Tag: News 📰

Startups funded by Rakesh Jhunjhunwala

Jhunjhunwala is the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid-Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited.

He is popularly referred to as the “Warren Buffett of India” and the “King of Bull Market”.

Jhunjhunwala’s stocks fell by up to 30% in December 2011. He recovered his losses in February 2012. These ups and downs forced him to reduce his vulnerability by trimming his portfolio to one-third.

His attempts to divest his Aptech stake had no takers. Jhunjhunwala invested ₹26 Crores (US$3.4 Million) in A2Z Maintenance increasing his stake in the company by 3.57%, upping his stake in the company to 23.2%.

Rakesh Jhunjhunwala startup investment in India

The first big profit of Rakesh Jhunjhunwala was ₹5 lakh in 1986. During 1986 – 1989, he earned almost ₹20-25 lakh profit. As of 2020, his biggest investment is in Titan Company which is worth ₹4,758 Crores (approx. US$600 Million).

Rakesh Jhunjhunwala will start by investing in the start-up scene of India. Mobile gaming firm Nazara Technologies, based in Mumbai, announced the acquisition of minority stake in the company for an estimated $27.99 mins by investor Rakesh Jhunjhunwala (INR 180 Cr).

Investment from Rakesh Jhunjhunwala follows the $51.1 million financing round led in the beginning of this month by the IIFL Special Opportunities Fund. “We are happy to have Rakesh Jhunjhunwala as an investor at Nazara and it is a great validation of the value increases that Nazara delivers to its existing shareholders,” said Nitish Mittersain, Managing Director and founder, Nazara Technologies.

Nazara Technologies is a mobile gaming company which acquires, adds value and sells mobile games in emerging markets. It offers massive mobile internet users mobile gaming subscriptions which consist of mainly mobile gamers in Africa, the Near East and Southeast Asia, Latin America and the Indian subcontinent for the first time. Rakesh Jhunjhunwala commented on his investment, “I still look forward to promising businesses that are the pioneers in high vertical growth. In the mobile game market, Nazara is a leading company. Nazara has a clear history of benefit delivery, cash flow, effective capital use and high ROE.

Nutrition startup Fullife Healthcare
Nazara Technologies
Conclusion
FAQs

Nutrition startup Fullife Healthcare

Nutrition startup Fullife Healthcare raises ₹50 crore from Rakesh Jhunjhunwala and other investors.

At its latest round, Fullife Healthcare is the organization that runs the Fast & Up brand for sports nutritional supplements.

The financing comes from established Rakesh Jhunjhunwala and Sixth Sense investors and Amansa Capital’s latest investment company Akash Prakash. One of the first supporters of the organization was Jhunjhunwala.

The business is widening its product range with recent investment and also aiming to add new markets, including the United States and Europe. In Italy it is already present.

Nazara Technologies

Rakesh Jhunjhunwala- Nazara Technologies

They are the leading diversified gaming and sports media network in India and developing and developed world markets such as Africa and North America, as well as providing services in the digital gaming, electronic sports and early learning ecosystems.

Mobile gaming company based in Mumbai submitted initial public bids documents on Friday to industry regulators. The business is renowned for the World Cricket and Chhota Bheem and Motu Patlu Championship games. Nazara is one of the largest digital gaming and sports media companies in India.

Nazara Technologies, founded in 2000 by Nitish Mittersain, is a developer and publisher of mobile games offering unique services as the Games Club, and an exclusive dealer for key developers of games like Electronic Arts, for instance. The business operates in Dubai, London, Africa, Singapore and in Mumbai. And it operates in developing markets in 61 more countries.

In India, Nazara has been licensed to use the mobile gaming rights of famous IPs such as Virat Kohli, Hrithik Roshan, Chhota Bheem, Royal Challengers-Bangalore, aand Motu Patlu. As of September 2017, in its network of Games on the Google Play Store, Nazara has been able to download more than 34 minutes of its monthly users, according to Nazara. The company also announced in the same month plans for an IPO of $156.5% by the end of FY18.

The online gaming industry in India estimates to be over $360mn worth, and is expected to rise to $1tons by 2021, according to the Google KPMG report published in May 2017. It is likely that this industry will cross over 310mn gamers throughout the country. The segment’s tremendous potential and offered an opportunity to explore several startups. Two more Smaaash and Passion Gaming start-ups have raised $3.8 million and $3.7 million in funding last month.

