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2 years of PTI with the economy
As PTI comes onto two years, I felt like making this post on account of seeing multiple people supporting PML-N for having an allegedly better economy for Pakistan, particularly with allegations present that PTI has done nothing for the economy. So here's a short list of some major achievements done by PTI in contrast to PML-N.
Stopping Pakistan from defaulting: The move to devalue the rupee was one done despite knowing the backlash that would be faced. Under Nawaz Sharif the rupee was artificially overvalued through loans and forex reserves, this meant Pakistan had no sustainable way for repaying those massive loans. Imran Khan on the other hand had to approach the IMF due to these overlaying maturing debts, lack of growth in exports under PMLN, decline in Foreign Direct Investment and an ever higher import bill. This was done at the cost of letting the rupee massively devalue against the dollar, however paved the path for economic stability as noted by the IMF.
Renewed focus on taxation: Easily the most controversial facet of the economic policy by PTI, but one that has shown merit and results. Overall, there has been a 40% increase in returns filers and a 17% revenue increase. This coupled with a massive austerity scheme, meant that the government has started an incline towards increasing it's revenues. While this hasn't been met with open arms, it presents a solution to the everpresent crisis that the Pakistan government has faced, in it's inability to increase it's revenues. Not only that, but the general taxation system was streamlined, making it easier for individuals to file taxes. Introductions of new apps and consolidating activities for the FBR were among the efforts as well. Moreover, businesses that were entitled to tax refunds are finally being granted them, under PMLN they were held onto so as to inflate collection numbers, however under PTI that has changed and it's not inflated. It is worth noting, that because of the covid-19 pandemic, the effect of the austerity schemes and feasibility have seriously dampened, and it's created a bigger problem for increasing revenue collection.
It is worth noting, that some may criticise the overall decrease in the account deficit to be a result of the decrease in imports, and the increase in worker remittances, however this was indeed a result of the overall economic impact from the covid-19 pandemic. And that general trends support the notion of exports increasing and the account deficit decreasing in the second quarter of 2019.
Tourism: The reforms and measures taken to facilitate tourism in Pakistan were evidently among the most successful — Pakistan went from being sidelined to being amongst the worlds top destinations to visit. There were multiple reasons for this, the removal of the mandatory NOC, the initiative for online visas for upto 175 countries alongside visa-on-arrival for 50 countries were among the facilitating measures taken for tourism.
Foreign Direct Investment: What can be appreciated is the general reception of Pakistan's economic outlook, where FDI climbed by upto 137% within this fiscal year, gathering upto nearly $2.1 billion. Yet, once again — the pandemic will undoubtedly cause most countries to rethink their economic policies for now, and the overall FDI might see a downward trend with regards to global decrease in FDI. Despite, the increases in FDI are welcomed, especially considering total foreign investment rose 380 percent to $2.375 billion in July-March FY2020. Yet the sustainability of this remains to be seen.
Dealing with covid: Despite all odds, Pakistan has somehow managed to deal well with the pandemic. Coming out relatively alright, in perspective of countries such as India, Mexico, Italy, Brazil etc. The factor that plays out, is that despite being incredibly vulnerable, the country managed to pull through and has markedly reduced the impact of the virus. With regards to the economy, taking a bold risk of abating a complete lockdown, whilst met with criticism was once again a factor that showed competency. Keeping in mind that 51 million Pakistanis lived below the poverty line, and the adverse effect it would have on the economy. Pakistan managed to come through the economic contraction with only a -0.38% growth. Although the full effects are still not abated or understood, what's commendable is the fact that Pakistan under PTI has kept itself from an even worse situation. Whilst managing to keep covid under relative control. Especially given increases in exports despite the pandemic in countries such as Qatar, Saudi Arabia, and Italy.
This is by no means a highly comprehensive list, just my opinion on some of the bigger achievements; saving the economy from defaulting, adopting tax reforms, tourism reforms, export reforms among them whilst managing covid and economic stability with relative success. There are of course a multitude of other factors, successfully avoiding a blacklist from the FATF, macroeconomic reforms, attempts to strengthen the working class; ehsaas programs, Naya Pakistan housing schemes alongside other relief efforts. These are measures in accordance with curtailing the effect of increasing taxation and attempts to abate the economic slowdown that came as a result of forcing an increase in government revenue. Alongside the focus on multiple new hydroelectric dams, industrial cities, reduction of the PM office staff from 552 to 298, 10 billion tree project and an overall renewed interest in renewable energy and green Pakistan. The list is comprehensive. Pakistan remains on a rocky path, it is not out of the woods yet. Covid-19 has seriously hampered the overall projections, and caused a worldwide economic contraction. Not only that, but there are criticisms that can be attributed to the government as well, as they are not without fault. However, the overall achievements of the government with regards to the economy do present hope for the long-term fiscal policy and development of Pakistan.
