Tag Archives: India

Central bank puts the brakes on the bitcoin train in India

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“When it comes to usage, India is still far away from other countries such as the United States, where people reportedly have bought Teslas and Lamborghinis with the virtual currency.  India’s own version of virtual currency, Laxmicoin, named after the Indian goddess of wealth, is being developed by a Jaipur-based company of the same name. A survey conducted by the company in Jaipur and Bangalore found that local businessmen were unhappy with the high transaction fees and delays in receiving payment after their customers transacted via card machines, its co-founder Raj Dangi said.”

http://blogs.reuters.com/india/2014/01/17/rbi-puts-the-brakes-on-the-bitcoin-train-in-india/

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India IT training school offers Bitcoin course

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“An Indian IT training school has hopped on the Bitcoin frenzy and is offering a new course to teach students how to mine the digital currency.  Koenig Solutions introduced a four-day programme that encompasses skillsets and focus areas such as the basics of Bitcoin, Bitcoin mining, secure trading with Bitcoin, and Bitcoin protocol specifications, according to the company’s CEO and founder, Rohit Aggarwal.  The course is currently available at its Delhi training center, and will be offered to its other branches in India and overseas, reported The Times of India.”

http://www.zdnet.com/in/india-it-training-school-offers-bitcoin-course-7000025489/

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Bitcoin operators resume India operations cautiously

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“After suspending their operations for a few weeks amid growing regulatory glare, many bitcoin operators have cautiously resumed courting business from their clients and some new players have also come to fore in India.  The Reserve Bank last month had issued a warning against dealing in bitcoin and other virtual currencies due to various risks, including those related to money-laundering and cyber security, as such digital currencies are not backed by any assets or monetary authorities.  Besides, tax authorities and the Enforcement Directorate have also initiated action against some bitcoin operators in recent weeks, which resulted in many entities suspending their operations.”

http://economictimes.indiatimes.com/tech/internet/bitcoin-operators-resume-india-operations-cautiously/articleshow/28839575.cms

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India Wants To Kick Out A US Diplomat From Delhi In Retaliation

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“India asked the United States on Friday to withdraw a diplomat from its embassy in New Delhi in the latest retaliatory action over the arrest of an Indian consular official in New York on charges of visa fraud.  An Indian government official said the U.S. diplomat was involved in the case relating to Devyani Khobragade, the New York-based Indian consular official, that has strained ties between the two countries.  Khobragade was flying home on Friday from the United States after a deal in which she was indicted for visa fraud and lying about how much she paid her housekeeper, but allowed to leave because of diplomatic immunity.”

http://www.businessinsider.com/india-us-diplomat-scandal-continues-2014-1

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Kerala India Group Wants Wedding Gold Limits

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“The women’s commission of India’s Kerala state is seeking to limit the amount of gold given at weddings to no more than 80 grams to reduce the burden on families and help ease India’s trade deficit. Most Indians see gifts of gold, mostly jewellery, from the bride’s family to the groom as auspicious for a marriage, helping to ensure financial security. But grooms have been seeking increasing amounts of gold as rising duties and restrictions on imports have led to a shortage in India, the world’s second-largest gold consumer after China.”

http://www.thedailybell.com/news-analysis/34925/Kerala-India-Group-Wants-Wedding-Gold-Limits/

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India eases gold lending rules

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“India’s central bank has increased the amount that finance companies can lend in return for gold deposits.  Under the new rules, non-banking finance companies (NBFCs) can lend up to 75% of the value of gold, from 60%.  The central bank revised the rules because their gold loan portfolios were showing only moderate growth.  Lending against gold is a fast-growing business in the Indian economy, and the industry is valued at more than $20bn (£12bn).  India is placed 11th in the global ranking for gold holdings by central banks, with 8.4% of its reserves held in gold, according to the World Gold Council.”

http://www.bbc.co.uk/news/business-25663872

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Bitcoins use by tea trade brought to notice of Ministry, board

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“In the winter session, several Members of Parliament raised questions about the use of the Bitcoin instrument by a section of small and specialised tea growers to sell their produce abroad. They wanted to know if the Government was aware of such practices, and if so, was it contemplating any action.  The Bitcoin instrument helps the exporter and the importer of tea clinch a deal directly without any middleman. The transaction can be completed within a few minutes and weekly holidays, bank holidays or strikes do not stand in the way of concluding the deal. Also, payments can be received from anywhere in the world without any bank transfer or the use of debit or credit cards.”

http://www.thehindubusinessline.com/industry-and-economy/agri-biz/bitcoins-use-by-tea-trade-brought-to-notice-of-ministry-board/article5541416.ece

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Coming soon: Bitcoin Alliance India

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“With the Enforcement Directorate and the I-T Department turning their attention to digital currencies such as Bitcoin, the virtual currency community has taken the first step towards forming a trade and lobbying association that will attempt to be the ‘voice of Bitcoin in India’.  Called the Bitcoin Alliance India (BAI), which takes after the Bitcoin Alliance of Canada, the association currently accepts donations — which will be used towards the initiatives of BAI.  The organisation, which will soon outline its goals, has started signing individual and corporate members. Its members currently include Na Vijay Shankar, a cyber law expert.”

http://www.thehindu.com/business/Industry/coming-soon-bitcoin-alliance-india/article5530783.ece

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Jewellers open Gulf shops to serve 50-60% rise in India gold sales

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“The new year has begun on a gloomy note forgold jewellers. A 10% import duty along with a 1% VAT and a high premium of $125 per troy ounce have made Indian gold costlier and less attractive to non-resident Indians (NRIs) who are now buying gold jewellery from Gulf countries where sales have increased by 50%-60%. An increase in NRI purchases in West Asia has prompted Indian jewellers like Kalyan Jewellers to open shops in the region. Malabar Gold & Diamond, which is already present in the region with 32 retail showrooms, has drawn up plans to add 10 showrooms in the region this year.”

http://articles.economictimes.indiatimes.com/2014-01-06/news/45918580_1_kalyan-jewellers-import-duty-bachhraj-bamalwa

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India may ease gold import curbs later this month

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“Indian officials are in discussions to cut a record high import duty on gold and relax rules on exports, government sources said, after the measures helped narrow the country’s trade deficit and now threaten to encourage smuggling.  With three duty hikes last year to a record 10 percent and onerous restrictions tying purchases to exports, official arrivals shrank almost 90 percent in the six months to November, helping China displace India as the world’s top gold buyer.  The decision to cut the import duty is likely to be taken anytime this month, said one of the government sources, who has direct knowledge of the deliberations but did not want to be named because of the sensitivity of the issue.”

http://www.financialexpress.com/news/india-may-ease-gold-import-curbs-sources/1216037/0

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