India makes up approximately 13% of the world’s online mobile gaming population, according to the data available. However, while the industry has expanded rapidly in recent years, most firms have faced difficulties in breaking down. In FY17, the company generated revenues in excess of $86 million (INR 550 cr) and income in excess of $10.3 million (INR 66 cr). This investment by Rakesh Jhunjhunwala as an accomplished investor is another confirmation of the profitable and sustainable gaming start-up model.

Conclusion

Nazara has invested and acquired in various gaming categories, including Esport, edutainment and infotainment, sports fantasy, multiplayer games such as carom and mobile crickets, over the years in order to increase its role in the gaming and sports sector. Others are the leading investors, in addition to Jhujhunwala, Plutus Wealth Management, IIFL Special Opportunities Fund.

FAQs

Who is Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala is a business magnate, one of the most renowned and successful stock market investors in India. He has made a great fortune by trading and investing in stocks. He is an inspiration for all those who want to succeed in the Indian Stock Market.

What is the net worth of Rakesh Jhunjhunwala?

The net worth of Mr. Rakesh Jhunjhunwala is estimated to be $3.3 Billion.

What is Fullife Healthcare?

Fullife Healthcare is a startup that sells sports nutrition supplements under the brand Fast & Up.

What is Nazara?

Nazara is a digital gaming and sports media company in India.

Who is the king of share market in India?

Rakesh Jhunjhunwala is known as the King of the Share market in India. He is popularly referred to as the “Warren Buffett of India” and the “King of Bull Market”.

May 17, 2021
Why Google was hit with $123 million Antitrust fine in Italy

Google has been fined by the watchdog of Italy in regards to abusing its dominant position in the market. Google already has a dominant position in the market through the Android smartphone platform. The tech company has been facing a lot of antitrust decisions in the recent years from the European Union. Let’s look at why the tech company has been fined by Italy’s watchdog.

Details of the Fine
Reason for the Fine
The Competetion
The ACGM
Google’s Response
FAQ

Details of the Fine

Google has been fined by the watchdog of Italy which is estimated to be around USD 123 million for abusing its dominant position in the market. The case is related to the modified version of Google’s OS which is used in cars known as Android Auto.

The case is specifically concentrated on restrictions made by Google on their platform towards an electric car charging app called juice pass which is made by an energy company called Enel X Italia.

Reason for the Fine

Android Auto is a feature offered by Google for the drivers and motorists to access the maps and music streaming device while the vehicle is on the run through a dash mounted device. But Enel X Italia is a third-party app that was denied access to provide its features on Android Auto.

Enel X Italia’s mobile app is available through the smartphone version of the android platform but the users can’t use it or are supposed to use their phone while driving. So, the restriction of access of the app on the Android Auto is equal to cutting down their competition.

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The Competetion

The authorities have conveyed that the Google Maps app which provides basic services for the Electric vehicles such as finding and getting directions to charging points is available through Android Auto.

According to the findings of certain authorities, Google did not allow Enel X Italia to develop a version of the JuicePass app which would be compatible with the Android Auto OS.

The JuicePass app had features that would be compatible with the motorists with safety. The app would let the motorists to find an electric vehicle station, providing directions and even reserving a place at the station.

By restricting the availability of the app on the Android Auto the authorities claim that the company has favored its Google Maps which currently provides the features of finding and locating charging stations and in the future can provide the features such as reserving a place and payment.

The ACGM

The AGCM has conveyed that Google had violated the Article 102 of the treaty on the functioning of the European Union and has given an order to make the mobile application of JuicePass available on the Android Auto platform.

They also added that Google will have to provide the same access towards the Android Auto to other third-party app developers. AGCM has conveyed that it has concerns about whether Google’s restrictions on apps would have an impact on the electric mobility market.

They added that if this was going to continue then it would permanently impact the future of JuicePass and reduce their user base when the electric mobility market is developing in the country. This would reduce the choice for the consumers and also act as a barrier to innovation.

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Google’s Response

Google has denied the accusation and has conveyed that they haven’t done anything wrong. At the same time, the company hasn’t confirmed whether they were planning to appeal. The tech giant has confirmed that the restrictions that they place on the applications are necessary to maintain the safety of the drivers.

They conveyed that they have been opening up the platform to more apps over time with thousands of them being more compatible. They have conveyed that they intend to expand its availability.

Google has said in a statement that they have strict guidelines on the types of apps which are currently supported and these apps are based on certain industry standards and driver distraction tests. They said that they disagree with the decision of the authority and are planning to review their options.

FAQ

What is meant by antitrust?

