Wednesday, August 15, 2018

The Future of Cryptocurrency

Cryptocurrency and its future

When it comes to cryptocurrency the first thing we think of is Bitcoin. Bitcoin is a cryptocurrency which launched back in 2008 as a response to the world’s financial crisis. It was developed by Satoshi Nakamoto. The whole idea behind its development was to remove dependence on financial institutions and their ilk, the very persons who led to the financial collapse back in 2008.

But for most of us the whole concept of digital currency just does not sink in. I mean it is not something you can hold in your hand, it does not have any symbol like the Dollar attached to it, then what is it? Will it mean something when you hold it or is it nothing much than an idea? There are nearly 1,800 to 3,000 cryptocurrencies out there depending on the type and day of week it is. The vast majority of us as well as businesses do not know what to do when it comes to this form of currency.

The Wild Wild West of Cryptocurrency: 

Cryptocurrency is like the Wild West for many people. They just do not know what to make of it. To take it seriously or accept it as something of a passing fad?

But cryptocurrency may well be a part of our future. The traditional forms of currency have not undergone a change since the early 1900’s. only the laws and policies governing currencies have changed.

Just like everything in this world, change will happen maybe not now, but maybe in the future. The only constant is change.

For cryptocurrency to happen everything is already lined up. The technology, the networking is all there, the only thing not there is awareness and whole- hearted adoption which may not be so easy to achieve of the two.

Launch of a new type of Cryptocurrency: 

Recently a new form of cryptocurrency was launched which goes by the name LightPay Coin.

When it comes to Bitcoin, the first two things people are really worried about are the speed of verifying the transaction and the anonymity of people behind those transactions, which LightPay Coin seems to clarify.

Two months after LightPay Coin cryptocurrency launched, it was being used internationally with a market value of 8 million. You may be thinking 8 million what, well there is no real answer to that because cryptocurrency’s don’t really have any denomination.

A new masters programme to make you cryptocurrency savvy? 

When cryptocurrency is launched a new form of skill that will be high in demand is for people to know how to use it and this has led UCF’s College of Business and College of Engineering and computer Science to develop a 30- credit hour masters of Science in Financial technology.

What happens when Cryptocurrencies are used? 

The most important purpose of cryptocurrency is to remove the need of a third party. But that will not be totally possible as the Securities and Exchange Commission will need to regulate volatility to a certain extent.

Sunday, May 6, 2018

New Tesla Bull Sees Case for Sixfold Surge to $300 Billion Value

Investors are alarmed with sounding off Tesla bull after a conference call

Tesla has been building slowly but strong. Its subsequent rise as a major tech firm with multiple interests has not just surprised a number of sceptics, critics but even its fans. It has risen over a number of fully documented and embarrassing failures but the last quarter has been extremely better for Tesla. However, the behaviour of its CEO during one conference call has simply changed the whole dynamic and sounded off the Tesla Bull. The behaviour shown by the Elon Musk during the conference call has emerged as a huge issue even though the performance of the firm has been acceptable and within the expectation set forth earlier. This has resulted in adversely affecting the performance of the Tesla shares in the open market.

Tesla: Shying away from questions

While taking on the conference call Musk had interrupted two analysts from asking questions. These questions were specifically targeted on the first quarter loss which happens to beat the expectations. Musk didn't take these question in his usual calm and simplistic stride rather termed the query raised by the analyst as boring bonehead and even suggested that the dry discussion is simply killing him. After which he went in his usual rhythm spent a large portion of his time joyfully interacting with the Tesla shareholder and the bloggers on a wide range of topics.

Tesla bull has been specifically sounded by his sheepish attitude in dealing with the queries raised by the analysts. It is worth noting that Tesla only allows one question per person but after sounding off the Tesla bull its CEO was more interested in getting the queries answered by the bloggers and shareholders rather than analysts.

Maligning the good days

So far Tesla was having a good quarter to shown in quite some time and it brought a wide range of positive signs. This has helped in building trust and credibility among the public, shareholders but criticism is always there. Upon hearing the queries from the analysts Musk appeared to be quite frustrated and this gave a sign to the Tesla haters of showcasing him as an unhinged or unglued person. One of the trade experts has stated that it is high time that Musk starts understating the basic thing that he is working for the shareholders. And it is own interest and company that he interacts with analysts in the best possible manner rather than running away from it which eventually will lead to more sounding of Tesla bull in future.

