's demise looks a long ways off. Part of this is the on-the-ground data indicating that the drive to internationalisation has indeed lost much of its momentum as a reserve currency.
There is no better reminder that the US dollar is dominant than the rout across emerging market economies sine 2016-2020. The worst-performing currencies of 2019 shared a disproportionate reliance on the greenback. In 2015, 62 per cent of countries anchored their currencies to the dollar and about the same percentage of developing countries borrow in the currency.
On the other hand, less than 30 per cent of countries use the euro as an anchor for their exchange rates and only 13 per cent of external debt for developing countries is euro-denominated. The pound and the yen barely show up in the data.
When it comes to global currency reserves held by central banks, the dollar is unrivalled. While its share of global foreign-exchange reserves has fallen for five consecutive quarters, global central banks have more or less held some 60 per cent or more of their reserves in the greenback since 1996. Even with a loss of confidence in US markets, forex holdings in the Renminbi have been somewhat insignificant.
Chinese Efforts to Open Up the Renminbi - An Uneven Effort
In March 2019, China introduced its first renminbi-denominated oil futures contract, an attempt to have an alternative for domestic and international investors and traders to the petro-dollar order. However until the central government creates bilateral agreement with major oil-producing (OPEC) states to accept payment in Renminbi, this will continue to see sub-optimal results.
Since gaining a spot in the IMF's Special Drawing Rights basket of reserve currencies in 2015, China has also extended local currency swaps with various countries, including those along its landmark Belt and Road initiative, as well as took steps to open up its local bond market to foreign investors. Though given the sputtering results in BRI agreements and the concerns on excessive lending to questionable projects/governments, the BRI as a route to internationalisation has taken a backseat for policy makers.
Of concern to the PBOC and MOF policy analysts is that internationalisation of China's currency has stalled, and by some measures even reversed. As in 2016, the Renminbi was the fifth most actively used currency for domestic and international payments, with a roughly 2 per cent share, according to SWIFT. That's a drop from 2014 and 2015 when the use of China's currency doubled — in a year — to 2.8 per cent.
When only international payments are considered, the Renminbi drops to eighth place behind: the dollar, which comprises nearly 45 per cent; the euro with 32 per cent; followed by the Japanese yen, British pound, Swiss franc, Canadian dollar and Australian dollar, which all have a share of 5 per cent or less.
Allowing market forces to play a larger role in determining the Renminbi's value and opening up the capital account would require a complete overhaul of the country's financial system. While we realise that such a policy shift would bring some expected gains, the PBOC sees little reason to make a great pivot towards liberalisation, but instead a concerted series of smaller policies - or to put it more traditionally, 'Crossing the river by grasping the stones on the riverbed.'
Making The Cross Across the Riverbed Towards A More Global Renminbi The PBOC has issued the following in its Guiding Measures to the Chinese Mainland and SAR financial markets:
A new rule shall be instituted on cross-border Renminbi FDI which stipulates that, in principle, all the foreign enterprises are allowed to raise Renminbi funds in offshore Renminbi markets and repatriate them back to the mainland in the form of FDI. Previously, the foreign firms’ behaviours of remitting Renminbi back into Mainland were subjected to the PBOC’s approval on a case-by-case basis.
These transactions are to be settled in Hong Kong accounts, thus increasing the amount of Yuan in circulation offshore; these offshore Renminbi will be distinctly referred to as CNH rather than the onshore CNY. Furthermore, this allows the PBOC to act should the policy be abused by market speculators looking for an easy entry into China's domestic capital markets.
This new rule will further buoy the offshore Renminbi (“Dim Sum”) bond market and accelerate the pace of Renminbi internationalisation.
The Ministry of Finance and the Ministry of Foreign Affairs shall begin to broker with OPEC states an agreement on settlement of trade in crude oil and its derivatives be conducted in Renminbi, in a further boost to the Shanghai International Energy Exchange and Shanghai crude oil futures market.
The extension of the “mini-QFII” scheme to India, Pakistan, ASEAN, the Republic of Korea and Japan which will allow some foreign central banks, beyond only a handful of smaller nearby Asian countries, to start building a limited amount of currency reserves even before anything like full currency convertibility will be authorised and conducted. QFII stands for Qualified Foreign Institutional Investor, a designation that allows a company to invest in Chinese bonds and equities — though again, within guiding limits issued by the PBOC on a case-by-case basis.
Regulators will begin a similar pilot scheme - RQFII - that would allow financial institutions with a physical mainland presence to remit currency from their Hong Kong subsidiaries back to the mainland — and, potentially, foreign central banks to invest small amounts of Renminbi in the Chinese interbank bond market.
