Govt extends deadline for filing tax audit report till October 7
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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“On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022,” an official statement said.
The income tax department on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30.
“On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022,” an official statement said.
Under the income tax act, those taxpayers who need to get their accounts audited by a chartered accountant are required to file the tax audit report with the I-T department by September 30.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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Sebi extends two-factor authentication for mutual fund subscription transactions
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The new framework will come into effect from April 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular.
In order to further safeguard interest of investors, capital markets regulator Sebi on Friday decided to extend the two-factor authentication for subscription transactions in units of mutual funds.
The new framework will come into effect from April 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular.
At present, all asset management companies (AMCs) are required to authenticate redemption transactions using two-factor authentication for online transactions and signature method for offline transactions.
“It has now been decided to extend the Two-Factor Authentication for subscription transactions in the units of mutual funds as well,” Sebi said.
In case of subscription and redemption of units, two-factor authentication (for online transactions) and signature method (for offline transactions) will be used for authentication.
One of the factors for such authentication for non-demat transactions will be a one-time password sent to the unit holder at his/her email or phone number registered with the AMC.
In case of demat transactions, the process of two-factor authentication as laid down by the depositories will be followed.
Sebi has clarified that in case of systematic transactions, the requirement of such authentication will be applicable only at the time of registration.
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NTPC commences coal production from Chatti-Bariatu mine
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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With this Chatti-Bariatu became the fourth coal producing mine of the company and the coal from the mine will used in the power stations of NTPC.
State-run power giant NTPC on Friday said it has commenced coal production from its Chatti-Bariatu mine in Jharkhand’s Hazaribag district. With this Chatti-Bariatu became the fourth coal producing mine of the company and the coal from the mine will used in the power stations of NTPC.
“Mining operations started in Chatti-Bariatu on April 25 and within a span of one month NTPC touched the coal seam. The peak-rated capacity of this mine will be 7 million tonnes per annum (MTPA) to be achieved in four years time,” the company said in a statement.
Hazaribag Deputy Commissioner Nancy Sahay inaugurated the coal production on September 29 in presence of Superintendent of Police Manoj Ratan Chothe, Regional Executive Director (Coal Mining), NTPC Partha Mazumdar and others.
As part of NTPC’s commitment toward environmental protection, trees were planted by DC Hazaribag, SP Hazaribag and others in NTPC Chatti-Bariatu Mine Site Office.
NTPC is India’s largest energy conglomerate with with a capacity of approximately 68 GW. From fossil fuels, it has forayed into generating electricity via hydro, nuclear and renewable energy sources.
NTPC has started coal production from its three coal blocks – Pakri Barwadih in Jharkhand, Dulanga in Odisha and Talaipalli in Chhattisgarh. NTPC has declared commercial operation of its two mines – Pakri Barwadih and Dulanga Coal Block.
During FY 2021-22, NTPC achieved 14.02 MT coal production from its three operating mines.
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HDFC raises lending rate by 50 bps; EMIs to increase
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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“HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from October 1, 2022,” the country’s biggest housing finance company said in a statement.
Mortgage lender HDFC Ltd on Friday hiked its lending rate by 50 basis points hours after the Reserve Bank of India (RBI) raised the benchmark interest rate to tame inflation. The move would increase EMIs for housing loans by the firm.
“HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from October 1, 2022,” the country’s biggest housing finance company said in a statement.
This is the seventh rate increase undertaken by HDFC in the last five months.
Other financial institutions and banks are also expected to follow suit after the RBI on Friday raised the key interest rate by 50 basis points, the fourth straight increase since May.
The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 percent — the highest since April 2019 — with five out of the six members voting in favour of the hike.
Since the first unscheduled mid-meeting hike in May, the cumulative increase in an interest rate now stands at 190 basis points and mirrors similar aggressive monetary tightening in major economies around the globe to contain runaway inflation by dampening demand.
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Court not place where everybody walks in to get publicity, says Supreme Court, dismisses plea over EVM
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The apex court said the election process under The Representation of the People Act, 1951 is monitored by the Election Commission (EC) and EVMs are being used in polls for decades now.
