Digital Financial News

funding drought to continue in the first six months of 2024, according to ETtech's annual State of Startups survey. Nearly 80% of the respondents to the survey conducted among 80 of India’s top founders, investors and internet executives, said they would not accept a lower valuation for their companies, while 74% said the funding freeze would only start to ease up in the second half of next year.

PNB The Board of the Bank approved the proposal for raising of equity capital upto Rs 7500 crore in one or more tranches during FY 2024-25 through QIP/FPO or any other mode. Read more: Here's the trade setup for today's session Tata Steel Tata Steel received a notice from Uttar Pradesh State Pollution Control Board, imposing an environmental damage compensation of Rs 6.75 lakh. Info Edge The company has agreed to invest an amount of Rs 25 crores in Zwayam Digital, a wholly owned subsidiary. Swan Energy The Board has approved raising of funds up to Rs 4,000 crore through issuance of instruments or security including equity shares or any other eligible securities. Federal Bank The RBI has given its approval to ICICI Prudential AMC for acquiring holding of up to 9.95% of the Bank. Aarti Drugs The company has received an administrative warning letter by Sebi regarding the non-disclosure in the event of closure of company’s Sarigam Plant in the month of April 2022. Tata Coffee The scheme of arrangement amongst Tata Consumer Products, Tata Coffee and TCPL Beverages & Foods will be effective January 1.

—Name withheld on request When you get admitted in a hospital, you have two ways to make a health insurance claim. You can either opt for reimbursement where you get treated and submit the bills later to get the money back or opt for cashless claim by getting a claim approved before admission. If you have health insurance from two different insurers, getting a pre-approval for cashless claim from both insurers won’t be possible as only one claim request can be typically handled for cashless claim.

In a striking development in the cryptocurrency arena, Bitcoin, the foremost digital asset, has seen a notable surge, spiking to $43,800. This recent uptick in Bitcoin’s value, amounting to a 1.6% increase, has sparked speculation and anticipation among investors and market observers.

China’s Supreme Procuratorate has reportedly disclosed the details behind the seven-year prison sentence given to the founder of the over-the-counter (OTC) crypto trading desk RenrenBit, Zhao Dong.

Mint. On 31 October, several individuals, including Congress leader Shashi Tharoor, party president Mallikarjun Kharge and Aam Aadmi Party politician Raghav Chadha, were sent a threat notification by Apple that suggested government hackers had attempted to hack their iPhones.

income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1% TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by ecommerce trading platforms for the order placed on ONDC. As ONDC or Open Network for Digital Commerce is a new initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), the CBDT had received representations seeking clarity on who should be liable for Tax Deducted at Source (TDS) compliance under I-T laws.

international tax arena as India, alongside 110 other countries, voted in favour of a UN Tax Convention Framework. This resolution, backed by 125 countries a month earlier at the UN's Economic and Financial Committee, encountered opposition from 48 countries, notably wealthy OECD members, on both instances. OECD has been leading international tax reforms.

Physical calendars, like watches, probably have little use these days. But many still find them giving pleasure that no digital almanac can.

New York court issued a pivotal directive against Alibaba, compelling the Chinese ecommerce giant to confront a lawsuit initiated by a U.S. toymaker. The lawsuit alleges that Alibaba's digital platforms played a role in facilitating the trade of counterfeit Squishmallows, the cherished plush toys manufactured by Kelly Toys Holdings. Judge Jesse Furman, overseeing proceedings at the Southern District Court of New York, rejected Alibaba's motion to dismiss the lawsuit filed by Kelly Toys Holdings, an affiliate of Jazwares, operating under the umbrella of Alleghany Corp., a part of Warren Buffett's Berkshire Hathaway conglomerate.

Why do we need a pan-India retail policy? India’s offline retail market was estimated at $860 billion in 2022; it is expected to nearly double by the end of the current decade. Online retail, on the other hand, is a $70-billion market and is expected to grow at a rapid pace, according to a 2023 report by consulting firm Deloitte. However, the sector lacks a cohesive policy that governs retail trade pan-India.