Shares are down

The frustrated and visibly shaken behaviour shown by Musk after the conference has not sounded Tesla bull but it has even given the dreaded 'red flag' to the company on the stock market. Tesla share is being sold on the stock market at a massive price tag of $385 and the consistent positive behaviour in the recent past made it stronger. But his behaviour has brought disaster for the firm as one of the premier analysts has given it a red flag and he is re-evaluating the stance on the company. The effect of Tesla bull can be easily seen on the stock market where its shares went down by 7% and traded at a low $280.

Sunday, April 15, 2018

An Introduction to Popular Digital Payment Platforms

Digital Payment – Useful System of Transaction

The digital payment platforms have now become the most useful system of transaction in the Indian economy, particularly post demonetisation. When the announcement of doing away of Rs 500 and Rs 1000 notes had been made by the government, people had to move to digital payment method in a hurry for daily requirement on daily living for making payments on shopping to the payment of bills as well as to send funds to their family members. This situation had created a huge chaos among the citizens driving them to frustration.

The digital payment method though well-known now has its quotient of advantages and disadvantage. Its main benefit is the convenience of digital platform which can be utilised with ease. With several of the merchants now accepting the digital payment method, it gets easier in making transaction for, sending and receiving money in the digital mode.

The government is also encouraging such platforms with exemption from service tax when digital payment is done up to Rs. 2000 and 0.75% discount on fuel transactions. Moreover, users also benefit with referral bonus and cashback to merchants who tend to utilise the UPI platform BHIM by the National Payments Corporation of India.

Utilise – Safe Manner

Though digital payment is well known, it is essential that the same should be utilised with caution. Users need to know how to utilise the digital manner is a safe manner. Users could also get mixed up in choosing from the several digital system of payment in the market since there are many options to choose from. Some of the well-known digital modes of payments are mentioned below for ready reference:


Unified Payment Interface – UPI assists in sending and receiving money directly to one’s bank account. It enables the transfer of funds on utilising the UPI ID or the account numbers. Several popular UPI apps like BHIM, SBI UPI, HDFC, UPI, Tez, iMobile apps and much more are available in the market.


E-wallets were beneficial when demonetisation had come up and the ATMs were not functioning. Since then people opted for it as a part of their daily activity. E-wallets can be utilised in the payment of utility bills, payment to be done at local stores, in sending and receiving money anywhere etc. Users need to be aware that KYC is compulsory in utilising e-wallets according to the instructions of RBI

Aadhaar Enabled Payment Service -AEPS

AEPS is said to be a digital paymentsystem that utilises the Aadhar number while paying the creditors. AEPS, unlike the other types of payment charges for the transactions that are made by the user or on behalf of the user. It tends to use your fingerprint as a password and the need of a signature is not essential, or an account number or any alphabetic or numeric password. It can be utilised in making interbank transfers also.

Unstructured Supplementary Service Data – USSD

USSD is unlike the other types since the use of internet is not needed. Users can check into their account send money or even alter MPIN with only a feature phone known as *99# since it utilises *99# as its code for transactions. Rs 5000, is the limit for each individual on the platform where a maximum charge of Rs 2.5 is charged for each transaction.

Wednesday, November 1, 2017

GST, demonetisation having desired impact?

GST/Demonetisation/Swachha Bharat – Anticipated Influence
According to Finance Minister, Arun Jaitley, the initiatives of the Modi government such as Swachh Bharat, Goods and Services Tax – GST, together with the demonetisation seems to be having the anticipated influence wherein GST and demonetisation have been causing increasing tax amenability and pressing significant of cash in the economy. Jaitley in his key note speech through video conference to the Berkeley India Conference had stated that public support to the reforms has been undertaken by the governments of the day at the centre as well as the state levels. He commented that he expects India would be capable of retaining its growth rate and live up to the aspiration of its people since it must not be overlooked that they not only belong to a huge population to service but have a very young population to service. He had informed that if India has to accept a challenge for moving into a higher economic group country, in the next one or two decades, the need to grow was essential at a much faster pace. In response to a query, Jaitley had contested that the transformation initiatives such as Swachh Bharat, GST together with demonetisation has not been the cause of any alterations on the ground.
Short-Term/Long-Term Impact
The finance minister was questioned as to `would you say there are long term benefits and the country would have to wait for those? Or is there any way to mitigate the issue being faced by the country?’ He debated that a much more serious analysis would be portrayed that even in the matter of months would show a short term positive impact on most of these projects. Though demonetisation as well as GST have been showing the desired impacts with regards to tax compliances and pressing the significant of cash in the economy, Jaitley for the first time had stated that Swachha Bharat campaign had brought to the forefront the importance of sanitation as well as cleanliness. H informed that adequate progress has been done considering sanitation and cleanliness for the first time in Indian history which has become the centre stage agenda and is making headway. The campaign of GST and demonetisation is said to be having short term as well as long-term impact.
Shake the System
Jaitley has informed that the campaign has become way beyond the administrative program and is a mass movement. He further stated that before demonetisation, Indian normal was to live with a high cash economy and not paying taxes, `you purchase a property, transact partially in cash and in business you maintain two sets of accounts. He debates on how could a country aiming to be the fastest growing major economy in the world, that aspires to grow from a developing to a developed economy continue with the normal of this kind. His observation was that one needs to shake the system in order to decrease the quantum of cash in India and hence apparently make it a more tax complaint society. Jaitley had commented that there has been sharp reduction in insurgent as well as terror activities in states such as Jammu and Kashmir as well as Chhattisgarh, in the instant repercussion of demonetisation.

