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All not over for crypto currency in India: regulatory regime likely next month

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While the Supreme Court is slated to hear on July 3 petitions against restrictions imposed on cryptocurrencies by Reserve Bank of India, Finance Ministry is also expected to come up with new regulatory framework for the digital form of money in the first half of that month, said media reports.

Subhash Chandra Garg, Secretary of the Department of Economic Affairs (DEA) at the Ministry of Finance, told news channel ET Now that a draft has been put together and will be discussed in the first week of next month.

Garg, who is heading the committee tasked to determine the future of Bitcoin in India, explained: “We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.”

The DEA secretary said that the committee has made a lot of progress with regard to determining “what part of business should be banned, what should be preserved, and what not.” In his words, the lower detail work has already happened. “We should be in the position to wrap this up in the first fortnight of July,” he said.

In previous comments, Garg said the Indian government “does not read this [cryptocurrency] as currency” and would not allow its use in the country’s payment system. This, he explained, means the executive power “would do something to eliminate” the illegal use of “crypto assets.”

Nevertheless, he recognized that some people may still find value in cryptocurrencies and that would require introducing certain regulations so that crypto transactions are legal and transparent.

Earlier reports that the roles of regulators had been decided and that the new rules were coming soon were not confirmed by concrete actions.

Subhash Garg also noted that cryptocurrency exchanges in India are not regulated and indicated that the upcoming regulations would introduce legal requirements for know your customer (KYC) procedures and record keeping for transactions. In February, he expressed hope that his committee would finalize its recommendations within this financial year. Then, legal changes would have to be made and regulatory responsibilities assigned.

According to media reports, however, the panel headed by Garg is the second body formed to come up with a solution, after the first committee failed to complete the task.

Indian authorities have been sending mixed signals about the future of cryptocurrencies, along with issuing warnings and applying restrictive administrative measures. In his budget speech in February, Finance Minister Arun Jaitley reiterated the official position that cryptocurrencies are not recognized as legal tender and said the government will crack down on their use for illegal activities. Since then, the Income Tax Department has issued notices to thousands of crypto investors accusing them of tax evasion. For its part, the Reserve Bank of India ordered all regulated financial institutions to quit providing services to businesses and individuals dealing in cryptocurrencies. Nevertheless, there are voices within the Indian government that insist Bitcoin has its place in India.

Supreme Court Resets Hearing Date to July 3

The RBI gave commercial banks three months to comply with its directive formally motivated with the need to protect consumers and prevent money laundering. Recently, the central bank admitted it had done no proper research into cryptocurrencies before issuing its circular. In the past few weeks, local exchanges have been preparing for the ban by terminating fiat deposits and withdrawals while launching and expanding crypto-to-crypto trading.

Indian Crypto Regulations Ready in July, Official Reveals

A number of Indian crypto companies filed petitions against the restrictions that eventually reached the Supreme Court, which barred all other courts from accepting new petitions. The hearing was initially set for July 20, two weeks after the RBI comes into effect, on July 5, which triggered protests by the members of the country’s crypto community.

One of the companies that has filed a petition challenging RBI’s measures is the operator of the Indian exchange Coinrecoil, Kali Digital Eco-Systems. Its co-founder and director, Kunal Barchha, told news.Bitcoin.com that the Supreme Court has rescheduled the hearing for an earlier date on request by one of the other petitioners – the Internet and Mobile Association of India (IAMAI). The review is now set to take place on July 3, before the enforcement of the ban. Mr. Barchha also said that Coinrecoil’s lawyer will file a similar request on July 2 and he expects the court to honor it. (Agencies)

Entertainment

Bharti Singh, Haarsh Limbachiyaa welcome second child after she’s rushed to hospital mid-shoot

Comedian Bharti Singh and her husband Haarsh Limbachiyaa welcomed their second child after she was rushed to hospital during a television shoot.

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Popular comedian and television personality Bharti Singh and her husband, writer-host Haarsh Limbachiyaa, have welcomed their second child. The baby was born on Friday after Bharti was taken to the hospital following a sudden medical emergency earlier in the day, according to media reports.

Emergency during television shoot led to hospitalisation

As per available information, Bharti Singh was scheduled to shoot for the television show Laughter Chefs on Friday morning when her water broke unexpectedly. She was immediately rushed to a nearby hospital, where she later delivered her second child. No further details about the baby have been shared publicly so far.

The news of the delivery comes weeks after the couple announced Bharti’s second pregnancy on social media.

Pregnancy announcement and maternity shoot

Bharti Singh and Haarsh Limbachiyaa had revealed the pregnancy during a family vacation in Switzerland. A few weeks ago, Bharti also shared pictures from her maternity photoshoot, where she was seen wearing a blue silk gown with white floral patterns.

Sharing the photos online, Bharti wrote, “2nd Baby Limbachiya coming soon,” along with a baby emoji.

Family background

Bharti Singh and Haarsh Limbachiyaa became parents for the first time in 2022, when they welcomed their son, Lakshya.

