LONDON, UK / DECEMBER, 2020 

The rise in popularity of cryptocurrencies has led to seven-in-ten nations studying ways to develop their own virtual money. The largest economy to get involved in the cryptocurrency quest is China. According to Xinhua, China’s state-run news agency, President Xi Jinping has been quoted as stating the importance of Blockchain in the next stage of China’s industrial transformation and technological innovation.

China’s official cryptocurrency is known as the e-Yuan, and its development has attracted attention from all across the globe. Investors are keen to get a piece of the new currency, hoping that it will rise to the levels achieved by Bitcoin. However, there is still considerable uncertainty about how much the e-Yuan will be included in China’s financial system. Critics of the currency claim that the state-controlled currency will never become completely decentralized from the government.

One particular problem that the e-Yuan may provide a solution for is the level of Chinese bad debt. China currently holds ￥2.4 trillion ($341 billion) of bad debt, which has accumulated from the illegal practice of guaranteeing multiple loans with the same capital. Senior blockchain researcher, J. Rothers, believes that the Chinese government will be able to use the e-Yuan as a solution. Using the e-Yuan, they will be able to track assets and liabilities, ensuring that the same collateral is not guaranteeing multiple loans.

The Chinese state will control how the cryptocurrency gets circulated, and only banks and authorized brokers will be allowed to sell the e-Yuan initially. As yet, it is unclear whether there will be any physical assets used to back up the currency. However, China’s recent acquisition of large amounts of gold to support its fiat currency suggests that the Chinese government will provide support to stabilize the price of the e-Yuan should it start to fall drastically. This assumption is one that is encouraging investors keen to buy the new currency.

Following the announcement about the e-Yuan, foreign investors spent more than $26.99 Billion on Chinese tech stocks driving the Shenzhen stock exchange to record heights. All of this is great news for Chinese technology stock investors and the e-Yuan. Since the recent pandemic-related stock market crash, investors have been looking for stocks with high potential. Many believe that the launch of the e-Yuan provides them with a once-in-a-lifetime financial opportunity.

The e-Yuan may not provide a solution to China’s long-standing bad debt issues. However, it may allow many middle-class investors to climb the financial ladder faster through a secure investment strategy. If the e-Yuan performs anything like Bitcoin ($0.003 to $10,000 in ten years), there are considerable opportunities to be had from China’s new cryptocurrency

For more information on the e-Yuan, click here.

Media Contact:

Company Name – Yuan Pay Team

Company Email – media@yuanpayteam.com

Website – https://yuanpayteam.com

SOURCE: Yuan Pay Team

The Supreme Court has made it mandatory to link the PAN card with the Aadhaar Card number. According to Section 139AA of the Income Tax Act, every individual has to carry out the procedure of  Pan Card Aadhar Link by 31st March 2021. This will ensure that the income tax returns of earning individuals are correctly processed. 

How to check whether the pan is linked with the Aadhar card

Sooner or later you have to get the PAN card seeded with the Aadhaar Card. The e-filing portal of the Income Tax department follows a simple procedure to do the PAN Card Aadhaar Card link. If you have not linked the two yet, you can use the website and get it linked. But if you have already seeded the two and want to check Aadhaar status here is how you can do it. 

Through the website of Income Tax Department

• Visit the e-Filing portal of the Income Tax Department
• Tap on the ‘Link Aadhar’ option under the ‘Quick Links’ option.
• The said option will lead to the next page displaying a form for Aadhaar link.
• On the top of the page, there will be a quick link stating, ‘click here to view the status’. Tap on the link. 
• On the next screen, enter the following details.
  • PAN
  • Aadhaar Card number
• After providing the respective numbers, click on ‘View Link Aadhar Status’.
• The portal will show you the status of your linkage, i.e., whether the two are linked yet or not.

Through the SMS facility of Income Tax Department

• Type the message, UIDPAN <12 digit Aadhaar Card Number> <10 digit Permanent Account Number>.
• Send the message to 56161 or 567678.
• If the linkage has already been done, you will receive an SMS confirming the link.

What to do if PAN is not linked with Aadhaar?

It is important to get your PAN linked with your Aadhar. If you have not done it already here are the steps to link it. 

• Land on the website of the Income Tax Department.
• Tap on the quick link of ‘Link Aadhaar’.
• Enter the PAN and Aadhaar number as provided in your Aadhaar card along with other required.
• Put in the Captcha Code.
• Press on ‘Link Aadhaar’.

You can also link the PAN with Aadhaar by sending an SMS to 56161 or 567678. All you have to do is send a text typing – UIDPAN <12 digit Aadhar Card Number> <10 digits Permanent Account number> on your phone. 

Reason to link your Pan card with the Aadhar card

The Income Tax Department of India has constantly been reminding people to seed the Aadhar with the PAN card. They are constantly requesting people to not miss out the deadline of 31st March 2021. Here is why.

To secure the validity of PAN card

If the PAN and Aadhar are not linked on time, then the PAN card will become invalid. If your PAN becomes ‘inoperative’ as stated by the Central Board of Direct Taxes(CBDT), you will not be able to use it for carrying out any kind of monetary transactions. This can cause a lot of troubles as the PAN card details are mandatory while opening a bank account, fixed deposit account or submitting your income tax returns. 

