Gold Demand,5 Year ban on Anil Ambani,6 Cooperation Pillars
Hello Readers,
Have you ever found yourself lost in a sea of blog posts, searching for that one article that truly speaks to you? What is it that draws you in? Is it a relatable story, a thought-provoking question, or perhaps a promise of valuable insights? Todaysbharat offers you such things what you want with the news that’s happening around. let's dive in!
SEBI imposes a Five-Year ban on Anil Ambani and 24 other companies from the Securities Market
Due to the fraudulent scheme at Reliance Home Finance (RHFL), the Securities and Exchange Board of India has placed a five-year ban on Anil Ambani along with 24 other companies from the securities market. The penalty imposed on him by Sebi was ₹25 crore so that he could not hold any managerial or directorial positions in any listed company or market intermediary for five years.
Image Credit: Business Standard
Sebi’s investigation showed that under Ambani’s chairmanship in Adadani Group (ADAG), RHFL lent a total of ₹ 9295.25 crore via 45 general purpose working capital loans (GPC), where 13 specified GPC loan borrowers received ₹ 4944.34 crore. These borrowers further provided another ₹ 4013.43 crore to nine promoter-related entities.
The entire outstanding amount of GPC lending, equaling Rs 6931.31 crore as on September 30, 2021, was classified as non-performing assets (NPAs) by the regulatory authority. According to SEBI, this scheme was aimed at “hollowing out the company through siphoning off significant amounts of money”, thereby causing a decrease from Rs 59.60 in March 2018 to Rs 0.75 in March 2020 for RHFL shares.
Telegram Under Investigation in India for Extortion and Gambling
The Indian government has launched an investigation into allegations of extortion and gambling against the popular messaging app Telegram. The future of Telegram, which has over five million registered users in India, will depend on the findings of the investigation, and the app may face a ban if grounds are found to do so.The investigation is being conducted by the Indian Cybercrime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) and the Ministry of Electronics and Information Technology (MeitY). The ministries are examining the app's peer-to-peer (P2P) communications.
Image Credit: Business Standard
Telegram has been at the center of several controversies in recent months, including exam paper leaks and the spread of false information during board exams. The app's security features allow users to maintain anonymity, making it easier for individuals to commit crimes without being caught.
The investigation comes shortly after Telegram founder and CEO Pavel Durov was arrested in Paris over his app's moderation policies. Durov, who holds multiple citizenships, was arrested as he disembarked from his private jet after returning from Baku, the capital of Azerbaijan.
Cuts to the Gold Duty in India will Increase Gold Demand during Festivals in Season
The recent cut in gold import duties by India from 15% to 6% is projected to cause heavy buying of gold ahead of the approaching festive period. This is aimed at fighting smuggling and already had a positive effect on retail consumer attitudes that were previously adamant owing to escalating prices.
Because the festival season coincides with traditional wedding ceremonies, demand for gold will significantly increase. Experts say that else the duty cut would have pushed prices of gold above ₹80,000 per 10 grams but now selling at around ₹71,800 hence encouraging purchase.
Image Credit: The Economic Times
Industry players such as Sachin Jain at World Gold Council and Ajoy Chawla at Titan expect strong demand as consumers take advantage of lower prices offered by government. However, higher imports may also contribute to growing trade deficit in India which affects rupee’s performance. Overall, duty cut is likely to encourage buying during key festivals like Diwali and Dussehra generally considered propitious occasions for usd purchases.
Ministerial Roundtable Innovates on Six Cooperation Pillars Between India and Singapore
For the second India-Singapore Ministerial Roundtable (ISMR), senior ministers from both nations met to strengthen bilateral ties in six major areas: digitalization, skill enhancement, sustainability measures in healthcare systems, connectivity, and advanced methods of manufacturing. The Indian side consisted of Finance Minister Nirmala Sitharaman as well as External Affairs Minister S. Jaishankar who had wide-ranging discussions with their Singaporean counterparts comprising Gan Kim Yong who is the Deputy Prime Minister.
Image Credit: Hindustan Times
Following September 2022’s first ISMR, the roundtable is part of activities leading up to the 60th anniversary commemoration of diplomatic relations between the two countries. Both sides reviewed previously established Memorandums of Understanding (MoUs) and reiterated their commitment to deepening ties. They also talked about regional as well as global matters such as ASEAN and G20 – this highlights the importance of strategic partnership to deal with present-day challenges and possibilities for joint growth.
“The happiness of your life depends on the quality of your thoughts.” - Marcus Aurelius