Provident Financial News

PayPal on Wednesday moved the Delhi High Court against an order which ruled that it was a «payment system operator» under the Prevention of Money Laundering Act (PMLA) and has to thus comply with «reporting obligations» under it. Senior counsel appearing for PayPal argued before a bench headed by Chief Justice Satish Chandra Sharma that the order passed by a single judge of the high court was «wrong». Senior advocate Mukul Rohatgi, appearing for the appellant, also said that the single judge's order cannot be sustained in view of a recent decision of the high court on the issue of payment system operator. The bench, also comprising Justice Sanjeev Narula, listed the appeal for further hearing in September. On July 24, the single judge had set aside a penalty of Rs 96 lakh imposed on PayPal by Financial Intelligence Unit (FIU) — India for alleged non-compliance with the «reporting obligations» under the law against money laundering. It had also ruled that PayPal was liable to be viewed as a «payment system operator» under the PMLA and has to thus comply with «reporting obligations» under it. The single judge's order came on a petition by PayPal challenging the penalty imposed on it by the FIU. The FIU on December 17, 2020 directed the company to pay the fine within 45 days and also register itself as a reporting entity with the FIU on account of being a «payment system operator», appoint a principal officer and director for communication within a fortnight of the receipt of the order. Under the law, a reporting entity has to report to authorities any foreign exchange financial transaction which occurs on its system. Financial Intelligence Unit (FIU)- India is an organisation under the Department of Revenue, Government of

NEW DELHI –The power ministry has directed imported coal-based power units to run at full capacity further till October in the backdrop of electricity demand smashing records in August. The ministry had in February directed the imported coal-based plants to run optimally till June 15 starting March 16, under section 11 of the Electricity Act in anticipation of higher demand in summer. It was then extended till September end. However, electricity demand met in India reached record highs this month touching 234 GW on August 17.

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The price of Shiba Inu (SHIB) has gained by a healthy 3.5% in the past 24 hours, with its move to $0.00000827 coming as the cryptocurrency market as a whole dips very slightly today, by 0.2%.

Defense lawyers say FTX founder Sam Bankman-Fried can't adequately prepare for trial in six weeks while in jail without proper access to computers, necessary medications to help him concentrate, and a better diet than bread, water and peanut butter

Also read: Chandrayaan-3 Moon Landing Today Live Updates: Seven hours to go for India's historic lunar touchdown The ALS is a critical part of the Chandrayaan-3 landing process today. Upon receiving the ALS command, the LM activates its throttleable engines for a powered descent. ISRO's mission operations team closely monitors the execution of commands to ensure a smooth landing.

Chinese tipster Digital Chat Station, the phone is rumored to provide a maximum of 24GB of RAM, a notable upgrade that could significantly enhance multitasking capabilities. As per media reports, the smartphone is likely to retain its triple camera configuration on the rear. This camera setup is anticipated to consist of a 50-megapixel wide-angle primary camera, a 50-megapixel ultra-wide camera, and a 64-megapixel camera with a periscope lens.

Raksha Bandhan, let's explore an array of financial goods that can be gifted to sisters, ensuring their financial security and prosperity this year. SIPs provide an efficient way to invest in Mutual Funds systematically. “SIPs are a powerful tool for achieving financial goals enabling brothers to contribute to their sisters' aspirations, be it travel, business endeavors, or other ambitions," said Amit Gupta, MD, SAG Infotech.

New Delhi: It is not true that India is not reducing coal-based power generation capacity in the energy mix, a senor government official said, adding that the country is targeting over 64 per cent of non-fossil fuel-based capacity by 2030. India has set the target of having 500GW of renewable energy by 2030.

Justice Prateek Jalan presided over a group of petitions challenging the confiscation of automobiles by the authorities. These vehicles were seized due to their infringement of court rulings prohibiting the operation of petrol and diesel vehicles exceeding 15 and 10 years in age, respectively. The court requested the Delhi government to establish a guideline for managing such vehicles in cases where owners pledge that these vehicles will no longer be used within the city limits.

Contrary to previous reports, former Zimbabwe captain Heath Streak has confirmed that he is very much alive, dispelling any rumours of his death. This development transpired shortly after Henry Olonga, a former teammate of Streak, initially shared news of the ex-captain's passing.

Narendra Modi on 23 August is scheduled to hold a bilateral meeting with South African President Cyril Ramaphosa on the Day 2 of the 15th BRICS Summit. Then later in the day, the prime minister is also scheduled to attend open and closed plenary sessions in Johannesburg. The plenaries will be followed by a cultural performance and a banquet dinner hosted by President Cyril Ramaphosa.

tumbled into deflation. A strangely slow official response, and a property crisis that is going from bad to worse, have provoked fears of a prolonged downturn. What happens in the world’s second-largest economy matters everywhere else.

