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

Hardeep Singh Puri dismisses E20 fuel controversy, says carmakers are comfortable with ethanol blend

Union Minister Hardeep Singh Puri has rejected concerns over E20 petrol, saying the controversy is based on misreporting and that automobile manufacturers have found no problems with the ethanol-blended fuel, which has been in use across India for over a year.

Published

on

Hardeep singh puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri has rejected concerns surrounding the government’s E20 petrol programme, describing the controversy as a result of “misreporting and misinterpretation”. The minister said automobile manufacturers have not raised concerns over the use of E20 fuel and questioned why the issue has resurfaced after the blended fuel has already been in use across the country for more than a year.

The government has been expanding ethanol blending in petrol as part of its broader strategy to reduce dependence on imported crude oil, lower carbon emissions and support India’s agricultural sector. E20 petrol contains 20 per cent ethanol and has been rolled out after compatibility assessments involving vehicle manufacturers and research institutions.

Puri rejects claims over E20 fuel

Responding to criticism circulating on social media, Puri said there is no evidence to support claims that E20 petrol damages vehicle engines or creates operational problems. He noted that millions of vehicles are already running on the fuel without widespread issues being reported.

According to the minister, nearly 20 crore two-wheelers and around 20 lakh four-wheelers are using E20 fuel. He added that vehicle manufacturers as well as service professionals have consistently indicated that they have not experienced any significant difficulties with the ethanol blend.

Questioning the timing of the debate, Puri said the fuel has already been available for a considerable period, making the sudden wave of criticism difficult to understand.

Government says E20 has been in use for over a year

The minister highlighted that India had already been using E15 fuel for more than three years before transitioning to E20. He said E20 petrol has been available nationwide since April 2025, meaning it has already completed more than a year of public use.

Puri also clarified that while discussions around higher ethanol blends such as E25 continue, the government has not announced any immediate rollout. He said testing is currently underway, and any future decision will be based on scientific evaluation and consultations with stakeholders, including automobile manufacturers.

Government says future ethanol blends will undergo testing

Addressing speculation about higher ethanol blends, Puri said the government is taking a cautious approach before introducing E25 petrol. He stressed that ongoing tests will be completed first, after which the findings will be reviewed before any policy decision is taken.

The minister said discussions with automobile manufacturers and other stakeholders would be an important part of the process before moving ahead with any higher ethanol blend.

“I neither make the cars nor the fuel. The car manufacturers are comfortable with the E20 fuel. Each one of them has made a statement,” Puri said, reiterating that vehicle makers have already expressed confidence in the current fuel blend.

He also noted that the rollout of E85 fuel would take additional time as it would require supporting infrastructure, including suitable fuel dispensing facilities at petrol pumps.

Government continues to promote ethanol blending

The Centre has identified ethanol blending as a key component of its energy transition strategy. Besides reducing India’s dependence on imported crude oil, the programme is intended to cut vehicular emissions and create additional demand for agricultural produce used in ethanol production.

The government has gradually increased ethanol blending targets over the past few years while working with automobile manufacturers and research agencies to ensure vehicle compatibility with higher ethanol blends.

Puri had earlier stated that the government welcomes constructive criticism of its policies but would not accept what he described as rumours regarding biofuel blending. His latest remarks come amid renewed social media discussions claiming that E20 fuel reduces vehicle mileage or causes engine-related issues.

Reiterating the government’s position, the minister said existing data and feedback from manufacturers do not indicate widespread problems with E20 petrol, adding that any future decisions on higher ethanol blends would continue to be based on testing, scientific assessment and stakeholder consultations.

Continue Reading

India News

Congress to challenge Meenakshi Natarajan’s Rajya Sabha nomination rejection in Madhya Pradesh High Court

Congress leader Meenakshi Natarajan has announced that the party will challenge the rejection of her Rajya Sabha nomination in the Madhya Pradesh High Court, alleging the decision was legally flawed and that the Election Commission failed to follow a consistent approach.

Published

on

The Congress is preparing to challenge the rejection of senior leader Meenakshi Natarajan’s Rajya Sabha nomination before the Madhya Pradesh High Court, shifting the dispute from the political arena to the legal forum.

Weeks after her nomination was rejected ahead of the Rajya Sabha elections, the former Member of Parliament asserted that the decision was not the result of any lapse by Congress leaders, legal experts or those involved in preparing the nomination papers. Instead, she claimed the rejection was based on an incorrect legal interpretation.

Congress to file election petition

Natarajan said the party would file an election petition within the prescribed time and contest the entire process before the High Court. She also alleged that a deliberate narrative was created to portray the rejection as a consequence of negligence within the Congress, thereby diverting attention from the Election Commission’s role.