Antitrust laws are regulations that encourage competition by limiting the market power of any particular firm.

What are the 3 antitrust laws?

The three major antitrust laws in the U.S. are: the Sherman Act, the Clayton Act, and the Federal Trade Commission Act (FTCA).

What is ACGM in Italy?

The Italian Competition Authority or AGCM is the Competition regulator in Italy.

Conclusion

The AGCM has said that it would monitor the compliance of Google so that it ensures to order it effectively and implements the obligations correctly to provide access to third party apps through Android Auto.

May 17, 2021
Why has Jack Ma not made any Public Appearance

Jack Ma is a Chinese based entrepreneur, philanthropist and investor. He is the co-founder of Alibaba Group. In the Great leaders’ list of Forbes’ World’s 50 Greatest Leaders, he was ranked 2nd. He is considered to be an influential figure for the community of startups. Jack Ma had not made any public appearance for a quite few months. Let’s look at the reason for it.

Disappearance of Jack Ma
Reason for the Disappearance
Jack Ma’s Last Appearance
FAQ

Disappearance of Jack Ma

Jack Ma had not made any public appearance since October 2020 and later made an appearance through an online video during the month of January 2021. His disappearance had created a fear about his whereabouts.

It was reported that Jack Ma was also missing from the final episode of his own talent show where he provides a chance for African entrepreneurs to compete for USD 1.5 million. The talent show is named as Africa’s Business Heroes.

In the month of January 2021, the disappearance of Jack Ma had made headlines in most of the newspapers.

Reason for the Disappearance

The disappearance of Jack Ma began when he criticized the regulatory system of China in the month of October claiming that it has a pawnshop mentality. He criticized the regulatory system saying that companies like AliPay were unsuitable for financial regulatory structure just like that of China’s.

This had happened days before Ant Group was looking forward to launching one of the world’s largest IPOs worth USD 37 billion on the Shanghai exchange and the Hong Kong Exchange. Following the criticism, the Chinese authorities had launched an anti-monopoly probe against the company and stopped its IPO application.

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Jack Ma’s Last Appearance

Jack Ma had appeared in an online conference where he addressed 100s of teachers. This conference was part of his annual event which Jack Ma hosts in order to recognize the efforts of the rural teachers.

State-affiliated media Global Times had shared a video and tweeted saying Jack Ma has not disappeared, here we go and added the statement that Jack Ma just had a video conference with 100 village teachers in the morning conveying that they would meet up once the Covid situations are better.

Qingqing Chen who is a senior reported added a follow up tweet which said that Jack Ma who used to be an English teacher gave wishes to the English teachers through a video. She added on saying that normally this activity would be held in Sanya in Southern Hainan but this year due to the ongoing pandemic it was done through a video conference.

There was another video that showed Jack Ma taking a tour in a primary school in his hometown of Hangzhou. He had informed the teachers that he would spend more time in Philanthropy.

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FAQ

When was Jack Ma last seen in public?

Jack Ma was last seen on Jan 20 during a live video chat with rural educators.

Is Jack Ma the richest man in China?

Jack Ma is no longer the richest person in china in 2021.

What does Jack Ma do?

Jack Ma is an Entrepreneur, Businessperson, Teacher and a Philanthropist.

Conclusion

Jack Ma’s exact whereabouts have not yet been identified by the Chinese authority. However, the anti-monopoly case against the company has been implemented even after the appearance of Jack Ma.

May 17, 2021
Reason Why Tesla has suspended vehicle purchases using bitcoins

Recently Tesla had announced that it would accept the cryptocurrency bitcoin as a payment method for the purchase of their electric vehicles. But now the company has announced that it has suspended the use of bitcoins for the sale of its electric vehicles. Let’s look at the reason why Tesla stopped accepting bitcoins as a payment for their electric vehicles.

Tesla suspends Bitcoin payments
Environmental harm through Bitcoins
The solution
FAQ

Tesla suspends Bitcoin payments

On 12 May 2021, Tesla had announced that it would stop accepting bitcoins for the purchase of its electric vehicles. This update was conveyed by the CEO of Tesla, Elon Musk just after a month when the company had announced that it would start accepting bitcoin as a payment method.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

Elon Musk had shared a statement on Twitter that conveyed the message saying that the move from the company is suspending bitcoin as a payment method is due to environmental reasons. He added that as a result, the company will no longer accept bitcoins as a payment method for their cars.

