The Reserve Bank of India (RBI) has come out with a set of guidelines for settling global trade transactions in rupees. This move is aimed at promoting the use of the Indian rupee for international trade and reducing the dependency on other currencies.
Under the new guidelines, banks will be allowed to offer rupee-denominated instruments for trade financing and risk management. They will also be able to participate in global rupee settlements. The RBI has said that the move will help reduce the cost of trade for Indian companies and promote the use of the rupee as an international currency. It will also help in managing the country’s balance of payments and exchange rate risks.
The guidelines are a part of the RBI’s efforts to deepen the market for the rupee and make it more accessible to global investors. The central bank has been taking a number of steps to promote the use of the rupee in international trade and finance. The RBI had earlier allowed banks to offer rupee-denominated bonds to overseas investors and had also allowed them to participate in global rupee settlements. The rupee surplus balance held may be used for permissible current account transactions and capital in accordance with mutual agreement as per the RBI Guidelines.
The new guidelines are a further step in this direction and will help make the rupee a more internationally traded currency. Do let us know your thoughts about this new RBI guideline.
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Gautam Adani becomes the 3rd richest man on earth
First time in history world’s 3rd richest man is an Asian.
Last week, Adani Group of Industries founder Gautam Adani became the third richest person in the world. Elon Musk retained the top spot with his net worth of $251.4 billion, followed by Jeff Bezos ($153.4 billion) and Mr. Adani with $137.4 billion. It is the first time an Asian has broken into the top three, with Mr. Adani overtaking France’s Bernard Arnault.
Mr. Adani added $60.9 billion to his fortune in 2022 alone, five times more than anyone else. He first overtook Mukesh Ambani as the richest Asian in February and then last month surpassed Microsoft Corporation’s Bill Gates as the fourth richest person in the world.
Adani’s different business operation
Adani’s conglomerate owns India’s largest private sector, operating a seaport and airport for the past few years. The Adani Group now owns India’s largest private port and airport operator, city gas distributor and coal miner. Recently, Cement has expanded its conglomerate into new directions such as data centers and Cement is now the second largest cement producer in India, power distribution, telecommunications, media and alumina.
Additionally, Mr. Adani pledged in November to invest $70 billion in green energy to become the world’s largest producer of renewable energy, the report said.
Adani is expanding not only in India, but they have a huge presence there, a coal mine in Queensland, Australia. The company has faced harsh criticism for its environmental impact on the Great Barrier Reef, as well as for using billions of liters of water each year.
Here is the latest list of the 10 richest people in the world (August 30, 2022):
Elon Musk: $251 billion
Jeff Bezos: $153 billion
Gautam Adani: $137 billion
Bernard Arnault: $136 billion
Bill Gates: $117 billion
Warren Buffett: $100 billion
Larry Page: $100 billion
Sergey Brin: $95.8 billion
Steve Ballmer: $93.7 billion
Larry Ellison: $93.3 billion:
The Adani’s are the only among the top billionaires whose wealth has grown during and after Covid, the other top billionaires have seen their wealth fall this year – Recently Adani’s gained projects in Israel to develop the new port which is one of biggest one with 1.3$ Bn. This will not be surprising to get news in the near future that Adani’s are the second one.
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TOP 5 INDIAN BUSINESSMEN OF ALL TIME.
If you’re looking for a list of the top 5 Indian businessmen, look no further. We’ve got you covered. Here are the names of some of the most successful entrepreneurs who have made their mark in India’s business world:
Mukesh Ambani is the chairman and managing director of Reliance Industries, which has a net worth of $50 billion. He is also one of India’s wealthiest businessmen, with an estimated personal worth of $35 billion.
Within the Indian context, Mukesh Ambani is arguably the most successful businessman in history. He was born into a poor family in 1961 in Mumbai; his father died when he was young and his mother raised him along with her four children on her own. After graduating from college with honors at age 16 (the youngest person ever to do so), Mukesh took up an apprenticeship as a laborer before moving on to work as an executive trainee at another company called Associated Cement Company Limited (ACCL). From there he went straight into management roles within ACCL where he rose through the ranks quickly becoming its chief financial officer by age 34!