The Hong Kong Monetary Authority already has QFII status, and the Monetary Authority of Singapore has applied, with the PBOC accepting further applications.
Foreign institutions will be given a capped access of no more than $100 million in Hong Kong accounts to derivatives, including financial futures, commodity futures and options in testing the markets' reaction to foreign operators.
The Central Government has been holding meetings with Asian Development Bank, World Bank, and German state-owned development bank KfW for access to low-cost capital to Indian MSMEs, according to MSME minister Nitin Gadkari. The comments gain significance as lack of capital is the biggest challenge for the growth of MSMEs. -Financial Express The RBI today asked banks to link all new floating-rate loans for housing, personal and MSMEs to external benchmark based interest rate from 1 Oct, in a bid to allow faster transmission of its rate cuts to consumers. It has been observed that due to various reasons, the transmission of policy rate changes to the lending rate of banks under the current MCLR framework has not been satisfactory, the RBI said in a statement. -Livemint PSBs can now create Chief General Manager (CGM) posts as per their business needs. The Department of Financial Services (DFS) in the Finance Ministry granted the flexibility to all nationalised banks. CGM posts (in a fresh scale termed as scale VIII) can be created (with Board approval) in nationalised banks that have total business of ₹10 lakh crore or higher, sources said. Such CGMs will act as an administrative and functional layer between the existing levels of General Manager and Executive Director. The number of CGM posts created should not exceed the ratio of 1:4 between the total number of posts of CGM and GM. -Budiness Line The RBI-constituted task-force on developing a vibrant secondary market for corporate loans has called for setting up a central loan contract registry to remove information asymmetries between buyers and sellers. The 6-member task force, headed by Canara Bank chairman TN Manoharan, was formed to examine the scope for developing a secondary market for corporate loans and make recommendations to facilitate rapid development of such a vibrant market. -Business Standard Global rating agency Moody's on September 4 upgraded the outlook on Punjab National Bank, which will merge OBC and United Bank of India with itself, to 'positive' from 'stable'. It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3. -Moneycontrol.com Canara Bank today said its board will meet next week to consider capital infusion of up to Rs 9,000 crore through issuance of preferential equity shares to the government of India. The board will also consider amalgamation of Syndicate Bank with it, the Bank said in a regulatory filing. -Moneycontrol.com HR integration will be the top priority in the merger of Syndicate Bank with Canara Bank and branch rationalisation would be looked at only after all aspects of integration are completek, . Syndicate Bank’s MD & CEO Mrutyunjay Mahapatra said. He saidthat the merger process will not slow down business. -Economic Times Canara Bank MD & CEO R A Sankara Narayanan, told that there would not be any loss of employment after merger. He had also confirmed that both the banks will stick to business projections and have a dedicated team to focus on integration without affecting normal business. -Economic Times LIC, that has seen its investment in IDBI Bank erode by more than half over the past year or so, has also seen the value of its investments in other PSU banks plunge. The sharp fall in the price of PSU bank stocks and dilution of its stake owing to capital infusion by the government, has eroded its wealth in these banks. LIC has lost over Rs 17,000 crore of its wealth in PSBs over the past year. Excluding IDBI Bank, it has lost over ₹4,800 crore in other PSBs. -Business Line ICICI Bank has cut its lending rates by 0.10% across all maturities, sources said on Sep 4. Under the revised rates, effective Sep 1, the bank's 1-year MCLR will come down to 8.55%, while the overnight MCLR will be 8.30%. -Moneycontrol.com Bank of Baroda will raise up to Rs 1,132.05 crore by issuing fresh shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said. Bank of Baroda will raise up to Rs 1,132.05 crore by issuing fresh shares to its staff under the ESPS, the bank said. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regulatory filing. decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regulatory filing. -Moneycontrol.com YES Bank has settled a case pertaining to ‘selective disclosure’ of assets quality with market regulator SEBI. The Bank settled the matter under the so-called consent mechanism paying Rs 51.6 lakh as settlement charges. Yes Bank’s compliance officer Shivanand Shettigar paid another Rs 14.45 lakh as settlement charges in the same matter. -Business Standard Wipro has received a long-term $300 million contract from ICICI Bank to provide digital technology led services. The Co said in a filing to the BSE that it has secured a strategic 7-year engagement from the bank. -Economic Times Digital payments saw significant growth in August, with the Unified Payments Interface (UPI) and IMPS touching record highs in terms of both volumes and number of transactions, while payments on BHIM also rose to a 10-month