BUSINESS
ED notices to CoinSwitch, CoinDCX; seeks info under FEMA
The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange. Earlier, Sumit Gupta the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements.
Seoul stocks dip to 20-month low on recession fears; Korean won at 13-yr low
The Korea Composite Stock Price Index (KOSPI) retreated 49.77 points, or 2.13 per cent, to close at 2,292.01, coming below the 2,300 mark for the first time since October 30, 2020, Yonhap news agency reported. Trading volume was moderate at 400.3 million shares worth 8.53 trillion won (US$6.53 billion) with decliners outstripping gainers 697 to 177.
CCPA's restaurant service charge guidelines have no legality: NRAI
The Central Consumer Protection Authority (CCPA), which comes under the Ministry of Consumer Affairs, has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to the hotels and restaurants levying service charge, stating that the consumer may lodge a complaint with the National Consumer Helpline (NCH) against such practice. According to the NRAI, the government cannot bring about a change insofar as a levy of service charge is concerned by making guidelines.
BharatPe back on track after Ashneer controversy, records 112% growth
This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter. "Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said Suhail Sameer, CEO, BharatPe.
Delhi's liquor policy: Trade in hands of private players helping wholesalers
With the implementation of the new excise policy, the liquor business was withdrawn from Delhi government's four corporations, namely Delhi State Industrial and Infrastructure Development Corporation (DSIDC), Delhi Tourism and Transportation Development Corporation (DTTDC), Delhi State Civil Supplies Corporation Ltd (DSCSC) and Delhi Consumers Cooperative Wholesale Store (DCCWS).
Indian rupee at Rs 79.36 against USD, gold touches Rs 54K
In a research report, Kotak Securities said the dollar will touch Rs 80 in the near term. Kotak Securities said the widening trade deficit, narrowing of interest rate differentials, and Reserve Bank of India's foreign exchange intervention strategy (sell spot along with buy-sell swaps) leading to a collapse in forward premiums, led to relatively sharp depreciation in the rupee recently.
1 in 2 Indians facing extortion, data misuse via instant loan apps
While 58 per cent of citizens said when they or someone in their family/ household staff took a loan using instant loan apps in the past two years, they were charged annual interest of over 25 per cent. Over 54 per cent of citizens surveyed experienced extortion or data misuse during the collection process, according to the report by community social media platform LocalCircles.
Musk hopes Tesla won't need to enter mining business: Report
During an interview on the Getting Stoned podcast, Musk, asked if the electric vehicle maker's mining aspirations are on the back burner, said that Tesla does not want to go into the mining segment, partly because of its limitations, reports Teslarati. "Well, we do not want to go into the mining industry or the sort of refining industry because the limitation, I think, is actually more.
Startups, unicorns new drivers of India's digital economy: Rajeev Chandrasekhar
The 'Digital India' initiatives have brought in a seismic transformation in the economic landscape of the country, by creating more opportunities and putting the youth in the driver's seat of the digital economy," he said at the 'StartUps Conference' here. Minister of Electronics and IT Ashwini Vaishnaw and several founders and co-founders of startups and unicorns were also present at the event.
Crypto friendly Singapore mulls tougher restrictions amid meltdown
Tharman Shanmugaratnam, Senior Minister and Minister in Charge of the Monetary Authority of Singapore (MAS), said that the recent market conditions clearly demonstrate the risks with prices of several cryptocurrencies dipping significantly, reports ZDNet. The country, known for a crypto-friendly atmosphere, is now mulling over additional rules in cryptocurrency trading "necessary to safeguard the general public".
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