Shiv Nadar is the founder and chairman of HCL, India’s second-largest IT company. He is also one of the richest people in India and Asia. He is worth over $8 billion dollars and has an estimated net worth of $16 billion dollars according to Forbes Magazine.
Initially, Nadar and his partners began their startup called Microcomp, which focused on teledigital calculators business in the Indian market. HCL was founded in 1976, with an investment as low as Rs. 187,000. Shiv Nadar was later awarded Padma Bhushan for his work in the IT industry.
Azim Premji is an Indian business tycoon, born in 1945, in Mumbai. He is the chairman of Wipro Limited, an Indian conglomerate that he founded with his brother Shashi.
Azim Hashim Premji is a veteran businessman in Indian history who started his journey from Maharashtra by starting Wipro which is an IT Company founded in 1980. He was awarded Padma Bhushan and Padma Vibhushan in 2005 and 2011 respectively becoming the second highest individual awarded by the Government of India.
According to monk, Mr. Premji is one of the top powerful people in India. He has multiple contributions to non-profit organizations and social activities in which he provides a number of donations to educate and fulfill the requirements of needies.
Lakshmi Mittal is the chairman and CEO of the world’s largest steel maker, ArcelorMittal (MT). He was born in Gwalior, India. He is also the richest man in Britain and the fourth richest in the world. He owns a controlling stake in Queens Park Rangers Football Club which plays in England’s Premier League.
Mittal has been an active philanthropist for many years and founded several charitable foundations including “The Lakshmi Mittal Foundation” which supports education initiatives across India as well as abroad; “The ArcelorMittal Foundation” which supports research into sustainable development; “The Kalpavriksh Trust” which works towards improving healthcare standards throughout rural areas; “The Surya Foundation”, which promotes sustainable development through its work supporting social entrepreneurship projects across India
Dilip Shanghvi is the founder and chairman of Sun Pharma. He was born in Kolkata, India in 1954 to a Marwari family that initially engaged in manufacturing textiles. In 1968, he started his business career with the acquisition of a pharmaceutical unit from Burroughs Wellcome Company for Rs 5 crores ($80 million). The company now has over 17000 employees across 70 countries around the world; its one-time net profit stood at $2.3 billion as of September 30th, 2018 (FY18).
Shanghvi is also known as ‘The Warren Buffet’ due to his immense wealth which makes him one of India’s richest businessmen according to Forbes Magazine’s list which ranks him at #21 globally behind Jeff Bezos who ranks #1 worldwide but ahead of Bill Gates who ranked 22nd globally. He became an industrialist by accident when he decided not to sell any more products after their old ones ran out so instead built up supply through collaborations with other companies like GlaxoSmithKline PLC (GSK) & SanofiGenzyme Corporation Ltd (SGLC), these collaborations helped them become leaders in certain fields such as vaccines.
These four Indians have made their way onto the list of most successful Indian businessmen. The first three are natives of India, while Shanghvi is a Pakistani-born billionaire who has made his fortune in pharmaceuticals, sugar and cement manufacturing.
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Top 5 Indian Business Scams of all time.
The word “Scam” is commonly used in today’s world, meaning an act of fraud carried out by a person in order to deceive the law to gain high profits in their business. The scam is done deliberately by keeping the intentions in mind of any dishonest legal scheme. These fraudulent actions lead to the breaking of the law that directly affects a particular consumer or a business group. Scam hinders trust and violates the area of faith in the law. A scam has both civil and criminal factors, which results in different sets of penalties. Given below are India’s Top 5 Business Frauds:
ABG Shipyard Bank Scam
ABG Shipyard has been a shipbuilding and repair-oriented business since 1958. They expanded their business in Gujarat with their former chairman, Rishi Kamlesh Agarwal. The company was subjected to committing one of the biggest frauds of 22,484 crores, which was called the ABG Shipyard Bank Scam. The company took the loan between 2012- 2017, which was later confirmed by the bank, and was not used for the given purpose as mentioned to the bank. The company also took loans during the 2008 global deflation caused due to the financial crisis. It took advantage of the time and fulfilled its personal demands, most possibly tax compensation.