The Supreme Court on Friday dismissed a plea by a political party which claimed electronic voting machine (EVM) were ”controlled” by some companies and not the Election Commission, saying the court is not a place where everybody walks in just to get “some publicity”.
The apex court said the election process under The Representation of the People Act, 1951 is monitored by the Election Commission (EC) and EVMs are being used in polls for decades now.
A bench of Justices S K Kaul and A S Oka was dealing with a petition filed by Madhya Pradesh Jan Vikas Party against the December last year verdict of the Madhya Pradesh High Court which had dismissed its plea raising the issue about EVMs.
“It appears that party which may not have got much recognition from the electorate by the result of election process now seeks to get recognition by filing petitions,” the top court observed while dismissing the plea.
The bench said EVMs have been in use for a long time but, periodically, issues have been sought to be raised. The counsel appearing for the party referred to Article 324 of the Constitution which deals with superintendence, direction and control of elections to be vested in the Election Commission.
He asserted though Article 324 says everything has to be controlled by the EC, the EVMs are being controlled by some companies. “Do you know how many people vote in parliamentary elections in the entire country? It is a huge exercise,” the bench observed.
It asked whether the petitioner wanted the court to monitor the exercise as to in what manner the EVMs should be used. The counsel said the petitioner wanted some checks and balances should be there in this process.
He said the petitioner wants Article 324 be implemented in true spirit and everything should be controlled by the EC and not by some company. They only want a free and fair election process, the counsel said.
“It is not a place where everybody walks in just to get some publicity,” the bench observed, before junking the petition.
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Sebi clears slew of proposals; tightens IPO disclosure norms
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The watchdog has decided to tighten disclosure norms for companies going for initial public offers, insisting that they should share more details on pricing. These include the requirement for disclosures about the price at which the institutional investors have bought shares going back to up to 18 months before the Initial Public Offering (IPO).
Sebi on Friday decided to tighten IPO disclosure norms, bring mutual fund transactions under the insider trading rules ambit, introduce new option for the appointment of independent directors and modify the Offer For Sale (OFS) framework.
Besides, easing the open offer price calculation for PSU divestments and facilitating online bond platform providers were among the proposals approved by the board of Sebi during its meeting held here.
The watchdog has decided to tighten disclosure norms for companies going for initial public offers, insisting that they should share more details on pricing. These include the requirement for disclosures about the price at which the institutional investors have bought shares going back to up to 18 months before the Initial Public Offering (IPO).
The new norms, which follow the heavy erosion of investor wealth in recent IPOs like Paytm and Zomato that led to concerns about the offer prices, will be applicable for all issuances.
Sebi Chairperson Madhabi Puri Buch said new-age technology companies or loss-making companies cannot be assessed by the same financial parameters and the regulator felt that there is a need to end the information asymmetry. “It will give a better basis for the investors to make their investments,” she said.
Against the backdrop of the Franklin Templeton episode that had rattled many mutual fund investors, Sebi has cleared a proposal to bring buying and selling of mutual fund units under the ambit of insider trading rules.
A proposal for the introduction of a new option for the appointment and removal of independent directors from the boards of companies has been cleared by the regulator.
Once the amended rules are in place, the appointment and removal of independent directors could be done by way of two parameters — threshold for ordinary resolution and threshold for the majority of minority shareholders.
Meanwhile, to bring more flexibility to the OFS framework, the watchdog will modify the relevant norms, including doing away with the minimum shareholding requirement for non-promoter shareholders.
OFS has emerged as among the favoured options for share sales. In a move aimed to do away with possible impediment on pricing in PSU disinvestments, the regulator has decided to dispense with a requirement for calculating open offer price in such cases.
As per Sebi norms, one of the parameters prescribed to determine open offer price of a frequently traded scrip is Volume-Weighted Average Market Price (VWAMP) for 60 trading days immediately preceding the date of the public announcement.
The board, during its meeting here, approved amending the takeover regulations in the context of strategic disinvestment of Public Sector Undertakings (PSUs) and consideration payable under open offer.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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XRP up 11% in 24 hours after minor win against SEC, could spike further if this one thing happens
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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XRP touched a 3-month high of $0.5421 on September 23 after a “buy-the-rumour” frenzy spurred on by the potential lawsuit win. During that time, XRP also spiked nearly 75 percent against Bitcoin and roughly 60 percent versus the dollar.