Indian sugar industry’s major player Nirani Group projects going forward as a bio-energy company with sugar a by-product
Indian sugar industry’s major player Nirani Group is looking to evolve beyond the traditional sugar business model and expand further as it targets new long-term supply deals for the ethanol, leaving sugar as a by product. The company's Managing Director - Mr. Vijay Nirani told ChiniMandi News in an interview. Speaking on his assessment on the sugar season in terms of sugar production, exports and profitability he said, “With a very good monsoon this year, Karnataka is set to see a record breaking crushing season this year. The district of Bagalkot itself has forecasted a crushing of 14 million Mt, which is the highest ever. This year is an opportunity to crush with high efficiency and try and make it even with the preceding 3 bad seasons where we had to face huge natural calamities like droughts and flash floods. The high crushing that is forecasted is not all merry, as there will be a huge gap between demand and supply as there is going to excess production of sugar, it is going to be a challenge in itself this year to get a good realisation for sugar. With speculations from the Government of India, that they may not consider giving subsidy for exports, it will only multiply the challenges in hand. Though mills in the state and the country have a great chance to make up for the accumulated losses in the past, with good availability of quality cane, the millers are all set to exhibit their talents by ensuring high efficiency crushing with maximum value additions, the true crux of profitability lies with the sugar market dynamics, the Govt. has to ensure proper regulation to make sure the mills get a fair share in order to ensure timely and proper payments to farmers who are already in great distress due to continued draught, flash floods and now the spread of this deadly pandemic of COVID-19. On being asked how he sees the prices of sugar in Karnataka State considering the aftermath of Covid-19 and no announcement of hike in MSP Nirani said, “It is definitely going to be a great challenge to get a proper realisation for sugar though there is an Minimum Selling Price (MSP), if we look at the pretext of MSP being set at ₹3100 is itself not a thorough price, in order to bridge the cost gap between FRP to MSP the MSP has to be revised to ₹3500. Since sugar being an essential commodity there is not going to be a huge drop in consumption by any means at the same time we know there is already carried forward stock from the last season and the production this year is going to be massive by all measures and the consumption of sugar is not going to increase all of a sudden. This is definitely going to directly impact the price, the symptoms have already begun, the rates are already in a downward trajectory.” Sharing views about the growth prospect in Karnataka state for the sugar industry he shared, “It is definitely going to be value addition and ensuring zero wastage, we need to ensure there is a proper backward and a forward integration for all the mass that is being generated or put into use in the mills.” “The major advantages that the sugar industries have are yet untapped by many, with just sugar cane as a raw material, we can generate - Sugar, jaggery powder, jaggery cakes, sugar syrup, icing sugar, Electricity, Pulp from Bagasse, furniture from bagasse, biodegradable products from bagasse, CNG and Bio gases, bio fuels, chemicals, ENA, Ethanol the list goes on. The key to sustain is to add value to every product, rather create products of value and not just depend on sugar as a product.” He further added. Over the couple of years, Nirani Group has been widening its wings in the business of sugar, answering whether there are any further plans on expansion in capacity and beyond Karnataka Nirani said, “We started off about 2 decades ago as the smallest industry in the country with a crushing capacity of 500 mT per day, but now stand tall with a consolidated crushing capacity of 60,000mT with 230 MW of Co-Generation and with allied integration spread across 6 mills. We have understood the weight that the sector carries and envision the thousands of lives that each of our mills have an effect on. We have been turning around sick units in the state, like Kedarnath Sugars and Agro, Badami Sugars Ltd, Pandavapura SSk, Sreerama Sugars SSK, SPR sugars, these were all closed/distressed units that we took over and are being run professionally and successfully, directly helping out all the families that were associated with those mills by means of employment, by crushing farmers cane in time, by creating many unorganised businesses around the campuses and creating revenue for the state and the country. Coming towards, how we at Nirani Group are taking measures to step up for the Ethanol Blending Programme (EBP); our chairman Shri Murugesh R Nirani ji was one of the pioneers of this EBP programme, he being a close associate in the govt and decision making, had key impact in developing of this scheme. As a group we already have a production capacity of 650 KLPD and are in an advanced stage of expanding the capacities to over 1000 KLPD by December of 2021. The EBP program has truly been a blessing not just for the health of the sugar industry but also achieves major goals like, reducing crude imports, directly benefiting our FOREX and addressing major ecological crises. We were one of the first in the state to divert sugarcane juice to Ethanol, during the previous crushing season 19-20, we have produced close to 16 Million litres of Ethanol from Sugarcane juice/Syrup. Going forward also we have all the plans to divert maximum of sugar into producing Ethanol we estimate a production of close to 96 Million liters of Ethanol purely from Sugarcane juice/syrup, the decision to allow Sugar cane juice/Syrup/B-heavy molasses for Ethanol and giving attractive incentives have been a landmark policy in the country for Sugar Sector. On being asked, what long term policies should be announced by the Govt. for the sugar industry to develop he said, “The Govt. should first eliminate the EBP hinges, like allowing for OMCs to enter into a 5 year supply contract and bringing in 2nd round of Interest subvention scheme, the GOI has already addressed a big crux, the enhancement of rate for ethanol by 3 odd rupees is an icing on the cake. The key policy that is thoroughly in need is the revision in MSP to ₹3500 at least, this is no way going to burden the average consumer as shelling out ₹3 to 5 more on sugar is not a huge impact for them, as compared to the benefits that this decision would bring, timely and prompt payments to farmers and sustainability of the mills. “Also to address the challenge of excess supply of sugar in the country the GOI usually gives export subsidy, which is usually released after a lot of scrutiny and delays, instead they should allow for this excess sugar to be diverted to ethanol so that the cash cycle is quicker and we address the demand that is there for ethanol. This diversion of excess sugar to Ethanol can be considered as deemed export and the same benefit can be given to the sugar mills that adopt this mechanism. To address the issue of excess production the GOI should increase the radial distance between the plants from the existing 15 Kms to atlest 35 Kms.” Nirani added. https://storage.googleapis.com/stateless-chinimandi-com/2020/11/8b27b37c-indian-sugar-industry’s.dom\_.eng\_.02.11.2020.08.58.mp3
No, the British did not steal $45 trillion from India
This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got. I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are) Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010. One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit. Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells. So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain). Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided. It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)
Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles.India bought something and paid for it.State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.
Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.
The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.
Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally. Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no. From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period,the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground. 1. Several authors have affirmed that Indian identity is a colonial artefact. For example seeRajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.[...]Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.
Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times Tuovila, Alicia (2019). Expenditure method. Investopedia Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
While I am writing this today,on 9th Sep 2018, a litre of petrol now costs Rs. 80.50 in New Delhi, Rs. 83.39 in Kolkata, Rs. 87.89 in Mumbai, and Rs. 83.66 in Chennai, according to IOC's website. A litre of diesel costs Rs. 72.61 in New Delhi - the highest ever. In Kolkata, diesel is priced at Rs. 75.46/ litre, in Mumbai Rs. 77.09/ litre, and Rs. 76.75/ litre in Chennai. Some are cursing the Govt. and saying that same people protested against rising prices when they were in opposition and during UPA there was not too much price hike even when crude oil prices increased exponentially. Correct folks!! but what were the conditions that make both protest two completely different scenario..here we do mistake in checking it. There are some points which are to be considered before starting this blame game. Blame no.1: Price hike was not as much by UPA even if the Global Oil prices were rising. Fact: Manmohan Singh lead UPA Govt. wanted to have lesser impact of rising crude oil prices on common people so they did two things: (a) Raised almost 1.44 lakh crore rupees in terms Oil bonds to majorly bypass the impact of increasing crude oil prices and to lower the losses of oil companies (b) modest increase of 3-5 Rs in Petrol/Diesel prices. Even ex PM Manmohan Singh said that they are not doing right thing as someone has to repay the bonds.This is what PM Dr. Manmohan Singh said in his address to the nation on Jun 4, 2008. "My Fellow Citizens, I know that the price increases we have had to announce today will not be popular, even though they are only modest. You must remember that the Government is bearing the burden of issuing oil bonds. Our oil companies are making a large sacrifice and are under severe stress. However, I would like the nation to remember that issuing bonds and loading deficits on oil companies is not a permanent solution to this problem. ***We are only passing on our burden to our children who will have to repay this debt.***Cutting down on the returns of our oil companies will choke a sector vital for the growth of the economy. We need more corrective measures in future on many fronts. In the long term, our country must have a sound strategy for energy security." Link: Prime Minister of India - Dr. Manmohan Singh May be they issued these oil bonds as as burden on the country as they knew that they are not going to pay this enromous amount as they were not going to re-elected being the most corrupted Govt, the country has ever seen. Same money has been repaid by PM Narendra Modi led NDA Govt along with interest of 70K Crore that too from the foreign reserves of this Govt. During NDA one year central excise collection is almost 2-3 lakh crore so almost an year tax collection has been used for repayment of oil bonds. The strict spending and zero corruption of Modi government enabled this. link: Govt repaid over Rs 2 lakh cr on account of oil bonds taken: Pradhan Blame no.2: Govt. didn't passed benefit of reduced crude oil prices to consumers instead it increased Central Excise & State VAT. Fact: Crude Oil prices fell considerably after 2014 but Govt. didn't passed this benefit to common people as it wanted to inculcate the habit of financial discipline in economy. Govt. used additional tax collection from Cebtral Excise wisely to fuel it's Capital intensive projects to Sagarmala (Port), Bharatmala (Roads) and to boost Waterways and Airport connectivity. Along with this various social-securiy schemes were running be it PMJJY, PMSBY, Ujjwala Yojana (Free LPG connection to poor families) which already marked 5 Cr beneficiary, Ujala (LED distribution) which marked almost 30 Cr LED bulbs (upto 9th September 2018) distributed resulted in savings of 16000 Cr savings and reduced peak load demand, Jan-dhan account for financial inclusion of every household, PM Jan-Aushadi Kendra where one can purchase generic medicine instead of branded high value medicines and last but not the least 'AysushMaan Bharat' which will be milstone in healthcare as it will provide Medi-claim facility up to 5 lakhs for 50 Cr people of poor households. So ultimately the benefit of reduced crude oil prices passed to the person who is standing in the last line...the real execution of 'Antyodaya Concept' by Pandit Deen dayal Upadhyaya. Blame no.3: Same people who were protesting earlier for increased oil prices are now in Govt and not saying anything.. hypocrisy?? Fact: When I say that this Govt. is inculcating financial discipline in the ecomomy, there are reasons. While there is too much investment by the Govt in new Capital intensive and social security schemes along with running old schemes like MANREGA and food security scheme which act as a big subsidy based schemes, India Current Account Deficit (CAD) has decreased instead of increasing. Currently CAD is in the range of 2-3% of GDP during NDA compared to nearly 4-5% of GDP during UPA. Isn't it a good thing? Here Govt. shown that how to use favorable situations for benefit of the country. UPA OR NDA: Who's better for the economy? - Times of India UPA govt were having high deficit, unpaid oil bonds, gulped over 20 Lakh crore rupees in Scams ( Coal Scam was itself around 10 lakh crore) and they doomed the economy, this is how it is different from the protest of opposition at that time. All things are in India's favour be it inflation, FDI, Forex reserves, GDP as on today except falling Rupee which is due to US-China trade war and Increasing Crude Oil prices, over which Govt should take some serious actions. Do you want a Govt which gives you subsidies in terms of freebies and at the backdoor it takes away all the benefits in terms of increased financial burden of fiscal deficit and ultimately putting interest burden on Indian govt to repay it ? This is the real question. Is it your money going to scams like previous one?, NO, it is returning to the society ultimately!! This Govt is doing what it right for the country and not for appeasing people for vote bank politics. As 2019 will come near people will try their best to defame the good work by false allegations. Don't be a fool, use your rationality, analyse the conditions before accepting the allegations as it is.
