English हिन्दी
Connect with us

India News

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

Published

on

cryptocurrency

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)

India News

Man sets himself on fire near Parliament building, rushed to hospital: Delhi Police

The exact reason will be unearthed only after the investigation.

Published

on

A man on Wednesday set himself afire near the Parliament in Delhi. He was immediately rushed to the RML hospital after he sustained severe injuries. The police have started an investigation into the matter.

The area where the man attempted to set himself on fire has been cordoned off. A forensic team is also present at the spot to investigate which substance he doused on himself before setting himself on fire.

Delhi Police stated that the man has been identified as Jitendra from Uttar Pradesh’s Bagpat. They said the reason behind the suicide attempt seems to be related to personal enmity in Bagpat. The exact reason will be unearthed only after the investigation.

“Today one person probably Jitendra of Uttar Pradesh’s Bagpat set himself on fire in roundabout rail Bhavan. The local police and railway police along with some civil persons immediately extinguished the fire and the person was sent to hospital. The issue as we can decipher is probably related and personal enmity in Bagpat. Further investigation is on,” Delhi Police said.

“The local police, railway police, and some civilians quickly managed to extinguish the flames, and the man was sent to the hospital. Preliminary findings suggest the incident may be linked to personal enmity in Bagpat. Further investigations are ongoing,” the police statement said.

In another similar incident, a man from Rohini set himself on fire outside the Transport Bhawan near the Parliament in April, 2023. The man was reportedly raising slogans against Prime Minister Narendra Modi and in support of Congress leader Rahul Gandhi.

He had lost his job during the lockdown imposed during the pandemic. He doused himself with an inflammable liquid as he shouted slogans and set himself afire. He was rescued immediately by police personnel in the area and taken to a nearby hospital. The man had sustained 50 per cent burns in the incident, according to reports.

Continue Reading

India News

Bus falls into deep gorge in Uttarakhand’s Nainital, several injured

The bus belongs to Roadways and was going from Bhimtal to Haldwani with 20-25 people travelling on it.

Published

on

Bus falls into deep gorge in Uttarakhand’s Nainital, several injured

In an unfortunate incident, a roadways bus fell into a 100-metre deep gorge in Bhimtal area of Uttarakhand’s Nainital district on Wednesday, leaving several people injured. Officials stated that the bus belongs to Roadways and was going from Bhimtal to Haldwani with 20-25 people travelling on it.

Reports stated that the State Disaster Relief Force (SDRF) personnel carried out rescue operations at the accident site. SSP Nainital Prahlad Meena said that information was received from the District Control Room, Nainital that a roadways bus has crashed near Bhimtal, on which the rescue teams of SDRF have left for the spot from Post Nainital and Khairna.

Notably, the accident in Bhimtal happened a day after an Army vehicle fell into a gorge in the Union territory of Jammu and Kashmir, killing five soldiers. A defence spokesperson said that the cause of the accident is being ascertained but possibly, the driver lost control at the turn of the road. The accident took place in the Gharoa area when a convoy of six vehicles was en route from Nilam Headquarters to Balnoi Ghora Post.

The officials said that rescue teams have recovered five bodies from the gorge which is 300-350 feet deep. Jammu and Kashmir Chief Minister Omar Abdullah expressed his deep sorrow over the incident near the forward post along the Line of Control (LoC). He also extended deepest sympathies to the bereaved families of the soldiers.

Meanwhile, the Army ruled out terrorism angle in the incident. They said that a terrorist initiated incident positively ruled out after confirming from ground sources. They added that their own post was approximately 130 m from the incident site and the backup vehicle was barely 40 meters away.

Furthermore, the Northern Command, also called the Dhruva Command, said Lieutenant General M V Suchindra Kumar and all ranks extend their deepest condolences on the tragic loss of five brave soldiers.

Continue Reading

India News

Congress slams PM Modi over Ken-Betwa river linking project, says it poses serious threat to Panna Tiger Reserve

However, thanks to a pioneering tiger reintroduction program initiated 15 years ago, Panna now boasts a population of over 90 tigers, including cubs and sub-adults, while also supporting sustainable tourism-based livelihoods.

Published

on

The Congress on Wednesday hit out at Prime Minister Narendra Modi for laying the foundation stone of the Ken-Betwa River Linking Project, asserting that it highlights the disparity between his environmental promises and actions, as the project threatens the Panna Tiger Reserve. This project, the first initiative under the national river interlinking policy, was inaugurated in Khajuraho, Madhya Pradesh.

Jairam Ramesh, Congress general secretary in-charge of communications, remarked, “Today, the Prime Minister is providing further evidence of the gap between his ‘talk’ and ‘walk’ regarding environmental and forest issues. The Ken-Betwa river linking project, for which he is laying the foundation stone today, poses a significant threat to the biodiversity-rich Panna Tiger Reserve in Madhya Pradesh.”

He emphasised the success of Panna’s tiger revival, noting that by early 2009, the area’s tiger population had been entirely eradicated. However, thanks to a pioneering tiger reintroduction program initiated 15 years ago, Panna now boasts a population of over 90 tigers, including cubs and sub-adults, while also supporting sustainable tourism-based livelihoods.

Ramesh highlighted that the project would inundate more than 10% of the core area of the tiger reserve. He warned, “Not only will vital tiger habitats be affected, but those of other species, including vultures, will also be lost. The ecosystem will be fragmented, requiring the felling of over 23 lakh trees. Construction activities will cause significant disturbances.”

Furthermore, he mentioned that plans for three cement factories are underway, with one already established near the park, raising concerns regarding the underlying assumptions about water surplus. “It is unfortunate that there are alternatives for executing the project—such as placing the dam upstream—that would avoid such substantial ecological harm,” the Congress leader stated.

The project will involve the construction of a 77-meter-high, 2.13-kilometer-long Daudhan dam and two tunnels (one measuring 1.9 km and the other 1.1 km) on the Ken River within the Panna Tiger Reserve.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com