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Big blow to the crypto currency market! ED sent notice to WazirX

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Big blow to the crypto currency market! ED sent notice to WazirX

Crypto currency: The Enforcement Directorate has sent a show-cause notice to Mumbai-based WazirX, which provides platforms for dealing in crypto currency, and its directors Nischal Shetty and Sameer Hanuman Mhatre. This notice has been sent to them under FEMA.

Why did ED send notice

Big blow to the crypto currency market! ED sent notice to WazirX
Image Source- Google | Image By- Business News

The ED has sent WazirX and its directors under the Foreign Exchange Management Act (FEMA) for dealing in cryptocurrencies worth Rs 2,790.74 crore.

The ED says that WazirX accepted cryptocurrency worth Rs 880 crore from its Balance account in the pool account. At the same time, cryptocurrency worth Rs 1,400 crore was sent to the Binance account.

Violation of these provisions of FEMA

ED officials say that WazirX did not obtain the necessary documents for this transaction. This is in violation of FEMA’s mandatory anti-money laundering and combating the financing of terrorism.

Stairway to heaven for money laundering

Officials say that not a single transaction of WazirX is available on the blockchain where they can be audited. It has been found that WazirX can transfer highly valuable cryptocurrencies from anyone’s account to anyone’s account without documents. For this the nationality or location of that person does not matter. In this way, it can become a stairway to heaven for money launderers.

Nischal Shetty cleaning

A clarification has also been given by WazirX CEO Nischal Shetty regarding the ED notice. He says, “All users on the WazirX platform can be identified through official identity cards. Once we get official information or notice from ED, we will fully cooperate with them in the investigation.

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Ola Scooter to be delivered straight at home!

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Ola Scooter to be delivered straight at home!

Ever since the Ola Scooter has entered the market, it has been a rage. Although it has not been officially launched yet, the company has started the booking and now the company has said that it will deliver this electric scooter directly to the customers’ homes.

According to the news of Firstpost, Ola Electric will adopt the ‘Direct-2-Consumer’ (D2C) model for the delivery of its Series-S scooter and will deliver the scooter directly at the customer’s doorstep.

Ola Scooter to be delivered straight at home!
Image Source- Google | Image By- Indian News Live

Ola Electric calls itself a tech-mobility startup rather than a vehicle manufacturing company. According to the news, not only will Ola Scooter deliver at home but will also provide doorstep service. With this, the company will not have to set up a traditional dealership network, which involves a lot of resource expenditure.

Ola Electric will create a separate logistics department for door step delivery of Ola Scooter. It will provide direct purchase and documentation, loan and other facilities to the customers.

Ola Scooter to be delivered straight at home!
Image Source- Google | Image By- Nation World News

Luxury car makers Mercedes-Benz and Jaguar Land Rover have recently started home delivery of the car. But Ola Electric will be the first company that will use the home delivery model on such a large scale.

Ola Scooter has released a new video. Earlier there was news that this scooter of the company will be available in 4 colors. But now the company says that this scooter will be available in 10 unique colors. It is likely to be launched in the month of July itself.

The booking of Ola Scooter has been opened. The company has received 1 lakh bookings in 24 hours. Its two models Ola S1 and Ola S2 are expected to be priced between Rs 80,000 to Rs 1,10,000. You can book it like this.

Ola Scooter to be delivered straight at home!
Image Source- Google | Image By- The Economic Times

The Ola Scooter can be booked on the company’s website for just Rs 499. This amount will also be fully refundable. Those who book early will be given priority in delivery.

By going to the company’s website olaelectric.com, you have to click on ‘Reserve for 499’. After that you will have to give your mobile number, on which login will be done after OTP. After this you will be asked for your name and email id. All the scooters out there in the market so far can only have a helmet in their trunk. In such a situation, a separate helmet has to be carried for the ride seated behind. Ola Scooter is going to create panic in the market with this. The 2 half helmets will fit snugly in the trunk of the Ola Scooter.

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Burger King IPO: triple the money in just 7 months

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Burger King IPO: triple the money in just 7 months

Burger King IPO was launched in December-2020. Its IPO got an overwhelming response from investors. Despite the great listing, Burger King’s shares are seeing a rise. In such a situation, this company has given great returns to the investors in just 7 months.

Burger King IPO: triple the money in just 7 months
Image Source- Google | Image By- The Financial Express

Actually, Burger King IPO opened in December, and its price band was Rs 59-60 per share. While its listing in the stock market was done at Rs 108.40. At present, this share is around Rs 180.

