Government Will Explore Blockchain for Digital Economy, Union Minister Says About India s Own Cryptocurrency
Minister of State for Finance also reiterated that the government finds Bitcoin and other crypto-based payments systems illegal. By Jagmeet Singh | Updated: 2 February 2021 16:35 IST
Photo Credit: Reuters
Highlights
RBI is exploring the need for bringing digital version of Rupee
Cryptocurrency transactions were effectively banned by RBI in 2018
The government will explore the use of blockchain technology for digital economy, Minister of State for Finance Anurag Singh Thakur said in response to a question raised in Rajya Sabha on Tuesday. The comments from the Ministry of Finance come just days after the Reserve Bank of India (RBI) mentioned plans to bring a digital version of the Indian Rupee. The central bank stated that it was exploring the possibility as to whether there was a need for a digital version of fiat currency, and in case
Govt to explore use of blockchain tech for ushering in digital economy
Govt to explore use of blockchain tech for ushering in digital economy
NEW DELHI: The Government will explore the use of blockchain technology proactively for ushering in the digital economy, the Rajya Sabha was informed on Tuesday.
Minister of State for Finance Anurag Singh Thakur said it was announced in the Budget Speech of 2018-19 that the Government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.
Health budget may get a healing touch in pandemic shadow
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Finance minister Nirmala Sitharaman is expected to focus on the underfunded healthcare sector when she unveils the Union budget for fiscal 2021-22 in the shadow of the coronavirus pandemic.
The pandemic global health crisis has transformed into an economic and social contingency, stretching India’s healthcare systems beyond its limits. A stressed healthcare infrastructure, limited diagnostic capacity and constrained manpower made it all the more difficult to deal with the pandemic. The highly infectious disease seems to be now receding in the country, with fewer cases being recorded each day. It has, however, left the government pondering that the sector needs a major boost to stay prepared for such pandemics.
5 income tax changes that could be expected in Budget 2021
Budget 2021: Experts don t see the government making big changes to income tax rules this yearPremium
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There are expectations that the government may hike the standard deduction limit in Budget 2021 to boost consumption
Tax experts expect the government to fix some anomalies in the NPS or National Pension Scheme with regard to income tax benefits
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In last year s Budget, Finance Minister Nirmala Sitharaman introduced a new income tax regime that came into effect from April 1. So some tax experts say that in this year s Budget there might not be many new changes. Under the new simplified income tax regime, there is zero tax for income up to ₹2.5 lakh; 5% for income between ₹2.5 lakh and up to ₹5 lakh; 10% for income between ₹5 lakh and up to ₹7.5 lakh; 15% for income between ₹7.5 lakh and up to ₹10 lakh; 20% for income between ₹10 lakh and up to ₹12.5 lakh; 25
The government received a host of suggestions concerning fiscal policy, taxation and green growth, among others, from various stakeholders during the customary pre-Budget meetings convened by the Finance Ministry through video conferencing. More than 170 invitees representing 9 stakeholder groups participated in 15 virtual meetings chaired by Finance Minister Nirmala Sitharaman, the Finance Ministry said in a release. The series of pre-Budget consultation meetings for Budget 2021-22 were held from December 14 to December 23, 2020, it said. This is the first time in the history of Budget making exercise that such consultations meetings were held in virtual mode due to the COVID-19 crisis. The stakeholder groups were from different sectors including financial and capital markets, health, education and rural development, water and sanitation, trade union and labour organization, services and trade, infrastructure, energy and climate change, agriculture and agro processing, indu