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RBI Asks Banks Not to Refer to Its 2018 Circular on Cryptocurrencies

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RBI on Monday requested banks, NBFCs, and cost system suppliers to not consult with its earlier digital currencies-related round, that was issued in April 2018 and later apart by the Supreme Court, of their communications to prospects.

The newest directive comes in opposition to the backdrop of some banks and controlled entities citing the round and cautioning prospects in opposition to dealing in digital currencies.

The round pertaining to digital currencies was issued by the Reserve Bank of India (RBI) on April 6, 2018 and the identical was put aside by the Supreme Court on March 4, 2020. As per the 2018 round, entities regulated by RBI have been prohibited from “providing any service in relation to virtual currencies including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies”.

In a round with the header ”Customer Due Diligence for transactions in Virtual Currencies (VC)”, RBI on Monday stated that it has come to its consideration by way of media studies that sure banks/ regulated entities have cautioned their prospects in opposition to dealing in digital currencies by making a reference to the round that was issued on April 6, 2018.

“Such references to the.. circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020… As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the apex financial institution stated.

The round, issued on Monday, is addressed to all business and co-operative banks, funds banks, small finance banks, NBFCs, and cost system suppliers.

According to RBI, banks in addition to different entities, might, nonetheless, proceed to hold out buyer due diligence processes in step with laws governing requirements for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities below PMLA along with making certain compliance with related provisions below FEMA for abroad remittances.

PMLA refers to Prevention of Money Laundering Act, 2002 and FEMA is Foreign Exchange Management Act.

Private digital currencies/ digital currencies/ crypto currencies have gained reputation lately. In India, the regulators and governments have been sceptical about these currencies and are apprehensive concerning the related dangers, RBI had stated in its Booklet on Payment Systems issued in January 2021.

Nevertheless, RBI was exploring the chance as to “whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it, as per the booklet.

The government is also in the process of bringing a bill on crypto currencies as existing laws are inadequate to deal with issues concerning them.


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Amazon Business to permit NPOs and academic institutes to register as enterprise prospects – Times of India

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Amazon Business has introduced the launch of the Business PAN as a further license which conveniently permits training establishments and Non-Profit Organizations (NPOs) to register and store on the B2B market. As Amazon Business prospects, they’ll be capable to make the most of enterprise offers and provides, aggressive costs provided by sellers on {the marketplace}.
Until now, solely companies with GST registration have been capable of register on Amazon Business. Not all companies are required to have GST registration and therefore many companies weren’t capable of avail the advantages of buying on Amazon Business. Amazon Business now accepts Business PAN for registration of its prospects.
Amazon Business helps instructional establishments and NPOs of all sizes eradicate the necessity to search for a number of distributors to purchase merchandise and get the best worth. They can now have entry to an enormous community of sellers for handy ordering and bulk quantity reductions, thus serving to them to handle their money circulate and management their bills.
Some of the distinguished instructional institutes and NPOs which have been utilizing Amazon Business for his or her procurement wants embody Indian Institute of Management (IIM) Bengaluru, Indian Institute of Technology (IIT) Delhi, Indian Statistical Institute, Indian Institute of Corporate Affairs, Shiv Nadar University, Indian National Trust for Art and Cultural Heritage (INTACH), Dr APJ Abdul Kalam Foundation, Sri Sathya Sai Central Trust amongst many others.
Businesses can register utilizing their official e-mail and fundamental firm info. During registration, on the enterprise info web page, prospects can enter their Business PAN quantity and date of incorporation of their enterprise. Amazon Business will then confirm the Business PAN and create a enterprise account for the client.
Commenting on the launch, Peter George, Director, Amazon Business mentioned, “With the launch of Business PAN as a license type for registration, we are glad that we can extend the array of benefits offered by Amazon Business such as competitive pricing, access to wide selection of products and bulk discounts to over 80 lakh educational institutes and NGOs and fulfil all their business needs. Education Institutes and NGOs will also have access to enhanced account security, compliance tools and sophisticated analytics which can help them streamline their business purchases and significantly reduce their costs.”





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Blowhorn develops real-time monitoring platform for supply of donated medical support – Times of India

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The intra-city logistics agency Blowhorn has developed a real-time monitoring platform to assist the National capital within the struggle towards COVID by serving to guarantee well timed supply of life-saving medical gear like Oxygen Concentrators to hospitals and sufferers.
The QR Code primarily based OC Tracking platform is claimed to have been created in a span of simply 72 hours. According to the corporate, it has been serving to the Delhi Government maintain a real-time observe of the donated oxygen concentrators by bringing them on to a centralized platform.
The platform helps observe stock of oxygen concentrators throughout 18 hospitals in Delhi. The firm is claimed to be in talks with the state governments in Karnataka and Maharashtra.





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Oppo declares particular affords because it celebrates F collection’ 10 million customers household – Times of India

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Oppo has introduced the launch of the F19 Pro and F19 in new color choices: Fantastic purple and Space Silver colours, respectively. The new colors have been launched to rejoice Oppo F Series 10 million customers’ household.
Oppo is providing an array of offers and affords too as a part of the celebrations. All prospects who purchase Oppo F19 will get Rs 1000 low cost and present Oppo customers will get Double Protection guarantee free on the acquisition of Oppo F19 collection. Additionally, prospects can get Oppo Band Style for Rs 2499, and Oppo Enco W51 for Rs 3999.
Buyers can avail as much as Rs 2,000 cashback on F Series telephones on HDFC Bank playing cards, 11% immediate cashback on Paytm and no-cost EMI for six months. Additionally, engaging EMI schemes are additionally out there from main financers, comparable to Bajaj FinServ, and so on. All these affords can be found from June 16 to 30 2021.
Speaking on the event, Damyant Singh Khanoria, chief advertising officer, Oppo, stated, “We are excited to share this milestone with our 10 million customers who made the F collection so successful. We wish to thank our customers for continually believing in us and serving to us obtain such a major milestone in OPPO’s journey.”





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