Business News #6 | NF World Latest News

Cryptocurrency Bill Ban

Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the daily news and updates of Economy, Stocks, Industry and Cryptocurrency related Business News in the week.

Cryptocurrency Bill 2021: India to propose a bill to ban private cryptocurrencies and introduce an official digital currency

The Indian government plans to pass a bill to ban private cryptocurrencies in India. And establish a framework to issue an official digital currency by the Reserve Bank of India (RBI).

The government will propose this draft during Parliament’s Winter Session on November 29, 2021. In July, the RBI has already stated that it is developing its own digital money and the Central Bank Digital Currency (CBDC).

India has now become the highest number of cryptocurrency holders in the world. Hence, the government tries to take action to warn the people of the high risk in cryptocurrency. And to reduce further investments in cryptocurrency.

Business News #6

State Bank of India: No charges on online transactions for BSBD accounts

India‘s largest bank State Bank of India (SBI), announced a statement about digital transactions on November 23. The bank says it won’t charge for any digital transactions BSBD holders (Basic Savings Bank Deposit Account). Unified Payment Interface (UPI) and RuPay debit cards include in these types of transactions.

“The Central Board of Direct Taxes had directed banks to refund the charges for digital transactions collected since 1 January 2020 on the last year August 30. And not to charge further for online transactions done through digital payment modes,” SBI included in the statement.

As a result, the bank stated that it had reimbursed charges of Rs 90.20 crore to clients recovered between 1 January 2020 and 14 September 2020.

35,000 crore worth of MoUs signed by CM of Tamil Nadu MK Stalin

At the Investment Conclave 2021, Tamil Nadu’s Chief Minister signs MOUs worth ₹35,000 crores. The Tamil Nadu government signed 59 memorandums of understanding (MoUs) worth ₹35,208 crores on November 23.

According to reports, implementing the proposals will result in the creation of around 77,000 jobs. At the event, Stalin also laid the framework for 13 projects worth more than ₹13,400 crores, which would create 11,681 jobs.

He announced the beginning of ten commercial manufacturing projects worth more than ₹3,900 crores. As a result of the 82 initiatives, more than 92,000 people would get jobs.

Stalin also announced the launch of the Tamil Nadu Fintech Policy 2021 and the creation of a single-window mobile application site for investors to track project approvals.

India to release strategic oil reserves to reduce the oil price as a part of global mission

India is the world’s third-largest crude oil importer. It has agreed to release 50 lakhs (5 million) barrels of crude oil from its strategic reserves.

India has made this decision as a part of a global mission in collaboration with other large consumers such as the United States, China, Japan, and South Korea. The US has agreed to release 50 million barrels of oil from its reserves as a part of the mission.

The decision to release oil reserves puts major consumers at odds with OPEC, which considers an unreasonable price. So, this may reconsider OPEC plans to add additional supply at its meeting on December 2, 2021.

OPEC stands for “Organization of the Petroleum Exporting Countries”.

Half of the IPOs listed in November fell below their listed prices

A steep decline in Indian equities markets has driven four out of seven newly listed IPOs that made their stock market debut in November below their issue prices.

Paytm, Fino Payments Bank, SJS Enterprises, and Sapphire Foods are presently trading below their respective issue prices. Fino Payments Bank dipped 37 per cent from its listed price of ₹577.

The stock price of Paytm has fallen 41% from its issue price of Rs 2,150, as investors remain wary of the company’s high valuation and reluctant of its business model.

The firm has a large customer base, great brand positioning, and an early mover advantage in digital payment services. But it is still a loss-making company with highly aggressive pricing. So we observed a lukewarm reaction in terms of subscriptions.

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