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Skybridge Capital Sees More Upside In BTC Than Gold; Expects BTC To Hit $100,000 Before Year End

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Investment

oi-Roshni Agarwal

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Global investment firm Skybridge Capital’s Chief Investment officer is of the view that bitcoin has more upside potential in comparison to gold. Though both the asset classes i.e. gold and bitcoin are set for a rally, his hedge fund prefers bitcoin over gold.

Skybridge Capital Sees More Upside In BTC Than Gold; Expects BTC To Hit $100,000

Skybridge Capital Sees More Upside In BTC Than Gold; Expects BTC To Hit $100,000 Before Year End

As per a Bloomberg report released on Sunday, Troy Gayeski- co-chief investment officer (CIO) and senior portfolio manager at Skybridge Capital, a hedge fund with AUM of $7.5 billion said “gold is good but bitcoin is better”.

Gayeski see both gold and bitcoin to spurt despite Federal Reserve considering to shift US monetary policy and gradually taper its asset purchase programme. “We’re going to stick to bitcoin and crypto because we just think there’s more upside”, he added. Further while he acknowledged that bitcoin has more volatility in comparison to gold, he at the same time opined “you’re going to capture a little bit more juice than you will in gold from that same phenomenon.”

The bitcoin price scaled to an all time high of sub $65k in April before it plunged and currently quotes at $32,972 as per Coindesk.com. At the same time, the precious yellow metal gold which was close to fall into a bear territory in March, recovered in price and erased its year to date losses.

“All fiat-currency alternatives – which have all gone through fairly recent substantial corrections – are in a much better place now to handle that eventual taper and gradual slowing of money-supply growth, than they were as they were making higher-highs after higher-highs”, Gayeski added.

Price prediction for bitcoin

The compnay’s founder – Anthony Scaramucci estimates bitcoin to scale to $100,000 before the year-end owing to heavy demand for the crypto-asset and at the same time on account of its diminishing supply. Also check the price prediction of other top cryptocurrencies to invest in 2021.

GoodReturns.in



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Banks stare at over Rs 40,000 crore haircut in Videocon resolution, BFSI News, ET BFSI

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Lenders to Videocon Industries face over Rs 40,000 haircut after the National Company Law Tribunal allowed billionaire Anil Agarwal’s Twin Star Technologies to take over Videocon Industries Ltd for about Rs 3,000 crore.

Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time.

The offer by the Dhoot family entailed repayments until 2035, which was not acceptable to many banks on Videocon’s Committee of Creditors (CoC), according to reports. Dhoot’s settlement offer was made for 13 out of the 15 Videocon group companies, which are jointly going through the Corporate Insolvency Resolution Process (CIRP). Two group companies — KAIL and TREND — were not covered under the offer. Though the bid is less, the Twin Star offer of Rs 3,000 crore is slightly higher than the liquidation amount of Rs 2,600 crore.

Videocon Industries and its 13 group entities owe Rs 61,770 crore to financial creditors. The State Bank of India claim is Rs 11,152 crore while IDBI Bank owes Rs 9,922 crore.

The Committee of the Creditors of Videocon Industries had voted in favour of the resolution plan of Twin Star Technologies Ltd, for 13 group companies with 95 per cent votes on December 11, 2020.

The NCLT order

A two-member Mumbai bench of the NCLT comprising members – H P Chaturvedi and Ravikumar Duraisamy – approved the resolution plan by Twin-Star Technologies.

Videocon Industries also confirmed the development through a regulatory filing. NCLT has pronounced the order on June 8, 2021 (Tuesday) approving the Resolution Plan for the Consolidated Corporate Debtors including the Company, under Section 31 of the Code, it said.

“The Approval Order has not yet been published and is currently awaited. Videocon Industries further informed, “in terms of the Resolution Plan, the equity shares of the Company are proposed to be delisted”.

