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Here's why India has decided to crank up its crackdown against Bitcoins

Here's why India has decided to crank up its crackdown against Bitcoins

Finance
The rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has come under the government's lens. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has begun a crackdown on illegal uses of this unregulated virtual currency. Widening its probe into bitcoin investments and trade, the Income Tax (IT) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency, the PTI reported. The move comes after the IT department conducted survey operations last week at major bitcoin exchanges across the country on suspicion of alleged tax evasion. These operations were undertaken for gathering evidence f...
Banks squeeze India firms harder in $207 billion bad loan fight

Banks squeeze India firms harder in $207 billion bad loan fight

Finance
By Anurag Joshi and Anto AntonyRoiled by India’s high-profile corporate defaults, the nation’s lenders are tightening the screws on borrowers with stricter debt covenants and greater enforcement as the battle to curb delinquent loans intensifies. Banks are asking for collateral that may amount to one-and-a-half times the value of the debt on new loans extended and are insisting on contracts that allow loans to be turned to equity if the account becomes stressed, said Prabal Banerjee, chief financial officer at Bajaj Group. Borrowers in telecom, thermal power and steel businesses are among those facing strict terms, said S&P Global Ratings analyst Abhishek Dangra. “Banks are trying their level best to recover what they can upfront at the first sign of trouble,” said Rethish Varma, a B
KKR seeks to log out from Aricent, its oldest investment in India

KKR seeks to log out from Aricent, its oldest investment in India

Finance
MUMBAI: US private equity giant KKR is in early talks with strategic and financial investors including American late-stage tech investor Silver Lake Partners and Accenture to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $ 1.5 billion. KKR has mandated JP Morgan to run a formal process and the investment bank has reached out to French technology giant Capgemini to buy a controlling stake in the Santa Clara, California-based technology firm, multiple sources in the know told ET. The deal, if successful, will mark KKR’s exit from its oldest investment in an India-focused company. When contacted, KKR and Capgemini declined to comment. Accenture and Silver Lake did not return mails seeking comments till the time of going to press. Founded in 1991
At least 16 dead as overloaded boat capsizes in India

At least 16 dead as overloaded boat capsizes in India

World
Nov. 12 (UPI) -- At least 16 people were killed and seven more are missing after an overloaded boat capsized on a river in India, police said.A total of 38 passengers and three crew members were on-board the vessel, which was operated by a private company and traveling along the Krishna river near Vijayawada on Sunday."The boat was overloaded with 38 people and most of them were not provided life jackets. It capsized near a curve as it approached the Pavitra Sangamam point and most of the people were trapped underneath and were killed," an assistant commissioner of police said.Local fishermen rushed into the water and managed to save 15 passengers and another three were rescued by members of the National Disaster Response Force.The boat exceeded its maximum carrying capacity of 24.Deputy c...
Dubai bank Emirates NBD begins operations in India

Dubai bank Emirates NBD begins operations in India

Finance
DUBAI: Emirates NBD, the UAE's second-largest lender, has started operations in India with an aim to invest USD 100 million capital into its Indian operations, the bank said. The Mumbai branch marks the bank's fifth international branch outside of its UAE network. The branch will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions. The bank plans to invest USD 100 million capital into its Indian operations, Emirates NBD said. "We are delighted to expand our footprint to India, building on the UAE's strong historic, cultural and commercial ties with the country. As a key trading p...