Saturday, October 14, 2017

3 Months with GST -Where does India Stand Today


GST – Non-Debatable Fact

GST, the largest tax reform in the country post-Independence, is presently the non-debatable fact wherein the main advantage that have been enhanced are the incorporating of various state together with central-level taxes in organization, simplification of compliances, continuous flow of Input Tax credits together with alleviation of surging effect of taxation and probable decrease in tax rates for the majority of goods and services.

GST has been considered as not merely a tax reform but something which is much more as a technological reform and GST with GSTN has been received as a different perspective of working of government portals. GSTN had introduced open-headed architecture thus empowering circulated flow of returns as well as improvements from private sectors.

The chairman of GSTN had quoted hat while the filing due dates for GSTR-3B, would be about 80,000 returns filed onto the GSTN portal and with these vast reform in carrying out, the challenges in its roll-out together with implementation would definitely be there. GST encountered some challenges with the infrastructure and awareness with the pre-fixed due dates in July. In order to bring about the awareness on GST in the industry, the government together
with the CBEC had proactively engaged for level transition in GST.

Supported with Workshops

The concerns of agreements with regards to Indian business had been talked with the support of workshops, GST awareness programmes, Seva Kendra, CBEC Mitra Helpdesk together with various other initiatives. The GST Portal with the provision of interactive and user friendly website has offered comprehensive user manuals, FAQs in order to make the tax payers familiar with every related compliances and returns, related to GST.

Besides this, tax payers are also made aware on the important announcements together with the activities with provisions of their queries being resolved through the official social media channels. The last few months also showed the overflow of queries from the traders as well as manufacturers on the stock in position with them from the pre-GST period while some of the queries were on the transitional credits. The government, in the midst of all these queries and chaos, had come up with strong explanations on these queries. Moreover they had also bestowed the tax payer with a choice of carrying forward tax or duty on any prevailing law or on goods that were in stock as on 30th June 2017 to GST via the transitional forms.

One Time Revision

Due date for filing of TRAN 1 had been extended to 31st October 2017. Besides this the tax payers had also been provided with a choice of a onetime revision to this type of return should any errors or omissions arise. GST is said to strengthen tax compliance through reconciliation as well as authentication of invoices thereby reducing the likelihood of back-dating invoices and deceitful tax credits. The lower tax burden along with Input Tax Credit is said to be alleged in reducing the cost of materials as well as logistics thereby enhancing the economy. The operational implementation of GST now depends on the precision of Invoices.

However it was seen that businesses had been modifying their Invoice formats to accommodate with GST, the registration under GST that had been made completely digital and transparent, was also considered. Around 7 million businesses had migrated to GST with the addition of another 2.5 million renewed registrations. Though GSTN has been permitted through its portal, the amendment in core as well as non-core fields filled in by the registered companies, cancellation of registration for these units freely registered under GST tends to be one-sided questions.

Extension of Due Dates – Confusion with Tax Payers

The government has provided extensive support for the extension of due dates but these extensions of due dates over and over again has also brought about confusion with the Tax payers of the due dates against the month wherein the returns need to be filed. Due date for July had been extended till 10th, 31st October and November 10th respectively to permit the tax payers in filing their returns without much trouble.

 Presently 50 lakh tax payers had filed in July GSTR 3B and about 31 lakh had filed July GSTR 1 and 24.33 crores invoices had been uploaded in the GSTN Portal. In order to make provision to this extensive filing mechanism, it is obvious that GSTN needs additional few months to settle the same. But the main test for GSTN would be the filings for GSTR-2A where several challenges will be seen with the pull and push of data for the purpose of filings.

A recently held 22nd Council Meeting of GST had been programmed on the completion of three months of GST which brought about various relaxation filled for the tax payers. This type of relaxation would definitely be a comfortable move of the Government which would also make the campaign with the provision of GST as a Good and Simple tax.