Tag Archives: India

India’s Cash Ban Leaves At Least 47 Dead, So Far

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“Eight days into demonetisation, the death toll has reached 47. These are confirmed deaths reported in the national media. The number of unreported deaths may be higher. While most deaths are of the elderly waiting in long bank queues, there are quite a few suicides, especially of housewives.”

http://www.huffingtonpost.in/2016/11/16/day-8-demonetisation-death-toll-rises-to-47/

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Facebook’s Free Basics Banned In India, Now Shuts Down in Egypt

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“Egypt ​has now become​ the second country to shut down Facebook’s controversial free internet service after India did the same last week, according to a report from the Associated Press today. The service, called Free Basics, is part of Facebook’s Internet.org initiative that aims to bring internet access to developing nations. Because Free Basics provides access to Facebook and a number of non-Facebook websites at no cost, some regulators and internet activists believe it violates the principles of net neutrality by creating a ‘walled garden’ that prioritizes some sites over others.”

http://www.theverge.com/2015/12/30/10690714/faceboo-free-basics-internet-service-shut-down-egypt

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Goldman’s BRIC Era Ends as Fund Folds After Years of Losses

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“The bank’s asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India and China, and merged it last month with a broader emerging-market fund. Goldman Sachs pulled the plug on the nine-year-old product because it doesn’t expect ‘significant asset growth in the foreseeable future,’ according to a filing to the U.S. Securities and Exchange Commission.  The downfall of the BRIC fund, which had lost 88 percent of its assets since a 2010 peak, also underscores how the strategy of bundling disparate countries into a single investment theme is losing its appeal among investors.”

http://www.bloomberg.com/news/articles/2015-11-08/goldman-s-bric-era-ends-as-fund-closes-after-years-of-losses

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Visa to Deploy Blockchain Research Team in Bangalore, India

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“Visa, the world’s largest payment network, will soon deploy a team of developers in Bengaluru (Bangalore), India, to use blockchain technology to improve its digital payments processes, Live Mint reports.  Last week Visa announced the opening of its new technology development center in Bangalore, which will host 1,000 fintech engineers and play a central role in the company’s efforts to accelerate digital commerce globally. As part of the opening ceremonies, Visa announced mVisa, a new mobile payment service that will be tested this summer with merchants across the Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank, and SBI (State Bank of India).”

https://bitcoinmagazine.com/21547/visa-deploy-blockchain-research-team-bangalore-india/

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Asia’s $800 Billion Nuclear Splurge to Unlock Uranium Motherlode

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“A nuclear-power boom in Asia that’s set to drive up uranium prices is triggering a resurgence in mining in Australia, home to the world’s largest reserves.  Almost $800 billion of new reactors are under development in the region, driven by China and India where demand is climbing for the emission-free energy.  The value of uranium plunged in the wake of the 2011 Fukushima nuclear disaster in Japan. Now, with contract prices forecast to jump more than 60 percent, suppliers in Australia are planning about half a dozen new mines.  China will need the equivalent of about 1,000 nuclear reactors, 500,000 wind turbines or 50,000 solar farms as it steps up its fight against climate change.”

http://www.bloomberg.com/news/articles/2015-05-07/asia-s-800-billion-nuclear-splurge-to-unlock-uranium-motherlode

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Indian in US? Your Account is Now Under Delhi Surveillance

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“Thousands of Indian citizens in the US – from IT workers, health professionals, students and everyone else under the sun – will soon be innocent victims to snooping by the Indian government. If an Indian citizen holds a bank account in the US, minute details about his/her bank account will be shared with New Delhi by Washington. Although India gets access only to bank account information of Indian citizens, the US can get access to even information of ‘non-US entities’ operating in India if it has even one American working for them. That means information about any Indian corporation or organisation would be provided to Washington on request, if it has an American on rolls.”

http://www.dnaindia.com/india/report-indian-in-us-your-account-is-now-under-delhi-surveillance-2089858

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India gold smuggling at all-time high, despite Nepali kingpin’s death

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“In two years–since government increased duty on gold to 10% to rein in a yawning current account deficit—gold smuggling has grown by 900%.  That as an accepted principle seizures could be less than 10% of actual smuggling, the figures look even more ominous.  Sources say gold has also begun to be smuggled in ever unique ways and from rather unexpected corners. There is a silver lining to the grim story though. There is an unexpected drop in Nepal which had seen a massive spurt in gold smuggling in the past couple of years. The reason: the kingpin of illicit yellow metal trade in the Himlayan nation died under the rubble of his house in Kathmandu during the recent quake.”

http://timesofindia.indiatimes.com/india/Gold-smuggling-at-all-time-high-seizures-total-Rs-1000cr/articleshow/47437207.cms

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Record $150m in gold seized by Indian police in 10 months

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“Officials and industry insiders attribute this spike to a ‘high’ import duty of 10 per cent from 2013, a booming demand pegged by the World Gold Council at around 840 tonnes in 2014 – 191.7 tonnes in the first quarter of fiscal 2015 alone, up 15 per cent from the same period last year — and a low prosecution rate of those caught smuggling gold.  At a time when the NDA government announced a monetisation scheme in this Budget to unlock the value of a part of the 22,000 tonnes of gold (US$1trn) in private hands, a big chunk lies with its own Customs departments – over 2,000 kg seized over the past 10 years.”

http://indianexpress.com/article/india/india-others/why-the-gold-rush-record-150mn-seized-in10-months/

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India central bank lifts ban on import of gold coins, medallions by banks

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“In a move that could increase gold supply, nominated banks have been allowed to import gold on ‘consignment basis’ and lend it to local jewellers. For about 15 years till 2014, this was the customary practice of sourcing gold officially. However, this was stopped last year amid concerns that rising gold import could impact the current account deficit. But, following rampant gold smuggling due to the curbs imposed by the government to deter imports and representations by bodies like the Ficci sub-committee on jewellery, the government has now taken a relook at the policy. Banks have been borrowing gold from the international banks at 0.5% and lending it to Indian exporters at 4-6%.”

http://economictimes.indiatimes.com/news/economy/policy/rbi-lifts-ban-on-import-of-gold-coins-medallions-by-banks/articleshow/46290295.cms

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Google launches $105 Android One; eyes India smartphone boom

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“Google Inc launched in India on Monday a $105 smartphone, the first device from its ‘Android One’ initiative which is aimed at boosting sales in key emerging markets through cheaper prices and better quality software.  The Mountain View-Based company tied up with Indian handset makers Micromax, Karbonn and Spice Mobiles to launch the 6,399 rupees phone, which is powered by Google’s operating system and targets the booming low-cost segment of the world’s fastest growing smartphone market.  After launching in India, Google said it plans to expand Android One to Indonesia, Philippines and other South Asian countries by the end of 2014 and in more countries in 2015.”

http://in.reuters.com/article/2014/09/15/google-india-smartphone-idINKBN0HA0E520140915

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