As you may have read in the last Medium, referees of the new referral program are going to earn 25 CFT when they join the exchange. Let's all speculate and find what CFT is :D –– 200% speculation beyond this point, leveraged x100 –– CFT stands for Coss Fiat Token, the purpose of this token is to represent Fiat value on the exchange. The actual problem we're facing is the lack of liquidity on all Fiat pairs. Let's take ETH as an example: There are multiple ETH Fiat pairs: ETH/USD, ETH/EUR, ETH/GBP. The more the pairs the less liquidity we have. Why don't they merge all those pairs on only one pair ETH/CFT ?
"Da f*ck, I want to know how much I pay for ETH in my home country, not in CFT !"
Exactly, no one cares of CFT, and that's why you shouldn't even see it. Every user in the world will choose (or will have it auto assigned) his currency: someone living in Europe will have EUR displayed and someone in the USA will have USD displayed, but also someone living in India will have Indian Rupee displayed.
"1 CFT = 1 EUR = 1 USD ???"
No, the CFT will only be a stable coin, its rate will depend on your home currency based on Forex prices. For example we could have 10 CFT = 10 USD = 8.82 EUR etc. Positive impact: – Liquidity will increase a lot on Fiat pairs (now and especially when we get more customers trading as liquidity brings traders and traders brings liquidity). – Scalable model to integrate many countries: "I'm from xxxx country, there is not any market in my home currecny, why can't I trade Fiat. Help?". If the conversion is made on client side, Coss can integrate a lot of countries, lot of currencies with ease (as long as they can receive and send Fiat through banks at some point). – Absolutely needed for the POS (Point Of Sale) we're waiting for something around Q2 2019: if a little shop in Australia want to integrate Coss solution to accept payments in crypto, they shouldn't have to accept USD nor EUR, they should get AUD directly, same for any shop in any country around the world. Customer pays in BTC, gets automatically converted to CFT and then AUD on client side. Negative impact / Concerns: – Less opportunities to make arbitrages on Coss through different Fiat pairs (a little bit less volume). – Probably not the possibility to own more than one Fiat currency at the same time (in reality you would hold them all). – Your balance might change over time as prices on Forex moves, meaning your 132 CFT might be worth 132$ at some point and 131.53$ one day after, people will have to get used to that. – Can create some confusion to some users, especially as websites like Coinmarketcap wouldn't know how to classify the prices, as CFT wouldn't be used somewhere else (at least for some time). – Fees might increase as some conversions will be needed depending on the home country of the users (people might deposit a lot of USD and others withdrawing a lot of EUR, how would Coss manage that as it might become a real threat over time if the total CFT market cap grows to 10-50M$ for example, the model needs to be really solid. – How would it be managed on the API, would people got the prices in Fiat like on the exchange, or would they get the order books in CFT and would need to do their own conversions depending on the currency they want to use (as a personal user of the API, it seems that this would need to be considered). Other points: – Even if Coss make a promotion on it, CFT needs to be backed by real Fiat, even if 25 CFT is probably "only" 2.5-10$, it needs to be paid by someone, if not it's a Ponzi scheme obviously. That means Coss Ltd has to pay for those tokens, and I guess they do have an acquisition price per customer in mind, so this is not something I'm really afraid off, but very important for long term viability of the Fiat model. – Wouldn't be a bad thing to give Fiat to people if they do their KYC, they would at least be able to test the exchange and try trading crypto before even having to send anything. Now it's your turn to speculate, hope you enjoyed the ride ;)
MPs, state legislatures, or local bodies such as municipal corporations cannot be on the boards of public sector banks. Also, partners of chartered accountancy firms engaged as statutory central auditors at any PSB cannot join the boards of these banks, RBI said in an updated circular on fit and proper criteria in PSBs. -Economic Times The RBI clarified that banks and NBFCs cannot impose foreclosure charges / pre-payment penalties on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-obligant(s). The RBI has done away with foreclosure charges /pre-payment penalties on all floating rate term loans sanctioned to individual borrowers with effect from May 7, 2014. -Business Line IMPS is gaining traction and the number of transactions rose to 19 crores in July even as the transaction value for UPI and the Centre’s flagship digital payment app BHIM continued to decline for the second straight month. According to data released by the NPCI, IMPS hit a record high in July in terms of value, too. As many as 18.92 crore transactions amounting to over ₹1.82-lakh crore were conducted through IMPS in July against 17.13 crore transactions worth over ₹1.73-lakh crore in June. -Business Line Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd, will launch its forex trading platform, FX-Retail, for the customers of banks on Aug 5. The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement. -Business Line Corporation Bank registered a net profit of ₹103.27 crore in the first quarter of 2019-20 as against a profit of ₹84.96 crore in the corresponding period of the previous fiscal, recording a growth of 21.55%. -Business Line SBI today said the RBI has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds. -Economic Times Oriental Bank