The couple is among the most well-known faces on Indian television. Bharti is widely recognised for her comic timing and distinctive on-screen persona, while Haarsh has made his mark as a writer and host. Apart from their television work, the two also co-host a podcast together.

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Renaming MGNREGA removes core spirit of rural employment law, says Shashi Tharoor

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Shashi Tharoor

Congress MP Shashi Tharoor has strongly criticised the renaming of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), saying the move strips the rural employment programme of its core essence. His remarks came after Parliament cleared the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) Bill, also referred to as the VB-G RAM G Bill.

Speaking to media, Tharoor said the decision to remove Mahatma Gandhi’s name from the scheme “takes out the heart” of the rural employment programme that has been in place for years. He noted that the identity and philosophy associated with Mahatma Gandhi were central to the original law.

Tharoor also objected to the way the new name was framed, arguing that it unnecessarily combined multiple languages. He pointed out that the Constitution envisages the use of one language in legislation, while the Bill’s title mixes English and Hindi terms such as “Guarantee”, “Rozgar” and “Ajeevika”, along with the conjunction “and”.

‘Disrespect to both names’

The Congress leader said that inserting the word “Ram” while dropping Mahatma Gandhi’s name amounted to disrespecting both. Referring to Mahatma Gandhi’s ideas, Tharoor said that for Gandhi, the concepts of Gram Swaraj and Ram Rajya were inseparable, and removing his name from a rural employment law went against that vision.

He added that the name of Lord Ram could be used in many contexts, but questioned the rationale behind excluding Mahatma Gandhi from a programme closely linked to his philosophy of village self-rule.

Protests over passage of the Bill

The VB-G RAM G Bill was passed by the Lok Sabha on December 18 and cleared by the Rajya Sabha in the early hours of December 19 amid protests from Opposition members. Several MPs opposed the manner in which the legislation was pushed through, with scenes of sloganeering and tearing of papers in the House.

Outside Parliament, members of the Trinamool Congress staged a sit-in protest near Samvidhan Sadan against the passage of the Bill. Congress also announced nationwide protests earlier this week, accusing the government of weakening rights-based welfare schemes.

Despite opposition criticism, the government has maintained that the new law will strengthen rural employment and livelihood security. The Bill raises the guaranteed employment from 100 days to 125 days per rural household and outlines a 60:40 cost-sharing formula between the Centre and states, with a higher central share for northeastern, Himalayan states and certain Union Territories.

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Rahul Gandhi attacks G RAM G bill, says move against villages and states

Rahul Gandhi has criticised the G RAM G bill cleared by Parliament, alleging it dilutes the rights-based structure of MGNREGA and centralises control over rural employment.

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Rahul Gandhi

Leader of the Opposition Rahul Gandhi has launched a sharp attack on the Modi government after Parliament cleared the Viksit Bharat Guarantee for Employment and Livelihood Mission (Rural) Bill, commonly referred to as the ‘G RAM G’ bill. He described the proposed law as “anti-state” and “anti-village”, arguing that it weakens the core spirit of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

The new legislation, which is positioned as an updated version of MGNREGA, was passed amid protests by opposition parties and is expected to replace the existing scheme once it receives presidential assent.

‘Bulldozed without scrutiny’, says Rahul Gandhi

Rahul Gandhi criticised the manner in which the bill was cleared, saying it was pushed through Parliament without adequate debate or examination. He pointed out that the opposition’s demand to refer the bill to a standing committee was rejected.

According to him, any law that fundamentally alters the rural employment framework and affects crores of workers should undergo detailed scrutiny, expert consultation and public hearings before approval.

Claim of dilution of rights-based guarantee

Targeting the central government, the Congress leader said the proposed law dismantles the rights-based and demand-driven nature of MGNREGA and replaces it with a rationed system controlled from Delhi. He argued that this shift undermines the autonomy of states and villages.

Rahul Gandhi alleged that the intent behind the move is to centralise power and weaken labour, particularly impacting rural communities such as Dalits, OBCs and Adivasis.

Defence of MGNREGA’s impact

Highlighting the role of MGNREGA, Gandhi said the scheme provided rural workers with bargaining power, reduced distress migration and improved wages and working conditions, while also contributing to rural infrastructure development.

He also recalled the role of MGNREGA during the Covid period, stating that it prevented crores of people from slipping into hunger and debt. According to him, any rationing of a jobs programme first affects women, landless workers and the poorest communities.

Opposition to name change and provisions

The Congress has also objected to the renaming of the scheme, accusing the government of attempting to erase the legacy associated with Mahatma Gandhi. Opposition MPs staged a dharna within the Parliament complex, questioning provisions of the bill that they claim dilute the “soul and spirit” of the original law enacted in 2005.

Under MGNREGA, the government guaranteed 100 days of work in rural areas along with an unemployment allowance if work was not provided. The ‘G RAM G’ bill proposes to raise the guaranteed workdays to 125, while retaining other provisions. However, critics have flagged concerns over employment being linked to pre-approved plans.

The bill was cleared after a midnight voice vote in the Rajya Sabha, following its passage in the Lok Sabha amid protests and walkouts. It will become law once approved by the President.

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