high. -Business Line Rating agency CRISIL today cut India’s fiscal year 2020 GDP growthforecast to 6.3% from its earlier forecast of 6.9%, after the economy grew 5% in the first quarter, it’s slowest in almost 6 years. The agency said that lower GDP growth forecast corroborates that India’s economic slowdown is deeper and more broad-based than suspected. -Economic Times Even as gross NPA are expected to come down marginally by end of ongoing fiscal, assets over Rs 1 lakh crore that are under pressure are still to be recognised as bad loans, a report by ASSOCHAM- CRISIL said. -Financial Express BSNL is monetising land assets to improve revenue while cutting operational costs in the absence of revival package from the government, according to chairman Pravin Kumar Purwar. The telco is looking at cutting its workforce by nearly half once the Centre approves its much-awaited voluntary retirement scheme, Purwar told. -Economic Times Rising gold prices have prompted the RBI to apply the brakes to its purchase of the metal as a forex reserve asset. After the last offtake of 5.6 tonnes this April, the apex bank has not made any fresh purchases. According to the data from the International Monetary Fund's International Financial Statistics (IFS), RBI has been holding 618 tonnes of gold as part of its forex reserves since April this year. -Business Standard USD/INR 72.12 SENSEX 36724.74(+161.83) NIFTY50 10844.65(+46.75)
There are many billionaires who have achieved extraordinary success by themselves and know very well what it means to be very poor. Today ITRADER will talk about successful CEOs of American companies that were immigrants, but their success led to the success of American business. Sundar Pichai https://preview.redd.it/zbbmgkwnskg31.png?width=770&format=png&auto=webp&s=7ae6f7744511214c78648352bccc15128d304d68 Pichai was born in Chennai, (India). He received a bachelor's degree in technical sciences from the Indian Institute of Technology in Kharagpur in the field of metallurgy (Bachelor of Technology). He got a master's degree from Stanford University in materials science and engineering and an MBA from the Wharton School of Business. There he became the talented students Siebel Scholars and Palmer Scholar. Pichai switched to Google in 2004, where he led the management and innovation areas of Google's customer-oriented product lines, including Google Chrome and Chrome OS, and was primarily responsible for Google Drive. Elon Musk https://preview.redd.it/s8i9ucbqskg31.png?width=1024&format=png&auto=webp&s=9d4ebf9268a98b4d122f85bf5afd45dbf4bd40ef Elon Musk is a co-founder of PayPal. A founder, co-owner, CEO and chief engineer of SpaceX. Tesla CEO and ideological mastermind. He also served on the board of directors of SolarCity, a company founded by his cousins, before its merger with Tesla. Musk was born and raised in Pretoria (South Africa) in the family of engineer Errol Musk. Only in 1989 did he receive Canadian citizenship. In Canada, the future millionaire lived on $ 1 per day. Musk became a US citizen only in 2002. He received a bachelor's degree from the University of Pennsylvania. Then he entered Stanford University but did not finish his studies at Stanford. Sergey Brin https://preview.redd.it/yrlmljosskg31.png?width=800&format=png&auto=webp&s=e519daff849b492447261d8fd95b256f02f00158 Sergey Brin is an American entrepreneur and scientist in the field of computer technology, information technology, and economics, a billionaire (20th place in the world), the developer and founder (together with Larry Page) of the Google search engine. Lives in the city of Los Altos (California). Sergey Brin was born in Moscow into a Jewish family of mathematicians who moved to the United States for permanent residence in 1979 when he was five years old. Sergey Brin's parents are graduates of the Faculty of Mechanics and Mathematics of Moscow State University (1970 and 1971). His parents emigrated to the United States when Sergey was a child. He was six years old. You can find more information about the stock market, commodity market, and FOREX on the ITRADER site. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a reliable indicator of future results. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.16% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
NOTE: I did not write this article below. I simply copy and pasted the article. Please click the following link to view the entire article. The article includes charts and images which were not transferred to the text below. https://steemit.com/cryptocurrency/@lennartbedrage/the-ripple-xrp-effect-fundamental-analysis The Ripple(XRP) Effect - Fundamental Analysis: lennartbedrage44 in cryptocurrency ripple.jpg Lately, there’s been a tremendous amount of buzz around Ripple(XRP), but is it only because of the massive growth we’ve seen in the past few 30 days, or is there something more? In this article, I’ll dive into a brief back ground of Ripple, objectively examine the arguments for and against it, explore its potential from a economic standpoint, then close with potential threats to your investment and a summary. Meet Ripple(XRP)- Released in 2012, Ripple aims to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks” through their real-time gross settlement system (RTGS) and currency exchange and remittance network. Ripples distributed open-source