of Commerce & Punjab National Bank today said the RBI has imposed a penalty of Rs 50 lakhs on them for non-compliance relating to reporting of frauds in the Kingfisher Airlines account. -Economic Times Bandhan Bank would open 187 new branches by the end of the current FY, taking the total number to 1,187, a top official said today. The bank would also open 340 doorstep service centres by 2019-20, MD & CEO Chandra Sekhar Ghosh said. -Economic Times Punjab & Sind Bank said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the RBI, it said in a regulatory filing. -Economic Times LIC Housing Finance reported an 8% increase in standalone net profit at ₹611 crore in the first quarter (Q1FY20) against ₹568 crore in the year-ago period. -Business Line Former RBI Governor Duvvuri Subbarao on Friday said that any government trying to “raid” the balance sheet of a central bank can be seen as a desperate move. -Business Line A spate of reforms undertaken by the Government has led to the current slowdown in the country, Amitabh Kant, the CEO of policy think-tank NITI Aayog, said. This came as a note of caution from the senior official as he was advocating a series of policy decisions to revive the economy. -The Hindu The country's forex reserves decreased by $727 million to $429.649 billion for the week ended July 26, led by a decline in foreign currency assets, RBI data showed on Friday. -Moneycontrol.com As the Rajya Sabha passed the Code on Wages, 12 Central Trade Unions, except the BMS, held protest across the country demanding the Centre to withdraw the proposed Labour Codes. Terming the 4 proposed codes anti-labour, the trade unions alleged that the Bills are being passed without any tripartite negotiations with trade unions, chambers of commerce and the Governments. They alleged that there is a conspiracy to take away the right to work for 8 hours and give the power to the State governments and the Centre to set working hours. -Business Line
How the fall in Rupee Exchange Value Impacts Your Investments?
The world is the most unpredictable place. Especially with a continuous change in motion, the position of any country can’t be counted as the stable position. Talking about the development process of any of any country is totally dependent on the development of the currency of its country, how the country is actually growing in different aspects with different growth factors taking place. For instance, the growth of health conditions in the country how poor or good they are, the quality of education in the country, the rate of employment or moreover the poverty line of the country. All this depends on the value of the currency the country has, the better the currency, the better the country is. Talking about Rupee, the situation since 1945 till now is never a stabilised one. The rupee has only tangoed all this while, deliberations on the amount of debts have just grown intensely. However, when it comes to the growth of Rupee, you’ll find nothing. Although, the past few months have been ever growing for the Rupee, one can’t ignore the fact that the fluctuations were terribly high and still are. Thus, when the condition of the rupee is itself in a concoction, how can one expect to have a constant growth in another domain or field. Another reason one can find is the constant fluctuations in the Euro Exchange rate for the global markets that have their business standards quite trembling too. The impact of this tremble is quite visibly witnessed by many. As known the Indian Rupee depends on the USD for its trade growth and economy development, not to forget the constant fluctuations in the Crude Prices and the Hiking highest of the Brent shows a constant change and no possible stability due to the Waiver take off by the US due to Trump’s decision can largely impact the world. Imagine if Indian Rupee has touched an all-time low, one’s immediate reaction is to worry about the inflation and the negative impact on the finances. Stock markets have reacted negatively as foreign investors are pulling money out of emerging markets including India. https://preview.redd.it/6dzmji4ibmy21.jpg?width=500&format=pjpg&auto=webp&s=a0fc0a0f904a9f35e43659c36a967444be7bc2ff The investments will be depleted on the condition that all this will be gorged in a different shape. No high value of Rupee will result in no returns for your investments because the value of the rupee has changed totally. As an investor, an important skill is to have an ability to connect the dots. This applies to your personal finances too. Being aware of the implication of economic developments on investments can not only help save money but also seize opportunities. The investment of an investor depends a lot more on the fundamentals of a country and the movement of the country’s currency based on its fundamentals. While looking at our fundamentals we stand tall over them as one can see that there is no rise in the overall debt (excluding the corporate debt & NPAs.) For instance, the daily forecast that is published on BookMyForex for every currency can help you in taking your decision in a better way. Here’s today forecast for your reference: 22 April 2019: The rupee had opened with a positive gap at 69.46 regaining through the day touching a high of 69.6175 in the afternoon. However, the strong dollar sales in the last 30 minutes allowed the rupee to later close at 69.34. The rising crude prices confuse the rupee’s recovery. Brent broke above $74.00 mark today amidst the speculations coming from the US that Trump is to discontinue the waivers on buying Iranian Oil. Situations are tough for any forecast on Rupee as there will be no political and economic decisions taken to combat the crude price hike until the election results are out by May 23rd.
