Chandrayaan 2 Lifts Off; "Bounced Back With Flying Colours," Says ISRO
Pakistan will not open airspace until India withdraws fighter jets from IAF forward airbases
Good news! After NEFT, RTGS, SBI makes all IMPS transactions free
Karnataka Battle In Top Court, Rebel Lawmakers Told To Meet Speaker Today
Nirmala Sitharaman says Budget 2019 paints 'big picture' of new Modi govt
India Bid For Final Berth Against Unstable New Zealand
Angel tax woes to continue as Budget 2019 offers little clarity
Budget 2019: 10 top takeaways from Nirmala Sitharaman's speech
Afghanistan Batsman Ikram Ali Khil Breaks Sachin Tendulkar's Long-Standing World Cup Record
Unemployment rate rises to 33-month high of 7.8% in June, says CMIE
Rohit Sharma Scores 4th Century In One World Cup, Most By Any Indian Batsman
Trouble For Karnataka Congress, 2 Lawmakers Quit, BJP Keeps Close Watch
India can have two tax rates, single slab not possible, says Arun Jaitley
Bombay High Court Confirms Maratha Quota, But Says 16% Not Justifiable
US Secretary of State meets PM Modi in New Delhi, holds talks to iron out thorny issues
Modi govt aims to deliver 1 crore houses 2 years before the 2022 deadline
NPAs under PM Modi's Mudra scheme jumped 126% in FY19, shows RTI
Jagan Reddy Orders Demolition Of Praja Vedika Building Built By Chandrababu Naidu
TDP Lawmakers Meet Vice President, Challenge Colleagues Merging With BJP
New industrial policy to be announced soon: President Kovind

Latest Posts

Indian government looks to ban cryptocurrencies; starts consultations on bill

The Indian government is looking to ban cryptocurrencies in its entirety and a committee under it has already begun the consultations on a bill called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019". Indian lawmakers have taken a hostile approach towards cryptocurrencies and have suggested: "an urgent need of a ban" on the digital currency.

Earlier in the year, the Supreme Court had given a deadline of four weeks to the government to come up with regulations for cryptocurrencies. At the moment, the draft bill is being circulated to the appropriate government officials.

The bill was drafted by a committee under the government and consisted of various ministries under the Finance Secretary, Subhash Chandra Garg. The committee included the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA), among others.

The government could ban cryptocurrencies under the Prevention of Money Laundering Act (PMLA). Earlier there were reports that the government is looking to bring in regulation policies regarding digital currencies and were in the process of setting up a committee.

"The ministry of corporate affairs has in its feedback to the department of economic affairs pointed out the sale purchase and issuance of cryptocurrencies such as Bitcoin, Etherium & Cashcoin, etc. are being done by individuals and companies on false inducements of massive returns. Such schemes are neither transparent nor do they fall within any regulated legal framework. Many of them are run as Ponzi schemes, it said adding that these schemes were being used to defraud gullible investors".

Earlier, RBI had said that entities regulated by it cannot provide services to any individual or businesses dealing with or settling virtual currencies.

"We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months," BP Kanungo, Deputy Governor, RBI had said.

×

Alert Message

Ok
Please Wait...

Share the Opinion Poll with your Friends At

Ok

Share the Survey with your
Friends At

Ok
×

Statistics

Ok
No
×

Statistics

Ok