Ripple (XRP) is up over 40 percent in the last 30 days, rallying from $0.3315 on August 30 to $0.4804 at the time of writing. This follows the news of a possible settlement between the blockchain payment firm and the US Securities and Exchange Commission (SEC).
Ripple has been entangled in a long-standing legal battle with the SEC, which has accused the crypto firm of securities fraud. However, in what could be a potential breakthrough, Ripple and the SEC filed a motion for a summary judgment with the court on September 12.
In simple terms, the court will use the available evidence to determine whether the blockchain firm illegally raised funds by selling its XRP token. More importantly, the verdict would be decided without a trial and could be out as soon as December 2022. This news created a sense of optimism that Ripple could emerge victorious and sent the price of XRP rocketing.
XRP touched a 3-month high of $0.5421 on September 23 after a “buy-the-rumour” frenzy spurred on by the potential lawsuit win. During that time, XRP also spiked nearly 75 percent against Bitcoin and roughly 60 percent versus the dollar.
This spike seemed to be caused after Ripple CEO Brad Garlinghouse hinted at a possible win in an interview with CNBC on the same day. “People realize that the SEC is really overreaching, and they are not following a faithful allegiance to the law in pursuit of an outcome […] The SEC has kind of lost its way,” he said.
Another reason behind the spike could be whales, who have constantly been adding to their XRP holdings since 2022. As per data from Santiment, whale addresses holding 1m to 10m $XRP have risen from 5.43 percent from December 2021 to 6.35 percent on September 23 this year.
Despite all these factors, XRP lost momentum in the following days, slipping from its $0.50 range on Sept 23 to $0.42 levels the next week. It was beginning to look like Ripple’s “buy the rumour” price spurt would give way to a “sell the news” phase, and XRP would retrace its steps to the $0.33 range from the start of the month.
However, new developments in the case caused prices to spike again, with XRP touching $0.4997 last night. This is after US District Court judge Analisa Torres ordered the SEC to hand over crucial documents that had been withheld from Ripple Labs for months.
These documents contain literature from former SEC corporation finance division director William Hinman and details of a speech he delivered at the Yahoo Finance All Markets Summit in June 2018. In both the writings and the speech, Hinman has reportedly stated that Bitcoin and Ether are not securities.
According to reports, these documents could help sway legal proceedings, as the SEC has alleged that sale of Ripple’s XRP violated U.S. securities laws. Hence, it is considered a key piece of evidence in the case, which will now be decided on the findings submitted thus far.
XRP price could moon if this one thing happens
With considerable price spikes after every little win against the SEC, several experts believe XRP could moon if Ripple wins the lawsuit. “If they win the trial… I think it’s just going to giga moon basically… If that goes, a lot of people will buy back in,” said crypto analyst DonAlt.
According to DonAlt, XRP could touch “$1 if not $2 or $3” if Ripple wins the lawsuit against the SEC. That translates to a 650 percent increase from current valuations and a few cents short of its all-time high of $3.3778 in July 2018.
However, not everyone is of a similar opinion. Cheds, another prominent market analyst, highlighted a head and shoulders chart pattern between July and September this year. For the unacquainted, the head and shoulder pattern is a bearish indicator and suggests a downward trend is on the cards for XRP.
The end result of a head-and-shoulders pattern is the price breaking below its support line, with a fall that matches the distance between the middle peak and the support line. Apply this to Ripple, and we could see XRP drop by 30 percent by the end of this year.
With contradicting estimates, it’s hard to say what’s in store for the blockchain-based payments firm. The only sure thing is that cryptocurrencies are highly volatile and unpredictable. There is no assurance of how things will unfold for Ripple; all you can do is wait and watch.
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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Rings of Power Episode 6 Review: ‘Udûn’ unleashes fire and fury in the show’s best episode
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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All of the preceding episodes’ groundwork pays off in Episode 6, which serves up an incredibly remarkable hour of visual spectacle reminiscent of The Lord of the Rings: The Two Towers and Game of Thrones’ Helm’s Deep.
