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South Korea joins China in banning initial coin offerings
BUSINESS

South Korea joins China in banning initial coin offerings

South Korea’s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored. It added Friday’s announcement doesn’t mean the government is accepting trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed.   Like this press release? Submit yours here.
Top 10 Richest Person Of 2017 In India
BUSINESS

Top 10 Richest Person Of 2017 In India

International Agency Hurun recently released the names of top 10 richest person in India. The list was topped by none other than Mukesh Ambani with over 58% jump in his net worth. Storming into Top 10 for the first time, 44-year-old Patanjali's CEO Acharya Balkrishna has become the 8th richest person in the country after 173 per cent rise in his wealth to Rs 70,000 crore. (more…)
Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms
BUSINESS

Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms

Confederation of All India Traders (CAIT), leading advocate for small traders and businesses in India, with around 6 crore merchants across 40000 affiliates, urged the government to take action against e-commerce firms like Amazon and Flipkart, accusing them of violation of FDI norms by undertaking retail trading activities. (more…)
Tax Department To Eye Social Media Accounts To Trace Black Money
BUSINESS

Tax Department To Eye Social Media Accounts To Trace Black Money

The photos of your Singapore vacations trip or your brand new luxury car on Instagram or Facebook may lead the tax department on your doorstep if you're evasing tax or hold black money. The tax department from next month will begin amassing virtual information to trace such frauds. (more…)
Paytm Payments Bank In Early Talks To Partner With Full-Service Banks
BUSINESS

Paytm Payments Bank In Early Talks To Partner With Full-Service Banks

India’s Paytm Payments Bank is in talks to partner with full-service banks to offer services such as loans and term deposits which it cannot do on its own due to regulatory restrictions, its chief executive told Reuters. Payments banks are niche banks that were allowed by the Reserve Bank of India in a bid to expand access to financial services in Asia’s third-largest economy where millions don’t have a bank account. RELATED Paytm Starts Payments Bank, Will Offer 4% Interest Rate     The payments banks can take savings deposits and remittances but are not permitted to lend. “Anything which we cannot offer, we will be partnering with the banks. Whether it’s going to be a loan, or a credit card, or a term deposit, and other services,” said Renu Satti, CEO o...
Sequoia Capital Planning Its Exit From Noida Based Pine Labs
BUSINESS

Sequoia Capital Planning Its Exit From Noida Based Pine Labs

American venture capital firm Sequoia Capital is exploring the options to sell out its portfolio company Pine Labs, one of the country's largest PoS (point of sale) solutions provider. According to the sources reported to ET, Sequoia Capital, who presently owns two-third of this Noida based startup, is targeting a valuation of about $1 billion for it to completely exit the company. In case, such valuation demands are not met, the Menlo Park-based Powerhouse is also considering a partial stake sale in the company in which it had initially invested $1 million in 2009. Avendus Capital has been given the mandate to raise $100 million for a minority stake. "The formal mandate that is ongoing is for a stake sale. Currently , the company is being valued at $600-700 million by peers but ...