Alright people, here it is, I am now going to try and explain the whole rupee fall phenomenon as simply as I can. We're going to first try and discuss the concepts involved here and then look at what our policy makers have done. Here's hoping that you last till the end cause it was quite a lot of effort. Why am I doing this? I am tired of all the lame rupee fall jokes that flooded my WhatsApp last week. I am tired of all the people telling the government to 'Make it stop!' (Spoiler: It's not that simple). Also, I am going to get out in the job market soon and am too lazy to brush up my basics in a formal way. The prospect of educating fellow redditors makes it worth the effort. Why should you read all of this? Because you care and by the end of this, hopefully, you'll be able to talk about this in a smarter way which will potentially improve your chances with that girl. It is likely that you may already know the answers to some of the questions here. Go right ahead and skip them because I am trying to do an ELI5 here. Let's take it from the top. What is a foreign exchange rate? It is the rate at which one currency will be exchanged with another. Why do foreign exchange rates exist? Simply because the currency of one country will not be accepted in another. We have a lot of countries and we have a lot of currencies and judging by the feeds on facebook, people travel a lot. Fun fact#1: The US dollar and the Euro account for approximately 50 percent of all currency exchange transactions in the world. Adding British pounds, Canadian dollars, Australian dollars, and Japanese yen to the list accounts for over 80 percent of currency exchanges altogether. Who or what decides the exchange rate between two currencies? On a fundamental level, The value of currency, like the price of any other good or service, depends on its demand and supply. And demand for a currency, say, the US dollar, typically comes from Indian importers, people or institutions that invest in the US and travellers to the US. All these agents require dollars for transacting in the US. Analogously, exporters to the US, travellers to India and investor inflows supply US dollars in return for rupees to transact in India. If the demand for the rupee decreases compared to, say, the US dollar, the value of the rupee goes down, and vice-versa So, it's all driven by market (buyers and sellers) forces? No, There are other factors too. But we'll take them up when we're discussing the Indian context. What role does something like RBI do in all this? To understand this, we're going to dive into a little bit of theory. Broadly speaking, there are two ways of handling your currency's exchange rate: A. The Floating Exchange Rate: The market determines a floating exchange rate. In other words, a currency is worth whatever buyers are willing to pay for it. This is determined by supply and demand, which is in turn driven by foreign investment, import/export ratios, inflation, and a host of other economic factors. Generally, countries with mature, stable economic markets will use a floating system. Virtually every major nation uses this system. Floating exchange rates are considered more efficient, because the market will automatically correct the rate to reflect inflation and other economic forces. The floating system isn't perfect, though. If a country's economy suffers from instability, a floating system will discourage investment. Investors could fall victim to wild swings in the exchange rates, as well as disastrous inflation. Did that previous paragraph ring a bell? Interestingly though, we don't follow a floating rate system. Fun fact#2: Canada is the only country whose currency's value is determined absolutely and entirely by the foreign exchange market or as we just learned, by means of a 'floating exchange rate'. Their Central Bank has never intervened in years. B. The Fixed or Pegged Exchange Rate: A pegged, or fixed system, is one in which the exchange rate is set and artificially maintained by the government. The rate will be pegged to some other country's dollar, usually the U.S. dollar. The rate will not fluctuate from day to day. You decree that 1 US Dollar will always be equal to 35 Rupees and that is it. Countries that have potentially unstable economies usually use a pegged system. Developing nations can use this system to prevent out-of control-inflation. And now your thinking: Holy shit! We can do that? Why aren't we doing that? Why don't we get our currency pegged as seen in the Fixed or Pegged Exchange Rate system? For starters, the system can backfire. If the real world market value of the currency is not reflected by the pegged rate, a black market may spring up, where the currency will be traded at its market value, disregarding the government's peg. When people realize that their currency isn't worth as much as the pegged rate indicates, they may rush to exchange their money for other, more stable currencies. This can lead to economic disaster, since the sudden flood of currency in world markets drives the exchange rate very low. So if a country doesn't take good care of their pegged rate, they may find themselves with worthless currency. To further explain, assume that the demand for US dollar increases. Consequently, its value increases, such that each dollar can now buy 10 rupees instead of 4 previously. To offset such an increase, the RBI pumps in sufficient amount of dollars into the market to meet the increased demand. This process ensures that the value of the dollar is restored to its original one. The central bank can supply and draw dollars from forex reserves, which is its official kitty. Well, the problem is, we ain't got much forex reserves. India’s forex reserves, which stand at $270 billion(As of the end of August, 2013) approximately, cannot defend the falling rupee eternally. To make sense out of that figure, let us assume that one bad day, all foreign