Accordingly, an appropriate disclosure would be made upon receipt of the copy of the order by the NCLT approving the Resolution Plan, it added. This approval will also now consolidate Vedanta’s hold in Ravva oil field. Vedanta’s interest in Videocon is principally driven by the latter’s 25 per cent stake in the Ravva oil field in the KG Basin.

Following that the resolution plan was moved by the resolution professional before NCLT.

Later, the resolution Plan, as approved by the CoC, was filed with the NCLT for its approval on December 15, 2020. NCLT has conducted a consolidated corporate insolvency resolution process by combining Videocon Industries and other 12 Videocon group companies.



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Banks stare at over Rs 40,000 crore haircut in Videocon resolution, BFSI News, ET BFSI

Banking & Finance

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Lenders to Videocon Industries face over Rs 40,000 haircut after the National Company Law Tribunal allowed billionaire Anil Agarwal‘s Twin Star Technologies to take over Videocon Industries Ltd for about Rs 3,000 crore.

Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time.

The offer by the Dhoot family entailed repayments until 2035, which was not acceptable to many banks on Videocon’s Committee of Creditors (CoC), according to reports. Dhoot’s settlement offer was made for 13 out of the 15 Videocon group companies, which are jointly going through the Corporate Insolvency Resolution Process (CIRP). Two group companies — KAIL and TREND — were not covered under the offer. Though the bid is less, the Twin Star offer of Rs 3,000 crore is slightly higher than the liquidation amount of Rs 2,600 crore.

Videocon Industries and its 13 group entities owe Rs 61,770 crore to financial creditors. The State Bank of India claim is Rs 11,152 crore while IDBI Bank owes Rs 9,922 crore.

The Committee of the Creditors of Videocon Industries had voted in favour of the resolution plan of Twin Star Technologies Ltd, for 13 group companies with 95 per cent votes on December 11, 2020.

The NCLT order

A two-member Mumbai bench of the NCLT comprising members – H P Chaturvedi and Ravikumar Duraisamy – approved the resolution plan by Twin-Star Technologies.

Videocon Industries also confirmed the development through a regulatory filing. NCLT has pronounced the order on June 8, 2021 (Tuesday) approving the Resolution Plan for the Consolidated Corporate Debtors including the Company, under Section 31 of the Code, it said.

“The Approval Order has not yet been published and is currently awaited. Videocon Industries further informed, “in terms of the Resolution Plan, the equity shares of the Company are proposed to be delisted”.

Accordingly, an appropriate disclosure would be made upon receipt of the copy of the order by the NCLT approving the Resolution Plan, it added. This approval will also now consolidate Vedanta’s hold in Ravva oil field. Vedanta’s interest in Videocon is principally driven by the latter’s 25 per cent stake in the Ravva oil field in the KG Basin.

Following that the resolution plan was moved by the resolution professional before NCLT.

Later, the resolution Plan, as approved by the CoC, was filed with the NCLT for its approval on December 15, 2020. NCLT has conducted a consolidated corporate insolvency resolution process by combining Videocon Industries and other 12 Videocon group companies.



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Bank accounts can’t be attached at the cost of Right to Business: Madras HC

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The Madras High Court has held that bank accounts cannot be attached in matters related to GST violation if it is at the cost of doing business. “It is made clear that the attachment proceedings cannot be at the cost of right of provision under Article 19(1)(g) of the Constitution of India,” a single bench of Justice C Saravanan said, while disposing the matter of Chennai-based Marg Human Resources Private Limited.

As a part of the Right to Freedom, Article 19(1)(g) says, “All citizens shall have the right to practice any profession, or to carry on any occupation, trade or business.”

Fraudulent ITC

The petitioner approached the Court after Director General of GST Intelligence (DGGI) issued an order attaching three bank accounts pursuant to a search and investigation ordered against the said company. The allegation against the company was that it had fraudulently availed of input tax credit on fictitious invoices to discharge the GST liability.

