Name: Govt open to exploring cryptocurrency
Uploaded: 2021-03-07T09:12:28.fff+05:30
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Govt is open to evaluating new technologies and explore cryptocurrencies andhas formed a High-Level Inter-Ministerial Committee to look into cryptocurrency&n

Govt open to exploring cryptocurrency

Govt is open to evaluating new technologies&nbsp; and explore cryptocurrencies&nbsp;and has formed a High-Level Inter-Ministerial Committee to look into cryptocurrency&nbsp;said Minister of&nbsp; State for Finance Anurag&nbsp;Thakur. The Union Minister also said that&nbsp;based on its recommendations the government may present a legislative proposal in Parliament.&nbsp;
Finance Minister Nirmala Sitharaman on Friday said the government is still formulating its opinion on cryptocurrencies and will take a calibrated position.
The Supreme Court had also asked the Centre in 2019 to frame policies for cryptocurrencies.&nbsp;
&nbsp;

Govt is open to evaluating new technologies and explore cryptocurrencies and has formed a High-Level Inter-Ministerial Committee to look into cryptocurrency said Minister of State for Finance Anurag Thakur. The Union Minister also said that based on its recommendations the government may present a legislative proposal in Parliament. Finance Minister Nirmala Sitharaman on Friday said the government is still formulating its opinion on cryptocurrencies and will take a calibrated position. The Supreme Court had also asked the Centre in 2019 to frame policies for cryptocurrencies.

Cryptocurrency Bitcoin collapsed nearly 8% to fall below the $50,000 mark as fears of a spike in capital gains tax spooked Bitcoin holders. US Presi

Cryptocurrency&nbsp;Bitcoin&nbsp;collapsed nearly 8% to fall below the $50,000 mark as fears of a spike in capital gains tax spooked Bitcoin&nbsp;holders.&nbsp; US President is likely to propose doubling capital gains tax to nearly 40% from the current rate of 20% reported Bloomberg.&nbsp;US investors in Bitcoin, which has advanced more than 70% this year already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
The cryptocurrency&nbsp;is down over 20% this week marking it's biggest weekly fall since March 2020.&nbsp;

Amidst an acute shortage of drugs and oxygen Russia has offered to supply oxygen and anti-viral drug Remdesivir to India, unnamed officials told ET. Report state

Amidst an acute shortage of drugs and oxygen Russia has offered to supply oxygen and anti-viral drug Remdesivir to India, unnamed officials told ET.&nbsp;
Report stated that discussions are being finalised for Russia to&nbsp;supply 4&nbsp;lakh&nbsp;Remdesivir&nbsp;injections&nbsp;per week and also ship oxygen as early as next week.
India govt has floated a tender to import 50,000 MT of medical oxygen to meet the surging demand.

As India reels under a 'healthcare crisis' due to a sharp spike in Covid cases, China has offered to provide the necessary support and assistance to get the s

China has offered to provide support and assistance as India reels under a healthcare&nbsp;crisis due to record spike in Covid&nbsp;cases. Speaking at briefing&nbsp;Chinese foreign ministry spokesperson Wang Wenbin&nbsp;said that Beijing was aware that the epidemic in India had become severe and China was&nbsp;willing to provide the necessary support and help.&nbsp;
Even as India is looking to import oxygen from abroad, some reports quoting officials suggest that India may not seek help from China. Indian authorities are likely to source oxygen from the Gulf,&nbsp; Russia and Singapore.

Recent surge in coronavirus cases poses increasing downside risks to the FY22 outlook stated ratings agency Fitch maintaining it's 'BBB-' sovereign rating with a n

Recent surge in coronavirus cases poses increasing downside risks to the FY22 outlook stated ratings agency Fitch maintaining it's&nbsp;'BBB-' sovereign rating with a negative outlook.&nbsp; Fitch expects&nbsp;GDP growth of 12.8% in FY22, moderating sharply to 5.8% in FY23.
Sounding cautious the rating agency stated.&nbsp;&ldquo;The medium-term debt trajectory is core to our rating assessment, as higher debt levels constrain the government&rsquo;s ability to respond to future shocks and could lead to a crowding out of financing for the private sector."
Fitch however did state that the second wave of virus cases may delay the recovery, but is unlikely to derail it.
&nbsp;

Mukesh Ambani, through an international unit of Reliance industry, is looking to acquire Stoke Park, Britain’s first County Club reports Economic Times.

