Users trade Bitcoin through a network of decentralized computers, eliminating intermediaries such as governments, commercial banks, and central banks. Bitcoin allows users to avoid the fees incurred when the banking system has been used to make transactions and eliminate currency conversion costs on international transactions, all of which are conducted in relative secrecy. Bitcoin is difficult to counterfeit and can enable instant verifiable payment in M&A transactions. Banks often hold up to several days on a large item other than a cheque, such as a cheque, depending on the customer`s account history and what is known about the payer (for example, whether the issuing organization has the financial resources to cover the cheque presented). The Wages Act of 1986 regulates the payment of wages and creates a system based on the employment contract. The law abolished the old requirement for cash payment of salaries and thus allowed cashless payment. In Part II of the ERA 1996, deductions from wages can only be made to comply with legal requirements (e.g. taxes or social security) or by prior agreement. One of the current challenges facing telecom companies and banks is entering the cashless payment industry. Telecom companies have already missed out on pennies, including data communications and the rise of messaging apps. As described earlier, India`s demonetization initiative led to a huge liquidity crisis across the country, as more than 80% of the currency in the form of 500 and 1000 rupee notes (the two highest denominations used) was no longer legal tender. Although most opinion polls indicate politicians` intent to prevent unregistered “black money” in the economy, the sudden statement led to great chaos in the form of massive bank queues to withdraw money or exchange old banknotes (The Wire, 2017).

In addition, India is an economy with a cash-to-GDP ratio of around 13%, well above that of major economies such as the US, UK and Eurozone. Therefore, demonetization will not only bring short-term logistical challenges, but could also affect economic growth. In the long term, we expect this policy to move a significant portion of the population to a cashless economy, much to the delight of digital payment companies such as Paytm, Freecharge and MobiKwik. The e-commerce industry could experience a short-term decline in sales due to the high share of cash on delivery sales. In the long run, we can expect the growth of the cashless economy to increase online spending (helping e-commerce businesses expand their customer base) and boost digital payments (improving e-commerce businesses` margins by reducing cash management costs and associated risks) (Forbes, 2016). Convertible bonds15 can raise concerns for acquirers and target companies if both have no information about each other. Bidders who feel their shares are undervalued are reluctant to use shares to avoid dilution of their current shareholders. These bidders may offer convertible bonds as a means of payment. Target shareholders may find these offers attractive because they offer a floor equal to the value of the debt at maturity plus accrued interest payments, as well as the opportunity to participate in future stock gains. Bidders who believe their shares are overvalued tend to offer shares instead of cash or convertible securities.

If the convertible securities are unlikely to be converted due to limited appreciation in the offeror`s share price, the securities will remain as debt, placing a significant debt burden on the Company. Without prejudice to the criminal liability of natural persons, persons entrusted with the management of the legal person shall be liable to the same penalty if their knowledge is proven and if this breach of their duties contributed to the offence committed. The 2020 global pandemic and the resulting economic and financial crisis have reduced the value of transactions. Acquirers` shares have proliferated as partial or total replacement of cash as a means of payment. Buyers` actions would make it easier for buyers and sellers to reach an agreement, as target shareholders would share the future upside (and down) risk. FINRA Rules 2310 (Direct Ownership Plans), 2320 (Insurance Variable Contracts), 2341 (Investment Company Securities), 5110 (Corporate Finance Rule – Subscription Terms and Arrangements) (collectively, the Non-Cash Compensation Rules) contain restrictions on non-cash arrangements related to the sale and distribution of securities covered by these rules.