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A group of Russian wives and mothers have called on President <keyword id="43440" type="General" weightage="80" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword> to stop sending their husbands and sons "to the slaughter" by forcing them to join assault groups without adequate training or supplies, <keyword id="82130" type="General" weightage="80" keywordseo="cnn" source="Orion">CNN</keyword> reported. Independent Russian Telegram channel SOTA shared a video in which women said their loved ones had been "forced to join assault groups" at the beginning of March despite having just four days of training since their mobilization in September. The video shows the women holding a sign in Russian that reads, "580 Separate Howitzer Artillery Division," dated March 11, 2023. One woman in the recording said: "My husband... is located on the line of contact with the enemy." "Our mobilized [men] are being sent like lambs to the slaughter to storm fortified areas, five at a time, against 100 heavily armed enemy men," she continued. "They are prepared to serve their homeland but according to the specialization they've trained for, not as stormtroopers. We ask that you pull back our guys from the line of contact and provide the artillerymen with artillery and ammunition," she said as quoted by CNN. CNN could not independently verify the claims made by the group of women in the video. According to CNN, Russia's move to send hundreds of thousands to fight on the battlefields of Ukraine has generated dissent and protest and prompted many Russians, young men in particular, to flee the country. "We ran away from Russia because we want to live. We are afraid that we can be sent to Ukraine," said one man who asked not to be identified. Families of drafted Russian men have criticized the mobilization, saying it is beset by problems such as discipline issues and lack of leadership from mid-ranking officers, non-existent training as well as logistical difficulties like insufficient uniforms, poor food and a lack of medical supplies. Meanwhile, Asia Times recently reported that Russian success in Ukraine would align with China's goals of reshaping global politics and power and could help facilitate China's own rise as an economic and military leader. In the backdrop of China's goals of reshaping global politics and power that would bolster its superpower status, Beijing might arm up Russia's war, wrote <keyword id="16777581" type="General" weightage="80" keywordseo="michael-a-allen" source="Orion">Michael A Allen</keyword>, Professor of Political Science, Boise State University in Asia Times. In February 2022, Chinese President <keyword id="191809" type="General" weightage="80" keywordseo="xi-jinping" source="Orion">Xi Jinping</keyword> met with Russian President Vladimir Putin at the Winter Olympics in Beijing. They issued a joint document calling for reshaping global politics. The lengthy statement details shared values and a vision for a world without the United States as a major leader, and where China and Russia gain more control and influence. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/existing-startup-founders-will-struggle-even-to-get-existing-capital-sopnendu-mohanty-of-singapore-monetary-authority/articleshow/98603636.cms">Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/income-tax-dept-selects-68000-high-value-transaction-cases-for-e-verification/articleshow/98604482.cms">Income Tax dept selects 68,000 high-value transaction cases for e-verification</a>

Russian wives, mothers call on Putin to stop forcing husbands, sons to join assault groups

