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With banks reopening on Thursday, staff await new currency

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New Delhi, Nov 9 : With banks scheduled to dispense new Rs 500 and Rs 2,000 currency notes from Thursday, employees at some bank branches in Delhi waited till late Wednesday evening for the arrival of new currency issued by the RBI.

The new currency in Rs 500 and Rs 2,000 denomination comes in force following the government’s move on Tuesday to demonetize the Rs 500 and Rs 1,000 notes. The ATMs will start dispensing new notes from Friday.

“We are supposed to receive the tranches of new currency from the Reserve Bank of India late in the evening. And once it is received, we will start dispensing it from tomorrow (Thursday),” a senior bank official said on condition of anonymity.

“We will load the automatic teller machines with new Rs 500 and Rs 2,000 notes on Thursday evening so that these machines will start delivering cash from Friday,” he added.

The government on Tuesday said that people can withdraw only Rs 2,000 from the bank and the ATMs per day till November 18.

Thereafter, the limit will be increased to Rs 4,000 per day.

People have been finding it hard to get hold of Rs 100 and small denomination notes for daily purchases.

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Gold futures surge as international prices hit new high

The October contract is currently trading at Rs 53,637, higher by Rs 192 or 0.36 per cent from its previous close.

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Mumbai, Aug 3 : Bull run in domestic gold futures continued on Monday as prices in the international market surged to new highs.

The active October contract on the Multi-Commodity Exchange (MCX) touched a high of Rs 53,670 per 10 gram, while the August contract, which is due to end on Wednesday, touched a high of Rs 54,199 per 10 gram.

The October contract is currently trading at Rs 53,637, higher by Rs 192 or 0.36 per cent from its previous close.

Spot gold in the international market touched an all-time high of $1,987.95 per ounce earlier in the day.

The safe haven demand for gold refuses to die down as uncertainty over the global economic situation and the ongoing pandemic continues.

Anuj Gupta, DVP, Commodities and Currencies Research, Angel Broking, said that it is more of an impact of the international trend which has been witnessed on the Indian futures market on Monday.

A recent report by the World Gold Council (WGC) showed that it is the record inflow into gold-backed ETFs (Exchange Traded Funds) which has caused the rally in the prices of the yellow metal. The consumer demand, however, has hit rock-bottom amid the pandemic.

Inflows into gold-backed ETFs (gold ETFs) accelerated in Q2, taking H1 inflows to a record-breaking 734 tonne. First half inflows surpassed the previous annual record from 2009 of 646 tonne and lifted global holdings to 3,621 tonne, the report said.

In line with the trend in gold futures, the September contract of silver on the MCX also touched a high of Rs 65,951 per kilogram. Currently, its trading at Rs 65,820 per kg, higher by Rs 836.

Apart from the investment and industrial demand, the supply concerns for silver have lifted its prices. Peru, the world’s second-largest silver producer, saw its mine supply fall by one-third due to the Covid-induced lockdowns.

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Microsoft says to keep exploring TikTok purchase after talks with Trump

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Microsoft Corp said on Sunday that it would continue discussions to acquire popular short-video app TikTok from Chinese internet giant ByteDance and that it was aiming to conclude the negotiations by September 15.

The company made the statement following a conversation between its CEO Satya Nadella and U.S. President Donald Trump. It said it would ensure that all of the private data of TikTok’s American users is transferred to and remains in the United States.

“Microsoft fully appreciates the importance of addressing the president’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury,” Microsoft said in a statement.

The company added that there was no certainty a deal would be reached.

Source(s): Reuters

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CAPSI seeks service tax exemption for private security services

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New Delhi, Aug 2 : The Central Association of Private Security Industry (CAPSI) has written to Prime Minister Narendra Modi, seeking exemption of the sector from the payment of service tax.

In its letter, the industry body has sought a meeting with the Prime Minister to discuss the issue at length.

“It is strongly recommended that in order to create goodwill among the citizens post Covid, the private security services should be declared tax free as the majority of such are being availed by lakhs of RWAs and SMEs. Consumers of the private security services will be hugely benefited as such services will become more affordable,” the letter signed by CAPSI Chairman Kunwar Vikram Singh said.

Singh contended that the private security industry, which is to a large extent filling up the void existing in the internal security environment due to lack of government forces, is actually saving the government exchequer huge amounts.

“This reality needs to be accepted by the government and hence in return, the government should compensate the industry by exempting paying of service tax by the private security agencies,” he said in the letter.

Such a move will act as a source of encouragement to the private security agencies to be more vigilant and efficient in discharging their duties, Singh added.

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