The statement shared by Elon Musk reads the message which says Cryptocurrency is a good idea based on many levels and we believe that it has a great potential and future. He added that but it cannot come at a great cost for the environment.

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Environmental harm through Bitcoins

The environmental harm mentioned by the company refers to the emissions that are generated because of the use of fossil fuels for the mining of bitcoins. Tesla has conveyed that they are concerned about the increased continuous use of fossil fuels especially coal for the transaction and mining of bitcoins. Coal is considered to have the worst emission compared to any other fuel.

The underlying reason is that bitcoin mining requires a huge amount of computing prowess which is usually met by computers that are really powerful with the latest features. The increase in the popularity of bitcoins and cryptocurrencies has led to an increase in the mining of these digital coins which makes it harder for the miners and they would opt for more powerful computers.

This in turn increases the operations as well as the consumption of the energy through fossil fuels. These machines will require a lot of electricity for their running. It is noted that bitcoin mining operations around the world collectively use around 120 terawatt-hours of energy in one year. This is equal to the energy that is consumed by an entire country.

Some of the environmentalists have been informing about the environmental harm caused due to the increase in cryptocurrencies for a very long time. The situation for the environment is expected to get worse as days passed and Tesla has apparently realized this fact.

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The solution

The point which should be noted is that cryptocurrencies are considered to be bad for the environment only if it uses the electricity that is generated through fossil fuels. If the energy that is used to mine the cryptocurrencies are generated through coal it is expected to have a huge impact on the environment.

It is to be noted that if the same amount of energy can be provided or generated through solar energy, the impact on the environment will be neutralized and cryptocurrencies will no longer be a harm to the environment.

Tesla had already provided a hint about this solution in its statement. They had mentioned that the company is planning to use its USD 1.5 billion worth of bitcoins in the future only when the energy is generated through a sustainable source.

This means that if the environmental conditions are met, the company is more likely to start accepting bitcoins as a payment source in the near future.

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FAQ

Does Tesla accept Bitcoin?

Tesla CEO Elon Musk said the car company will no longer accept Bitcoin as a payment for car purchases.

How many Bitcoins does Tesla have?

Tesla holds around 38,300 Bitcoin that cost around $1.329 billion.

Why is Tesla not accepting Bitcoin?

Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Conclusion

Tesla is said to be looking for another cryptocurrency that uses only 1 % of the energy used by bitcoins for transactions and operations. The new Tesla payment option for the buyers shall be the cryptocurrency if it is to double down on one.

May 13, 2021
Reasons Why India saw growth surge in Exports and How does it affects Economy

The exports of India during the month of April have seen a significant rise. Experts have said that it is mainly due to the low base effect caused by the Covid-19 pandemic. Let’s look at the reasons for an increase in the exports of the country.

India’s Exports figures
Increased Demand for Products
Imports Data
Further Estimations
FAQ

India’s Exports figures

The exports of India during the month of April have increased to up to 197 % due to the low base effect. A Low base effect is a small change from an initial amount which would be translated into a large percentage change.

The Covid-19 lockdown during the previous year had temporarily stopped the economic activity which has led to the merchandise export of India which nearly increased three times to USD 30.21 billion over the same period year.

The exports have seen an increase of 16.03 % compared to the previous year that is 2019. This indicated that the low base was also supported by an increased demand in the first month of the fiscal year.

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Increased Demand for Products

The increase in exports during April was mainly increased due to the demand for products such as petroleum, gems, jewellery and engineering products. The latest data has shown that the increase in the cases due to the second wave of Covid-19 and the lockdowns in the country in different regions have not affected the demand for the products.

In the month of April, the value of exports from non-petroleum goods has increased by 200.62 % of up to USD 26.85 billion when compared to April 2019 which was USD 19.44 %. There has been an increase in the value of non-petroleum, gems and jewellery products compared to April 2019 of about 19.89 % which led to an increase of 164.28 %. The imports have amounted to USD 23.51 billion.

Oil imports for April 2019 have amounted to USD 10.8 billion which is an increase of 132.36 % on a year-on-year basis. However, when compared to April 2019 there was a decrease of about 6.62 %.

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Imports Data

The preliminary data from the Ministry of Commerce and Industry has shown that there has also been an increase in the imports of the country. In the month of April, the merchandise imports of India have seen an increase of 165.99 % which is at USD 45.45 billion.

The import of shipments when compared to April 2019 has seen an increase of 7.22 % from USD 42.39 billion. This has resulted in a trade deficit in the country which has increased on a year-on-year basis of 120.34 %.