The collapse of the US-based <keyword id="630197" type="General" weightage="100" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (SVB) will create a gap in the startup ecosystem and the budding entrepreneurs will have to find ways to 'survive the winter', <keyword id="12651578" type="General" weightage="80" keywordseo="singapore-monetary-authority" source="Orion">Singapore Monetary Authority</keyword> Chief Fintech Officer Sopnendu Mohanty said on Monday. Mohanty is here to attend the India-Singapore Hackathon 2023. He said that accessing capital will be the single biggest challenge for fintech <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> in the near term. <keyword id="6357722" type="General" weightage="80" keywordseo="silicon-valley" source="Orion">Silicon Valley</keyword> Bank's abrupt collapse - which unfolded in a matter of hours earlier last week -- has left Silicon Valley entrepreneurs unnerved and jittery. Federal Deposit Insurance Corporation on Friday seized the assets of Silicon Valley Bank -- the action reportedly in the middle of the business day highlighted the severity of the situation. The bank was deeply entrenched in the tech startup scene and the default bank for many high-flying startups. Its abrupt fall marks one of the largest bank failures since the 2008 global financial crisis. According to reports, regulators closed New York-based Signature Bank on Sunday, making it the third-largest failure in US banking history. "The impact of this will be startups. Startups have used this bank (SVB) to borrow money and with this bank going down...will create a gap in the startup ecosystem," Mohanty told PTI. When asked about the big challenges for fintech companies in the near term, he said accessing capital will be the single biggest challenge for them. "It will not be easy. Existing founders will struggle even getting the existing capital," he said, adding the other challenges include complex regulatory standards and "very" tough market conditions. "So they have to deal with this market crisis from a profitability perspective. So the startups will have to scale back, and spend less. Do not burn the money irresponsibly. They have to preserve capital and find a way to survive the winter," he added. Talking about the integration of the Unified Payments Interface (UPI) of India and PayNow of Singapore, Mohanty said this is going to be the global template for multi-country connectivity. "I think this will become a foundational infrastructure upgrade for the future of financial services," he added. He said that the trend looks "quite" positive as a lot of people will use this mechanism. Meanwhile, speakers participating in a session of the Hackathon talked about the impact of the collapse of the US banks on the entrepreneurs and advised them to use funds carefully. Speaking at the inaugural session, Union minister Dharmendra Pradhan said India is a major power in the digital world. The minister for education and skill development and entrepreneurship said that the government is working with Singapore on increasing cooperation in areas such as education and skill development. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-mega-electronics-days-sale-best-deals-on-wearables-audio-products-and-more/articleshow/98602219.cms">Amazon Mega Electronics Days sale – best deals on wearables, audio products and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/oscar-awards-2023-winners-list-check-out-best-picture-best-movie-and-director/slidelist/98602479.cms">RRR’s ‘Naatu Naatu’ dances away to an Oscar! Here’s a look at the other winners</a>

Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority

The income tax (I-T) department has selected 68,000 high-value transaction cases on a pilot basis pertaining to the financial year 2019-2020 for e-verification. Within six months, it has disposed of 35,000 cases, said <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> Chairman <keyword id="225455" type="General" weightage="80" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword>. Gupta said that the I-T department had taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the e-Verification Scheme, 2021, which was notified on December 13, 2021. The chairman said that the scheme provided an opportunity for taxpayers to accept the mismatch of information vis-a-vis the original income tax return (<keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword>) filed and it was found that many taxpayers have filed updated ITRs. The e-Verification scheme aims to share and verify such financial transaction with the taxpayer that appears to be either unreported or under-reported in the ITR filed by the taxpayer. The department has been collecting information on financial transactions from multiple sources. Earlier, a part of it was shared with taxpayers in the 26AS statement. However, with a view to effectively utilise the data collected from various sources, the entire information is now displayed to the taxpayer through the <keyword id="12452909" type="General" weightage="50" keywordseo="annual-information-statement" source="Orion">Annual Information Statement</keyword> (<keyword id="153265" type="General" weightage="80" keywordseo="ais" source="Orion">AIS</keyword>). The AIS provides a facility for the taxpayer to object to any information if the source has reported any such information. The department confirms the said information with the source and if the source states that there is no error, the said information is subjected to risk assessment for e-verification. The entire process of e-verification is digital, with notices issued electronically and responses by the taxpayers also submitted electronically. On the completion of the enquiry, a verification report is prepared electronically without any physical interface with the taxpayer. According to the department, the scheme was getting very encouraging responses as 15 lakh updated returns have been filed so far and the department has got revenue of Rs 1,250 crore from updated returns. This also includes cases of e-verification where the assessee has filed an updated return after e-Verification. The scheme is extremely beneficial to taxpayers as it enables them to explain the financial transaction with evidence. It also helps in data correction and thereby prevents the initiation of proceedings on misreported information. It provides an opportunity to correct updated income that may not have been appropriately reported in ITR filed by taxpayers. It nudges taxpayers towards voluntary compliance by providing an opportunity to the taxpayer to update the return of income tax under Section 139 (8A) of the Income Tax Act, 1961. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-mega-electronics-days-sale-best-deals-on-wearables-audio-products-and-more/articleshow/98602219.cms">Amazon Mega Electronics Days sale – best deals on wearables, audio products and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/existing-startup-founders-will-struggle-even-to-get-existing-capital-sopnendu-mohanty-of-singapore-monetary-authority/articleshow/98603636.cms">Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority</a>

