Indian crypto exchanges locking accounts on suspicious money laundering trades, BFSI News, ET BFSI

[ad_1]

Read More/Less


Indian cryptocurrency exchanges are blocking and reporting suspicious trades on their won following concerns raised by the government agencies that the virtual currencies were used for money laundering.

The industry is looking to self-regulate at a time when the government is yet to come out with any regulations around cryptocurrencies or the way to tax them.

WazirX, one of the largest cryptocurrency exchanges in the country, recently declared the numbers in what it calls a “transparency report”.

Between April and September this year, the exchange got 377 requests from legal enforcement agencies, out of which 38 requests were from foreign law enforcement agencies.

The crypto exchange locked about 1,500 accounts.

In all, the exchange locked 14,469 accounts, although most of them were after customers asked them to stop services or there were some other payment issues.

The exchanges have always claimed that if the cryptocurrency is based on a blockchain technology, all the records are permanent and, in fact, it would be easier to discover the exact nature of the transactions.

Enforcement Directorate notice

IN July, the Enforcement Directorate (ED) in its recent notice to WazirX, has asked the crypto exchange to explain why ‘withdrawal from crypto wallets’ is not a violation of the Foreign Exchange Management Act (FEMA).

The ED notice had put a question mark on the very essence of cryptos and fundamental structure of the underlying digital ledger, blockchain, that allow holders of cryptos to freely transfer coins from their wallets to another wallet and to anyone, anywhere in the world. The agency had asked WazirX to explain transactions worth 2,790.74 crore. A trader buying Bitcoin, the most popular cryptocurrency, on WazirX stores the coin in her wallet with the exchange.

However, she can move the crypto purchased on WazirX platform to another wallet with another exchange in India or abroad, or to her private wallet which is not linked to any exchange, or directly move coins to the wallet of another person who may be located anywhere.

WazirX and a few exchanges have also received notices from the income tax department which is trying to figure out the source of earnings of the bourses and whether parts have escaped tax.

In 2019, the Financial Action Task Force — an intergovernmental organisation to combat money-laundering — had come out with the ‘Travel Rule’ that prescribes exchanges, custodians as well as wallet providers to share information on senders and recipients of cryptos.



[ad_2]

CLICK HERE TO APPLY

HC rejects Rakesh Wadhawan’s medical bail plea, BFSI News, ET BFSI

[ad_1]

Read More/Less


The Bombay High Court on Thursday refused to grant bail on health grounds to jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case. Wadhawan, founder of Housing Development Infrastructure Limited (HDIL), was arrested by the Enforcement Directorate in 2019 in the case.

A single bench presided over by Justice Nitin Sambre said that Wadhawan’s submission that he was immediately required to be released on temporary bail on medical ground, was “not justified”.

It said that denial of medical bail was in no way a breach of Wadhawan’s fundamental right to life since he had been provided adequate medical treatment by the state prison authorities whenever required.

Wadhawan, who recently underwent a surgery for pacemaker implantation, had sought that he be released on bail so that he can seek discharge from the civic-run KEM Hospital in the city, where he is recuperating currently while in judicial custody, and shift to a private hospital while out on bail.

Wadhawan had said in his plea that he suffered from severe co-morbidities, that his immune system had been compromised after having contracted COVID-19 recently, and that he was susceptible to contracting infections and ailments while at the civic hospital due to the heavy footfall the hospital received.

He further said that the KEM Hospital did not have an ICU facility specifically meant for those suffering from cardiac issues.

State’s counsel Prajakta Shinde, however, objected to Wadhawan’s bail plea.

She pointed out that he had been provided timely and specialised medical treatment at state-run and civic hospitals by the state prison authorities from time to time since his arrest.

Shinde said the KEM Hospital authorities had themselves recommended that Wadhawan be shifted to another hospital for the pacemaker implantation surgery since the hospital didn’t have such facility. However, now that the surgery was over, Wadhawan could continue his medical treatment at KEM.

Shinde also submitted documents to show that KEM hospital was currently undergoing renovations and arrangements were being made to set up a cardiac ICU within a few weeks.

The court took note of the state’s submissions and agreed that Wadhawan had indeed been provided the “best possible” medical treatment by the state prison authorities whenever required.

“In the backdrop of aforesaid (treatment having been provided by state authorities), it cannot be inferred that right of the applicant guaranteed under Article 21 of the Constitution for having proper medical treatment in super-speciality hospital is violated,” the high court said.

“Rather, various medical treatments which are given to the applicant are proved to be life-saving at this stage. The claim put forth by the applicant that he is immediately required to be released on temporary bail on medical ground is not justified. It lacks merit and stands rejected,” it added.

The court, however, granted Wadhawan the liberty to approach the court in case of any emergency.