The former boss of Equity Trustees’s trustee business, Harvey Kalman, seems to be shuffling his board portfolio as he prepares to take over as the executive chairman of troubled fund manager PAC Capital.

Try Galaxy app, developed by the South Korean tech giant, enables users to replicate the usage experience of Samsung's Galaxy Z Fold by placing two iPhones next to each other. It is accessible on Android phones as well. However, Samsung has now extended the compatibility of the Try Galaxy app to include iPhones.

Worley boss Chris Ashton has singled out artificial intelligence as a top priority, setting up a new working group to investigate how it can incorporate the emerging technology into its global engineering business.

The Neelam steel dinner set is sure to wow with its timeless charm and exceptional craftsmanship, whether you're hosting a dinner party or enjoying a meal with your family.List of the best Neelam steel dinner set

Reliance Retail Ventures Ltd, the retail business of Mukesh Ambani’s Reliance Industries Ltd, is looking to raise Rs3,048 crore through an infrastructure investment trust (InvIT) of its warehousing and logistics infrastructure assets, shows a draft document filed with Sebi. ET first reported on 12 April that Reliance was planning to monetise the warehousing and logistics assets of its retail business through an InvIT and that the group had set up a trust under the name of Intelligent Supply Chain Infrastructure Trust for this purpose. Reliance Retail will hold a minimum of 25% units of the trust and balance will be sold to incoming investors. Of the total issue proceeds of Rs3,048 crore, around Rs100 crore will be used for acquiring equity shares of a special purpose vehicle (SPV) created to hold the warehousing assets, while a sum of Rs2,928 crore will be used to provide a loan to the SPV for acquisition of the warehousing and related logistics assets. The initial proposal is to acquire warehouse space of 12.77 million square feet and related logistics infrastructure for a consideration of Rs4,261 crore. Additionally, the trust has also entered into a lending agreement with Sikka Ports and Terminals Ltd, a Reliance group entity, to avail a rupee term loan of Rs2,122 crore, which will also be utilised towards acquisition of the warehousing assets. The portfolio of assets will comprise 64 warehouses spread across 34 cities across India including key warehousing markets such as Delhi NCR, Mumbai, Bengaluru, Chennai, Kolkata, Ahmedabad, Pune and Hyderabad.

Jio Financial Services will eventually see its exit from domestic benchmarks Nifty 50 and Sensex, the stock will remain among the elite group of MSCI and FTSE indices.FTSE Russell added Jio Financial back to the All-World cap index and a few others, while MSCI Inc will add the stock to its Global Standard and Largecap indices after market trading hours on Wednesday. Typically an inclusion or exclusion of a stock from MSCI/FTSE indices results in inflows or outflows as passive funds adjust their portfolio to the changes. However, the stock’s presence in global indices is unlikely to result in any inflows or outflows, according to experts. “Unlike in India, where there are a set of criterias to be part of Nifty/Sensex, the breadth of global indices is wider. Therefore, Jio Financial will be in FTSE and MSCI indices,” says Abhilash Pagaria of Nuvama Institutional Equities. As funds owning RIL stock already have Jio Financial shares, there will be no fresh adjustments in their portfolio.

Jio Financial Services were locked in the lower circuit of 5% for the third straight session on Wednesday, trading at Rs 224.65, amid continued selling by institutional investors. In three days, the market value of the subsidiary of Reliance Industries has eroded by more than Rs 23,700 crore. The traded volumes of 2.3 million shares on NSE were lower than the 7.3 million shares that changed hands in the previous session. On Tuesday, index provider Asia Index Pvt Ltd deferred the decision to remove the stock from all key indices of BSE, including the Sensex by three days, as the stock hit the lower circuit for two consecutive days. Jio Financial is currently part of key indices of the BSE and NSE, including the Sensex and Nifty50. Jio Financial was added to key indices on July 20 for a temporary period, to give passive and active funds holding RIL stock, an opportunity to trade in the demerged entity. It was added at a constant price of Rs 261.8, which was derived through a special pre-open session conducted by the exchanges on RIL stock. Jio Financial will exit all the S&P BSE indices on August 29, provided it does not hit a lower circuit in the 3-day period. If the stock hits a lower circuit again on Thursday, then the removal date will be deferred again by another three days. While selling continues in the domestic market, the inclusion of the stock in the global indices such as FTSE and MSCI provided no support.

The Reserve Bank’s market trials of an eAUD – as its proposed central bank digital currency is known – rightly focused on applications that could deliver the biggest efficiency gains to the Australian economy.