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

Published

8 years ago

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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)

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3 dead, several trapped after six-storey building collapses in Delhi, rescue operations continue

Three people died and two were critically injured after a six-storey PG building collapsed in Delhi’s Satya Niketan. Several others are feared trapped.

Published

3 hours ago

on

September 6, 2026

By

Three people have died and two others are critically injured after a six-storey building collapsed in Delhi’s Satya Niketan on Sunday afternoon. Several more people are feared trapped under the debris as rescue operations continue at the site.

Nine people have been rescued so far, while authorities are searching for others who may still be trapped. The building, which was being used as a 75-bed paying guest accommodation, collapsed at around 1:30 pm, according to officials.

Building was being used as a PG accommodation

According to police, the building was around 40 to 50 years old and consisted of a basement and five upper floors. It was being used as a paying guest accommodation, with repair work reportedly underway in the basement when the collapse occurred.

The building was located in Satya Niketan, near Delhi University’s South Campus, an area with a large student population.

An eyewitness said at least 50 students were believed to have been inside the building when it collapsed. A student at the scene also reported hearing cries for help from beneath the rubble.

Rescue operation underway

Teams from the Delhi Police, National Disaster Response Force, Delhi Fire Service and Delhi Disaster Management Authority have been deployed for the rescue operation.

At least 12 fire tenders have been sent to the spot. An excavator has also been deployed, while additional machinery is being brought in to remove concrete slabs and girders from the debris.

Locals were also seen helping with the initial search before rescue teams and machinery reached the site.

The adjacent building has been vacated as a precautionary measure, Delhi Chief Minister Rekha Gupta said. She added that rescue work was being carried out on a war footing and that authorities were coordinating efforts to assist those affected.

Government agencies coordinate rescue efforts

Delhi Lieutenant Governor Taranjit Singh Sandhu said concerned agencies, including the Delhi Police, Delhi Fire Service and DDMA, had been directed to work together to ensure swift rescue operations.

Local BJP MLA Anil Sharma, who was at the site, said some students were still believed to be trapped and that some were reportedly making calls from inside the collapsed structure.

AAP leader Saurabh Bharadwaj blamed alleged corruption for the incident and raised questions about building safety and inspections. His comments were political allegations and no official cause for the collapse has been established in the report.

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PM Modi takes aim at critics with Dimagi Naxal remark at SRCC centenary address

PM Modi revived his dimagi Naxal remark at SRCC’s centenary celebrations and spoke about India’s development journey.

Published

11 hours ago

on

September 6, 2026

By

PM Modi

Prime Minister Narendra Modi revived his ‘dimagi Naxal’ remark while addressing the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi on Saturday, using the term to criticise his opponents.

Speaking to students at the Delhi college, PM Modi described the phrase as a “homeopathic pill” and said it had prompted those he described as “dimagi Naxals” to come forward and reveal their views.

The prime minister also used his address to speak to Gen-Z about India’s development journey and asked students to consider the challenges the country had faced in the past.

PM Modi recalls past crises

During his speech, PM Modi referred to the 2013 Kedarnath disaster and the 2008 global financial crisis while criticising the handling of national emergencies by previous governments.

He said the government at the time of the Kedarnath disaster was shaken and questioned its ability to respond to the crisis.

Referring to the 2008 banking crisis, PM Modi alleged that the government of the time failed to effectively deal with the situation and claimed that India’s banking system was pushed close to collapse.

Prime minister lists challenges faced by his government

PM Modi also highlighted several major global crises that occurred during his government’s tenure.

He mentioned the COVID-19 pandemic, the Russia-Ukraine war, disruptions to global trade and supply chains, and the crisis in West Asia.

The prime minister said there had been concerns that India would struggle during these crises but argued that the country had continued to move forward.

PM Modi’s earlier SRCC visit

PM Modi had earlier visited SRCC in 2013, when he was the chief minister of Gujarat. His speech at the college received significant attention, particularly on social media, ahead of the 2014 Lok Sabha election.

His latest visit came during the college’s centenary celebrations, where his address focused on young people, India’s development ambitions and the challenges faced by the country.

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India Metro Rail Network May Overtake US in 2 Years

India’s metro rail network has reached 1,170 km across 26 cities. Union minister Manohar Lal said the country could overtake the US in network length within two years.

Published

1 day ago

on

September 5, 2026

By

Manohar Lal Khattar

India is on track to become the country with the second-largest metro rail network in the world after China, with Union Minister Manohar Lal saying the country could overtake the United States within the next two years.

India’s metro rail network has now expanded to 1,170 km across 26 cities. The network is only 216 km shorter than the US metro rail network, which stands at 1,386 km, according to figures cited by the minister.

India’s metro network expands rapidly

Speaking after the inauguration of an extended metro service in Indore, Manohar Lal highlighted the pace at which metro connectivity has grown in India.

He said metro services were operational across just 245 km in five cities when Prime Minister Narendra Modi assumed office in 2014. The network has since expanded to 1,170 km across 26 cities.

The minister said India could overtake the US in terms of metro rail network length in the next two years and become the world’s second-largest country in this segment after China.

China currently has around 8,000 km of metro rail lines, according to the figures cited by the minister.

Indore metro extension inaugurated

The minister made the remarks after inaugurating an extended section of the Indore metro. The project was built at a cost of around Rs 2,850 crore.

The Indore metro was earlier operating commercially on a six-km stretch between Gandhi Nagar and Super Corridor-3 stations. Following the extension, the service will operate on a 17-km route between Gandhi Nagar and Malviya Nagar Chauraha.

Madhya Pradesh Chief Minister Mohan Yadav said the metro service would mark a new phase in Indore’s development. He also said the network would eventually be extended to Ujjain and other nearby areas.

India’s metro rail network: Key figures

  • India currently has 1,170 km of operational metro rail network.
  • Metro services are operational across 26 cities.
  • The US has around 1,386 km of metro rail network.
  • India is currently 216 km behind the US.
  • China has around 8,000 km of metro rail lines.
  • India’s operational network stood at 245 km across five cities in 2014.

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