The sixth instalment of The Rings of Power unleashes fire and fury on the people of Middle Earth as it sends them straight to their graves. It is appropriately titled “Udûn,” a menacing Sindarin Elvish word that means ‘Hell’ and appears throughout Tolkien’s legendarium.
The Rings of Power felt a touch sluggish at times as it gave extensive exposition to establish its characters, the status of the universe, and what’s at play. But this episode will satisfy anyone who has been waiting for the series to ramp up the pace, with an hour-long battle sequence interspersed with a few brief interactions between the characters.
All of the preceding episodes’ groundwork pays off in Episode 6, which serves up an incredibly remarkable hour of visual spectacle reminiscent of The Lord of the Rings: The Two Towers and Game of Thrones’ Helm’s Deep.
Adar and the Orcs assault Southlanders
(Image: Amazon Prime)
In the last episode, we left middle earth with the Southlanders at Ostirith, waiting for the Orcs to attack. When we rejoin the party, Adar is standing in front of a sea of fire, giving his speech to a gathering of Orcs carrying torches ablaze in the darkness, as a bloodthirsty Waldreg (played by Geoff Morrell) stands in the front row.
“New life. In defiance of death,” Adar exclaims as he plants some seeds before turning to his legion of Orcs and campaigning for their liberation. He and his battalion march for Ostirith, the tower where Bronwyn, Arondir, and their people have sought refuge. The army lay siege on the tower but only to find it deserted.
Arondir is hiding in the tower, but Adar quickly detects him because of his peculiar Elven stench. The Elf pulls the tower down on top of the Orc army with a few well-placed arrows, allowing the rest of the Southlanders enough time to prepare for their next trap.
The episode’s main action begins when Bronwyn and Arondir lead the retreat from the tower and begin preparing for the counter-offensive, which is filled with brilliance and powerful moments.
The traps set by the people of the Southlands for the Orcs aid them in achieving a short-lived victory since it is discovered that Adar primarily sent in humans disguised as Orcs in the first wave.
While Waldreg is the episode’s main villain and a real traitor, the majority of those who allied with the Orcs were most likely frightened and afraid. In a violent sequence, the villagers end up killing their own. This scene also underscores Adar’s ethos that an Orcs’ life is just as valuable as a human’s.
Second Wave
Our heroes come to a terrifying revelation – mixed in with the Orcs were their people, those who had naively embraced Adar’s offering of peace in consideration of pledging allegiance. The Southlanders aren’t the only ones who can devise a trap, as arrows begin to descend from the sky, two of which strike Bronwyn.
(Image: Amazon Prime)
It is the tensest situation one of the heroes has ever been in, and seeing Bronwyn pierced by two arrows is bound to worry some viewers. Arondir rushes her into a temporary fortification where the group’s civilians and children have been sheltering, but not before a barrage of arrows kills several of his companions.
This is followed by the series’ most brutal sequence yet. Bronwyn barely survived despite having her wounds excruciatingly cauterised. Adar burst into the stronghold and demanded to know where the hilt was (which belonged to none other than Sauron himself).
Arondir refuses to reveal to him that it’s wrapped in fabric and concealed beneath the floorboards, even as Adar’s forces start killing prisoners. In a shocking execution, Adar demonstrates how little his Orcs care for human life. Theo does not divulge the location of the blade until they shift their focus to Bronwyn.
Númenóreans save the day
Southlanders are on the verge of defeat when the cavalry of Númenór rides to their aid and saves the day. The moment is reminiscent of the arrival of the Riders of Rohan in The Return of the King.
(Image: Amazon Prime)
Throughout the episode, the battle sequences are wonderfully choreographed and executed. “Udûn” is packed with numerous horse sequences and excellent riding shots, most notably Galadriel’s amazing saddle acrobatics and her chase scene with Adar.
However, Adar, expecting defeat, delivers the hilt he’s finally secured to his sidekick Waldreg before attempting to flee, only to be pursued by Galadriel and Halbrand. The duo retrieve a fake sword from Adar (he hands the real hilt to Waldreg).
Halbrand nearly kills him after questioning whether Adar recognises him, to which Adar answers that he does not. But Galadriel needs him alive for interrogation. His remaining Orcs are either slain or captured.