[ad_2]

CLICK HERE TO APPLY

Tax Saving Fixed Deposits: Top 5 Private Sector Banks With Higher Interest Rates

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

Without a doubt, fixed deposits are the most secure investment for both short and long-term financial goals. However, by making a fixed deposit for a 5-year lock-in period, both regular and senior citizens can claim tax benefits on investments of up to Rs 1.5 lakhs under Section 80C of the Income Tax Act, 1961. This implies that, in addition to meeting your 5-year financial target, you may also claim tax benefits on your deposits or can be claimed as tax-saving fixed deposits. The lock-in term in tax saving deposits implies that your deposit will be locked in for 5 years and you will not be able to make premature withdrawals, which is the sole concern you need to be careful of. Amid declining interest rates, here are the top 5 private sector banks that are offering higher interest rates to both regular and elderly citizens who wish to earn substantial returns on their tax-saving deposits of 5 years.

Note: The interest rates on tax-saving fixed deposits of 5 years are marked in bold.

Yes Bank

Yes Bank

Yes Bank promises an interest rate of 6.25 percent to the general public and 7.00 percent to senior people for both senior citizens on tax-saving fixed deposits. The bank’s most current FD rates are as follows.

Period Regular Interest Rates Senior Citizen Interest Rates
7 to 14 days 3.25% 3.25%
15 to 45 days 3.50% 3.50%
46 to 90 days 4.00% 4.00%
3 months to 4.50% 4.50%
6 months to 5.00% 5.03%
9 months to 5.25% 5.32%
1 year 5.75% 5.88%
18 Months to 6.00% 6.14%
3 Years to 6.25% 6.40%
5 Years to 6.50% 6.66%
Source: Bank Website, W.e.f 5th August, 2021

RBL Bank

RBL Bank

RBL Bank is now offering an interest rate of 6.30 percent to regular customers and 6.80 percent to senior people on tax-saving deposits of less than Rs 2 Cr. The bank’s most current interest rates on domestic, NRO, NRE and Flexi Fixed Deposits are as follows.

Period Regular Interest Rates Senior Citizen Interest Rates
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
36 months to less than 60 months 6.30% 6.80%
60 months to 60 months 1 day 6.30% 6.80%
60 months 2 days to less than 120 months 5.75% 6.25%
120 months to 240 months 5.75% 6.25%
Tax Savings Fixed Deposit (60 months) 6.30% 6.80%
Source: Bank Website, W.e.f. September 01, 2021

IndusInd Bank

IndusInd Bank

IndusInd Bank offers a 5-year Indus Tax Saver Scheme with an interest rate of 6.00 percent for regular customers and 6.50 percent for senior people. On fixed deposits of less than Rs 2 crore, the bank is currently guaranteeing the following interest rates.

Period Regular Interest Rates In % Senior Citizen Interest Rates In %
7 days to 14 days 2.5 3
15 days to 30 days 2.75 3.25
31 days to 45 days 3 3.5
46 days to 60 days 3.25 3.75
61 days to 90 days 3.4 3.9
91 days to 120 days 3.75 4.25
121 days to 180 days 4.25 4.75
181 days to 210 days 4.6 5.1
211 days to 269 days 4.75 5.25
270 days to 354 days 5.5 6
355 days to 364 days 5.5 6
1 year to below 1 Year 6 Months 6 6.5
1 Year 6 Months to below 1 Year 7 Months 6 6.5
1 Year 7 Months to below 2 Years 6 6.5
2 years to below 2 years 6 Months 6 6.5
2 years 6 months to below 2 years 9 Months 6 6.5
2 years 9 months upto 3 years 6 6.5
Above 3 years upto 61 months 6 6.5
61 months and above 5.5 6
Indus Tax Saver Scheme (5 years) 6 6.5
Source: Bank Website, W.e.f. July 23rd, 2021

DCB Bank

DCB Bank

DCB Bank currently offers a 5.95 percent interest rate on 5-year tax-saving fixed deposits to ordinary customers and a 6.45 percent interest rate to senior people. DCB Bank offers the following interest rates to depositors on Resident Indian Fixed Deposits of less than Rs 2 Cr.