According to her, the Returning Officer rejected her nomination citing non-disclosure of information related to a pending case. However, she argued that Form-26, which candidates are required to submit along with their nomination papers, does not contain any specific provision requiring disclosure of such information.

Natarajan said she has contested multiple elections in the past and maintained that experienced legal experts within the Congress have handled nomination papers for years, making such an oversight highly unlikely.

Questions raised over Election Commission’s approach

The Congress leader also questioned the Election Commission’s handling of the matter, alleging that it failed to apply uniform standards in similar cases.

She referred to the case of Rajya Sabha candidate Parimal Nathwani in Jharkhand, claiming he was given 24 hours to rectify issues in his nomination papers, whereas she was not provided a similar opportunity. According to Natarajan, the differing treatment raises concerns about consistency in the poll body’s decision-making process.

Congress sources said the party’s legal cell is preparing the election petition under the guidance of senior lawyers. The dispute had earlier reached the Election Commission and subsequently the Supreme Court, but the party will now pursue the legal remedy available after the election process through the High Court.

The Congress has also alleged that the Election Commission did not act impartially during the proceedings. Party leaders claimed senior Congress representatives and lawyers reached the poll body on time to present their arguments, but the proceedings were delayed. They further alleged that the Election Commission had the authority to overturn the Returning Officer’s decision but chose not to intervene.

BJP rejects Congress allegations

The Bharatiya Janata Party dismissed the Congress’ allegations, attributing the controversy to internal issues within the opposition party.

BJP state spokesperson Ajay Yadav said the rejection of Natarajan’s nomination was the result of internal infighting in the Congress. He also claimed that the senior leader had been sidelined within her party and suggested that the Congress should introspect instead of blaming the Election Commission.

Natarajan, however, rejected claims that the Congress was responsible for any lapse leading to the rejection of her nomination.

Continue Reading

India News

Heavy rain triggers flash floods and landslides across Jammu and Kashmir, damaging roads and property

Heavy rainfall triggered flash floods and landslides across Jammu and Kashmir, damaging infrastructure, disrupting traffic and prompting authorities to issue a weather advisory.

Published

on

Monsoon in Jammu and Kashmir

Heavy rainfall across several parts of Jammu and Kashmir triggered flash floods and landslides, causing widespread damage to roads, vehicles and residential property. The adverse weather also disrupted traffic in multiple areas, prompting authorities to advise people to remain vigilant.

Flash flood causes destruction in Doda

A flash flood struck the Thathri sub-division of Doda district after heavy overnight rainfall, leading to significant damage to homes, vehicles and other property.

Floodwaters surged through the Thathri market after water levels in local streams rose rapidly. Large quantities of mud, stones and debris entered residential areas, inundating houses and damaging parked vehicles as water flowed through roads and marketplaces.

Residents said the flooding occurred suddenly, leaving little time to respond. Officials have started assessing the damage, while restoration and relief work is underway.

Local residents alleged that debris from ongoing link road construction is frequently dumped into the Thathri stream. They claimed the accumulated material obstructs the natural flow of water, increasing the risk of flooding during heavy rainfall. Residents urged the administration to take corrective measures to prevent similar incidents in the future.

Doda-Kishtwar highway affected by flash floods

Continuous rainfall also triggered flash floods that damaged the Doda-Kishtwar highway, disrupting vehicular movement on the route.

Officials said floodwaters deposited large amounts of mud, boulders and debris on the highway. A portion of the road was damaged, forcing authorities to suspend traffic until conditions improve.

In neighbouring Kishtwar district, heavy rain triggered a landslide and mudslide near the tunnel area of the under-construction 540 MW Kwar Hydroelectric Power Project, adding to the weather-related disruption in the region.

Administration issues weather advisory

The administration had earlier issued an advisory warning of heavy rainfall, thunderstorms, flash floods and landslides in vulnerable areas across Jammu and Kashmir.

Authorities advised residents, particularly those living near rivers, streams and nallahs, to remain alert and avoid unsafe locations during the ongoing spell of rain.

Samba receives highest rainfall

According to the Meteorological Department, Samba recorded the highest rainfall in the Jammu region during the 24-hour period ending at 8:30 am on Monday, receiving 90 mm of rainfall.

Kathua received 66.2 mm, followed by Katra (44.4 mm), Doda (42 mm), Jammu (41.8 mm), Udhampur (40.6 mm), Bhaderwah (33.6 mm), Kishtwar (24 mm), Reasi (10.5 mm), Batote (4.7 mm), Ramban (4.5 mm) and Banihal (0.4 mm).

Continue Reading

Trending

© Copyright 2022 APNLIVE.com