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BusinessToday.In
New Delhi, July 31, 2018
Vijay Mallya 'devastated' to lose control of Force India F1 team Liquor barron Vijay Mallya is 'devastated' to have lost control of the Force India Formula One team but the embattled tycoon should still have a say in what happens next, according to his right-hand man Bob Fernley. The Briton, who was deputy team principal until a court-appointed administrator took charge last Friday, told Reuters that Mallya would act in the best interests of a team he acquired in 2007. Mallya has a 42.5 percent stake in the Silverstone-based team, with a similar shareholding in the hands of the Sahara Group and the remainder owned by Dutch businessman Michiel Mol. Dabba trading sees an upsurge in wake of RBI's cryptocurrency ban Ever since the Reserve Bank of India (RBI) banned banks from dealing with digital currencies, other ways of trading in major virtual currencies like Bitcoin or Ethereum have emerged, one of which is Dabba trading. Dabba trading is a process used by brokers to use a client's trade outside the official platforms. The illegal method, mostly used for trading in stocks, has seen an upsurge as traditional Dabba operators are accepting bets on Bitcoin too, giving a boost to their overall earning. The recent positive fluctuation in Bitcoin, which saw its price plunge from $20,000 in December 2017 to $5,800 in June end and then $8,000 in July, has also led to a flurry of activity in its trading, a Business Standard report said. New car, bike buyers will have to shell out more from Sept 1 A recent ruling by a Supreme Court bench headed by Justice MB Lokur and Deepak Gupta has mandated third-party insurance for four and two-wheeler vehicles from September 1 for a term of 3 and 5 years respectively. The Supreme Court had earlier appointed a committee, headed by a former Supreme Court Judge Justice KS Radhakrishnan, to suggest measures on road safety. The committee had recommended having a long-term third party insurance cover. Cheap online deals might have their days numberedIf you are looking for cheap online deals, it may soon not be so easy to get one. The government is trying to tighten the noose around deep discounts. The draft e-commerce policy, shared with stakeholders on Monday for consultations has proposed that such pricing policy be discontinued from a specified date to regulate the sector. The policy has proposed legislation that will also cover food delivery sites, online service aggregators and payment products.Indigo sees decline in profits in Q1InterGlobe Aviation Ltd's shares have fallen 33% in the past three months. One of the reasons was the unexpected resignation of Aditya Ghosh, a key executive. Another was the sharp drop in profits in the March quarter. InterGlobe runs IndiGo, India's largest domestic airline. In the June quarter, things became far worse, with the company's profits declining even further. IndiGo's pre-tax profit fell 97% to ?31.3 crore, or 0.5% of revenue. A year ago, pre-tax profit stood at nearly 20% of revenue.


BusinessToday.In
New Delhi, July 30, 2018
Ever since the banks were stopped from providing financial services to digital exchanges, the trade of Bitcoin through Dabba trading has increased manifold, and the whole purpose of stopping the flow of illicit money seems to have been defeated.


BusinessToday.In
New Delhi, July 4, 2018
Today we are disabling the rupee deposit and withdrawal options on the Zebpay app. This is being done in light of the bank account closures as per the RBI guideline, says the company.


BusinessToday.In
New Delhi, June 28, 2018
Zebpay says the company may not be able to honour people's request after the deadline if banks discontinue its services as directed by the Reserve Bank of India.


Reuters
June 20, 2018
South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange to suffer the fate in just over a week as cyber thieves exposed high risks of trading the digital asset.


BusinessToday.In
May 24, 2018
It seems that the Modi government's distrust of cryptocurrencies is surpassed only by its keenness to tax that gravy boat.


Reuters
May 5, 2018
A month after the Reserve Bank barred regulated lenders from facilitating cryptocurrency transactions, trading volumes have surged dramatically alongside a sharp rally in prices.