So far, Burger King’s stock has climbed nearly 200 per cent from its issue price, and that is, the IPO investment money has tripled in just 7 months. The lot size of Burger King’s IPO was 250 shares. Those retail investors who would have invested Rs 15,000, their money would have increased to about Rs 45 thousand now.

Burger King IPO: triple the money in just 7 months
Image Source- Google | Image By- The Economic Times

Market experts say that given the kind of business the company has, there is a possibility of further growth in the stock. Business can see a boom as soon as the corona cases stop.

Burger King IPO: triple the money in just 7 months
Image Source- Google | Image By- The Economic Times

Burger King raised Rs 810 crore through its IPO. Burger King’s IPO was the second most subscribed issue in the year 2020. This issue got 354 times the bids. The company is using this fund for opening new restaurants and for repayment or prepayment of loans.

Significantly, the company opened its first restaurant in India in November 2014. The company currently has 268 restaurants in 17 states and 57 cities of the country out of which 8 are franchised at airports and the rest are company-owned.

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Reliance Retail bought such a stake in Justdial!

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Reliance Retail bought such a stake in Justdial!

The country’s richest man and billionaire businessman Mukesh Ambani is playing big bets regarding the retail sector. Reliance Retail Ventures, a subsidiary of his Reliance Group, recently bought a controlling stake in local search engine Justdial Limited.

‘Data is New Oil’

American data analyst Clive Humby’s famous sentence is ‘Data is New Oil’, Mukesh Ambani had mentioned this sentence at the time of Jio’s launch and since then it has become clear how seriously he is proceeding with data. Huh. This deal with Justdial is also related to access to data.

Reliance Retail bought such a stake in Justdial!
Image Source- Google | Image By- 91Mobiles

Reliance Retail Bought this much stake in Justdial

3497 crore stake in Justdial bought by Reliance Retail. The company will hold 40.95% stake in Justdial. Apart from this, according to the rules related to takeover of a company, up to 26% of the shares will be bought from the market. In this way, Reliance Retail will have about 66% stake in Justdial.

Mani will remain in his post

Reliance Retail bought such a stake in Justdial!
Image Source- Google | Image By- Entrackr

Reliance Retail says that Justdial’s founder and CEO VSS Mani will continue in his post. The company will make a public announcement to buy shares from the existing shareholders of Justdial. It will buy up to 26% or 2.17 crore shares from public shareholders.

Reliance will get access to data

After taking the stake of Justdial, Reliance will get access to the data of this 25 year old local search engine company. On this the database of List Merchant will come in handy for Reliance.

There are small, medium and big businessmen, business lists from many cities across the country on Justdial. Reliance’s access to this data will help it grow its retail sector faster and make these merchants a part of its digital ecosystem.

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After Amul, now Mother Dairy increased the price of milk by 2 rupees per litre

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After Amul, now Mother Dairy increased the price of milk by 2 rupees per litre

Prices of almost everything are on a hike these days. We all are witnessing a constant rise in the prices of petrol and diesel in the country. Amidst all this, recently Amul has announced a hike in the prices of their milk and now so have Mother Dairy.

After Amul, now Mother Dairy increased the price of milk by 2 rupees per litre
Image Source- Google | Image By- Times of India

They have increased the price in different milk vairants by 2 rupees. These new rates have become effective from midnight yesterday.

The reason behind the hike in milk prices in also the hike in the price of fuel sources. After Amul increased the prices of their milk in all the states from July 1, now Mother dairy has also taken the same step.

After Amul, now Mother Dairy increased the price of milk by 2 rupees per litre
Image Source- Google | Image By- AnyTv News

Inflation is already affecting people so much, especially because of the circumstances caused by the coronavirus. Many people are either unemployed or working on a reduced salary and amid all this, inflation is making the situation worse.

Petrol and diesel prices have increased about 16 times recently. The impact of these hikes in prices is causing misery to the middle-class and poor-class people.

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Zomato IPO to come next week

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Zomato IPO to come next week

If you are waiting for the IPO of food delivery company Zomato, then there is good news for you. Zomato IPO is opening next week only on July 14.

The company has given this information in the red herring prospectus being prepared for the IPO. This offer will close on 16th July. So if you are thinking of making money by investing in the Zomato IPO, then keep money ready in your account.

