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Time of India
an hour ago
- Time of India
Tourism dept set to showcase state's heritage at UPITS 2025
Lucknow: To position UP as a global tourism hub, the state's tourism department launched extensive preparations for the Uttar Pradesh International Trade Show (UPITS) 2025. The event is due to take place at India Expo Mart in Greater Noida between Sep 25-29. Officials said, "For this, the department will establish a spacious stall spanning approximately 465 square metres in hall number seven. The stall will creatively display the state's heritage sites, temple architecture, thematic tourism circuits and PPP-based tourism projects, alongside showcasing local crafts and One District One Product (ODOP) items." To enhance visitor engagement, officials noted, "The department will introduce digital tourism tools such as mobile applications, websites and QR codes, facilitating easy access to information and seamless travel planning. The integration of technology with immersive visual storytelling aims to strengthen Uttar Pradesh's tourism brand image both nationally and internationally." The exhibition stall is designed with three open sides and features a stylish front façade, illuminated signage with CNC cutting, LED walls, modern lighting, carpeting and display units. Officials also revealed that the stall will include a VVIP lounge, meeting tables, coffee machines, a pantry and a reception counter to provide a comfortable experience for guests. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo To attract visitors, the stall will feature auto-navigation screens showcasing popular tourist destinations in Uttar Pradesh. An Augmented Reality (AR) based digital touch panel will allow visitors to take selfies with images of at least six famous tourist sites. A 10-15 square metre area within the stall will be allocated to live cultural performances. Preparations are on to host traditional dances such as Mayur Nritya from the Braj region, tribal dance forms from Sonbhadra and Lakhimpur, Bundeli Folk Dance from Jhansi and Kathak from the Lucknow Gharana.
Time of India
an hour ago
- Time of India
Cryptic poser: Does your rival find you fit and proper for crypto biz?
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel MUMBAI: Amid the crypto frenzy fuelled by Trump and the digital asset making inroads, new players planning to set up shop in India are dealing with a curious rule: they need 'fit and proper' certificates-not from government agencies or any of financial market regulators , but from existing cryptocurrency service a regulatory void, judging the 'fit and proper' quality of a new applicant has been left to existing virtual digital asset (VDA) service providers (SPs). Some of the applicants are discovering that the rule, introduced early this year, not only runs into conflict of interests, but poses other complexities as cryptos are vulnerable to money laundering and cyber in most financial markets too insist on such a certificate to evaluate the integrity, ethical standing, and track record of new managers and entities. For instance, in safeguarding the interests of depositors and investors, persons applying for a banking license and intermediaries like stock brokers have to qualify as 'fit and proper'. But, here the assessment is done by the respective regulator ( RBI or Sebi )-and not by peers or other business and competing organisations in the case of VDAs, the rule stems from a January 2025 communique to VDA SPs from the Financial Intelligence Unit (FIU). An agency under the ministry of finance, FIU is dedicated to curb money laundering and terror finance. VDASPs like crypto platforms exchanges, brokers, and custody service firms providing crypto wallets are "reporting entities" sharing information, as banks do, with the 'fit and proper' is one of the conditions a VDA SP must satisfy to register itself with FIU. Failure to register is in itself a non-compliance with the Prevention of Money Laundering to the January 2025 notification, one of the steps towards registration requires "fit and proper certificate from the FIU IND registered VDA SP(s), in all cases where the applicant VDA SP is into relationship/agreement (B2B/broker/other relationship etc) with the former (either ongoing/prospective/intended)."This widely-worded directive can be interpreted to mean that a new applicant (be it a crypto exchange or an intermediary) could require multiple certificates from different SPs. A custody provider may partner with multiple exchanges and intermediaries, while an exchange may draw liquidity from another to Purushottam Anand, advocate and founder of Crypto Legal , a Bengaluru-based blockchain and crypto-focused law firm, "The 'fit and proper' requirement effectively introduces a disqualification criterion for entities seeking registration as VDASP. Yet, it provides no defined parameters or standards for registered VDASPs to apply during their assessment. There is a complete lack of guidance on the manner, scope, or extent of scrutiny to be conducted by existing VDASPs. In the absence of clarity, new applicants may be compelled to disclose sensitive and confidential business information to potential competitors. Courts have consistently held that vague, arbitrary, and subjective conditions-particularly those introduced through delegated legislation-are legally untenable and liable to be struck down."The requirement may prove self-defeating where an applicant is compelled to seek certification from a competitor, said Harshal Bhuta, partner at the CA firm P. R. Bhuta & Co. "Moreover, obtaining such certification from several service providers may not be straightforward, given the recent cyberattacks and the liability associated with issuing such certificates. A more effective alternative would be for the government to provide recognition to Self-Regulatory Organisations (SROs) and authorise them to issue certificates," said the past one year, two Indian crypto exchanges lost substantial amounts in cyberattacks. And law enforcement authorities fear that cryptos are misused to move money across the border, bypassing banking channels. Coins withdrawn from an exchange wallet can be transferred to private wallets and other wallet owners in various jurisdictions. Recently, FIU advised platforms to keep a watch on transactions linked to persons in border areas. Data requests from the agency has also gone up, said an exchange official."The ministry has streamlined the registration process, which includes having an in-person meeting with the FIU-IND, submission of prescribed documents, etc. These requirements should be carefully looked into by applicants, especially the clause which requires the VDA-SP to furnish a 'fit and proper' certificate from FIU-IND registered VDA-SPs in all cases where the applicant VDA-SP is into a relationship with the former," said Raghav Bajaj, counsel, Khaitan & to FIU and the crypto industry lobby BharatWeb3 went unanswered till the time of going to press.
