May 11, 2016 - Curbing black money: Government plans to promote cashless economy

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Sree Vijaykumar From the Editor's Desk There's a song by Wu Tang Clan called Method Man where one of the methods of torture they talk about is, 'I'm gonna sew your rectum shut and keep feeding you', that's what it's like today to be an LP (the investor class that VCs raise money from). That's not too surprising a take of the current state of the technology market. There have been a fraction of a fraction of the number of technology IPOs the US market typically sees in the first part of the year. That means that liquidity for venture investors - and, in turn, LPs, has started to stall, and that means that LPs might start looking at alternative asset classes - Comment Curbing black money: Government plans to promote cashless economy The government is looking at a slew of measures to promote cashless economy, including creating an ecosystem to incentivise cashless transactions. Property Listing: Goyal Orchid Whitefield, Bangalore 1/2/3 BHK apartments, starting from Rs 35 Lacs.   Property Listing: Godrej Infinity, Keshav Nagar, Pune Luxury 2/3 BHK apartments, from Rs 38 Lacs - Rs 92 Lacs.   Lenders unsure about continuing negotiations with Vijay Mallya Bankers said they don't want to look conciliatory when everyone has Mallya cornered and therefore have not even responded on his latest offer of Rs 6,800 crore. Financial inclusion gets a boost with Jan Dhan Yojana One of the successful initiatives of the NDA government is its financial inclusion initiative through its Prime Ministers Jan Dhan Yojana, or PMJDY. Rising corporate loan defaults force banks like ICICI Bank and Axis Bank to step up retail lending Retail lending was hardly a focus for Indian banks until a few years ago, except for some private lenders, but fiscal 2016 was different. IL FS seeks to raise $900 million from Indian trust listings The Mumbai-based company would use proceeds from listing infrastructure investment trusts to develop new projects Enterprising lot: How ex-bankers set up startups like CreditMantri Some of the bankers are stepping out of the regulated world of banking to challenge, even unsettle, businesses they, as bankers, had once helped to grow. 7 NBFCs surrender licence; RBI cancels licence of 4 others Out of the seven firms that returned their licences, six are based in Mumbai and one in Pune Yes Bank plans to raise Rs16,500 crore Yes Bank seeks approval for borrowing or raising funds by issue of debt securities up to `10,000 crore to eligible investors on private placement basis RBI’s dollar buying spree drives forex reserves higher RBI bought $4.7 billion from the foreign exchange market in March, its highest net dollar purchases in 11 months Any merger initiative has to come from board of banks: Jayant Sinha The role of the government or the Reserve Bank of India in the merger of banks would be that of a facilitator, Minister of State for Finance said. Just ahead of IPO, Saudi Aramco looks to tap India A presentation by the company showed the complex would create 80K jobs and allow Saudi Arabia to reduce its imports by $12 bln and increase GDP by $17 bln. Gold sinks below Rs 30,000 mark, silver down by Rs600 Gold of 99.9 and 99.5% purity tumbled by Rs250 each to Rs29,850 and Rs29,700 per ten grams, respectively SoftBank’s profit plummets 30% as Sprint’s losses persist Son was bullish about investing in India and other emerging markets, where he said entrepreneurship was thriving like the Silicon Valley of the past Blackmoney: Govt unearths indirect tax evasion of Rs 50000 crore in two years Finance Ministry said the crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years. Paytm to launch vehicle financing and insurance Paytm sold over 1000 bikes in the month of April this year, contributing to 5% of Hero Electrics pan India total monthly sales. From Anshu Jain to Jaspal Bindra, top finance executives turn to Indian NBFCs Well respected Indians in the global financial world continue to come back to their home turf, lured by the growth rate of India and also to tap a market which is familiar and vast enough to accommodate more. After Citibank's Vikram Pandit, Standard Who benefits the most from tax exemption on long-term capital gains? The zero tax on long-term capital gains benefits primarily the very rich Bank lending to industry at seven-year low While all the incremental bank credit to industry in 2015-16 went to large industries, there was a contraction in credit to micro and small- and medium-sized industries Snapdeal bars sellers from giving more than 70% discount from May 13 The company said: “We have noticed deeply discounted products often do not meet expectations, leading to increased returns and customer dissatisfaction. Enterprising lot: How ex-bankers set up startups like CreditMantri Some of the bankers are stepping out of the regulated world of banking to challenge, even unsettle, businesses they, as bankers, had once helped to grow. Snapdeal may tap Chinese firms, SWFs to raise money for FreeCharge “We are getting a lot of interest from sovereign funds and some Chinese investors,” Snapdeal CEO Kunal Bahl told ET. 