The petitioner submitted that the attachment orders have completely strangled the business of the petitioner. It is submitted that the petitioner was employing about 15,000 employees with security guards who were deployed in various industrial units in and around Chennai and Karnataka. It was also said that apart from the ₹5.68 crore which have been appropriated so far against the projected demand of ₹21 crore, the petitioner has agreed to pay another sum of ₹1 crore, within a week.

Also read: E-Invoicing: Simplifying compliance for the taxpayer

Defending the action by the Tax Department, its counsel submitted that the petitioner has indulged in large scale fraud and therefore, the department was compelled to initiate proceedings under Section 67 (deals with inspection, search and seizure in case of violation) of the CGST Act, 2017. He emphasised that the law entitles the Department to order provisional attachment of any assets to protect the interest of the revenue. He also informed that the attachment orders merely freeze the power to debit the account and there is no restriction for receiving the amount.

‘No prejudice to petitioner’

The counsel said that for the last few months, the customers/clients of the petitioner company have directly paid the salaries/wages to the employees including the amount due under the Provident Funds Act and therefore the “continuance of the impugned attachment orders will be of no prejudice to the petitioner.” Tax Department also said that the Directors of the company breached the bail order. After going through all the arguments, the bench noted that nearly 27 per cent of proposed/estimated tax due has already been discharged.

Also read:Monetary policy must remain accommodative

“After all, there is a mechanism provided under the Act for proper adjudication of the tax due and determination under Sections 73 and 74. Therefore, there is no meaning in attaching the bank accounts further,” the Bench said, while asking the I-T Department to complete the investigation and issue appropriate show cause notice.

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SBI union, others urge RBI to scrap digital payments plan

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A union representing India’s largest state-run bank and a global alliance have asked the central bank to bar large companies from setting up payment networks, saying in a letter seen by Reuters on Tuesday that privatisation could compromise data safety.

In a bid to reduce concentration risks in the payments sector, India’s central bank (RBI) last year invited companies to forge so-called New Umbrella Entities (NUEs) to create a payments network that would rival the country’s flagship processor, the National Payments Council of India (NPCI).

The NUE will be allowed to operate new payment systems including digital and ATM transactions. Amazon, Google, Facebook and others have applied for such licences in partnership with Indian companies such as Reliance and ICICI Bank.

Also read: Retail payments: Half-a-dozen consortiums set to apply for NUE licence

Involvement of big multi-national companies raises fears of abuse of user data and India’s digital payment networks should continue to operate on a non-profit basis, the All India State Bank of India (SBI) Staff Federation and the UNI Global Union, a vocal critic of tech giants, wrote in the letter.

Opposes NUE

The letter urged the central bank to scrap the “whole process of NUE licensing” and focus on strengthening the domestic payments group, NPCI, which operates as a non-profit.

The RBI did not immediately respond to a request for comment on the letter, which has previously not been reported.

While state-backed NPCI forms the backbone of the country’s digital payments system, India is an increasingly attractive digital payments market for everyone from Amazon to Google. An Assocham-PWC India study in 2019 said digital payments in India could rise to $135 billion in 2023 from $65 billion in 2019.

In the letter, groups including the SBI union, which represents 100,000 of its nearly 250,000 employees, and UNI Global Union, that represents about 20 million workers globally,specifically raised concerns about the NUE application by a consortium led by Amazon. It highlighted the U.S. company was facing several investigations into its business practices in India and abroad.

Amazon did not immediately respond to a request for comment.

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Continue preserving demonetisation period CCTV footage at branches and currency chests: RBI to banks

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The Reserve Bank of India (RBI) has advised all banks to preserve the CCTV recordings of operations at their branches and currency chests during the demonetisation period (from November 08, 2016 to December 30, 2016) in a proper way, till further orders.

This is in view the investigations pending with law enforcement agencies and proceedings pending at various courts, RBI said in a notification.

The Government had issued a notification on November 8, 2016, withdrawing the legal tender status of ₹500 and ₹1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India.