BusinessToday.in
New Delhi, May 1, 2018
Why duty-free shops at Indian airports may not offer the cheapest rates in futureAuthority for Advance Ruling (AAR) threatened to implement GST on duty-free shops. According to a representative of Flemingo, the largest operator of duty-free shops in India, if the AAR decision is implemented, the price of duty-free goods other than liquor could go up by 9-14%.GoAir sues former MD for allegedly stealing sensitive info, sharing with rival IndiGo: ReportLow-fare airline GoAir has reportedly sued former managing director Wolfgang Prock-Shauer who joined the rival airline IndiGo in February for allegedly sharing confidential information about the airline with its competitor. A Mint report suggested that GoAir submitted some papers in the Bombay HC on February 13, saying Wolfgang stole these papers and shared them with IndiGo, the country's largest airline, reported Mint.Walmart cuts Brazil business to focus on IndiaWalmart Inc's urgency to stem market share losses to rivals around the world is driving it to partner with local players in the UK and India, even as it scales back in some other markets like Brazil. The world's largest retailer is in talks to merge its UK arm ASDA with J Sainsbury Plc in which it will hold a minority stake. Walmart is also looking to acquire a majority stake in India's leading online retailer Flipkart for $10 billion to $12 billion after years of underperformance in the country. The moves underscore Walmart's renewed focus on catching up with competitors, ranging from grocer Aldi Inc to Amazon.com Inc, in key international markets. The retailer's underperforming international business contributed less than a quarter to its total revenue of $500.3 billion in fiscal 2018.Venezuela's offer to India: Buy crude oil at 30% discount but through cryptocurrencyVenezuela, a South American country with the largest oil reserves in the world, has apparently offered India a deal of 30 per cent discount on crude oil, if India decides to buy it through digital currency. Venezuela's blockchain-based digital currency Petro is the world's first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Coinsecure. The bitcoin trading company will now sell oil-backed cryptocurrency Petro in India. Launched last year by the Venezuelan government, Petro is set to be formally recognised after the presidential elections in the country on May 20. Petro was put on pre-sale on February 20, following which the digital currency has raised over $3.8 billion so far. Venezuela's blockchain department had sent a team of experts to India in March, after which the deal was struck with Coinsecure, reported Business Standard, quoting company's CEO Mahit Kalra saying \"Venezuela wanted Petro as a cryptocurrency on Coinsecure\". Govt not considering cutting excise duty on petrol, dieselThe government is not considering cutting excise duty on petrol and diesel yet as rates have not touched levels that could trigger such an action, said Economic Affairs Secretary Subhash Chandra Garg. State oil firms have not revised petrol and diesel price for almost a week now. This after petrol price hit a 55-month high of Rs 74.63 a litre and diesel rates climbed to a record high of Rs 65.93. In an interview to PTI, Garg said oil prices can impact the government's fiscal maths if they result in a spike in rates of domestic cooking gas (LPG) - the only commodity that is subsidised now.


BusinessToday.In
New Delhi, April 30, 2018
According to reports, Venezuela's blockchain-based digital Petro is the world's first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Coinsecure to sell oil-backed digital currency on its platform.


BusinessToday.In
April 14, 2018
Earlier this week, Coinsecure registered an FIR with the Cyber Cell of Delhi Police in which it claimed to have lost 438.318 bitcoins worth Rs 20 crore from the company's wallet.


BusinessToday.In
April 13, 2018
Just days after the RBI announced its latest move to ring-fence banks from the risks associated with cryptocurrencies, popular cryptocurrency exchange Coinsecure reported that 438.318 bitcoins worth around Rs 19 crore had been stolen from its wallet. This might, in fact, be the country's biggest bitcoin theft.


Vidya S
April 9, 2018
Cryptocurrencies are virtual currencies that are created and held electronically. They are unregulated and are mined based on blockchain technology. Like every commodity, their values are also based on demand and supply.


Reuters
New Delhi, April 7, 2018
The Reserve Bank of India moved to bar banks and other entities that it regulates from having any linkages to virtual currency dealers, leading to a plunge in Bitcoin and other cryptocurrencies on local exchanges on Friday.


Rajeev Dubey
March 19, 2018
Regulators hate it, investors love it. The great tussle to find the middle ground for cryptocurrencies...


PTI
March 11, 2018



Mahesh Nayak
New Delhi, February 21, 2018
\"How safe our technology is, is going to be an important risk for the industry to consider\", says Caldwell.


Reuters
February 21, 2018
Bitcoin hit a three-week high on Tuesday and has surged nearly 100 percent from its lowest level this year, as its recovery continued after South Korea's financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges.


BusinessToday.in
February 7, 2018
This move follows the extensive survey operations conducted by tax sleuths at cryprocurrency exchanges across the country last December under provisions of Income Tax Act.


BusinessToday.in
New Delhi, February 5, 2018
Brushing aside criticism of the newly announced mega healthcare scheme, Niti Aayog Vice- Chairman Rajiv Kumar has said it is a \"game changer.\"


PTI
February 2, 2018



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