The increase in the imports was mainly due to the increase in demands for gold and petroleum products as well as electronic goods according to the received data.

Further Estimations

Sharad Kumar Saraf who is the President of the Federation of Indian Export Organizations (FIEO) has conveyed that the impressive growth in exports has made it clear that the order booking position of the exporters of the country is extremely good and it is estimated that the gradual improvement of the situation of the country is expected to increase the exports.

He added that even though there is an increase in exports, the increase in imports and the huge widening of the trade deficit is a concern that should be looked into.

Mahesh Desai who is the chairman of the Engineering and Export Promotion Council of India (EEPC) has said that the recent increase in the Covid-19 cases has increased the risks on the growth and said that the country remains hopeful for the recovery during the year.

He added that the lockdowns and night curfews imposed by various states would create problems regarding to logistics and the workforce in the country.

FAQ

What are the main exports of India?

India’s major exports included petroleum products, gems and jewelry, and drug formulations.

What are India’s traditional exports?

Gems and Jewelry is at the top exporting commodities from India.

What is the rank of India in exports?

India ranks 19 in countries with most number of exports.

Conclusion

The World Trade Organization (WTO) had changed their projection in regards to global trade volume and has an estimation that there would be an increase in the global trade volume by 8% in the year 2021. This may lead to an increase in the exports in India.

May 13, 2021
Why did Amazon banned Chinese Sellers from its platform in USA?

Amazon one of the largest based e-commerce giant has removed certain made in china, sold on amazon gadgets from its e-commerce platform. Gadgets of companies such as Aukey and Mpow has been disappeared from the digital platform. Let’s look at the reason for Amazon to ban Chinese gadgets from its platform.

About the ban
Chinese Sellers on Amazon
The allegations
The Finding
Steps Taken by Amazon
FAQ

About the ban

Amazon.com had recently blocked the vendors of several top Chinese merchants from its platform stating the reason of suspicious behaviour. The industry insiders have conveyed that this move from Amazon is part of a targeted crackdown based on certain business practices that are questionable to the sellers on the platform, including the sellers based in China.

The most products of Mpow which is the main electronics store of Amazon has not been available for purchase from April 2021. The electronics store is run by ByteDance and Patozon which is backed by Xiaomi.

There was no response from Aukey and Mpow on the queries put forward by the South China Morning Post. However, a spokesperson from Amazon has said that the company will not be able to give comments on individual cases. He added that Amazon has systems to detect suspicious behaviour and to take prompt actions. There were no allegations of conducting fraud by Aukey and Mpow.

Chinese Sellers on Amazon

The two banned companies are Chinese vendors who have turned to Amazon in order to enter the international market. According to a recent report by Marketplace pulse which is a consultancy firm, 75 % of all new sellers on Amazon was Chinese based company as of January 2021.

The share of Chinese based sellers on the US site of Amazon had increased from 28 % in 2019 to 63 % in 2021. The most successful sellers on Amazon would generate a huge amount of profit.

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The allegations

It is seen that as these Chinese firms are moving towards Amazon, they are bringing in some shady practices which is much more common in Chinese marketplaces. According to certain Industry insiders, some of the practices include creating fake reviews for the products, increasing the sales numbers, etc.

The recent actions of Amazon can be considered as a warning from the e-commerce platform which sends the message that the US based giant will not tolerate such activities on their platform.

The Finding

The recent removal of products from Amazon’s website has created a coincidence with the reports which were sent by the antivirus product review site called SafetyDetectives. The company had conducted a survey where they received links of around 75,000 which is directed towards Amazon’s accounts.

The cybersecurity team of the company have found that the links led to the vendors of Amazon which asked for positive reviews for their products for exchange of free products which would be provided by the website.

The owner of this website has not yet been detected but the researches could find some information written in Chinese which has led them to believe that the server is located in China.

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Steps Taken by Amazon

From past few years Amazon has been working towards fighting such problems on their digital marketplace. From the year 2016 the company has banned incentivized reviews.

In the 2020 brand protection report which was released by Amazon has mentioned that the company has spent around USD 700 million and has provided new employment for more than 10,000 people to crackdown fraudulent cases and abuse.

According to a report, In the year 2020 the company has blocked more than 10 million suspected bad listings and 6 million attempts to create a new account.

Platonov has conveyed that the manipulation of review has become essential in competition between the vendors within a certain marketplace. They added saying that they are almost present everywhere with number of social media groups, websites and even a lot of companies that are specialized in techniques such as brushing and leveraging ample networks.