Galadriel interrogates Adar, “Morgoth was said to have tortured elves into new beings, the sons of the dark, the first Orcs.” Adar prefers to refer to his people as “Uruk.”
As Galadriel scrutinises him about the actual location of his master, Sauron, Adar claims, “After Morgoth’s defeat, the one you call Sauron devoted himself to healing Middle-earth.” Flashes of the stronghold in the snow, strewn with Orc skeletons. “For my part, I sacrificed enough of my children for his aspirations. I split him open. I killed Sauron.”
In The Silmarillion, Tolkien says, “loathed the Master whom they served in fear, the maker only of their misery.” We get to know Adar’s story – he is filled with fury, and his aims aren’t to return the Orcs to Sauron and enslave his people again but to offer them the dignity of other sentient creatures.
Galadriel is unmoved by his statement and crouches in front of him, vowing to slay every Orc with deadly calm. “Before I drive my dagger into your poisoned heart, I will whisper in your piked ear that all your offspring are dead and the scourge of your kind ends with you.”
But Adar is unconcerned. “Perhaps your search for Morgoth’s successor should have ended in your own mirror,” he taunts.
Only Halbrand’s presence prevents Galadriel from executing him, resulting in a small band of blood on his throat. Adar inquires about Halbrand identity, but who does not respond. Who exactly is he?
All hail King Halbrand of the Southlands!
The magnificent victory inspires an impromptu banquet in the heart of the bereaved town, which acts as a vehicle for many distinct Númenórean narratives.
(Image: Amazon Prime)
Galadriel and Halbrand have a touching moment by the river, as they display some trust and emotional vulnerability. Elendil and Isildur, the father-son duo, also bond a little as they process their grief over their drowned wife and mother and hug one another in an emotionally charged scene.
Arondir leads a grateful Bronwyn to Muriel, who presents her to Lord Halbrand. Upon realising that he is the one true king of their people, she hails him as “the true king of the Southlands.”
Arondir notices Theo reclining in solitary, looking both guilty and bereft of the power the hilt gave him. Arondir trusting him and trying to do the right thing, gives Theo the wrapped hilt to deliver to the Númenóreans and releases himself from its grip. He unwraps the cloth to reveal a plain axe.
Mount Doom erupts
Waldreg sneaks out with the unusual blade and makes his way to the watchtower while the town celebrates its triumph. He uses the blade to activate a schism, which breaks open the dam, allowing the water to flow freely. The water flows through the underground tunnels made by Adar’s Orcs, descending into the volcanic Amon Amarth.
The water pours into a tunnel of seething red lava at the mountain’s heart, unleashing a fresh torrent of fire and smoke from the hilltop. Fireballs soar through the air and smash into the hamlet, erupting in blasts of red and black during the all-too-brief celebration.
Elendil rushes after the queen; Isildur summons Berek; and Ontamo dashes into the smoke. However, one figure does not move. Galadriel.
(Image: Amazon Prime)
She stands amid the fires and destruction, watching as a wave of black smoke creeps down the mountain and across the meadow.
The volcano, which most of us know as Mount Doom, covers the entire area in fire and smoke, resulting in the creation of Mordor. This makes “Udûn” the best episode in the series thus far, concluding with what may be The Rings of Power’s most potent cliffhanger as it ends with Galadriel being consumed by the black fume.
(Image: Amazon Prime)
Adar, as played by Joseph Mawle, is a compelling villain, and Mawle’s portrayal is outstanding, delivering one of the best performances in this episode. Adar is fed up with being a lieutenant to a preoccupied boss who sees Orcs as throwaway means to further his agenda at best and has lately used them as test subjects for his experiments.
The Rings of Power, like rival fantasy dramas Game of Thrones and its forerunner The House of the Dragon, does a fantastic job of depicting the moral ambiguities of its characters. Due to this reckoning, Adar, Sauron, and Galadriel all have distinct perspectives on the Orcs.
A terrible entity created them, but now that they possess sentiments and belief systems of their own, Galadriel’s murderous promise feels downright horrific.