Period Regular Interest Rates Senior Citizen Interest Rates
7 days to 14 days 4.35% 4.85%
15 days to 45 days 4.35% 4.85%
46 days to 90 days 4.35% 4.85%
91 days to less than 6 months 5.05% 5.55%
6 months to less than 12 months 5.45% 5.95%
12 months 5.55% 6.05%
More than 12 months to less than 15 months 5.30% 5.80%
15 months to less than 18 months 5.50% 6.00%
18 months to less than 700 days 5.50% 6.00%
700 days 5.95% 6.45%
More than 700 days to less than 36 months 5.50% 6.00%
36 months 5.95% 6.45%
More than 36 months to 60 months 5.95% 6.45%
More than 60 months to 120 months 5.95% 6.45%
Source: Bank Website, With effect from 17th August 2021

Bandhan Bank

Bandhan Bank

Bandhan Bank promises an interest rate of 5.25 percent to regular customers and 6.00 percent to senior citizens on tax-saving fixed deposits of less than Rs 2 crore. The most recent fixed deposit interest rates of the bank are given below.

Period Regular Interest Rates Senior Citizen Interest Rates
7 days to 14 days 3.00% 3.75%
15 days to 30 days 3.00% 3.75%
31 days to Less than 2 months 3.50% 4.25%
2 months to less than 3 months 3.50% 4.25%
3 months to less than 6 months 3.50% 4.25%
6 months to less than 1 year 4.50% 5.25%
1 year to 18 months 5.50% 6.25%
Above 18 months to less than 2 years 5.50% 6.25%
2 years to less than 3 years 5.50% 6.25%
3 years to less than 5 years 5.25% 6.00%
5 years to up to 10 years 5.00% 5.75%
Source: Bank Website, W.e.f. June 7, 2021

Story first published: Thursday, October 14, 2021, 17:19 [IST]



[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Press Releases

[ad_1]

Read More/Less


Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

Sr. No Treasury Bill Notified Amount
(in ₹ crore)
Auction Date Settlement Date
1 91 Days 10,000 October 20, 2021
(Wednesday)
October 21, 2021
(Thursday)
2 182 Days 3,000
3 364 Days 7,000
  Total 20,000    

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 20, 2021, during the below given timings:

Category Timing
Competitive bids 10:30 am – 11:30 am
Non-Competitive bids 10:30 am – 11:00 am

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Thursday, October 21, 2021.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Director   

Press Release: 2021-2022/1046

[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Press Releases

[ad_1]

Read More/Less


Auction Results 6.10% GS 2031 GOI FRB 2034 6.76% GS 2061
I. Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
III. Competitive Bids Received      
(i) Number 242 94 193
(ii) Amount ₹31300 Crore ₹10882 Crore ₹24073 Crore
IV. Cut-off price / Yield 98.32 100.13 94.90
(YTM: 6.3322%) (YTM: 4.4366%) (YTM: 7.1481%)
V. Competitive Bids Accepted      
(i) Number 86 46 39
(ii) Amount ₹12997.488 Crore ₹3999.988 Crore ₹6992.267 Crore
VI. Partial Allotment Percentage of Competitive Bids 59.49% 34.99% 39.36%
(19 Bids) (1 Bid) (3 Bids)
VII. Weighted Average Price/Yield 98.32 100.13 94.92
(WAY: 6.3322%) (WAY: 4.4366%) (WAY: 7.1465%)
VIII. Non-Competitive Bids Received      
(i) Number 3 2 4
(ii) Amount ₹2.512 Crore ₹0.012 Crore ₹7.733 Crore
IX. Non-Competitive Bids Accepted      
(i) Number 3 2 4
(ii) Amount ₹2.512 Crore ₹0.012 Crore ₹7.733 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹13000 Crore ₹4000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers 0 0 0

Ajit Prasad
Director   

Press Release: 2021-2022/1045

[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Tenders

[ad_1]

Read More/Less


Sr. No. Details Date/Time of Tender Event
a. e – Tender no. RBI/Nagpur/Estate/157/21-22/ET/215
b. Mode of Tender e- Procurement system
(online Part-I – Techno Commercial Bid and Part-II- Price Bid through www.mstcecommerce.com/eprochome/rbi)
c. Estimated Cost Rs.20.34 Lakh
d. Date of NIT available to parties to download 11.00 AM of 14/10/2021 onwards
e. View tender Date & Time on MSTC Web Portal 11.00 AM of 14/10/2021 onwards
f. Pre – Bid Meeting Online (WebEx) at 11:00 AM on 28/10/2021***
Venue- Estate Department, Dr. Raghavendra Rao Road, Civil lines, RBI, Nagpur- 440 001
g. Earnest Money Deposit EMD of Rs. 40,680/- by following mode
1) Through NEFT, may be credited in RBI A/c.No.-8714295, IFSC Code: RBIS0NGPA01(5th &10th digit is zero) or
2) By Demand Draft in favor of Reserve Bank of India, payable at Nagpur or
3) Irrevocable Bank Guarantee issued by a scheduled Bank in the prescribed format.
h. Bid Open Date – Date of starting of e- Tender for submission of on line Techno Commercial Bid and Price Bid at www.mstcecommerce.com/eprochome/rbi 04:00 PM of 14/10/2021
i. Bid Close Date – Date of Closing of online e- tender for submission of Techno- Commercial Bid and Price- Bid. 02:00 PM of 10/11/2021
j. a. Tender open Date:- Date & Time of opening of Part-I (i.e. Techno- Commercial Bid).
b. Part-II Price Bid:- Date of opening of part II (i.e. price bid shall be informed separately).
03:00 PM of 10/11/2021
Date of opening of Price bid shall be informed separately after completion of evaluation of Part I of the tender
k. Tender Close Date Till 02.00 PM of 10.11.2021
*** Tenderers desirous of attending online WebEx meeting should inform or send queries by 16:00 Hrs of 26/10/2021 to sunilphadke@rbi.org.in, mramprasad@rbi.org.in and estatenagpur@rbi.org.in.