Billionaire Mukesh&nbsp;Ambani, through an international unit of Reliance industry, has acquired Stoke Park, Britain&rsquo;s first County Club for $79 million or about ₹600 crore.&nbsp;
The acquisition will help RIL build its portfolio of consumer and hospitality business. The&nbsp;iconic hospitality centre comprises a hotel, conference facilities, sports facilities and one of the highest-rated golf courses in Europe. Stoke Parks has been the location of many iconic films such as&nbsp;Tomorrow Never Dies, Layer Cake, Bridget Jones Diary. Two James Bond films and Netflix&rsquo;s&nbsp;'The Crown' were shot here.

Jaguar Land Rover will have to shut some of it's manufacturing units for at last a wek as the company shortage of semi-conductor chips. Tata Motors in a filing to

Jaguar Land Rover will have to shut some of it's manufacturing units for at least a week as the company faces a shortage of semi-conductor chips.&nbsp; Tata Motors in a filing to the exchanges said that two manufacturing plants will be operating a limited period of non-production from Monday April 26.&nbsp; The global chip shortage has continued to hit electronic, appliance and auto makers in the pandemic.&nbsp;

As hositals deny cashless insurance benefits and covid claims surge, Finance Minister Nirmala Sitharam has directed the insurance regulator IRDAI&nb

As hospitals&nbsp;deny cashless insurance benefits and covid&nbsp;claims surge, Finance Minister Nirmala&nbsp;Sitharam&nbsp;has directed the insurance regulator IRDAI&nbsp;to&nbsp;direct companies to prioritise authorisation and settlement of Covid-19 claims. &ldquo;It is clarified where insurers have an arrangement with hospitals for providing cashless facility, such network hospitals are obligated to provide cashless treatment for all treatments, including treatment for Covid-19,&rdquo; IRDAI&nbsp;stated.&nbsp; As on April 20, a total of 900,000 Covid-19 health claims worth ₹8,642 crore were settled by insurance companies. General insurers have received close to ₹15,000 crore health insurance claims pertaining to the Coronavirus treatment.

As covid cases continue to soar above the daily 3 lakh marks banks have decided to reduce branch timings from 10 am -2 pm and also cut attendance to 50%..

As <a href="https://www.editorji.com/covid-19" target="_blank">covid&nbsp;cases</a> continue to soar above the daily 3 lakh marks banks have decided to reduce branch timings from 10 am -2 pm and also cut attendance to 50%. Most banks are likely to provide only the four mandatory functions at branches - accepting deposits, cash withdrawals, remittance and government businesses. The&nbsp;Indian Banks&rsquo; Association stated Considering the fact that there is no nationwide lockdown this time, the State Level Bankers&rsquo; Committees (SLBC) could modify the SOPs as per the prevailing situation and needs in respective states.&rdquo;&nbsp; Last year the pandemic claimed lives of 600 bankers.
Also Read | <a href="https://www.editorji.com/story/india-logs-world-s-biggest-covid-spike-for-second-day-in-a-row-1619151206216" target="_blank">India logs world's biggest Covid spike for second day in a row</a>

US Markets sank 300 points on reports that US President Biden is planning to hike capital gains tax to as high as 43% from the current 20%.The proposal as per

US Markets sank 300 points&nbsp;on reports that US President Biden&nbsp;is planning to hike capital gains tax to as high as 43% from the current 20%. The proposal as per Bloomberg&nbsp;reports would hike the capital gains rate to 39.6% for&nbsp;those earning $1 million or more, up from 20% currently.&nbsp;Reports said the US president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan. The 30 stock Dow Jones 1%, The S&amp;P 500 erased earlier gains and closed 0.9% lower, while the tech index&nbsp;Nasdaq Composite slid 0.9%.