Reliance Industries (RIL) will be among the world’s top 10 business conglomerates, chairman Mukesh Ambani said on Thursday. Ambani however, did not give a timeline for the same. “We are known for disrupting the market through constant innovation and reinvention. We have shown the courage to set the bar high and the ability to jump even higher to create new records,” Ambani said while addressing employees on Reliance Family Day, the birthday of group founder Dhirubhai Ambani.

ecommerce policy being formulated by the commerce and industry ministry is in the final stages and expected to be announced very soon, union minister Piyush Goyal said on Thursday. In August, the Department for Promotion of Industry and Internal Trade (DPIIT) held a detailed discussion with representatives of ecommerce firms and a domestic traders' body on the proposed policy. «It is at the final stages of discussion at the highest level in the government. We hope to come out very soon,» the commerce and industry minister told reporters here when asked about the policy.

NEW DELHI : Rules detailing KYC-based age verification and consent mechanisms under the Digital Personal Data Privacy Act will be issued for industry consultation next week, Union minister of state for information technology, Rajeev Chandrasekhar, said in an interview with Mint. Industry stakeholders will get four weeks for the consultation process, with the ministry of electronics and information technology (Meity) setting a tentative deadline of 31 January to notify the DPDP rules. The rules will include offering details on “consent management, age-gating and other areas," Chandrasekhar said.

Goldman Sachs, a leading global investment banking firm, has projected a substantial surge in trading volumes of blockchain-based assets in the next one or two years, with significant market growth anticipated in three to five years, according to an interview with Reuters . This forecast, as revealed in a recent Reuters interview with Mathew McDermott, the bank's global head of digital assets, aligns with the growing interest in digital assets and blockchain technology observed across the financial sector.

FTX's debtors have filed an amended Chapter 11 Plan of Reorganization, which marks a significant development in the ongoing bankruptcy case of the once-prominent cryptocurrency exchange. This revised plan includes a crucial provision that sets the value of cryptocurrency claims based on their cash value at the time of FTX's bankruptcy filing on November 11, 2022. This decision comes amidst a fluctuating cryptocurrency market, where the value of many digital assets, including Bitcoin, has seen notable recovery since the bankruptcy date.

The digital tenge, which represents Kazakhstan's pioneering venture into central bank digital currencies (CBDCs), has completed its pilot project, which lasted for a month. This groundbreaking endeavor into digitizing the national currency, which represents a huge shift in the landscape of Kazakhstan's financial technology systems, is an important milestone. The accomplishment of the project serves as a guiding light leading to the possibility of future developments in applications using digital money.

Tesla will choose the state to set up a plant and informed communication was on with the firm in this regard. Patel was responding to queries based on news reports suggesting that the US-based electric vehicle maker was planning to set up a manufacturing plant in Gujarat. «The state government is very hopeful of Tesla coming to Gujarat. Even Elon Musk is looking at Gujarat as his first choice. Gujarat is in his mind ever since he began a survey in India to find a suitable location to set up the plant,» said Patel, who is health minister and spokesperson of the state government.

WASHINGTON—It is the Securities and Exchange Commission’s forever war. The SEC in 2024 will mark the seventh year of its campaign to regulate cryptocurrencies through enforcement, with no end in sight. The regulator is waging several major court battles that could determine whether rules written for Wall Street apply to digital assets.

private space industry has sought bold and transformative reforms with clarity on the foreign direct investment to propel the nascent sector in the new year. The industry had welcomed the government decision, reflected in the Telecommunications Act approved by Parliament, to adopt the administrative route for allocation of satellite-based spectrum which would help bridge the digital divide by enabling space-based broadband internet access to remote parts of the country.

The Indonesian government has announced that all cryptocurrency exchanges operating within the country will be required to register with the newly established Commodity Future Exchange (CFX).