Adar’s comparison of Galadriel to Sauron is a subtle hint of the evil she conjures when Frodo offers her the One Ring in the Lord of the Rings. She could be Sauron’s replacement since she has the solitary determination to rebuild Middle-earth in her image, much like Sauron.
She may commit immense harm in resisting evil, with the consequences just as disastrous.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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Do Kwon vs Authorities: A quick round up of events so far
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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In this article, we take a look at events as they’ve happened in the Do Kwon saga:
This year saw one of the worst incidents the cryptoverse has ever witnessed — the fall of LUNA and its algorithmic stablecoin, TerraUSD (UST). Hundreds of thousands of investors worldwide now have a bone to pick with the company, as they believe that the tokens’ crash to $0 was due to internal wrongdoings and not entirely out of control.
Naturally, authorities from around the world, including South Korea (the home country of Do Kwon, the founder of Terraform Labs), have been investigating what happened. In what can only be described as a poorly written suspense thriller, both parties have been giving statements that directly contradict each other and only add to the chaos and confusion among the masses. In this article, we take a look at events as they’ve happened in the Do Kwon saga.
The fall
In early May this year, LUNA and the LUNA-backed stablecoin, UST, came crashing down and left the crypto world in shock. The crash resulted in a $40 billion loss for investors, many of whom had their entire life savings tucked away in LUNA or the UST stablecoin.
The crash of the LUNA token also impacted the hedge fund Three Arrows Capital (3AC), which was heavily invested in the company. Crypto lenders who had lent money to 3AC were also in big trouble. This resulted in firms like Celsius, Voyager Digital, and Vault all filing for bankruptcy following the Terra meltdown. At that point, Do Kwon was reportedly in Singapore, where his company had set up a base for the past few years.
Accusations galore
Many investors in South Korea and the US filed cases of fraud and fraudulent fundraising against Do Kwon. South Korean authorities also began hurtling accusations toward Do Kwon, accusing him of defrauding investors, severe mismanagement and endangering capitalist markets.
According to official statements cited by local media hub Yonhap, The Seoul Southern District Prosecutor’s Office said that Kwon was not cooperating with the investigation and had told them (through his lawyer last month) that he had no intention to appear for questioning.
The arrest warrant
On September 14, four months after the Luna meltdown, South Korean officials finally issued an arrest warrant for Do Kwon. As per a Bloomberg report, the warrant also named five additional individuals, and all the accused, including Do Kwon, are being charged with violating the Capital Markets Act.
Do Kwon is believed to be in Singapore, where he gave his first interview after the crash of Luna. However, following the arrest warrant, the Singapore Police Force (SPF) issued a statement saying he was “currently” not in the country.
This led to widespread rumours that the Luna co-founder was on the run.
However, a couple of days later, Do Kwon took to Twitter to clarify that he was not on the run, had nothing to hide and would cooperate with authorities. “I am ‘not on the run’ or anything,” he said in his tweet. “We are in the process of defending ourselves in multiple jurisdictions… and look forward to clarifying the truth over the next few months,” he continued.
International fugitive status
On September 26, nearly a fortnight after the arrest warrant, South Korean prosecutors asked the foreign ministry to revoke Do Kwon’s passport, once again stating that he was “on the run”. In addition, they also asked Interpol to place him under a red notice, which is a sort of international arrest warrant that makes it difficult for someone to travel freely from country to country.
Things get interesting when Do Kwon, once again, completely denies being on the run. In fact, he somewhat trolls Interpol’s efforts to arrest him. “I go on walks and malls, no way none of CT hasn’t run into me the past couple weeks,” he said in a tweet. Do Kwon also added that he is in his living room writing code and would make time for questioning when requested. He says that he is making absolutely no effort to hide whatsoever.
However, yet again, he makes no mention of his whereabouts. Hence, the authorities don’t buy any of his statements and believe he is hiding in Taiwan. South Korea has extradition treaties with many countries. However, Taiwan is a complicated territory with the involvement of China, and efforts are on to bring Do Kwon to justice (whatever that means).
