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Livemint, May 05, 2018 Flintstone Technologies Pvt. Ltd, a company engaged in trading in cryptocurrencies has challenged a Reserve Bank of India (RBI) circular, prohibiting banks and financial institutions from providing services to such virtual currencies, in the Delhi High Court. The plea was on Friday listed for hearing before Justice Rajiv Shakdher, who asked the high court registry to place it before the bench, which is already hearing a similar matter. Maharashtra-based Flintstone Technologies has sought the withdrawal of the 6 April RBI circular, claiming that it is “arbitrary, unfair and unconstitutional”. The company has contended that the RBI circular has “fenced” all the entities regulated by the apex bank from providing services to any individual or business dealing in virtual currencies like cryptocurrencies. The company, which claims to provide an online crypto-currency digital wallet service for Bitcoin and Money trade coin—both virtual currencies—has conte

Livemint, May 05, 2018 The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with US, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday. The lengthy list of demands was presented to Beijing before the start of talks Thursday and Friday between top-level Trump administration officials and their Chinese counterparts to try to avert a damaging trade war between the world’s two largest economies. A White House statement did not mention specific demands, but said the US delegation “held frank discussions with Chinese officials on rebalancing US–China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers.” The statement gave no indication that US President Donald Trump would back off on his threat to impose tariffs on up to $150 billion in Chinese g

Livemint, May 05, 2018 India on Saturday urged the Asian Development Bank (ADB) to invest in fintech firms and start-ups, and resisted a US proposal for differentiated pricing of multilateral lending based on national income of the agency’s clients. Economic affairs secretary Subhash Garg told the ADB’s annual board of governors meeting that ADB should facilitate ushering in a new digital Asia, which is set to shape the future of nations. “ADB should invest in innovation and in start ups to help countries produce goods and services using technologies in digital age,” Garg told ADB board members. He also said that the agency should invest in FinTech, HealthTech and other technology-driven sectors through which public services can be delivered to people to improve their quality of life. New Delhi’s resistance to a differentiated lending policy came soon after the US suggested that wealthier nations contribute more progressively to the agency. “We consider it essential th

The Hindutsan Times, May 05, 2018 The CBI has booked ex- chairman cum managing director of PEC, A K Mirchandani, and its several serving and former officials, along with two private companies, for allegedly cheating the PSU under the Commerce Ministry to the tune of Rs 531 crore, officials said on Saturday. The agency has booked Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd, their officials along with officials of PEC on charges including criminal conspiracy and corruption, they said. PEC had entered into 15 agreements between 2010-12 with Pisces Exim Ltd for export of iron ore to a foreign buyer for which funds were released by it, they said. In its complaint, PEC has claimed that Pisces Exim allegedly defaulted on its agreement, they said. Not only it failed to supply iron ore, as required, but also failed to refund the amount paid to it by PEC, they said. “Presently, a sum of Rs 531.72 crore (including the interest up to September 30, 2016) is due and