Finance Ministry via a notification has removed quarterly/monthly spending curbs on capital expenditures that were imposed on ministries in 2017. The move will hop

Finance Ministry via a notification has removed quarterly/monthly spending curbs on capital expenditures that were imposed on ministries in 2017.&nbsp; The move will hopefully lead to higher capital expenditure by the govt aiming to crowd in private investment.The Reserve Bank of India estimates that every one rupee spent by the Central government will lead to an increase in gross domestic product by over Rs 3.&nbsp; GDP&nbsp;target by brokerages are being lowered closer to 10% mark as localised lockdowns&nbsp;continue to hit industry and services.&nbsp;

S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11% in the current fiscal, but flagged the 'substantial' impact of broader lockdowns

S&amp;P Global Ratings on Thursday said the Indian economy is projected to grow at 11% in the current fiscal, but flagged the 'substantial' impact of broader lockdowns on the economy. In its report on Asia-Pacific Financial Institutions, S&amp;P said the control of Covid-19 remains a key risk for the economy, with new infections surging in recent weeks and the second pandemic wave. S&amp;P said, their forecast growth of 11% for India in 2021 is followed by a 6.1-6.4% forecast increase for the next couple of years, adding that the impact of broader lockdowns on the economy could be substantial, depending on their length and scope. As per official estimates, the Indian economy contracted 8% in 2020-21 fiscal, which ended March 31, 2021.

Delhi High Court rejected Facebook and its subsidiary WhatsApp's plea challenging an order by the Competition Commission of India to probe WhatsApp's new

Delhi High Court rejected Facebook&nbsp;and its subsidiary WhatsApp's&nbsp;plea challenging an order by the Competition Commission of India to probe WhatsApp's&nbsp;new privacy policy.&nbsp;
Harish&nbsp;Salve &amp; Mukul&nbsp;Rohatgi&nbsp;appearing for WhatsApp&nbsp;and Facebook&nbsp;respectively argued that&nbsp;there was no addition to the old policy and that the new policy was brought out purely for business and commercial users.
ASG Aman Lekhi&nbsp;appearing for CCI, had argued that the matter here was not of privacy but of access to data and therefore, the CCI was acting well within its purview reports Live Law.&nbsp; The court said it saw no merit in the petitions of Facebook and WhatsApp to interdict the investigation directed by the CCI.

At Rs 400/dose the vaccination bill for states could be as high as Rs 30,000 cr for the 18-44 age group reports Business Standard. As per calculations done by th

At ₹400/dose the vaccination bill for states could be as high as ₹30,000 cr for the 18-44 age group reports Business Standard.&nbsp;
As per calculations done by the business daily&nbsp;Uttar Pradesh would need more than ₹5,000 cr, followed by&nbsp;Maharashtra, Bihar, and West Bengal which may need close to ₹2,500 cr&nbsp;for the innoculation&nbsp;drive.&nbsp;

South Africa's second largest bank FirstRand is exiting India business after 12 years reports Economic Times. FirstRand Bank informed employees on Tuesda

South Africa's second largest bank FirstRand&nbsp;is exiting India business after 12 years reports Economic Times.&nbsp; FirstRand&nbsp;Bank informed employees on Tuesday via videoconference&nbsp;and stated&nbsp;"Following a review of FirstRand&rsquo;s strategy in India the decision has been taken to convert the current branch to a representative office. FirstRand will be engaging with the regulators on this proposed change."
FirstRand's&nbsp;shut down will impact over 50 employees and marks the second exit for a foreign&nbsp;lender after global giant&nbsp;Citibank announced it's departure for retail ops last week.&nbsp;

Expect the current vaccine shortage to end in another 2-3 months as new supply comes on-stream, the Serum Chief Adar Poonawala told CNBC-TV18. Ponawalla exp