internet protocol consensus ledger was created as basic technology for interbank and regulated financial institutions to integrate Ripple into their own systems. This differs from the Bitcoin full node and other crowdsourced altcoin consensus networks in several ways: Ripples common shared ledger is a network of independent validating servers which compare their transaction records, rather than the full network of nodes coming to consensus prior to each transaction, enabling faster transaction speeds. Although their protocol is open source, it was not created as a plug & play solution, like bitcoins full-node software, nor does it rely on crowd-sourced support. Unlike Bitcoin, Litecoin, Ethereum, and other Alt-coins, Ripple is recognized as legal tender by several governments, which gives it instant liquidity via financial institution, as well as purchasing power over material goods. Because of this, it cannot be evaluated in the same ways as other coins, which are largely evaluated based on assumptions & speculation. In terms of value, it’s more like cash than a commodity. Because of this, it is evaluated in a much different way than Ethereum(ETH) and other alt-coins with intrinsic value, but is accepted much more rapidly because it’s easy for the mass-market to understand. Remember: without market acceptance, there is not value, regardless of how innovative something may be. Just 4 short years after its release, on 01MAY17, Ripple announced that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan, making it the first country in the world to enable domestic and international real time money transfers via the cryptocurrency. This event lead the XRP value to sky-rocket from $0.051580 USD to an all-time high of $0.430085 in just 16 days… but why? Is it 100% speculation, or is there something else going on here? “It’s not a real cryptocurrency!” Or is it? Well, those whom bring this argument to the table are probably referencing facts that I’ve mention during my introduction to Ripple: Its a centralized and regulated crypto-currency which does not need global consensus for transfers, and it is built specifically for (and potentially by) financial institutions. Though a lot of the Anarcho-Capitalists may want to steer clear of this one due to its highly regulated nature, regular capitalist may believe these core differences to be its greatest strengths: Regulated - As I mentioned in my analysis on Ethereum(ETH), Bitcoin’s lack of regulation was likely he reason (or at least, that’s what they told us) that the proposed ETF failed to pass the SEC’s evaluation several months ago. If adhering to some sort of trusted regulatory standards, this could drive federal confidence, which in turn drive bank and lending institution faith…trickling all the way down to the consumers. This insures rapid mass market acceptance. Consensus - As mentioned before this is much different process than Bitcoin’s global consensus, which means that transaction times are nearly instant regardless of volume transferred. Additionally, all transfers adhere to distributive ledgers DLT standards, which is a requirement for many financial institutions to be insurable. Institutional Management - You’ve probably guessed this one already. Although the demand and speculative value is driven at some capacity by ‘the people’, this currency is about as close to the World bank and SWIFT as you can get. This is largely due to the amount Deliberate - It feels like a big bank, because it is. Ripple was built specifically for the financial markets, which is why they specifically targeted regulatory compliance. shutterstock_289877267_long_read_cover_large.jpg Economic Value As mentioned in the last point, Its easy to see that Ripple offers tremendous value to financial-institutions and retail investors. These two groups make up 358 billion (numbers from 2013) non-cash cross-country annual transactions, and the FOREX market which sees more than $5.1 trillion $USD each day. Per a report released by Capgemini and The Royal Bank of Scotland, this is growing at an average rate of about 7.5% each year globally, though China and other Emerging Asian economies have been leading the charge at around 21%. Seems like a lot, right? Well, for sake of uncovering the immediate value of XRP, we will zoom into the recent adopters of the distributed ledger technology: Japan, India, and the Central Europe, Middle East & Africa(CEMEA) regions. Japan.jpg Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea. Japan GDP.png Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area. India.jpg India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods. India GDP.png It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD. One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well. Dubai.jpg Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow. UAE GDP.png This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders). Potential Threats As this threatens SWIFT (unless they are completely on board) and the US dollars’ supremacy in the economic & financial markets, I would not be surprised to see a false flag attack, in which the NSA attacks Ripple and blames it on North Korea or China. Frankly, this would be a cake walk compared to Stuxnet or WannaCry and they could probably hand the task to an MIT intern. Where semi-centralization is Ripples strength in terms