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Supreme Court overrules RBI ban on cryptocurrency, allows trading

The Supreme Court on Wednesday allowed trading in cryptocurrency, thus overruling an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.

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The Supreme Court on Wednesday allowed trading in cryptocurrency, thus overruling an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.

A 3-judge bench led by justice RF Nariman and comprising justices S Ravindra Bhat and V Ramasubramanian pronounced the landmark judgment on the validity of the RBI circular which barred the RBI regulated entities from dealing with Cryptocurrencies.

The Internet and Mobile Association of India had approached the Supreme Court against a 2018 RBI Circular which directed that the RBI regulated entities to not deal with the Cryptocurrencies. The Central Bank had on April 6, 2018 issued the circular which barred the entities from “providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies.”

India News

Satellite images reveal extensive construction of launch pads and bunkers near Chinese nuclear missile silos

Satellite images show that Beijing is constructing a vast web of over 80 launch pads, command bunkers, and electronic warfare facilities to protect its longest-range nuclear missiles in a remote desert complex.

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A vast military complex is rapidly taking shape in a remote Chinese desert, raising significant attention among security scholars. Freshly analyzed satellite images indicate that Beijing is building an expansive network of launch pads, bunkers, and communications nodes. This critical infrastructure is positioned near isolated nuclear silos that house the Chinese military’s longest-range missiles, which are already capable of reaching any city in the United States.

Media reports indicate that the scale of this newly discovered construction points to a sweeping expansion of hardened infrastructure. The entire network is specifically designed to protect and operate China’s land-based nuclear forces. This massive buildup signals a major upgrade in efforts to secure a resilient second-strike capability, highlighting the intensifying nuclear competition with Western powers amidst rising regional tensions.

Protecting second strike capabilities

According to assessments by security analysts, the imagery reveals more than 80 launch pads. These pads are intended for potential use by an expanding fleet of mobile missile launchers as well as air-defense batteries. Furthermore, the newly built facilities appear configured to serve command operations, satellite communications, and electronic warfare functions.

Security experts note that this infrastructure is being deployed on a grand scale, stretching across thousands of square kilometers of desert landscape beyond the primary silo fields. Depending on the exact operational capabilities of these sites, the development represents a highly considerable enhancement and diversification of the nation’s strategic nuclear deterrent.

The primary objective behind safeguarding these desert silos aligns with the stated goal of maintaining a credible nuclear deterrent. This military policy remains grounded in the absolute capacity to retaliate effectively if the nation is struck first.

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DK Shivakumar expected to take oath as Karnataka chief minister on June 3

Senior leader DK Shivakumar is set to take office as the new chief minister of Karnataka on June 3, following top-level leadership transitions within the state government.

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Senior Congress leader DK Shivakumar is highly likely to take the oath of office as the next chief minister of Karnataka on June 3, according to government sources. The upcoming ceremony marks a major leadership transition in the southern state following recent political developments.

Transition of power

The development follows days of high-level consultations within the party’s central leadership to ensure a smooth transition of power in the state assembly. Media reports indicate that preparations for the oath-taking ceremony have begun, with the event expected to see attendance from top political leaders, party workers, and ministers.

State government officials and party insiders have indicated that the formal schedule and cabinet composition are being finalized ahead of the scheduled date. Further official announcements regarding the swearing-in ceremony are expected to be released soon by the state administration.

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Maharashtra MLC Polls: MVA finalizes 15 seats, tussle remains over two key constituencies

The Maha Vikas Aghadi has ironed out differences across 15 Maharashtra Legislative Council seats, leaving Nashik and Nanded as the final points of contention between Congress and Shiv Sena (UBT).

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The Maha Vikas Aghadi (MVA) coalition, which includes Congress, Shiv Sena (Uddhav Balasaheb Thackeray), and the Nationalist Congress Party (Sharadchandra Pawar), has successfully reached a seat-sharing understanding for 15 out of 17 seats in the upcoming Maharashtra Legislative Council elections. While a major breakthrough has been achieved, the alliance is currently witnessing a stalemate over Nashik and Nanded, as multiple constituent partners assert their presence in these regions.

According to sources, the distribution plan was designed to prevent internal rifts by respecting the geographic and organizational strongholds of each party.

Congress secures maximum share of seats

Under the initial draft layout, Congress has come out as the largest stakeholder with seven seats in its quota. The party has been assigned constituencies across northern Maharashtra, western Maharashtra, and Vidarbha, where its ground-level network remains sturdy.

The locations likely allocated to Congress feature Solapur, Chandrapur, Yavatmal, Bhandara, Dharashiv, Amravati, and Ahilyanagar. To gear up for the electoral challenge, state party president Harshvardhan Sapkal has already designated senior leaders to observe and coordinate at the constituency level.

Five seats assigned to Uddhav Thackeray faction

The Uddhav Thackeray-led Shiv Sena (UBT) has been allotted five seats under the proposed arrangement, focusing its reach on the Konkan region and Marathwada. The seats projected for the party encompass Chhatrapati Sambhajinagar, Jalgaon, Hingoli, Raigad, and Parbhani.

Concurrently, the Sharad Pawar-led NCP faction is expected to field its candidates from three constituencies: Thane, Pune, and the joint Satara-Sangli seat. Even though Thane has been known as a core stronghold of the traditional Shiv Sena, evolving dynamics inside state politics led to this assignment during discussions.

Stalemate over two key constituencies

Despite finding common ground on most locations, Nashik and Nanded continue to be sources of disagreement. Media reports show that both Congress and Shiv Sena (UBT) want the Nashik seat, pointing to their local machinery. On the other hand, Nanded has traditionally stayed a bastion for Congress, but shifting political landscapes have led to claims from alliance partners too.

Leaders from the opposition have stressed that their core objective is to challenge the ruling Mahayuti coalition and prevent votes from splitting through friendly contests. Senior members are expected to hold more rounds of talks over the coming days to untangle the deadlock.

Ruling alliance formula takes shape

Sources close to the matter suggest that the ruling Mahayuti coalition has also neared completion of its election blueprint. Under their anticipated plan, the Ajit Pawar-led NCP faction might contest Pune and Raigad, whereas the Eknath Shinde-led Shiv Sena is tipped to take over Nashik, Thane, Parbhani, and Yavatmal. The remaining council seats are expected to be contested by the BJP.

Political experts are keeping a sharp watch on prospective inner rebellion inside the ruling camp, especially in regions like Nashik and Chhatrapati Sambhajinagar, where disgruntled figures might look to explore options alongside independent candidates.

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