'Business model with a human face preferred here' Physical stores and apps will co-exist depending on the customers’ needs Duty-free shops outside food safety ambit: FSSAI Regulator overrules internal view on ensuring protection against bio-terrorism and food safety Fastest Delivery in Ecomm: Snapdeal claims to offer fastest deliveries in ecommerce, says it is ahead of Flipkart, Amazon International Business Times, India Edition articles  Reliance Retail plans to tie up with Flipkart, Snapdeal to sell Lyf 4G handsets The Lyf Water 5 was recently launched on Amazon as an Amazon exclusive, but Reliance Retail now plans to tie up with Flipkart and Snapdeal as well and start selling devices on those platforms. Connecting with Lakshadweep the Andamans: Charting a digital course to the fringes Telecom Commission has approved laying down of submarine optic fibre cable between Chennai and the Andamans. And, for Lakshadweep, augmentation of satellite system has been cleared. Japan's Softbank has revealed some exciting details on India's hottest startups Japan's Softbank Group throws some light on secretive Indian startups. SC verdict on call drop compensation likely on Wednesday New Delhi, May 10 (IANS) The Supreme Court is likely to give on Wednesday its judgment on plea by associations of telecom operators challenging sector regulator TRAI's October 16, 2015 notification obligating service providers to compensate consumers for dropped calls, at Rs.one each for the first three calls daily. Facebook onboards companies in India for 'Facebook at Work' Social networking giant Facebook has rolled out its enterprise offering -- Facebook at Work -- in India that will allow employees of an organisation to collaborate and connect with co-workers. The programme -- at its beta stage -- has seen firms Ushering in a tectonic shift in mobile payments India is a cash intensive economy, with a cash to GDP ratio of 12% COAI tells DoT: Routing calls over internet is illegal and creates losses The Cellular Operators Association of India (COAI), a lobbying association comprising largely of India's GSM operators, apart from Google and Facebook, has requested the Department of Telecommunication (DoT) to stop operators from routing telephone calls over the internet, reports Economic Mobile marker Transsion Holdings to set up manufacturing units in India itel mobile, part of the Transsion Holdings conglomerate based out of Beijing and one of the leading players in Africa, is planning to set up a manufacturing facility in India. The company plans to have manufacturing centres in Noida, Andhra Pradesh Zarget, a Chennai-based SaaS startup, raises $1.5 million in seed funding led by Accel Partners and Matrix Partners Global venture capital firms Accel Partners and Matrix Partners and CEO of Freshdesk Girish Mathrubootham participated in the round along with some other investors. Geospatial bill will impact tech giants like Google, Uber as well as Indians using GPS-enabled smartphones The AGIs Kumar said the legislation was “anti-national” and went against some of government's most ambitious projects, including Smart Cities. Why this entrepreneur who left his $30 million American startup to join an Indian one is hitting the right notes The man who discovered fire, didn’t let the rest of his hunting group stumble around in the dark. This is the principle that most industry veterans who dou American hotel tech firm Travel Tripper setting up its second global delivery centre outside the United States in Hyderabad The Hyderabad centre is Travel Trippers second international office, after it recently entered London to cater to European clientele. Snapdeal claims to offer fastest deliveries in ecommerce, says it is ahead of Flipkart, Amazon An April report by Red Seer said Snapdeal had the fastest average delivery time of 3.9 days, followed by Amazon at 4.1 days and Flipkart at 5.1 days. Reliance Retail plans to tie up with Flipkart, Snapdeal to sell Lyf 4G handsets The company has signed up with Amazon for one model and will seek partnerships with Flipkart and Snapdeal – possibly launching an e-store for Lyf phones on these platforms. 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