of transaction speed and regulation, it is also the biggest security flaw and may open it’s user to some heart ache, hair loss and heavy drinking over the next several years. Possibility So, what is possible in terms of value over the next few years? Well, if we consider the following scenario: XRP accounts for roughly 20% of Japan, India full GDP, but 31.1% UAE’s GDP ($7.152 Trillion USD) total exchange volume in the next 2 years Max XRP Supply stays at 100 billion No other countries adopt XRP (not likely) No hacks or other catastrophic events remove confidence Exclude speculation, demand, rallies, and GDP growth projections for each country Then we’re looking at each Ripple(XRP) market capitalization over ~$1.75 Trillion USD, making each coin $17.52 in real value. This means that if you were to invest today at $0.362794, your ROI would be about 4,989%. That said, I think that it’s likely it will go over $30 in the next 2 years, due to speculators flooding the markets and other countries signing up. Again, these are conservative numbers are based on total transaction value in USD equivalent. For those whom subscribe, I will update as new variables are available to my appraisal Bottom Line Although it was most definitely created by an insider of the banking industry and does not ‘feel like a crypto’, I personally feel that due to its rapid market acceptance, liquidity and position as legal tender in 3 large economies, Ripple(XRP) is both primed for explosive growth in the near future and likely to be one of the safest value based Crypto-investments we can make today. Another thing, China is the anchor of the West Pacific, so we should all watch their evaluation of Ripple, very closely. If they were to jump on the XRP-Train, you are likely to see Australia, South Korea, Indonesia and Singapore do the same. If you enjoyed this article, be sure to share & subscribe, as I have kept my proprietary models and will update as major events and additional countries begin to adopt this currency. If you feel that I have missed something or am just flat out wrong, please be sure to let me know in the comments below! Planned articles for the next 14 days: ICO advice from a Venture Capitalist (Follower Request) Paper Wallets (Follower Request) VIVA Analysis (Follower Request) Segregated Witness(Segwit) : Friend or Foe? A Kraken ate my gains... Fundamental Analysis: Stellar Lumens(XLM) Dual-Citizenship and Banking in Panama Rich vs. Wealthy All analysis, numbers and projections are my own. Core information was gathered from reliable sources, such as the World Bank, IMF, CIA world fact book, eia.gov and more.
Don't buy into this rally. Just a warning. Explanation inside. (/Bitcoin/ banned me for posting this)
90% of people are still 90% down. This market is not going anywhere, anytime soon. Before you downvote me.... just for angst or hope against getting your money back. Hear me out. I made 500% gains in January. Got out. Warned everyone. Tether. Manipulation. I'll buy when the stops are broken and Eth flash crashes to $0.10 again You have to consider. It's now September. Last November 2017, Roger Ver was calling for BCH to replace BTC within 6 months. Everyone's prospect about this market has been blinding and extreme, and for the most part upside down/misguided. When its 9 months into 2018, and were every bi-weekly up/down 30% its unjustified for the current centralized system, to invest in a speculative asset that is becoming increasingly more volatile every month. We should be seeing less volatility. The chances now, of ETF's ever happening become presumibly worse. It's dangerous for regulators to also at this point announce an ETF, just for the simple nature that it will create another positive feedback bubble loop. I don't know where some of you guys find the extra money under the cushions and couches... to catch what is essentially a falling knife. God speed to you if Eth is $1000 next year... but... The technicals are so manipulated, flawed, incoherent. RSI, MACD, Bolingers, near meaningless, and that's whats scaring away everyone. We've only had 10 years of track history in crypto, so Im hesitant in treating the system with accurate technicals. The stock market indices have a track history of 100+ years. After time and stability, measurements, certain indicators were introduced. Bollinger Bands, etc. Do these measurements aid in predicting where BTC or your favorite coin is going? In my opinion, no. Now, its MOMO, Social Media, and #Yacht. Long term, sure... were still up... or anyone that bought in prior to 2017 basically. So, I guess the moving average, over 10 years - is an okay indicator, but wait.... When AMD announced earnings a few weeks ago - they made a bold statement stating their 3rd/4th quarter revenue on GPU's for crypto would be near zero. Which is a very very bearish stance. These huge price swings are freaking everyone out. Im not gonna use the "T" word yet..... as is the political climate -- and most politicians simply won't come out and say.... Tulip Mania. The Dutch East India Company was the largest company of its time, valued at $7.1 adjusted for inflation. All because of... spice... opium... and most of all a bubble in tulips. I'm more inclinced to study a bubble right now, so much so than the individual coins. But, the system as a whole intrigues me. Regardless if it goes up