In 2016, the banks started doing audits and then later on it was found that the company committed a scam of 22000 crores. Standard Chartered Bank filed a criminal complaint against the ABG Shipyard company for committing fraud of 200 crores. The loan was taken on a short-term basis in 2012. Due to the occurrence of global deflation, the company has also suffered a financial crisis, causing them to be unable to pay back their loan which declared them a non-performing asset. A complaint was filed by CBI in January 2022, which was followed by the clarification of the SBI FIR.
Nirav Modi PNB Bank Fraud
Nirav Modi PNB Fraud is yet another one of the biggest corporate frauds in India. The scam was of 14,000 crores rupees committed by a well-known designer and jeweler, Nirav Modi. Nirav Modi was a jeweler and in order to expand his business, across the countries he took loans from foreign banks. He made a fraudulent LOU (Letter of Undertaking). A letter of undertaking is proof that if Nirav Modi won’t be able to repay the amount he has taken, then the bank’s foreign branch is allowed to ask for the same amount from the Indian branch and PNB was the bank involved. But when it was asked, there was no such LOU found, named under Nirav Modi. And due to this PNB handed over the case to CBI for further investigation.
At present, the CBI is taking charge of Nirav Modi’s properties and asking them to repay the amount he has taken as an act of fraud. Though Nirav Modi is now in jail. He tried pleading for bail but has not received any success yet.
Vijay Mallya Scam
Vijay Mallya was the face of a famous money laundering case of 9,000 crores. After the death of Vijay Mallya’s father, he took over the family business and started expanding it. He turned them into an airline business and also expanded in the liquor sector. But as the global downfall hit the country in 2012, Mallya purchased Air Deccan in order to gain profits. The purchase caused him to take loans from 17 banks. Air Deccan as well as Kingfisher failed to gain the amount which he has taken from the banks as loans. Due to this, he was never able to pay his debts. SBI loaned him the largest amount than other banks, of 1,600. And when no act was seen by Vijay Mallya, SBI declared Vijay Mallya as Loan Defaulter and asked for an investigation against him.
Vijay Mallya escaped to Britain before his arrest in 2016. Though now he was imprisoned.
Satyam Computers Scam
The Satyam Computers was a scam of 14000 crores during the years from 2008 to 2015. The scam is also known as the biggest corporate fraud in India. Satyam Computers was established in 1987 and was registered on the Bombay Stock Exchange. The company was established by B. Ramalinga Raju in Hyderabad. The company was the jewel in the IT industry. After some time, the real estate industry hit a boom. The boom attracted Ramalinga so later on he purchased two properties in real estate, named Mayte’s Infrastructures and Mayte’s Properties. To mislead the documents, Ramalinga started mispresenting the accounts of Satyam Computers. This misled the revenues, operating profits, etc, and by this Ramalinga showed his company good investments. This attracted investors to invest in the company of Satyam Computers. Ramalinga then used the gained money from Satyam Computers to purchase shares which increased the growth in the share market. Ramalinga also made fake invoices for Satyam Computers. But to hide the profit statements, Ramalinga made fake bank statements, stating the money was placed in cash reserve. But his master plan failed when real estate hit bottom and came down due to the 2008 recession. This led to the breakdown in the shares of Ramalinga which left Ramalinga with no money.
Harshad Mehta Scam
Harshad Mehta Scam is a well-known scam all over the country. It was a scam committed by one man, Harshad Mehta, who himself took the whole stock market down. He took advantage of the loopholes in the system and gained money for his personal profits. Harshad Mehta used the concept of RFD, also known as Ready Forward Deals. RFD works on the short-term loan where the government takes the securities for big projects and loans money through brokers. According to the Reserve Bank of India (RBI), the check must be issued in the name of the government, but Harshad Mehta issued checks, in his name, and broker’s name and used this money in the stock market for his personal gains. On 23rd April 1992, Sucheta Dalal of Time of India, who had been investing in Harshad Mehta for a long time, got all the proof against him. Harshad Mehta was then charged with 5000 Crore fraud.