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GoodTime NationSeptember 15, 2017
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1min60

China: By midnight on Sept. 15, all Beijing-based cryptocurrency exchanges must halt new user registration and issue a public notice detailing when the exchange will formally close, according to a policy document seen by Caixin and confirmed by a source close to regulators.

The document, issued by the Beijing branch of a central bank-led committee overseeing internet financial risks, also required all cryptocurrency exchanges under its purview to submit detailed plans to exit the market by 6:00 p.m Beijing time on Sep. 20. They must also confirm bank accounts used for client funds, and register with the central bank by the same deadline.

All exchange shareholders, controllers, members of senior management, and personnel in charge of finances and key technology must remain in Beijing to cooperate with authorities.

The newspaper said the Beijing city regulator held talks with crypto-currency exchanges in the city on Friday.

It also cited another notice issued by a Beijing city group in charge of overseeing internet finance risks as saying exchanges must announce an immediate stop to new user registrations by Friday.


GoodTime NationJune 27, 2017
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2min180

In the coming financial year 2017-18, the new fiscal year may be applicable in the country. It is expected to start in January 2018 instead of April 2018. In such a situation, the upcoming general budget can be presented in November 2017. If this happens then it will end 150 years old tradition.

Sources said that the next budget could be projected by the central government in November. According to sources, after PM Modi advocating change, the government is working to change the financial year and that too from this calendar year.

Second historical change possible

Earlier, the financial year 2017-18 was presented by the government a month ago, on February 1. For decades, the tradition of presenting the general budget was only in the last week of February. In this case, if the financial year starts from January then this will be second historical change.

Discussion on the proposal is happening

The budget session of Parliament will start before December so that the budget process is completed until the end of the year. It takes about two months to complete the budget process, in which case the possibility is that the government can present a general budget in the first week of November.

The committee has been formed

  • Currently, the financial year runs from 1st April to 31st March, this system was adopted in 1867.
  • PM Modi has expressed his desire to connect financial year with the calendar year on different occasions.
  • Not only this, last year the Central Government also constituted a high-level committee to explore its possibility.
  • In December, the panel submitted its report to the Finance Ministry.
  • The Policy Commission had also said that due to changes in the financial year, the working season will be fully utilised and the development work will start with the beginning of the year.

GoodTime NationJune 17, 2017
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3min80

Giving the important announcement on Friday, the government said that the Aadhaar number is now mandatory for opening a bank account and for financial transactions of Rs. 50,000 or more. December 31 to all current bank account holders. All current bank account holders have been asked to deposit the Aadhaar numbers up to December 31, 2017, If not, their accounts will become invalid. According to the notification of the revenue department, all current bank account holders have been asked to deposit the Aadhaar numbers issued by the Indian Unique Identification Authority till December 31, 2017, if they do not, their accounts will not be functional.

Know the important things related to it

  • In the budget of 2017-18, the government had already made it necessary to link the Aadhar with the permanent account number (PAN) so that people could not use more than one PAN card to avoid tax.
  • In the notification issued by amending the Prevention of Money Laundering (Record Maintenance) Prevention Rules, 2005, for transactions of 50000 rupees or more by individuals, companies or partying companies, it is mandatory to submit Aadhar along with PAN number or Form No. 60.
  • While revising the rules for small accounts, the amendment states that account holders without KYC documents or deposits of up to 50000 rupees can be opened only in those branches where the core banking solutions are present. According to the new rules – such accounts can be opened in the same branch where employees can monitor them and ensure that money from such accounts is not sent from abroad. Those accounts should follow the prescribed limits of the transaction in the month and year, and the balance is not violated.
  • Such accounts would initially continue for 12 months and after that, if the account holder provides proof that he has applied for official valid verification document, then he or she can be given 12 months time.
  • “The small account will be monitored, and whenever there is a doubt of financing or funding of terrorism or any the other main risk scenario, then the claim will be identified as the official legal documents.”
  • The amendment has been made mandatory to mention the Aadhar with PAN or Form No. 60 for transactions of 50000 rupees or more, by individuals, companies or participating companies from June 1. If there is no Aadhaar number at the time of opening the account, then the applicant will have to show proof of the application made for the base and deposit the Aadhaar number within six months of opening the account.

Sridevi RanganathanMarch 30, 2017
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3min220

In the market, Reliance Jio has waged war in the field of data. All the telecom companies are offering fantastic deals to compete. Starting From April 1st, Reliance Jio will charge users for their services. But among all these, there is big news for customers. Very soon a company is going to give data at a rate of about 17 rupees per month to its users.

Canadian based company Datawind, the mobile handset maker is planning to offer internet data plan for 200 rupees a year. For this, the company plans to invest Rs 100 crore in Indian telecom service market. The company will spend this amount first six months after getting the license. Datawind, well known for cheap smartphones and tablets, has applied for a permit to become a network service provider in India. After getting this license, the company will be able to offer data services and telnet work services. However, this company can provide its service only by partnering with any existing telecom company in India.

Also read: Airtel to invest 60,000 crore rupees for network expansion and other services

We are hoping that we should get license in a month or so. Datawind will invest Rs 100 in the first six month to launch the business with focus on data services” said Datawind president and CEO Suneet Singh Tuli.
Tuli said the company plans to offer data plans that will not cost Rs 20 per month or lesser. Jio’s Rs 300 plan is affordable for those who have been spending Rs 1,000-1,500 per month. This would be only top 300 million people. Rest of the people spends around Rs 90 a month and for them it’s not that cheap. One year of data service should not be more than Rs 200,” Tuli said.

Tuli also said the company is looking for the feasibility to provide 3G or 4G speed. While talking about the their tablet business he said Datawind currently have their tablets manufacturing units in Hyderabad and in Amritsar. The demand for tablets is not bad and is producing 11,000 tablets on a daily basis.



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