or down. It's already been concluded that Tether was behind December's bubble. Academics have already proven this. It's pretty settled, like climate science. Going forward, with that conclusion in mind, put yourself in SEC regulators shoes now. There are too many questions, with not enough answers. There is no transparency. The exchanges, and the transfer of USDT is causing havoc in the system. If Bitfinex is the biggest exhcange in the world by volume, and they've basically had zero banking/shady banking since April of 2017, until "the largest exchange in the world" is put in its place - I honestly just have a fatalistic viewpoint on crypto. Coinbene pulled off the same trickery. Can you explain the BitForex volume on this picture? This is now. How would one explain this to SEC regulators? https://imgur.com/a/SsNQjFW The majority of the members in this group are going to be long term bullish on cryptocurrency. I cant untangle that or the get quick rich mentality. The goal is to make money, but also to have discussion; on the flaws of the current marketplace. There are no assurances it will go up. This isn't the stock market. This isn't even OTC assets. Not saying Bitcoin or Crypto overall will go to zero. I'm only trying to ascertain my perspective, and pass it onto some of the more bullish investors. I have money in, but more or less sitting on sidelines with majority posted gains. I want to atleast share the other side of the mirror. Unlike previous, crashes, corrections, there are certainly more variables. In the old days, you didn't have this number of alt coins. You didn't have the type of manipulation, social media advocates (Dennis Rodman; Potcoin; John McCafe). You didn't have Tether. You didn't have exchanges locked out by banks. Or government regulations, or China saying no. You definately had exchanges collapse. Back then, people still looked at Bitcoin as a growth opportunities and this futurisitic way of paying for goods. When China backed out, it changed my perception of the future. Also, everyone thought the transfer of Bitcoin would be free. Turned out, thats a big fat lie. That's why the system was basically built. The banks and governments have crypto by the balls. And when MJ is legalized in the USA, all the PotCoin whales are just going to dump via Eth. (Joking). The only winners right now, are the exchanges (and circa this post Dogecoin). I still have not seen or heard of any winners in the decentralized era. AuraDao was supposed to be that. It's not. Anyways, Vitalik B. was quoted the other day as saying we'll never see the 1000x folds again in our lifetime. Meaning, if we invest today in 60 years we won't be Warren Buffet Jr. I think the overall sentiment is, (Im just speaking for the majority of people) is, people saw a technology. Then saw how the technology was exploited. In an unregulated environement. The sentinment is, unregulated currencies are fatally flawed. So, while they might stick around I think Dec 2017 was a one time only. Bitcoin rose to fame like Rhonda Rhousey. Then she lost. Sure, shes still around.. I guess. :P ~$6200'ish is the break even point for mining BTC profitably (across generational AntMiners). Just thought I'd throw that tidbit out there. You might see some strange 'floors' and 'supports' that look unnatural in the coming days. At thats the bottom line, cause Stone Cold said so. *Glass breaks*
Forex trade India defined as trading in foreign currency. Investors invest to take advantage of currency trading in the short and medium term. Indian exchanges like NSE, BSE, MCX-SX trade forex and forex trade India is legal, only if it is through registered Indian forex brokers. The main currency pairs are EURINR, USDINR, JPYINR and GBPINR. You can also trade with the help of brokers but they should have membership in mentioned exchanges.
How Does Forex Trading from India Work?
Forex trading is the same as equity trading. In forex trading exchange rate matters but in equity trading rate of shares matters. Further, investors can buy or sell their currency pair as per movement in currencies.
Some Examples To Understand Forex Trade India clearly:
Let’s take the dollar if you want to take the benefit of the growing dollar. You have to buy USDINR contract on the exchange at the present price. If the price of dollar increases then you can sell it to take the profit but if you sell it in decreased value then you lose some of your invested money.
An investor can square off their position whenever they want during the period of the contract. By selling currency future contract investor can short close their position.
The investor can take a similarly short and long position in EURINR, JYPINR or GBPINR.
Foreign currency trading is done with registered Indian brokers. The most common exchanges are the NSE (National Stock Exchange) and MCX-SX (Multi-Commodity Exchange). COMEX is used as regulators at the international level exchange. RBI and SEBI regulate currency market.
Some of the best Forex brokers:
SBI FX Trade
Risk In Forex Trading
Forex trade in India may not suit everyone and carries a high-level risk. Before investing in forex trading you should know your risk-carrying capacity, investment objectives and level of experience. If you are interested in forex trading then you should take advice from a financial advisor.
How Are Currency Prices Determined?