Income Tax dept selects 68,000 high-value transaction cases for e-verification

<ul class="summary-list"><li>The Monetary Authority of <keyword id="6356662" type="UNKNOWN" weightage="60" keywordseo="singapore">Singapore</keyword> is holding a central bank digital currency competition.</li><li>Participants have until July 23 to submit proposals for a CBDC for retail use.</li><li>The top three will be announced on November 8 and the winners will each take home $150,000.</li></ul>The Monetary Authority of Singapore said on <a href="https://www.mas.gov.sg/news/media-releases/2021/mas-partners-imf-world-bank-and-others-to-launch-global-challenge-for-retail-cbdc-solutions">Monday</a> it will join forces with a number of supranational organizations to launch a competition to design a central bank digital currency for retail use. Its partners include the World Bank, the International Monetary Fund, the United Nations, the Asian Development Bank and the Organisation for Economic Co-operation and Development. This competition will award three winners $150,000 each for coming up with a proposal for a central bank digital currency - known as a CBDC - that can overcome the existing challenges around distribution and infrastructure. MAS hopes the contestants, who have until July 23 to submit their proposals, will address the <a href="https://hackolosseum.apixplatform.com/hackathon/globalcbdcchallenge#problem-statements">12 "problem statements</a>" that many countries have listed as barriers to rolling out <keyword id="6335399" type="UNKNOWN" weightage="60" keywordseo="CBDCs">CBDCs</keyword> of their own, as momentum in the cryptocurrency space picks up. "<keyword id="46318" type="ORGANIZATION" weightage="60" keywordseo="central-banks">Central banks</keyword> worldwide are actively exploring issuance of <keyword id="3144636" type="PERSON" weightage="60" keywordseo="digital-currencies">digital currencies</keyword>, and are confronted with a wide range of policy and technology challenges," MAS chief fintech officer Sopnendu Mohanty said. The 12 statements address such issues as security of data and transactions, decentralization, privacy and ease of use, among others. Contestants must also ensure their proposed CBDC is cost effective, accessible, and has financial stability and integrity. A survey by the<a href="https://www.bis.org/publ/bppdf/bispap114.pdf"> Bank for International Settlements</a> released earlier this year showed nearly every central bank in the world has looked into issuing a digital currency. Data by BIS suggests that from 2019 to 2020, the number of central banks who believed a retail CBDC was possible in the medium term doubled. The Bank of England has said it is looking into the possibility of a digital pound, while the European Central Bank and the Federal Reserve are also doing their own research. China is piloting a digital yuan in various parts of the country.MAS itself has also conducted in-depth research into the possibility of its own CBDC, while the small island nation of the Bahamas already launched its own "sand dollar" digital coin. MAS said it would announce the winner on November 8 this year.

Singapore, the World Bank and others are offering a $150,000 prize to the winner of a global competition to create a workable central bank digital currency