FAQ

What percentage of Amazon reviews are fake?

61% of electronics reviews were reported to be fake on Amazon as of March 2019.

Does Amazon allow fake products?

The sale of counterfeit products is strictly prohibited on Amazon.

How do I avoid Chinese sellers on Amazon?

Avoid brand names that are weird combinations of consonants and vowels, Avoid products that are identical to one with different brand names, and Carefully inspect products that have generic product titles and do not list a brand name, these steps might help you to avoid Chinese sellers on Amazon.

Conclusion

The problems related to fake reviews still exist on the Amazon and other online retail platform even though there have been a lot of lawsuits filed against such companies and the individuals who have written the reviews. Platonov has said that the problem would increase as Chinese vendors expand overseas.

May 13, 2021
Will Cryptocurrency be taxable in India soon

Cryptocurrencies have become very much popular in India and there are many talks that these digital coins will soon be banned by the Government of India. A Crypto Bill is expected to be announced anytime from the government and there are talks that there will be a twin tax introduced by the government. Let’s look at whether the cryptocurrencies will be taxed by the Govt. of India or not.

Tax on Cryptocurrency
GST on Bitcoin
Cryptocurrency Bill
Taxation and legality
FAQ

Tax on Cryptocurrency

There are reports that India is planning to impose a tax to boost the short-term investors in the space of cryptocurrency before bringing a ban on these asset classes.

According to reports from business standards one of the largest English-language newspaper in India, the government is planning to impose personal Income Tax (IT) and a Goods and Service Tax (GST) on the gains received by the traders and investors who are involved in the trading of cryptocurrencies and also from the gains received as platform fees.

GST on Bitcoin

A senior finance ministry official who is familiar with the subject matter conveyed that bitcoin will be categorized under the financial services which will attract a commission fee of 18% GST by exchanges under this segment.

The investors will also have to pay Income Tax on the earning earned from the cryptocurrencies. The senior official has informed an official circular which will be released soon. According to the sources from the newspaper, the authorities are aiming towards charging taxes for both the fiscal years that are April 2020 to March 2021.

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Cryptocurrency Bill

The government is also planning to introduce a cryptocurrency bill in the parliament for the ongoing session. The bill will focus on seeking a ban on the private currencies and a formal start for the development of a central digital currency which will be issued by the central bank of the country.

The actual contents of the bill are not yet known and the Government hasn’t mentioned the term private currencies. The bill is expected to fill the gaps regarding the policies according to Anurag Thakur who is the minister of state for finance.

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Taxation and legality

The Government has not mentioned how the gains from cryptocurrencies are supposed to be taxed but the CEO of WazirX Nischal Shetty said that the earnings of cryptocurrencies are supposed to be taxed like any other source of income and should come under the Income Tax slab.

He added that his cryptocurrency platform has been voluntarily paying the GST on the collection of the trading fees. According to another source which says taxation cannot be confirmed that the digital coins would be made legal in the country. He added that taxability and the legality of the coins are independent of each other and not dependent.

An anonymous official had said that while cryptocurrencies are unregulated, they have not yet been banned and the rules for taxation apply for all the services and commodities.

FAQ

Is Cryptocurrency legal in India?

Cryptocurrencies are not illegal in India anybody can buy, sell and trade cryptocurrencies.

Will India ban Cryptocurrency again?

According to the rumoured Cryptocurrency and Regulation of Official Digital Currency Bill, the Indian government might ban private cryptocurrencies in India.

Will Cryptocurrency be taxed in India?

According to the reports Cryptocurrency might be be taxed in India soon.

Conclusion

If the news about the ban of cryptocurrency and the bill regarding the cryptocurrency gets confirmed it will be a clarification on how the cryptocurrency industry will work and how the cryptocurrency users will be taxed.

May 12, 2021
How did PUBG mobile India got Approved to Relaunch

PUBG mobile India was banned by the Government of India last year. However, there have been talks over the social media that the game would have a comeback in the country and there were recently some videos circulated through the social media about the relaunch of PUBG in the country. Let’s look at how PUBG mobile got permission to launch in India again.

PUBG Relaunch in India
About the Past Ban
Approval by the Govt.
FAQ

PUBG Relaunch in India

The popular battle royale game PUBG mobile India is said to relaunch in India but with a new game and a new title name. According to the teasers which were released on the social media by the developers of the game the new version of the game could be called as Battlegrounds Mobile India.

