Virtual currencies, or digital cash, are gaining popularity as a new way to purchase goods or services. They are not regulated or issued by a central bank. The most popular virtual currency is Bitcoin, which soared above $ 1,000 for the first time on 27th November.
What is Bitcoin ?
It is a digital currency that is created and exchanged independently of any government or bank. The currency is generated through a computer program and can be converted into cash after being deposited into virtual wallets. In 2008, a programmer known as Santoshi Nakamoto (which is probably not his real name ) posted a paper outlining Bitcoin’s design and later in 2009 released software that can be used to exchange Bitcoins using the scheme. That software is now maintained by an open-source community coordinated by developers.
Ans :- The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under :- Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:
Whether the guidelines issued on 'no-frills' account with 'nil' low minimum blaneces will continue even after the introduction of 'Basic Savings Bank Deposit Account'?
No. In supersession of instructions contained in RBI's earlier circular on No Frill accounts, banks have now been advised to offer a 'Basic Savings Bank Deposit Account' to all their customers vide a new circular dated August 10, 2012, which will offer minimum common facliities as stated therein. Banks are required to convert the existing 'no-frills' accounts' into 'Basic Savings Bank Deposit Accounts'.
RuPay is the Indian domestic card payment network set up by National Payments Corporations of India (NPCI) at the behest of banks in India. The RuPay project had been conceived by Indian Banks Association (IBA) and had the approval of Reserve Bank of India (RBI). National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME
A one-time amnesty for those who have collected service tax but not deposited the same with the government. Those service tax providers that have not flied service tax return since October 2007 can disclose true liability and get an interest or penalty waive off.
Provident funds, by their very nature, need to invest in risk free securities that also provide them a reasinable return. Government securiries, also called the gilt edged securities or G-Secs, are not only free from default risk but also provide reasonable returns and, therefore, offer the most suitable incesatment opportunity to provident funds.