<ul class="summary-list"><li><keyword id="6356662" type="UNKNOWN" weightage="60" keywordseo="singapore">Singapore</keyword> has been attracting crypto companies and execs like big exchange platform <keyword id="6359140" type="ORGANIZATION" weightage="60" keywordseo="binance">Binance</keyword>.</li><li>Meanwhile, the rest of the world is set to clamp down on <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> businesses like Gemini.</li><li>Crypto companies told Insider they launched offices in Singapore because of its regulatory environment and its potential for growth.</li></ul>As the rest of the world cracks down on cryptocurrencies, the island nation of Singapore is becoming a hotspot for global crypto companies and executives with its warmer regulations and license exemptions.Binance, the world's largest crypto exchange <a href="https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/">by trading volume</a>, is one of the most prominent groups to set up shop in the country, with <a href="https://www.bloomberg.com/news/articles/2020-02-16/binance-applied-for-singapore-s-new-crypto-license-ceo-says?sref=BLKWHazc">CEO Changpeng Zhao having moved to the city-state in recent years.</a>In the rest of the world, the exchange has faced a flurry of clampdowns from various governments, largely over concerns of unregulated activity that has the potential to be used for money-laundering or terrorist funding. <a href="https://markets.businessinsider.com/currencies/news/binance-thailand-sec-criminal-complaint-cryptocurrency-exchange-license-approve-2021-7">Thailand, Japan, the EU, Canada,</a> and <a href="https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in?sref=BLKWHazc">the US are all probing</a> or taking action against Binance, and the <a href="https://www.businessinsider.com/binance-banned-from-carrying-out-regulated-activities-2021-6">exchange was banned from the UK in June.</a>But crypto players like Binance have found Singapore to be a paradise of opportunity, even while a regulations storm looms over the industry in other parts of the globe.<a href="https://www.mas.gov.sg/news/media-releases/2017/mas-cautions-against-investments-in-cryptocurrencies"></a>Big crypto groups must have a license to operate in Singapore, but can get license exemptions from the Monetary Authority of Singapore while they wait for their applications to be finalized. So far though, MAS still has not finished any applications since it introduced the concept in its early 2020 <a href="https://sso.agc.gov.sg/Acts-Supp/2-2019/Published/20190220?DocDate=20190220">Payment Services Act</a>.Over 300 companies have applied for licenses so far, <a href="https://www.bloomberg.com/news/articles/2021-06-04/singapore-s-fintech-honcho-has-vision-of-asian-silicon-valley?sref=BLKWHazc">said MAS chief fintech officer Sopnendu Mohanty in a Bloomberg interview,</a> many of which are already operating in the city-state.Chia Hock Lai, chair of the Blockchain Association of Singapore, told Insider the simple regulatory process is what makes Singapore a hit with crypto firms.<a href="https://www.mas.gov.sg/news/media-releases/2017/mas-cautions-against-investments-in-cryptocurrencies">Cryptocurrencies are not yet legal tender in Singapore</a>, and are instead labeled as goods that can be used for exchange.Even so, Singapore is "seeing growing institutional and ancillary players coming to set up shop," he said.<div type="image" title="Singapore bitcoin machine" height="3024" width="4032" msid="84261663" hostid="261"></div><h2>Companies laud potential for crypto growth in Singapore</h2>The cryptocurrency market in Singapore is still relatively small. For example, noted Chia, the combined peak daily trading volumes for Singapore's top three cryptocurrencies is only 2% of what it trades in securities every day."Cryptocurrencies comprise less than 0.01% of the assets in funds managed by MAS-regulated fund managers," Chia added.The potential to grow in this market is partially what attracted crypto companies to the Asian financial hub, they said.Gemini, a US-based cryptocurrency started by Tyler and Cameron Winklevoss, told Insider it's been aggressively hiring at its Singapore office."Gemini recognizes that Southeast <keyword id="21718" type="ENTERTAINMENT" weightage="60" keywordseo="Asia">Asia</keyword> is an important part of the crypto movement," said its managing director for Asia Pacific, Jeremy Ng, in an email. He added that Gemini is planning to stay in Singapore long-term.In 2019, Chinese billionaire crypto co-founder Jihan Wu also established a fintech platform called Matrixport in the city-state. Matrixport CEO John Ge told Insider Singapore has provided a "conducive environment" to nurture fintech and crypto innovations.Singapore's sovereign wealth fund, GIC, has <a href="https://www.finews.asia/finance/34780-gic-grows-crypto-related-portfolio">spent hundreds of millions in crypto-related investments.</a> This includes a <a href="https://www.finews.asia/finance/34686-gic-invests-in-hong-kong-listed-digital-asset-firm-osl-bc-group">$70 million stake in fintech company BC Group</a>, the parent company of crypto exchange OSL, which also started an office in Singapore in 2019.Matt Long, OSL's head of distribution and prime, told Insider: "If you look at the environment with respect to regulation, with respect to financial markets, and within that fintech and blockchain, the growth in wealth and asset management, all the positive things that the MAS has done - I think the question is why wouldn't we be setting up in Singapore?"

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Russian wives, mothers call on Putin to stop forcing husbands, sons to join assault groups

ANI

Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority

PTI

Income Tax dept selects 68,000 high-value transaction cases for e-verification

ANI

Singapore, the World Bank and others are offering a $150,000 prize to the winner of a global competition to create a workable central bank digital currency

Camomile Shumba

Crypto executives and companies are flocking to Singapore to take advantage of its crypto-friendly regulations and growth potential

Matthew Loh

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