Zomato IPO to come next week
Image Source- Google | Image By- The Financial Express

The company is planning to raise Rs 9,375 crore through IPO. Under this, new shares worth Rs 9,000 crore will be issued, while an offer for sale (OFS) of Rs 375 crore will be issued to Info Edge Company.

what will be the price

The company has kept the price band of Rs 72 to 76 per share for this IPO. The lot size for this will be 195 shares. That is, the investor can invest for at least 195 shares. In this way, you will have to keep an amount of about 15 thousand rupees ready in your account for investing in Zomata’s IPO.

It is worth noting that in February this year itself, Zomato had raised an amount of $ 250 million under Pre IPO Fund Raising from several investors like Quora Management, Tiger Global, Fidelity, Dragoneer and Bow Wedge. In April this year, Zomato had filed the Red Herring Prospectus Draft (DRHP) for the IPO.

Zomato IPO to come next week
Image Source- Google | Image By- TimeIsnow News

The company is currently in loss

The company had a consolidated loss of Rs 2,385.6 crore in the financial year ended March 31 this year. However, its income doubled from a year ago to Rs 2,604.7.

Despite the losses, if people are showing interest in this company, then it is because its business concept is unique and it is expected to grow a lot in the future.

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Canadian government Extend Ban on Flights from India

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Canadian government Extend Ban on Flights from India

Canadian government may extend the suspension on flights coming directly from India. Although it has not been announced, Canadian officials are going to make an announcement in this regard soon.

This suspension began from April 22 which was later extended for another 30 days on May 21 and now on June 21, it will be extended again for 30 days.

Canadian government Extend Ban on Flights from India
Image Source- Google | Image By- The Economic Times

Ban was put since India has been hit severely by the second wave of coronavirus. To prevent it from spreading Canadian government announced a ban on flights coming directly from India. This delta variant of coronavirus was called 150% more transmissible than the original version.

Before the flight ban, both Air Canada and Air India were operating daily flights between the Toronto & Vancouver and New Delhi in India. It was being done in an air corridor arrangement that came into place last summer. Passengers from India who arrive via an indirect route, through a third country, will have to provide a pre-departure negative coronavirus test result from the last port before they got to continue their journey.

Canadian government Extend Ban on Flights from India
Image Source- Google | Image By- Business Standard

 It is expected that now there will be an ease in the norms for air travel. Especially, with regards to the previously mandatory hotel quarantine for those who are fully vaccinated.

So far, a negative RT-PCR test is required before boarding and another test is taken on arrival and by the time result comes, one is to stay in a designated hotel. Even if the report comes negative, a 14-day self-isolation is compulsory.

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Get the work done soon, more TDS will be deducted from next month

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Get the work done soon, more TDS will be deducted from next month

You should get this one thing done as soon as possible. Otherwise, from next month there will be problems in banking services including debit-credit card payment, UPI payment and TDS will also have to be paid more.

Under Income Tax rules, it is mandatory for everyone to link their PAN card with Aadhaar. For this, the Income Tax Department has set a deadline of 30 June 2021. If you do not link your PAN card with Aadhaar by 30 June 2021, then your PAN card will become invalid under Rule 114 AAA(3) of Income Tax Rules, 1962. Due to this you will face many problems.

Get the work done soon, more TDS will be deducted from next month
Image source- Google| Image by- The Economic Times

If your PAN card given for TDS deduction under section 206AA(6) of the Income Tax Act 1961 is not valid or operative, then it is considered that the person has not submitted the PAN details with the TDS deductor and then in this situation The provisions of section 206AA(6) are applicable and in this case your TDS is deducted at 20%.

However, the 20% rate of TDS is applicable only on interest or dividend income on fixed deposits. Or for those things where the rule of TDS is applicable, where it is not so, then this rule will not be applicable.

Get the work done soon, more TDS will be deducted from next month
Image source- Google| Image by- TaxGuru

According to the Income Tax Act, it is the responsibility of the taxpayer to pay the tax. In such a situation, after linking Aadhaar and PAN, you will have to inform the bank, post office for interest income, companies for dividend, mutual fund companies etc. so that not much TDS is deducted.

It is mandatory to link PAN and Aadhaar. This will keep your banking transactions smooth. Not much TDS will be deducted, trading on demat account can also be done in normal way

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Gautam Adani no longer Asia’s second richest man

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Gautam Adani no longer Asia’s second richest man

Gautam Adani is not Asia’s second richest man anymore as his net worth saw 70 crore rupee fall in only three days. Now he holds the third spot.

