Top headlines: RBI official wants crypto ban; Canada seeks more immigrants

Top property developers across western and northern India are getting into 'second homes' concept at leisure destinations. More on that in our morning wrap.

The debate on whether cryptocurrencies should be legalised continues to heat up with a key RBI official calling for a complete ban. Life Insurance Corp of India's initial public offering (IPO) next month is set to alter the pecking order of top listed companies in the country. Head further down for more on these stories as Business Standard brings you the top headlines this morning.

RBI's Rabi Sankar asks for ban on cryptocurrencies

Days after the Union Budget proposed taxing cryptocurrencies, which gave rise to apprehensions of legitimising them, an Reserve Bank of India (RBI) official has asked for a complete ban on such virtual currencies citing threat to macroeconomic stability.

In a speech to bankers on Monday, RBI deputy governor T Rabi Sankar demolished all the arguments for allowing cryptocurrencies in India as none of them pass basic scrutiny. Read more
 

NITI seeks GST waiver for 'rights to use' transfers

To enable easier monetisation of assets, the NITI Aayog may seek a waiver of goods and services tax (GST) on ‘Rights to Use’ while transferring an asset to a new entity, following requests from power sector PSUs, officials in the know said.

At present, the transfer of ‘Rights to Use’ is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle (SPV). For monetisation, assets are carved out into a separate entity or SPV by transferring rights. Such assets are housed in the parent entity’s balance sheet, and need to be separated for monetisation. Read more
 

Canada to welcome 1.3 mn immigrants

Canada, a country that relies heavily on immigration to grow its labor force, has set an ambitious plan to bring in more than 1.3 million newcomers over the next three years to support its post-pandemic growth.

Prime Minister Justin Trudeau’s government aims to add more than 431,000 permanent residents this year, 447,000 in 2023 and 451,000 in 2024, according to the 2022-24 Immigration Levels Plan released on Monday. Figures for this year and 2023 have been revised higher from earlier targets of 411,000 and 421,000, respectively. Read more
 

IPO-bound LIC set to alter pecking order of top companies

Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India’s most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. Read more
 

Top realtors getting into 'second homes'

Top property developers across western and northern India are getting into ‘second homes’ concept at leisure destinations. A prolonged Covid-19 pandemic, the work from home (WFH) norm and a demand for such properties, being the main reasons.

Prominent names like New Delhi-based Eldeco, and Mumbai ones like Sunteck Realty, Rustomjee and Shree Naman group have taken a plunge into the segment while DLF, Tata Realty & Infrastructure, and Isprava are some of the established names. Read more