Time of India
2 hours ago
- Time of India
Drawn by demand and high returns, non-Mumbai developers rush to tap city's booming realty market
Mumbai's property market is attracting developers nationwide due to sustained demand and redevelopment potential. Encouraged by high prices and limited land, firms from Bengaluru, Delhi NCR, and Pune are entering through joint ventures and other partnerships. Redevelopment projects, including slum rehabilitation, offer significant opportunities, despite challenges like high costs and regulatory hurdles. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Mumbai is experiencing a rush of property developers from other parts of the country, drawn by sustained demand and the long-term potential of redevelopment-led activity in India's biggest and priciest property by elevated prices amid limited land parcels, developers from markets such as Bengaluru, Delhi NCR and Pune are looking to get a foothold in housing market in India's financial hub continues to record robust performance in registrations and high-value transactions across key micro-markets, attracting developers from outside the the financial appeal of Mumbai's realty market remains strong, challenges persist. High construction costs, complex land ownership structures, and regulatory timelines remain key hurdles."Developers from diverse geographies are entering Mumbai buoyed by financial backing from private equity, and institutional funding under joint venture, joint development, or development management business models," said Niranjan Hiranandani, chairman, Naredco. "Redevelopment projects, including society and slum rehabilitation, stand out as untapped opportunities for these players, often implemented in collaboration with local developers for smoother navigation through approvals, compliance mechanisms, and on-ground execution."Recently, New Delhi-based DLF re-entered the market through a joint venture for a project related to slum rehabilitation scheme in Mumbai's Andheri suburb. The company said it has received bookings for over 416 apartments worth ₹2,300 crore in the project's first phase and 20% buyers are non-desident Indians (NRIs)."Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, joint MD, DLF Home Developers, a 100% subsidiary of non-Mumbai entities including Prestige Group, Embassy Group, RMZ, Puravankara , Blackstone-backed Kolte Patil Developers , and Ramky Estates & Farms have entered the Mumbai property market. Many more are currently exploring options. Most of these have reported robust sales performance on the back of ongoing steady housing demand."The interest from non-Mumbai players for an entry here has grown sharply in recent quarters. For many of them, the partnership model works out to be the best strategy with local execution support, reduced risk, and the ability to leverage a brand," said Gulam Zia, senior executive director, Knight Frank contributed nearly 28% of the total residential sales value across the top eight cities in the first half of 2025, making it a key target for developers."Mumbai appears to be a huge opportunity for a developer like us with a good execution track record. We are fully equipped to manage little complexities in the growth journey. We have so far acquired 7 key projects in the city including South Mumbai," said Rajat Rastogi, CEO, west and commercial business, to industry experts, Mumbai's redevelopment-centric approach shaped by regulatory frameworks such as Development Control & Promotion Regulations (DCPR) 33(7), 33(9), and slum rehabilitation schemes require experience in handling tenant consent, approvals, and municipal processes. This regulatory complexity continues to deter direct entry for many national developers, making partnerships a preferred from Mumbai and its suburbs, satellite towns including Thane and Navi Mumbai, and peripheral markets are also being explored by developers.