Regional Director
Reserve Bank of India, Nagpur

[ad_2]

CLICK HERE TO APPLY

Gold Rates Gained In India On Oct 14, As US Inflation Rate Increases

[ad_1]

Read More/Less


Personal Finance

oi-Kuntala Sarkar

|

On October 14, in the intentional gold futures and spot gold markets, gold rates are being quoted nearly $1800 again, and in line with that, Indian gold rates have also increased significantly after along time. Indian gold rates have gained by Rs. 680/10 grams. Today, 22 carat gold rates are quoted at Rs. 46,970/10 grams and 24 carat gold rates are quoted at Rs. 47,970/10 grams. The Comex gold future hiked by 0.15% and was quoted at $1797, while the spot gold prices hiked by 0.19% and were quoted at $1797.20/oz till 2.30 PM IST. On the other hand, the US dollar index in the spot market stayed at 93.82 at the same time, dropped by 0.21% than yesterday’s position. In India, the Mumbai MCX gold in October future gained by 0.20% today till 2.31 PM IST and was quoted at Rs. 48,014/10 grams. The earlier day, International Monetary Fund (IMF) reduced the growth rate of the global economy and sounded concerned about the US economic recovery. That impacted the gold rates positively.

Gold Rates Gained In India On Oct 14, As US Inflation Rate Increases

Additionally, The US Bureau of Labor Statistics stated that the consumer prices hiked by 0.4% in September, and stayed at concerning 5.4% position. So, as a hedge against inflation, gold rates are rising now. Also, the US Fed’s September meeting’s minutes were out on Wednesday. Federal Open Market Committee (FOMC) meeting minutes said, “Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate.”

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 46,970/- 47,970/-
Delhi 46,850/- 51,110/-
Bangalore 44,700/- 48,760/-
Hyderabad 44,700/- 48,760/-
Chennai 45,050/- 49,140/-
Kerala 44,700/- 48,760/-
Kolkata 47,300/- 50,000/-

The minutes later added, “The path featured monthly reductions in the pace of asset purchases, by $10 billion in the case of Treasury securities and $5 billion in the case of agency mortgage-backed securities.” Various participants stressed that economic conditions were likely to justify keeping the rate at or near its lower bound over the next couple of years. However, several participants raised the possibility of beginning to increase the target range by the end of next year because they expected that the labor market and inflation outcomes specified in the Committee’s guidance on the federal funds rate might be achieved by that time; some of these participants saw inflation as likely to remain elevated in 2022 with risks to the upside, the minutes mentioned. The gold prices are upscaled at the present market, as inflation is a big concern now.



[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Press Releases

[ad_1]

Read More/Less


    6.10% GS 2031 GOI FRB 2034 6.76% GS 2061
I. Notified Amount ₹13,000 cr ₹4,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 98.32/6.3322% 100.13/4.4366% 94.90/7.1481%
III. Amount accepted in the auction ₹13,000 cr ₹4,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil

Ajit Prasad
Director   

Press Release: 2021-2022/1044

[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Speeches

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Tenders

[ad_1]

Read More/Less


The tender will be available at RBI portal (https://www.rbi.org.in).

The Schedule of the tender is given below:

Name of Department Central Receipt and Despatch Section (CRDS)
Name of Work Empanelment of Tailoring firms for stitching of liveries for employées of Reserve Bank of India, College of Agricultural Banking, University Road, Pune.
Total Estimated Cost ₹ 1-5 lakhs per annum
View October 14, 2021 from 10:00 AM
Web Site https://www.rbi.org.in
Issue of Application October 14, 2021 at 10:00 AM
Last date for obtaining applications November 08, 2021 till 05:00 PM
Last date for Submission of bids November 09, 2021 till 03:00 PM
Bid opening Date November 09, 2021 at 04:00 PM

Principal

[ad_2]

CLICK HERE TO APPLY

1 207 208 209 210 211 16,279