Expect the current vaccine shortage to end in another 2-3 months as new supply comes on-stream, the Serum Chief Adar Poonawala told CNBC-TV18.&nbsp;
Poonawalla&nbsp;expects that 100 million doses will be ready by July end, out of which 50% will be given to the Central government and the rest to the private sector and the state governments.
Serum CEO&nbsp;also informed that they will start signing contracts with private hospitals for direct supply which would start by third or fourth week of May.&nbsp;
&nbsp;

Brace yourself for a sharp rise in the cost of petrol and diesel as there is a fuel price hike on the anvil given the rising price of crude and also the end of the poll

Brace yourself for a sharp rise in the cost of petrol and diesel as there is a fuel price hike on the anvil after polling ends given the rising price of crude globally.&nbsp;
India's crude basket cost has gone up almost $5 since February, when the last hike was -:
<ul>
<li>February: $61.2/bbl</li>
<li>March: $64.7/bbl</li>
<li>April*: $66/bbl&nbsp;</li>
</ul>
In fact petrol prices are down 77 paise&nbsp;through March to pass on the benefit of the low prices seen in February. Analysts now expect to see a Rs 2/lt hike to accommodate the hit to oil marketing companies.&nbsp;
&nbsp;

India’s largest life insurer, Life Insurance Corporation collected its record high new business premium at Rs 1.84 lakh cr. The insurer also stated that it s

India&rsquo;s largest life insurer, Life Insurance Corporation collected its record high&nbsp;new business premium at Rs 1.84 lakh cr. The insurer also stated that it settled 9.59 lakh death claims amounting to Rs 18,000&nbsp;cr in the last fiscal year.&nbsp; As the covid&nbsp;spread continues there has been a rush for insurance,&nbsp;LIC&nbsp;booked 2.10 crore policies in FY'21, out of which 46.72 lakhs were procured in the month of March alone.
&nbsp;

Tech giants such as Infosys, Wipro and Tech Mahindra are organising vaccination camps on campuses across the country to vaccinate their employees. Wipro

Tech giants such as Infosys, Wipro&nbsp;and Tech Mahindra&nbsp;are organising vaccination camps on campuses across the country to vaccinate their employees.&nbsp; Wipro spokesperson stated , "We are organising our first covid vaccination camp at our Electronics City campus for Bengaluru-based employees. We are making necessary efforts to roll out vaccination camps across other major offices in India." ET reports that&nbsp;Infosys has tied up with over 130 hospitals where its employees and their immediate families can get vaccinated.
Tech firms are among the largest private employers in India with&nbsp;a total of more than 1.2 million people in the workforce.

Amid surging coronavirus cases across the country, Chief Economic Adviser K V Subramanian has said the peak for the second wave of the pandemic might be reached by the

Amid surging coronavirus cases across the country, Chief Economic Adviser K V Subramanian has said the peak for the second wave of the pandemic might be reached by the middle of the next month.&nbsp; He said his assessment on the peak is based on research done by various bodies, including the Indian Council of Medical Research.&nbsp; Based on some very nice mathematical modelling of the pandemic by IIT Kanpur and based on some of the research put out by ICMR, it's likely that India's second wave peak might be around mid-May," he told the&nbsp;PTI.&nbsp;

The swiftness of the second wave has left everyone shocked, , Tata Sons Chairman N Chandrasekaran tells Vikram Chandra that there is a fine balance required to ensure t

The swiftness of the second wave has left everyone shocked, , Tata Sons Chairman N Chandrasekaran tells Vikram Chandra that there is a fine balance required to ensure that the economy doesn&rsquo;t suffer.

Govt is open to evaluating new technologies&nbsp; and explore cryptocurrencies&nbsp;andhas formed a High-Level Inter-Ministerial Committee to look into cryptocurrency&nbsp;said Minister of&nbsp; State for Finance Anurag&nbsp;Thakur. The Union Minister also said that&nbsp;based on its recommendations the government may present a legislative proposal in Parliament.&nbsp;
Finance Minister Nirmala Sitharaman on Friday said the government is still formulating its opinion on cryptocurrencies and will take a calibrated position.
The Supreme Court had also asked the Centre in 2019 to frame policies for cryptocurrencies.&nbsp;
&nbsp;

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