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Rules for cryptocurrencies soon
The Union finance ministry is in the process of preparing norms for cryptocurrencies or virtual currencies, such as Bitcoin. Bitcoin’s rising market size and investor base has the government worried. Cases of fraud and misuse have also increased. A panel of bureaucrats will soon be submitting their recommendations on the regulations of Bitcoins.
The future of Unitech
Unitech Ltd has approached the Supreme Court against an order of the National Company Law Tribunal (NCLT) allowing the government to take control of the real estate company. A bench headed by Chief Justice Dipak Misra said that the matter would be heard on Tuesday.Supreme Court says it is more concerned with home buyers and not government takeover of Unitech.
Strategies for deployment of 5G in India
A high-level panel formed by the department of telecom, is going to meet to devise strategies for early deployment of 5G services in India. The panel, which has representations from the industry, government and academics, aims to develop a competitive product portfolio for 5G with an objective of targeting 50% of the Indian market and 10% of global market over the next seven years.The panel will also work towards creating a regulatory framework, including spectrum assignments and a start-up friendly regulatory environment.
Economists urge FM to cut corporate tax
Economists who met the Finance minister have urged him to slash corporate tax rate to make Indian industry and products globally competitive. They have also urged him to give incentives to infrastructure and small businesses. Tax proposals, social security measures and mobilisation of additional revenue were also part of the discussions.
Vodafone suffers setback
Vodafone has suffered a serious setback after the finance ministry moved the Supreme Court seeking a stay on the Delhi High Court’s October order that allowed the Vodafone Group to go ahead with its second arbitration proceedings against India under a treaty with the UK. The treaty is in connection with a tax demand, Rs 20,000 crore when last reported, on the company over its $11-billion acquisition of Hutch’s stake in Hutchison-Essar in 2007. Dutch firm Vodafone International Holdings had initiated the arbitration process under the India-Netherlands tax and investment treaty in April 2014.
Indian economy to grow at 7.2% in 2018: UN
A United Nations report has stated that the Indian economy will grow at 7.2 % in 2018 and increase to 7.4% in the following year on the back of private consumption, public investment and structural reforms.But it also warned that the economy faces the risk of sudden capital withdrawal on account of monetary policy normalisation in developed countries.
Aamir Khan’s love for startups
Indian startups have Bollywood actors hooked. After actors Alia Bhatt and Jacqueline Fernandes who invested in fashion portal Stylecracker and Rakyam Beverages respectively, Aamir Khan has invested in furniture renting startup Furlenco. Khan has invested about Rs 2 cr in the Bangalore based startup.Khan has been the brand ambassador of ecommerce site Snapdeal.
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