Besides, if the PAN card becomes invalid, it will be considered that the individual does not hold a PAN Card anymore. But, this will not hamper the individual’s previous monetary transaction, which will preserve the validity of existing transactions. 

Put an end to tax evasion

Through the linkage, the government will be able to examine any kind of taxable transactions. The Aadhar card will verify his identity. Through this process, the government will make sure that no individual can evade his taxes. 

Multiple Pan Cards

The PAN Aadhaar link will also prevent individuals from applying for more than one PAN card. Individuals usually do this to evade taxes. 

Individuals tend to have multiple PAN cards to use one for financial transactions and the others for taxable transactions to hide it from the Income Tax department. However with this new measure of the government, if any individual is using numerous PAN cards, then his Aadhar card will identify the different PAN cards linked to it and the government will take steps to redress the issue. 

The Pan Card Aadhar Link will be a headstart to both individuals and the government. More often than not, we keep complaining of paying our taxes on time while a lot of people and entities trick the government and evade it. Well, that will not be the case anymore. 

Decred is a type of digital currency that is self-funded and it makes use of many protocols to be digitized as well. Similar to bitcoin, Decred is also limited and is about to decentralize as well. The main agenda of Decred is to have easy access for its users so that it can be made as a reliable digital currency. 

DECRED MINING PROCESS:

As mentioned earlier, Decred uses two algorithms like Bitcoin- Proof of Work & Proof of Stake mining. To verify all the transactions, the Proof of work(POW) algorithm is used, wherein Proof of stake mining is used for limiting ASIC’s miners. 

Proof of stake works in such a way to verify the nodes wherein the users need to stake a certain amount of coins. In this process, users can either block or stake the coins however in this mining process, no further calculations are required for. As mentioned before, once the holders lock the coins, each time they receive the tickets. This each ticket resembles each vote wherein if a user uses the ticket, they receive a return reward too which is quite exciting one.

There is a specific time frame for each ticket and there are certain conditions wherein the user’s reward gets deducted, so it’s better you know in-depth about the usage and benefits of it.

WHICH MAKES DECRED UNIQUE?

When compared with Bitcoin, Decred is a digital currency that focuses on decentralization and in terms of the transaction, the charges are quite lesser. Using Proof of stake mining, all participants have the right to say equally about any changes in the network. Further, Decred Network is designed in such a way that the changes if needed can be implemented automatically.

Therefore, Decred provides freedom for users to know how the future of the coin will be. Decred is quite friendly in nature and doesn’t require any specialized expensive machines too. It also helps the users to enable microtransactions as well as dealing with smart contracts for usage. 

Owning a profitable company and trying to run one are two very different things. You may have massive sum of money and a lot of loyal clients, but the company won’t prosper if you don’t have useful accounting expertise as well — at least if you’re going to manage the financial side of the business yourself.

Bookkeeping is a vital position that any business owner should be able to fulfil, and can hire others like bookkeeping services in Dubai who can take charge of this job if the business owner cannot. You don’t have to hire an accountant or an in-house accountant to do it for you. Instead, many corporate owners delegate their accounting needs to accounting and bookkeeping services in Dubai.

Here’s a look at some of the advantages and considerations of hiring Dubai bookkeeping services for your company. 

You’re going to get an independent financial view. 

One of the best parts about hiring a professional agency for bookkeeping services in Dubai is that the team is emotionally active in the company’s day-to-day management. External accounting firms have little to do with your business. Dubai bookkeeping services don’t only do the accounting tasks needed to keep the company up, but they also show you the benefits of accurate financials.

You’re going to avoid conflict of interest. 

It could be dangerous for individual firms, such as alliances, to entrust one of the shareholders’ accounts. Accusations of fraud may potentially destroy a contractual relationship, even though a mistake in record-keeping is accidental. Using impartial bookkeeping and accounting in Dubai prevents this pitfall and can create trust among owners that all accounting records are valid, reliable and unbiased.

What to Look for in the Accounting Service? 

External accounting from bookkeeping firms in Dubai is usually people with extensive accounting and auditing services offered to a wide range of company forms. When hiring accountants for bookkeeping and accounting in Dubai, select the one who is well acquainted with your company’s style. Look for external accounting and bookkeeping services in Dubai specialising in dealing with businesses that are close to yours, but should not overlook basic process knowledge. The service should also have outstanding overall skills and expertise in evaluating income, profitability, losses and other financial ratios to help you assess your company’s financial status.

You’re trying to cut costs. 

One of the main elements of running any company is maintaining a tight hold on the total expenses incurred. The company owner’s goal is to minimise the overall expense of his company. One way to achieve this is to regulate workers’ wages and salaries — usually by hiring fewer employees, which can be achieved by hiring external experts for bookkeeping in Dubai.

The wage and benefits paid to an in-house accountant can be significant. The company can operate without a staff accountant if the business owner — or one of the business owners. The required documents will then be forwarded to the external accountant for accounting purposes. The cost of outsourcing your payroll to bookkeeping firms in Dubai is usually substantially smaller than that of hiring a full-time accountant.