Various political and economic conditions are responsible for the change in currency prices. But, apart from these, international trade, interest rates, political stability and inflation are also responsible for currency prices. Many times governments also participate in the foreign exchange market to affect the value of their currency. They do this by lower or raise the price of their domestic market. These factors are highly responsible for currency prices. Must Read:SMALL FINANCE BANK IN INDIA Therefore if you know your objectives then you can make money by forex trade in India. Some examples of hard currencies are – the Euro, the US Dollar, the Japanese Yen, and the Pound. The central bank of the country like Federal Reserve Bank of US, Reserve Bank of India etc. issues the currency for every country. Some investors have a myth that only the US dollar in the base currency in currency trading. But it is not necessary you can use any currency as the base currency. So the investors who are looking for forex trade India should know their aims and then only invest in this.
Tea is the most popular drink in the world. In the U.S. alone, tea imports have grown by more than 400% since 1990. This drink has been favorite for a thousand years. It is believed that the use of tea originated in China, and tea was considered a medicinal drink. https://preview.redd.it/rp8sefvi5p731.jpg?width=1280&format=pjpg&auto=webp&s=685ff6b5dd2ce8505898cb0dd156bffcdc5d346e In the 17th century, tea began to be drunk in Great Britain, where it gained immense popularity, which persists. ITRADER will tell you about top tea producing countries: Kenya (439,857 tons) Unlike other tea producing countries, Kenya does not have large plantations. Almost 90% of tea is produced on small farms. Such a result is very high productivity because Kenya produces 439,857 tons of tea per year. To compete strongly for tea markets, Kenya has focused on innovation, research, and industry development. India (1,325,050 tons) India is the second largest tea producer in the world, with annual production reaching 1,325,050 tons. Commercial production of tea began in India after the British colonialists brought tea from China. Currently, India produces tea in large quantities. There are more than 1 billion consumers of tea in the country, while more than 70% of the tea produced is consumed domestically, and a smaller share is exported. China (2,473,443 tons) China is the largest tea producer in the world. Its share is about 30-35% of the total tea produced in the world. The number is not surprising, because China has a strong tradition of drinking and growing tea. According to legend, tea began to be consumed in China as early as 2737 B.C. This drink was considered healing, as well as used in various rituals. You can find more information about the stock market, commodity market, and FOREX on the ITRADER site. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.07% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
The RBI asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by Sep-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines. In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit. Based on the recommendations of the panel, the RBI has now issued the instructions aimed at mitigating risks in ATM operations and enhancing security. -Economic Times The RBI has promoted Rabi N Mishra as the central bank’s executive director, after the position fell vacant on Rosemary Sebastian’s retirement, sources said. Mishra was principal chief general manager of the bank’s risk management department. As ED, Mishra would be looking after the newly-created specialised supervisory and regulatory cadre within the RBI. -Business Standard The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at IL&FS after taking over the job from the Institute of Chartered Accountants of India (ICAI) in April this year. -Economic Times The Anti-Corruption Bureau has registered a case against the city's Deputy Mayor Sheikh Imran and officials of the Jammu and Kashmir Bank for alleged illegal appropriation of crores of rupees from the state exchequer, a spokesman said today. -Moneycontrol.com India’s goods exports grew 3.93% to $29.99 billion in May (year-on-year) following a growth in many key sectors such as engineering goods, iron ore and leather products, even as shipments of gems & jewellery and petroleum products declined. Imports were 7.76% higher at $45.35 billion during the month widening the trade deficit to $15.36 billion, compared to $14.62 billion in the same month last year. Gold imports in May posted an increase of 37.43% to $4.78 billion. -Business Line Inching closer to its historic peak, India’s forex kitty increased by $1.68 billion to $423.55 billion for the week to June 7, RBI data showed on Friday. The foreign exchange reserves had increased by $1.87 billion to $421.86 billion in the previous reporting week. -Business Line The rate of interest on SB deposits needs to be revised upwards by at least 2% and interest on fixed deposits should be exempted from the purview of income tax, according to suggestions made by the AIBEA to the Finance Minister. The association said banks should extend agriculture loan at the rate of 2% per annum. Further, they should extend education loan at concessional rate of interest of 5% to the poorer sections, with interest subvention. -Business Line
Top countries with the highest rates of mobile payments