Do Kwon’s Bitcoin frozen
The latest development in the Do Kwon saga is that South Korean authorities have requested two crypto exchanges, OKX and Kucoin, to hold 3,313 BTC tied to Do Kwon. These Bitcoin holdings were discovered by crypto analytic group Cryptoquant after a new BTC wallet was created under the name of Luna Foundation Guard (LFG) and was then used to transfer 3,313 BTC to the KuCoin and OKX exchanges.
This is an interesting development as it contradicts Kwon’s initial claims of having used all the BTC in LFG’s reserve to stabilize the TerraUSD (UST) peg during the crash. While the 1,354 BTC in the KuCoin wallet were frozen after the request, OKX has ignored the South Korean authorities, and it is believed that the remaining 1,959 BTC have since been moved to other wallets.
Conclusion
What is certain is that Do Kwon has caused irreparable harm to the worldview of cryptocurrencies. When something crashes from hundreds of dollars to mere cents, it leaves a sour taste that doesn’t go away. Do Kwon has begun work on Terraform again and feels he can bring back past glory; however, whether or not that is possible, only time will tell.
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Natural gas prices hiked by 40% to record levels; CNG, PNG to cost more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to USD 8.57 per million British thermal units from the current USD 6.1, according to an order from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 percent to record levels, in step with global firming up of energy rates.
The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to USD 8.57 per million British thermal units from the current USD 6.1, according to an order from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to USD 12.6 per mmBtu from USD 9.92, the order said.
These are the highest rates for administered/regulated fields (like ONGC’s Bassein field off the Mumbai coast) and free-market areas (such as the KG basin).
Also, this will be the third increase in rates since April 2019 and comes on the back of firming benchmark international prices. Gas is an input for making fertiliser as well as generating electricity.
It is also converted into CNG and piped to household kitchens for cooking purposes. A steep increase in prices is likely to reflect in higher rates for CNG and piped natural gas (PNG), which has in the last one year risen by over 70 percent.
The government sets the price of gas every six months — on April 1 and October 1 — each year based on rates prevalent in gas surplus nations such as the US, Canada and Russia in one year with a lag of one quarter.
So, the price for October 1 to March 31 is based on the average price from July 2021 to June 2022. This is the period when global rates shot through the roof.
As higher gas prices can potentially further fuel inflation, which has been stubbornly above the RBI’s comfort zone for the past eight months, the government has set up a committee to review the pricing formula.
The committee, under former planning commission member Kirit S Parikh, has been asked to suggest a ”fair price to the end-consumer” by September-end but the report is delayed.
The government had in 2014 used prices in gas surplus countries to arrive at a formula for locally produced gas. The rates according to this formula were subdued and at times lower than the cost of production till March 2022 but rose sharply thereafter, reflecting the surge in global rates in the aftermath of Russia’s invasion of Ukraine.
The price of gas from old fields, which are predominantly of state-owned producers like ONGC and Oil India Ltd, was more than doubled to USD 6.1 per mmBtu from April 1. Similarly, the rates paid for gas from difficult fields such as deepsea KG-D6 of Reliance went up to USD 9.92 per mmBtu from April 1 against USD 6.13 per mmBtu.
The panel has been asked to recommend a fair price to end-consumers and also suggest a “market-oriented, transparent and reliable pricing regime for India’s long-term vision for ensuring a gas-based economy,” according to an oil ministry order.
The government wants to more than double the share of natural gas in the primary energy basket to 15 percent by 2030 from the current 6.7 percent.
The volume-weighted average of the price prevalent in a 12-month period in US-based Henry Hub, Canada-based Alberta gas, UK-based NBP and Russia gas are used to fix prices for administered fields of ONGC and Oil India Ltd.
For difficult fields like discoveries in deepwater, ultra-deepwater and high pressure-high temperature areas, a slightly modified formula is used by incorporating the price of LNG, which too had shot through the roof in 2021.
Reliance-bp operated KG fields are classified as difficult fields. Sources said the increase in gas price is likely to result in a rise in CNG and piped cooking gas rates in cities such as Delhi and Mumbai.
It will also lead to a rise in the cost of generating electricity but consumers may not feel any major pinch as the share of power produced from gas is very low. Similarly, the cost of producing fertiliser will also go up but as the government subsidises the crop nutrient, an increase in rates is unlikely.
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