Battlegrounds Mobile India

This will be an exclusive version of the game which will be launched for Indians. It is seen that the names of PUBG mobile India on YouTube and Facebook have already been changed to Battlegrounds Mobile India. This makes it more likely for the name to be changed. The official launch date of PUBG is still not yet out, but according to a theory there are speculations that it will be released on 10 June.

About the Past Ban

In September 2020 the popular battle royale game PUBG mobile was banned in the country, it was because the license for running the game was held by a Chinese company named Tencent. The reason for the ban was because of the high tension between India and China.

Along with hundreds of Chinese Apps, the Government of India has banned PUBG mobile regarding certain concerns such as prejudicial to sovereignty and integrity of India, security of the state and public order and defense of India.

Since the ban, the developers of PUBG Krafton Inc. have cancelled the license of Tencent and had decided to launch the game under the own name of PUBG Corporation instead of Tencent.

New Guidelines

Approval by the Govt.

PUBG Mobile India has not got any approval to relaunch in India but it is seen that they wouldn’t require any permission to relaunch in the country. It is to be noted that the Government of India has not yet approved the launch of the game in India yet.

The Indian Government had said that it has not provided any permission in order to start a website or mobile apps or any service in the country. They conveyed this information in a reply towards a Right to Information (RTI) query which was enquired by information technology policy portal Medianama.

The above sentence means that the battle royale game PUBG has not received any permission from the Indian Government but it also conveys that the game does not require any prior permission from the Government of India according to the response by the Indian Government.

They wouldn’t require the permission from the government if the game is launched under the new entity and in this case PUBG mobile is planning to launch the game under PUBG Corporation instead of Tencent Games.

None of this has discouraged the company. The company has conveyed that it has plans to set up and start a new subsidiary company in India. The company is expected to have a local office, around 100 employees and is expected to have an investment of USD 100 million.

The registration of the company is a step taken by the company to ensure the government that the information collected by the users of the mobile application will remain inside the borders of the country. The company is said to have signed a deal with Microsoft for Azure cloud since they have two functional data servers in the country.

FAQ

Why was PUBG banned in India?

The reason that PUBG Mobile India was banned was India-China standoff at Line of Actual Control (LAC) and the presence of the Chinese entity – Tencent.

When was PUBG banned in India?

PUBG was banned in India on September 2, 2020, along with another 117 Chinese apps.

Is PUBG relaunching in India?

Yes South Korean gaming company Krafton will relaunch the India version of its popular game – PlayerUnknown’s Battlegrounds (PUBG), for mobile users in a new avatar called Battlegrounds Mobile India.

Conclusion

The reason why the Government of India has not given permission may be because the version is banned by the Government and giving permission for one company would give hopes for other companies since they would also provide hopes for others.

May 11, 2021
Why Flipkart is covering Insurance for its Sellers?

Flipkart which is owned by Walmart has announced that it will cover insurance for all its platform sellers in India and waive additional fees. The announcement was made after Amazon’s announcement which said that it would reduce 50 % of the referral fees which the sellers on Amazon’s platform are required to pay this month. Let’s look at the details of the insurance cover provided by Flipkart to its sellers.

Reason for providing the Insurance
Details of the Insurance
Additional Steps taken by Flipkart
FAQ

Reason for providing the Insurance

Flipkart which is owned by Walmart has announced that it would not charge cancellation and storage fees from its sellers that are listed on their platform. They also announced that they would be providing insurance coverage to its sellers.

The main reason behind this step is to maintain a strong and friendly relationship with its seller base which is more than 3,00,000. Flipkart is the top most e-commerce platform in India and during this unexpected phase due to the global pandemic and increase in the number of Covid-19 cases in India, they are looking to support the sellers who are facing severe disruption.

Details of the Insurance

As several Indian states have imposed a strict restriction on the movement of individuals and cut down the selling of non-essential items on the e-commerce platforms, the Bangalore headquartered company on 7 May 2021 had announced that it would reduce the storage fees of sellers who are using the fulfillment centers of Flipkart and they are also reducing the cancellation fee till the end of this month.

The company had announced that it would bear a 100% premium for Covid insurance to all the sellers that are listed on their digital platform. The company conveyed that they would cover a consultation fees and hospitalization fees in between INR 50,000 and INR 3,00,000.

Flipkart had also announced that the company is making it easier for sellers to access working capital from the firm without any increase or addition on the cost.

The company has also taken a step to increase the period for Seller Protection Fund from 14 days to 30 days in order to make claims on returned products. Flipkart also conveyed that they would make their policies and performance metrics much easier for the sellers so that the state-wise lockdown doesn’t affect them.