According to the Bloomberg billionaire, after losing 4 billion dollars, Adani’s net worth has fallen to 67.4 billion dollars. Due to this, Chinese business man, Zhong Shanshan has taken the second spot and with 84.5 billion dollars’ net worth, Mukesh Ambani remains the Asia’s richest man.

Gautam Adani no longer Asia’s second richest man
Image Source- Google | Image By- Business Standard

Since Monday the price of Adani group’s shares has been crashing. The shares of Adani Ports have fallen down by 8.5% and the shares of Adani Transmission, Adani Power and Adani Total Gas has decreased by 5%.

Reportedly, NSDL has recently frozen the accounts of three foreign fund and these funds has invested 43,500 crores in Adani Group. Therefore, the company has been facing a downfall.

Gautam Adani no longer Asia’s second richest man
Image Source- Google | Image By- The Print

However, NSDL denied this news and even Adani Group called it baseless. After that some improvement has been seen the prices of the share but they haven’t been able to make full recovery.

On Friday, when the stock market closed, the net worth of Gautam Adani was about $77 billion according to the Bloomberg Billionaire and in only three days his net worth has fallen by 9.4 billion USD.

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Technical error in HDFC Bank App, bank advises users to use Netbanking

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Technical error in HDFC Bank App, bank advises users to use Netbanking

HDFC Bank faced a technical error on Tuesday due to which their app went down and a lot of users complained about it. The bank requested its customers to use Netbanking facility to get the work done until they fix the error. Later they tweeted and informed their users that the problem had been taken care of.

Technical error in HDFC Bank App, bank advises users to use Netbanking
Image Source- Google | Image By- Business Today

Their first tweet said, “We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused. Thank you.”

An hour later the Bank informed by tweeting “Please note the issues around mobile banking app is now resolved. Customers can now use NetBanking and mobile banking app for transactions. We regret the inconvenience and thank you for your patience.”

Such technical errors have arisen before. In December, 2019 the mobile banking and net banking services of HDFC got shut. That time people faced many issued due to it.

Technical error in HDFC Bank App, bank advises users to use Netbanking
Image Source- Google | Image By- IBTimes India

Later, in December, 2020, under the Digital 2.0 program, RBI stopped all the serviced that were to be launched by HDFC Bank.

Even this year in March, the customers faced problems in the use of the net banking and mobile app of HDFC.

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Mukesh Ambani did not take salary last year amid Corona crisis

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Mukesh Ambani did not take salary last year amid Corona crisis

In view of the magnitude of the covid-19 epidemic in the country, Reliance Industries (RIL) Chairman Mukesh Ambani did not take any salary during the financial year 2020-21. However, even in the year of Corona crisis, Mukesh Ambani’s own net worth has been increasing continuously. Significantly, for the last several years, Mukesh Ambani was taking a salary of Rs 15 crore annually.

What Mukesh Ambani said

Mukesh Ambani did not take salary last year amid Corona crisis
Image Source- Google | Image By- Business standard

Mukesh Ambani’s own net worth has increased by $ 8.2 billion in the last one week due to the rise in the price of Reliance’s shares. There has been no change in his salary for the last several years. The company has said in its annual report released on Wednesday that due to the Corona crisis. Mukesh Ambani did not take any salary. In a letter sent to the shareholders, Mukesh Ambani has said that the Covid epidemic has ruined the lives of many and has also affected the health of the country’s economy.

If we talk about other officers of the company, then Executive Director Nikhil R. Meswani has taken a total package of Rs 24 crore annually. The another director Hital R Meswani has also received a package of Rs 24 crore annually.

Mukesh Ambani did not take salary last year amid Corona crisis
Image Source- Google | Image By- The Economic Times

The company’s director PMS Prasad has received a salary of about Rs 12 crore annually. While Pawan Kumar Kapil has got a salary of Rs 4.24 crore. Both these directors have also received about Rs 17.28 crore as commission, which is a major part of their salary.

RIL’s annual report said, “The company’s salary policy is such that the achievements are reviewed and rewarded on the basis of performance.”

Money increased by more than 52 thousand crores in a week

Mukesh Ambani may not have taken any salary in the last financial year, but due to the boom in Reliance shares, his own net worth has increased continuously. He has risen to 1st place and up to 12th place in the ranking of the India’s and world’s richest people respectively. In the last one week alone, his wealth has increased by about $ 7.2 billion to $ 84.2 billion.

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