investors in our country decide to take back their money (which is extremely unlikely). In that dire situation, the RBI would have to borrow to a tune of $215 million to pay them all back. To make matters worse, the increasing oil imports and falling export share in the recent months have contributed significantly towards draining (the already concerning levels of) our forex reserves. The arguments above indicate that the RBI does not have sufficient cushion to strictly adhere to a fixed rate regime. In fact, forex reserves are the only major 'reactionary tool' we have to prevent any speculation based downfall in the value of rupee. So if Forex reserves are so damn important, why haven't we been building them up? Actually, we have been trying to. Refer this graph. If you do a simple forex reserves News based search on Google, you'll find that the last month has seen a lot of ups and downs in it implying that the RBI is scrambling to plug the hole by raising and spending these reserves. But it's still not good enough. But but...that is a good graph, why is it not good enough? Enter Mr. CAD, the media's favourite buzzword At the end of 2007, the Current Account Deficit(Mr. CAD) of India stood at $8 billion. If you refer the above graph, you'll notice that we had a forex reserve of around 300 billion by that time. That means our forex reserves were 37.5 times the CAD. For 2013, the current account deficit is at $90 billion whereas the foreign exchange reserves are down to around $270 billion. That's just around 3 times that of the CAD. That is an alarming fall. What is a Current Account Deficit? Occurs when a country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers. This situation makes a country a net debtor to the rest of the world. So, evidently, it has an impact with your foreign exchange rates. A substantial current account deficit is not necessarily a bad thing for certain countries. Developing countries may run a current account deficit in the short term to increase local productivity and exports in the future. Why is our Current Account Deficit so bad? Simply because we get a lot of our stuff from the outside. The most significantly burdensome items that we import are Gold and Oil. The two of them together constitute almost 50% of our total imports! Gold No kidding, we Indians love the yellow metal. We are in fact the largest consumer of Gold in the world. No seriously, our country is single handedly responsible for upto 20% consumption of the worldwide gold consumption. It makes sense to us because not only can we show it off at social events, we can also readily sell it later. In effect, it's like a Saving from the perspective of the mango people. Most Indians are blithely unaware that gold is not locally sourced but actually imported from countries such as Switzerland and the United Arab Emirates. Which is why we had Mr. Chidambaram 'appealing' to us. But nobody's going to listen to your appeals, Sir. My own financial security will always be more important than your CAD-MAD bullshit. Which is why we have steadily increased the import tariffs on Gold imports in an attempt to discourage gold consumption. Not very effective but it's something. Make no mistake though, although it will be 'nice' to have people buy less gold this season, in the long run, it will save yo ass. Fun Fact#3: "I have never bought gold at any point of time in my life. I don’t wear any jewelry — be it a ring or a chain, For me gold is just another metal, it just shines a little bit more.” - P. Chidambaram, Finance Minister of India - A country which is the largest consumer of Gold. Contd as Comment Below Due to Character Restrictions. Continue Reading at 'Oil'
Bitcoin is nothing but a medium of speculation! It is almost a scam now. I am talking about bitcoin and not about the blockchain technology. There was no malicious intent when Satoshi Nakamoto first introduced bitcoin; it was not easy to discern any hidden evil embedded in the financial innovation. Through the "stress test" in the real world up to the present, it could easily be argued that bitcoin has failed - bitcoin is a useless creation. Bitcoin has not introduced anything of benefit towards the good working of our financial or economic systems - not at present nor in the future. It's only use would be as a medium of speculation. As past surveys have shown, 95% of speculators lose money feeding the profits of the 5% - speculation is a zero sum game. Bitcoin's only outcome would be a transfer of money from the bottom 95% to the top 5% From /rBitcoin:
Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.
From front page of bitcoin.org:
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is an innovative payment network and a new kind of money. Fast peer-to-peer transactions. Worldwide payments. Low processing fees.
I refute almost all the widely held promoted views supposedly true about bitcoins: 1) Bitcoin is a new kind of money Bitcoin is no money! It is one of the greatest promoted untruth about bitcoin. Money in the proper sense means a token which can replace the current national fiat money like the coins and currency notes that ordinary citizens can use to pay for the grocery. Let's take the Indian Rupee. Rupee is fiat - a legal tender by government decree. Salaries are paid for in Rupee. It is money because even the poor has some amount of it to pay for purchases. No token may replace the Rupee as money as it needs the sanction of a government. No Indian government will ever replace the Rupee by bitcoin - not even at the wildest stretch of an insane imagination! It is insane to imagine any merchants wanting to run their business by accepting bitcoins. Even banks go bankrupt dealing in forex and taking too much forex risk into their books. Bitcoin is all speculation! 2) Bitcoin is a decentralized currency
Bitcoin uses peer-to-peer technology to operate with no central authority or banks.