Additional Steps taken by Flipkart

The company has announced that it has partnered with Vriddhi, which is a Supplier Development Programme in India by Walmart. The main aim of the programme is to host webinars for the small businesses in order to share the best practices which will help them to stay afloat during the crisis and ensure the safety of their workforce.

Jagjeet Harode who is the senior director and the head of the marketplace at Flipkart had conveyed in the statement that in these testing times, it is the company’s consistent efforts to support the seller partners who are facing a lot of challenges relating to operation in the country due to the pandemic.

He also added that as a democratic marketplace, the company would want to make sure that lakhs of seller partners would be able to continue their operations and keep their economic engines running.

FAQ

Is flipkart delivering non essentials?

Amazon and Flipkart have suspended delivery of non-essential items

Who is the founder of Flipkart?

Sachin Bansal and Binny Bansal are the founders of Flipkart.

What is the revenue of Flipkart in 2020?

346.1 billion Indian rupees

Conclusion

India has been witnessing a huge increase in the infections and has recorded the highest single day spike in the number of cases around the world. The lockdowns implemented in various states and the major metro cities in the country have affected the e-commerce firms and their sellers. This would be a great initiative from the company in order to support their seller base in the country.

May 11, 2021
What is Loan Restructuring and Why RBI reopened One Time Loan Restructuring Scheme

The Reserve Bank of India on 5 April 2021 had announced it has reopened the one-time loan restructuring programme for individual borrowers. Let’s look at what exactly is loan restructuring and the details of the loan restructuring programme reopened by RBI.

Loan Restructuring Programme
RBI Restructuring Programme
Types of Loans included in this restructuring programme
Eligibility
Bank Guidelines
FAQ

Loan Restructuring Programme

Loan restructuring is a feature that will allow the banks to change or modify the terms and conditions of the loan provided to an individual when they are facing a financial crisis. Banks do these in order to avoid classifying the loans as Non-performing assets and to avoid declaring the borrower as a defaulter.

If the customer will be classified as a defaulter, then the bank will have to keep aside the loan amount which will reduce the profits of the bank.

The restructuring programme may be done by the bank in different ways such as changing the interest rate, repayment period, extending the time, changing the installment amounts, etc.

RBI restructuring programme

RBI Restructuring Programme

The RBI had re-opened a one-time restructuring programme under which the bank will be able to let their borrowers to reschedule the payments they need to make or to extend the moratorium period to a maximum of two years.

This moratorium will not be like the last year’s blanket moratorium. The banks will have an option to choose or pick the borrowers who will be eligible to be part of the restructuring programme and based on the bank’s internal appraisal the period of the moratorium will vary.

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Types of Loans included in this restructuring programme

Some of the types of loans included in this restructuring programme would include credit card receivables, consumer durables, personal loans and auto loans. The banks also can include a resolution plans for loans such as educational loans, home loans and loans given for the investment in financial assets.

Eligibility

The eligibility criteria for the loan restructuring programme are that the loan account should be classified according to the standards which means that there shouldn’t be any default or pending payments on the installments as of 31 March 2021.

For the individuals who had opted for a loan restructuring programme under the scheme will be provided some relief as well. The RBI has given the freedom for the banks to modify the plans and the moratorium period by 2 years.

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Bank Guidelines

The banks will be allowed to reschedule the payments which can be through reducing EMI payment amount which will extend the time period. The banks have also been provided with an option where they can convert interest accrued or the interest which should be accrued into another credit facility.

According to the assessment of the borrower’s income streams the bank will be able to provide a moratorium for a certain period of time. The RBI had conveyed in a notification that there will be no permission provided for compromise settlements.

If the banks are planning to grant the moratorium then it would be for a maximum of 2 years and the moratorium will come into force immediately upon the resolution of the plan.

FAQ

What does RBI mean in banking?

The Reserve Bank of India (RBI) is the central bank of India.

Why is RBI called Bankers Bank?

In India, Reserve Bank Of India is known as the banker’s bank because it acts as a bank for all the commercial banks in India.

Is RBI Public or private?

Reserve Bank is fully owned by the Government of India.

Conclusion

The economic activities in various parts of the countries have come to a stand still as there has been an implementation of the lockdown. Most of the individuals have lost their income streams where the others would have lost their jobs. This will make it harder to repay their loans and this initiative from RBI will reduce the losses of the banks and the financial stress of the individuals.

May 10, 2021