The Government then said demonetisation of the aforementioned notes was done to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.

As per RBI’s mint street memo of August 2017, currency notes of denominations of ₹1000 and ₹ 500 (specified bank notes or SBNs), valued at ₹15.4 lakh crore and constituting 86.9 per cent of the value of total notes in circulation were demonetised.

Preserving CCTV footages

On December 13, 2016, RBI had issued a notification, wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.

“In continuation to the above, keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016 in a proper way, till further orders,” RBI said in its notification to banks on Tuesday.

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Banks face ₹42,000-cr haircut as NCLT clears Vedanta firm’s ₹2,900-crore bid for Videocon

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Banks will take a ₹42,000-crore haircut after the Mumbai Bench of the National Company Law Tribunal approved a bid by Anil Agarwal-backed Twin Star Technologies’ to acquire Videocon Industries Ltd for ₹2,900 crore. Claims worth ₹46,000 crore had been admitted under the insolvency process that began in December 2017.

While the NCLT order ensures that the company’s former promoter, Venugopal Dhoot’s offer to take back control has been rejected finally, it also means that banks, led by SBI and IDBI Bank, will have to settle for a low recovery. Videocon, which is in multiple businesses ranging from oils to consumer durables, was controlled by the Dhoot family before lenders dragged it to the NCLT in 2017. Dhoot had promised to repay about ₹30,000 crore for taking back control of the conglomerate under Section 12A of the Insolvency and Bankruptcy Code, which allows the withdrawal of the debt resolution proceedings under NCLT if the majority of the lenders agree to it.

According to banking sources, the offer by the Dhoot family entailed repayments until 2035, which was not acceptable to many banks on Videocon’s Committee of Creditors (CoC). Then, in January, the lenders decided to pick the bid Twin Star Holdings Ltd, a Vedanta Group company. Even though the bid, at less than ₹3,000 crore, was not even 10 per cent of the group’s overall outstanding debt, the CoC went with it because it was slightly higher than the liquidation amount of ₹2,600 crore.

Credited to be the first Indian company to have got a licence to manufacture colour TVs in 1986, the Videocon Group was making air-conditioners, refrigerators and home entertainment systems, foraying later also into oil/gas, telecom, retail and DTH services.

The aggressive expansion led to increased borrowings, and businesses collapsed after Dhoot to into the hyper-competitive telecom market. The debt pile, which was around ₹7,000 crore in 2007, kept soaring.

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Leading crypto exchanges scout entry into India despite potential ban

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Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.

Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over ₹100 billion ($1.37 billion).

China blocks several cryptocurrency-related social media accounts amid crackdown

According to four sources, who declined to be identified as they were not authorised to comment on private discussions, US-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. “These companies have already begun talks to understand the Indian market and the entry points better,” said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring.

The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options, which effectively come down to a choice between setting up a subsidiary or buying an Indian firm, as Binance, the world’s biggest exchange, did two years ago.

Cybercriminals go after cryptocurrency: Report

Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.

All three exchanges are ranked in the world’s top ten by data platform CoinMarketCap, based on their traffic, liquidity and trustworthiness of their reported trading volumes.

“The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges, because everyone wants to be here,” said Kumar Gaurav, founder of digital bank Cashaa.

India must take a holistic view on cryptos

Proponents of cryptocurrencies say they would be the most cost-efficient way for Indians abroad to remit funds home.

But authorities worry that rich people and criminals could hide their wealth in the digital world, and speculative flows of funds through digital channels, ungoverned by India’s strict exchange controls, could destabilise the financial system.

Caution across globe

Hitherto, India has had no rules specifically for cryptocurrency exchanges wishing to set up in the country. Instead they could register themselves as tech companies to obtain a relatively easy entry path.

In 2019, Binance acquired WazirX, an Indian cryptocurrency start-up which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway.

US based exchange Coinbase has announced plans for a back office in India.

