How blockchain helps move money internationally like you send emails

Navin Gupta, MD (South Asia and MENA region) at Ripple.

We want to move money around the world like information moves today. We should be able to send money the way we are able to send emails and WhatsApp messages. When I say money, I mean legal money which is fully authenticated, regulated and controlled,” Navin Gupta, managing director of South Asia and the MENA (Middle East and North Africa) region for Ripple, a provider of leading enterprise blockchain solutions for payments, said at the Mint Digital Innovation Summit held in Bengaluru on 15 March. He was speaking on “Understanding Blockchain’s Impact on Payments”.

It is estimated that today the world sends more than $155 trillion across borders. Yet, the underlying infrastructure is dated and flawed. This is where Ripple with its blockchain technology connects banks, payment providers and digital asset exchanges to provide a seamless experience to send money globally. More than 200 institutions are using the blockchain technology built by Ripple to transact daily, Gupta claims. “In India, banks like Axis and Yes Bank are using our technology to process their customers’ payments anywhere in the world. We live in 40 corridors and 6 continents, besides having offices in 8 countries,” said Gupta.

Blockchain has advantages because it is open source, decentralized, reliable and trusted, Gupta said. The cost of transaction is consistent—there is no fee or timing loss and it is scalable. There are no physical assets and enterprises that leverage Ripple’s digital asset XRP (cryptocurrency used by the Ripple payment network) when sending payments on behalf of customers. Using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies. It allows them to make faster, lower cost payments than they can through the traditional correspondent banking system. Banks can now help global companies send on-demand payments around the world without fail. There is an opportunity to “secure a greater share of cross-border payments volume”, said Gupta.

Ripple also helps bank customers send money to people in many emerging markets including Mexico, India, and Thailand to increase their share of “this large and growing market”. What’s next? “Ripple is moving beyond blockchain, and connecting networks so that we can move money across networks. Again this is open-source and lightweight so it becomes easy to transfer money across networks. So we are building the ecosystem for networks to connect with each other and in our view globalization will be completed when data, goods and money flow seamlessly. That’s the way we think of it as an internet of value when the whole world gets connected through payment systems,” Gupta said.

[“source=livemint”]

The Kapil Sharma Show new teaser: Kiku Sharda asks Kapil Sharma to move on after Deepika Padukone’s marriage

The Kapil Sharma Show

A new teaser of The Kapil Sharma Show has been released by Sony TV ahead of the comedy show’s grand premiere on December 29 at 9:30 PM. In the new teaser Simmba team Rohit Shetty, Ranveer Singh and Sara Khan are seen having a ball of a time with Kiku Sharda giving them a ‘hunkaar wala’ welcome. In the new teaser of the comedy show, Kiku is seen making fun of Kapil’s brand of humour and say that “inhi saari baaton ki wajah se Deepika haath se nikal gayi,” and asks Kapil to move on. Rohit Shetty, Sara Ali Khan and Ranveer Singh can be seen having fun at Kapil’s expense.

Comedy king Kapil Sharma is all set to make comeback after many months post his last show Family Time With Kapil Sharma bombed and was taken off air. The comedian, who has just tied the knot with long-time girlfriend Ginni Chatrath, has already shot for the first episode and the leaked stills of the same is doing the rounds on internet. In the first episode of the show, Simmba team Rohit Shetty, Ranveer Singh and Sara Khan will grace the show to promote their upcoming film. Post that in another episode, Salman Khan, the producer of the show, will make an appearance on the show with his Khan-daan, father and brothers Sohail and Arbaaz Khan.

[“source-indiatoday”]

Money likely to move from India markets to China: Marc Faber

Money likely to move from India markets to China: Marc Faber

Equity markets across the world have performed very well as most markets in Asia have given a return of 20 to 25 percent in dollar terms. India is up 30 percent in dollar terms.

“I am positive on emerging markets for about a year relative to the US,” Marc Faber, the editor and publisher of The Gloom, Boom & Doom Report, said on CNBC’s “Squawk Box.”

“If I look back, after 2014, emerging markets grossly underperformed the S&P 500. If we look at major markets in Asia, India rose 30% in USD and Chin hasn’t gone up that much which bring me to conclude that some money will move from India to Chinese markets,” he said.

Why will the money move from Indian markets to China? “Sentiments around China were very negative in the past six months to a year but that is now turning positive,” added Faber.

Commenting on the dollar, Faber said that the U.S. dollar could “easily rebound” by 4 to 5 percent from current levels, but President Donald Trump and his administration stand in the way of the currency’s long-term strength.

The greenback has had a tough year, with the dollar index tumbling nearly 10 percent since the start of 2017. At the same time, gains among currencies such as euro and peso also added to the dollar’s pain, said a CNBC report.

Commenting on Gold, Faber said it is an under-appreciated asset. Data suggest that from December lows in 2015, the GDX, the Gold ETF is up more than 100% and this year the GDX is up more than 25 percent.

If we compare the performance of the S&P, it is a fabulous performance and some gold shares have even done very well, he said.

[“Source-moneycontrol”]

Medical college admissions: Maharashtra students, parents move SC against change in domicile norms

Maharashtra Students and parents have challenged the decision by the Aurangabad Bench of the Bombay High Court to relax domicile rules for admission to medical and dental colleges.

One in every two students applying for medical and dental seats in Maharashtra is not from the state. Angry with the state’s decision to relax norms and allow non-domicile students to apply for medical seats, medical aspirants and their parents from Maharashtra filed a petition in the Supreme Court on Tuesday.

Directorate of Medical Education and Research (DMER) figures show that the number of registrations of students who have cleared both class 10 and 12 from the state is 49,768, whereas those who have only cleared Class 12 is 48,977.

Explaining why the Class 12 numbers were high, a parent said “Many students come to Mumbai to prepare for medical entrance exams and appear for Class 12 exams in Maharashtra after sitting Class 10 exams in their respective states.” He was of the opinion that they should not be given the advantage meant for children with state domicile.

On July 7, the Aurangabad bench of the Bombay High Court relaxed domicile norms for medical and dental aspirants in the state. Originally, those who had cleared class 10 and 12 from the state or had a domicile certificate – a document showing that the student had lived in the state for the required number of years – were eligible for state quota seats. Now the rule making Class 10 compulsory has been dropped. “Those who have cleared Class 12I from Maharashtra, even without Class 10 from the state, will be eligible for state quota seats from now,” said Dr Pravin Shingare, director of DMER.

Commenting on the move another parent said “Earlier this year SC was very clear that no more cases on medical and dental admissions should be entertained by High Courts till admissions are over. How can the Aurangabad bench allow such changes to the admission process while the registrations are on?”

DMER’s decision to announce a revised provisional state merit list before the first seat allocation list for state quota seats has brought some relief to the parents and students. “We hope the SC will support our stand before the first seat allotment list is released,” one of them said.

While the petition is up for hearing in SC this week, the first seat allotment list for admissions to state quota seats in government-run and private medical and dental institutes in the state will be released on July 25.

 

 

[“source-hindustantimes”]