But it needs 5 men to tell the world that Segwit2x is canceled. So much for no central authority! 3)With Bitcoin, you can be your own bank! How? 4)Bitcoin as a payment system Of course, bitcoins may be transferred between two parties. This by no means make it a "system of payment". A system has meaning only when there is easily identified benefits. There is nothing about money transfer through bitcoins that cannot be done many times more efficiently through our current conventional money transfer directly using fiat money. There have been hype about the Lighting Network which would magically solve the scalability issue of bitcoin. I am no expert. But reading their white paper seems to me it may be nonsense - from the guts, not from a true understanding. I have read others who say that Lighting Network will never arrived; these may be views from those who have studied it thoroughly. 5)Unlike fiat, the supply of bitcoin is limited; capped at 21 millionNo other money can better bitcoin at the speed of money creation! Just as the carriage of Cinderella was made to disappear when the clock struck 12 at midnight, bitcoin's supply could double "at the stroke of midnight". Even a new African government formed by a warlord would have a hard time doubling the amount of coins and notes in circulation. There are now 1000+ cryptos and many may be offsprings of bitcoin. Just add up the rate of money creation. 6) Bitcoin is digital GoldBitcoin is a new digital store of wealth better than gold. No way! The value of gold will never go to zero, but bitcoin may. When there is a much better technology to create a crypto coin, bitcoin's value will go to zero. When the last copy of its blockchain is lost or not updated for a long period, it might as well be dead. The current hype of bitcoin rides upon the back of dissatisfaction of the general public about how the banking system is manipulating the fiat currency system to benefit the top 1%. Interest rates are driven to zero making conventional saving deposits giving negative real returns. Many ordinary citizens having some money to save is looking for ways to just preserve their money value. Now comes the savior in the form of bitcoin - a money that will only rise in value and which no government may confiscate. It will be what is in the proverb:"Out of the frying pan and into the fire". What the central bankers may do, the big money bitcoin manipulators can do many times better! Most first time buyers of bitcoins - from now onward - will belong to the bottom 95%, getting them at inflated prices that will put them in the red for many years to come - or in perpetuity.
The Indian currency value is on the rise at the moment given that India's forex reserves have surged in the recent past. The last few weeks have seen remarkable gains in the Indian currency and ... Indian Rupee Rates Today. Pakistan Rupee yesterday performance against INR shows decrease in PKR 0 or 0% in value. Monthly INR to PKR fluctuation during the last 30 days shows increase by PKR 0 and 0 in term of percentage, Yearly performance of Indian Rupee to PKR difference shows 1 Indian Rupee increase by PKR 0.02 and 0.91% in value. Rupee zooms past 73-mark, settles 73 paise higher at 72.87 against US dollar 01 Sep, 2020, 02.47 PM IST. At the interbank forex market, the domestic unit opened at 73.18 against the US dollar, gained further ground during the trading session and finally settled for the day at 72.87 against the greenback, registering a surge of 73 paise over its previous close of 73.60. 15 lakh rupees to pounds INR to IRR exchange rate Oct, 2020 The Indian rupee (sign: ₹; code: INR), is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011, 25 paise is no more a legal tender. Is Forex legal in India ? The truth is, forex is only half legal in India. As a result of the government regulatory attempts, currently RBI (Reserve Bank of India) allows you to legally trade with forex companies located in India only the currency pairs that include Indian rupees and that is USD/INR, EUR/INR, GBP/INR, JPY/INR. And what is the ... The currency of India is known as the Rupee, and has a Forex code of INR. Currently, there are 24 trillion Rupees in circulation, and it is the 20th most traded currency in the world, with around US$53 billion worth of Rupees traded each day on the currency markets. The Reserve Bank of India is responsible for regulating the currency. It is the ... The Indian Rupee is the currency of India. Our currency rankings show that the most popular India Rupee exchange rate is the USD to INR rate. The currency code for Rupees is INR, and the currency symbol is ₹. Below, you'll find Indian Rupee rates and a currency converter. This currency rates table lets you compare an amount in Indian Rupee to all other currencies. Rupee: Find latest Indian Rupee News on The Economic Times. Check why Rupee is falling or growing against Dollar, Rupee vs Dollar rate today. Benchmarks . Nifty 12,690.80-58.35. NSE Gainer-Large Cap . Tata Steel (PP) 88.95 8.05. FEATURED FUNDS ★★★★ ★ ICICI Prudential Bluechip Fund Direct-Growth. 5Y Return. 11.37 % Invest Now. FEATURED FUNDS ★★★★ ★ Axis Long Term Equity ... 10 sen value in indian rupees MYR to INR Yahoo! Finance is a media property that is part of Yahoo!'s network. It provides financial news, data and commentary including 10 sen value in indian rupees Malaysian Ringgit to Indian Rupee exchange rate, press releases, 10 sen value in indian rupees MYR to INR financial reports, and original content ...
Onecoin Price increase from last 7 month What will be the next let us see ? What update come from the company we have to think this is good but not that much... From medium to long term view, Dollar rupee future has strong support at 69.4 rupees and above it dollar will remain strong for 2019 and on upside my 2019 investment targets are around 75 and then ... This video tells us about how foreign currency exchange rates are calculated. The major models such as Fixed and Flexible model. It explains with examples how a traders are affected in each of the ... currency issue in india currency issued by rbi currency notes currency notes in india currency notes india currency notes of india currency notes printing in... Best FX Trading Strategies (THE Top Strategy for Forex Trading) - Duration: 32:00. ... How Rupees Value is determined Why Indian rupees falling against Dollar - Duration: 8:24. Mr. Thin 38,102 ... Indian Rupee this year has depreciated by more than 13%. The reasons are external:fed tapering, trade wars, rising crude oil prices etc. The depreciation problem is having an impact on trade ... Click here https://bit.ly/2wJs0SV to Download our Android APP to have access to 1000's of #Smart_Courses covering length and breadth of almost all competitiv... Watch tutorial to earn upto Rs 1000 Daily from this app without investment. अगर रोज एक हज़ार रुपैये तक कामना है तो ये Tutorial ... Hum log hamesha Indian rupee aur US doller ko compare karte han. But kya app jante han ki,bohot sare aise desh han jaha pe Indian Currency ki value bohot jada han.