But with the regulatory environment for cryptocurrencies taking a turn for worse globally, Indian authorities are exercising greater scrutiny.

In China, authorities have forbidden banks and online payment companies from providing services related to cryptocurrency transactions.

And the Indian government was set to present a Bill to Parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the government has held it back, and conflicting statements since have fuelled uncertainty over the Bill’s fate.

Meantime, major Indian banks have begun to sever ties with cryptocurrency exchanges and traders, amid Reserve Bank of India’s concerns about the financial stability risks posed by the volatile asset.

The RBI is looking at launching its own digital currency, but Governor Shaktikanta Das in February described those plans as a “work in progress”.

For all the uncertainty over what India will end up doing, some digital currency exchanges clearly reckon it would be better to gain entry rather than miss out.

“It’s clear that the rewards outweigh the perceived risks, which is luring these global firms to the Indian market,” said Darshan Bathija, chief executive officer of Vauld, a foreign crypto exchange with a presence in India.

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 3,76,824.68 3.21 0.01-3.45
     I. Call Money 7,651.62 3.09 1.90-3.40
     II. Triparty Repo 2,55,144.10 3.18 2.90-3.27
     III. Market Repo 1,11,960.96 3.30 0.01-3.45
     IV. Repo in Corporate Bond 2,068.00 3.42 3.40-3.45
B. Term Segment      
     I. Notice Money** 162.13 3.04 2.50-3.35
     II. Term Money@@ 398.00 – 3.10-3.50
     III. Triparty Repo 650.00 3.24 3.24-3.24
     IV. Market Repo 645.00 3.39 3.20-3.45
     V. Repo in Corporate Bond 25.00 5.35 5.35-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Tue, 08/06/2021 1 Wed, 09/06/2021 3,83,929.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Tue, 08/06/2021 1 Wed, 09/06/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,83,929.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
     (iii) Special Reverse Repo~ Fri, 04/06/2021 14 Fri, 18/06/2021 150.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 04/06/2021 14 Fri, 18/06/2021 2,00,029.00 3.46
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       1,662.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,16,035.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,99,964.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 08/06/2021 6,07,249.57  
     (ii) Average daily cash reserve requirement for the fortnight ending 18/06/2021 6,11,914.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 08/06/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 21/05/2021 8,43,197.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/338

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List Of COVID Vaccine Prices In Private Hospital In India

Personal Finance

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Planning

oi-Sneha Kulkarni

|

The price limitation comes just one day after Prime Minister Narendra Modi stated that, beginning June 21, the government will distribute free vaccines to states for immunisation of all people over the age of 18.

List Of COVID Vaccine Prices In Private Hospital In India

List Of COVID Vaccine Prices In Private Hospital In India

  • Covishield: Rs 780 a dose
  • Sputnik V: Rs 1,145 a dose
  • Covaxin: Rs 1,410 a dose.

This includes taxes as well as a 150-rupee service charge for the hospitals.

Vaccine Price per dose declared by Manufacture GST at 5% in Rs Max service charge Max price that can be charged by a hospital
Covishield Rs 600 30 Rs 150 Rs 780
Covaxin Rs 1200 60 Rs 150 Rs 1,410
Sputnik V Rs 948 47.40-47 Rs 150 Rs 1,145

The Health Ministry advised that private vaccination centres be prosecuted for overcharging in a letter sent to all states and union territories on Tuesday. The ministry also asked states and union territories to monitor the costs charged by private centres to citizens on a regular basis.

Modi also stated that private hospitals can continue to obtain 25% of vaccines.

According to Modi, seven companies in the country are developing coronavirus vaccines, and three more vaccines are now being tested.

State governments would likely pay Rs 300 for each dosage for SII’s Covid-19 vaccination, while private institutions will pay Rs 600 per dosage. Covaxin from Bharat Biotech costs between Rs 400 and Rs 1,200. Sputnik V, a Russian vaccination, costs Rs 995 per dosage.



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