More than half a billion people just in China will pay for their purchases using mobile phones this year, according to research by Statista Digital Market Outlook. However, as noted in the study, the annual transaction cost per customer in China will be lower than in the United States, the United Kingdom, and France. Below ITRADER will tell about three countries that are leading in the world in mobile payments: 3rd place: Indonesia https://preview.redd.it/jjmh3wrndv331.jpg?width=852&format=pjpg&auto=webp&s=a3c3bb65c97c8d2b7e7c20ddb77d7cbcd3817d4c Dissemination: 15,9% Indonesia is currently experiencing a transformation of online commerce. The population of the region is passionate about the innovation of mobile devices and the expansion of their use. Therefore, it is not surprising that mobile payments or electronic wallets are considered the most popular payment method in the country. 2nd place: India https://preview.redd.it/7jv0aqwudv331.jpg?width=800&format=pjpg&auto=webp&s=7ed3e9899fb5fb3416a0288b7d96add07062adeb Dissemination: 29,5% The Unified Payment Interface (Unified Payment Interface) launched on April, designed for mobile devices. Now sending and receiving money will be as easy as sending an e-mail or SMS-message. The National Payment Corporation of India developed the project. Mobile payments will boost e-commerce and the spread of financial services. 1st place: China https://preview.redd.it/c8q7lzx1ev331.jpg?width=852&format=pjpg&auto=webp&s=c4eab679614d8572d4c1980ac1480e2360577bb4 Dissemination: 35,2% Mobile payments in China have become so commonplace that cash payment now seems something strange. The Chinese mobile payment market is dominated by two services - WeChat Pay and Alipay. Their active user base is in the hundreds of millions. Bank cards in China have not taken root as in the rest of the world. However, mobile payments in just a few years have become an integral part of life. You can find more information about the cryptocurrency, stock market, and FOREX on the ITRADER site. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a reliable indicator of future results. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.07% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
India has a somewhat confusing standpoint by allowing Forex trading but limiting it to certain requirements. For example, foreign Forex companies are welcome and have free hands, while Indian citizens are restricted to trade under certain conditions (which will be discussed below). India also maintains proper authorities to keep oversight over the financial markets in the country, which are in ... It is advisable to abide by RBI rules and regulation of Forex trade. If you want to know detail rules by RBI, can check the PDF file I have attached here. Strategies for Forex Trading in India . Though Forex trading is legal in India, still investors must take into consideration it as a risky trade. It is advisable to consult a lawyer first to know the procedure well. SEBI imposes restrictions ... Foreign Exchange Regulation Act (FERA) was introduced at a time when foreign exchange (Forex) reserves of the country were low. FERA proceeded on presumption that all foreign exchange earned by Indian residents rightfully belonged to the Government of India and had to be collected and surrendered to the Reserve Bank of India (RBI). Forex brokers usually launch with regulation in only a single country. Obtaining such regulatory approval is usually not an easy achievement, especially in jurisdictions with stricter regulation. New brokerages typically start with regulation in a single country and will then seek to gain regulatory licenses in other countries where they wish to operate. Typically, it makes things easier for ... As a Forex trader in India, you should always make sure to invest your money with Government approved SEBI Forex brokers, as it is imperative from a legal perspective to adhere to the policies and guidelines issued by the authorities. Some SEBI regulated brokers may offer the convenience of investing in other countries, but a majority of Forex brokers in India only allow its traders to trade ... Legal regulation of Forex in India . Date added: : 27.12.2016 . Foreign Exchange Management Act, 1999. Securities and Exchange Board of India Act, 1992; Companies Act, 1956. Prevention of Money Laundering Act, 2002; Currencies trading with Forex in India conducted only through national currency - USDINR JPYINR, GBPINR, EURINR. Futures, warrants and binary options are referred to derivative ... Forex OTC trading has been illegal in India since 2000, when the Foreign Exchange Management Act (FEMA) came into effect, but traders have found ways to circumvent the law and trade financial markets anyway. Forex trading in India is regulated by SEBI (Securities and Exchange Board of India) ... we would recommend against making deposits and dealing with unregulated forex brokers or those under offshore regulation for maximum protection as a forex trader. Finally, as an Indian trader and Indian citizen interested in forex trading, if you want to be certain that you are trading in a legal and ... Many of you may ask what's the big deal given that Forex OTC trading has been illegal in India for quite some time and, still, traders have found ways to circumvent the rigid laws and trade. The thing is that the latest notification makes the advice from previous notifications - (from February and November, 2011) more concrete and harsh. In these preceding notifications, the central bank asked ... How to Do Forex Trading in India. Forex trading can be done either by buying and selling currency pairs or by purchasing derivatives such as options and futures. Both of which is quite similar to equity trading. #1. Buying and Selling. In simple buying and selling currency pairs, you are long on the pair with a belief that the value of the pair goes up and you benefit in the process. For ...
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