Former Reserve Bank of India Governor Duvvuri Subbarao has said the central bank could lose control over money supply and inflation management if cryptocurrency is allowed in the country. Speaking at a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business, Rao also said India's case for issuing a central bank digital currency (CBDC) may not be strong as there are capital controls. "Crypto is backed by algorithms and there is fear that the central bank might lose control over money supply and inflation management.
Dual stage airbags for the driver and passenger airbag are also available.
As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system. Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time. The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
Days after the government said the Reserve Bank will introduce a digital currency in 2022-23, Governor Shaktikanta Das on Thursday said the central bank does not want to rush and is carefully examining all aspects before introduction of the Central Bank Digital Currency (CBDC). He, however, declined to give any timeline for the launch of the CBDC. In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management.
Former RBI governor D Subbarao on Monday said there is a strong motivation for the central bank to launch a digital currency and cash is going to coexist with the new-age currency. Addressing an event virtually organised by economic think tank NCAER, Subbarao further said cybersecurity is also one of the downside risks of the Central Bank Digital Currency (CBDC). "There is a strong motivation for the RBI to launch CBDC... Cash is going to coexist with CBDC," he said.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Reserve Bank Governor Shaktikanta Das on Thursday said cryptocurrencies are a "threat to macroeconomic and financial stability" and cautioned investors against punting on them, days after the Union government's move to tax the gains made from cryptocurrency trades. In the Union Budget for 2022-23 presented in Parliament on February 1, the government proposed levying a 30 per cent tax on gains made on cryptocurrency trades by investors and the announcement was welcomed by cryptocurrency industry players, saying it legitimises their trades. Das invoked the 17th century 'tulip mania', widely considered to be the first financial bubble, to caution investors, saying the cryptocurrencies do not even possess the value of the exotic flower.
'I was exhausted, hungry, unshaven and despondent.' 'My mouth was full of sores due to dehydration.' 'My clothes were in tatters due to walking through bushes and sliding down thorny slopes,' Brigadier John Parshuram Dalvi wrote of his capture during the 1962 War.
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India. Global and domestic prices have been on a downward trail since November last year when Bitcoin prices hit a peak of close to $68,000 in international markets. The recent past has seen a much sharper fall in the price of the leading cryptocurrency, Bitcoin.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
The Carens is a warning for cars such as the Tata Safari, Hyundai Alcazar, Maruti Ertiga, Toyota Innova Crista and Mahindra XUV 700, because Kia punches much harder than others in its weight category.
The RBI has been repeatedly cautioning everyone about the usage of cryptocurrencies, flagging a slew of concerns.
Jet, Kingfisher rebuff Praful Patel, budget carriers reduce fares. As of now, though, the two private airlines remain steadfast in their refusal to cut fares even as Patel's pleas acquire a hint of aggression.
'Rather than experimenting with CBDCs, we must come up with a very simple and straight design.' 'Dematerialise your currency/cash and with that dematerialised rupee allow all the transactions digitally.'
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
Earlier in May, Ford India announced that it had dropped its plans to make electric vehicles (EVs) in India, which it intended to export, under the production-linked incentive scheme (PLI). Ford was among 20 companies that had signed a Champion OEM Incentive Scheme under the PLI project with the government in February this year. The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat. In September last year, the company had announced that it would exit the India market, which it had entered in 1995 through an on-again, off-again joint venture with Mahindra & Mahindra (they split in 1998, signed a JV in 2019 and split again in December 2020), retailing petrol and diesel brands such as the EcoSport, Figo, Aspire, and Endeavour.
Vintage car lovers were in for a treat on Sunday as four-wheelers from the past rolled down the streets of Mumbai's Bandra-Kurla complex. The event is one of the installments of the Mumbai Festival held by Things2do & Maharashtra tourism department, which is organising various events to boost the city's tourism and provide the best experiences to the Mumbaikars. This Vintage Drive in partnership with Vintage and Classic Car Club of India and Western India Automobile Association saw over 200 vintage cars and bikes participating in the event -- a 20-kilometre long stretch from BKC to Ballard Pier in south Mumbai. To kick off this event, Maharashtra Chief Minister Uddhav Thackeray rolled in with style, who drove himself to the venue. And from what we could see, the CM is an auto-enthusiast himself, taking in the sights.
'Approach people with respect, mindful that they know their job better than you do, and that you're not superior to them just because you may be better educated or their boss.' Skoda Auto VW India MD Gurpratap S Boparai cites his management credo to Pavan Lall.
High ground clearance, a wide cabin and tall stance all mean that the Carens glides over bad roads with ease and comfort and an engine performance that is adequate in terms of the power of this vehicle, says Pavan Lall.
'As we grew up in service and became seniors ourselves, our commanders advised us to graduate to whiskey since rum did not suit the stature and 'shaan' of a senior officer.' Nitin Sathe recalls his encounters with whiskey on World Whiskey Day.
'This anti-Muslim narrative is happening only in the minds of those who are always standing on the other side.'
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The Supreme Court on Tuesday asked the Centre to furnish details of the number of mercy petitions disposed off by the President in 2011, besides other petitions pending with the government for the past several years.
Zippy and comfortable, the Mini Convertible is a perfect car for short jaunts, but this isn't the ride you'd choose to take your entire family to the airport or pick for a long family excursion, says Pavan Lall.
The Supreme Court on Thursday asked the CBI to go ahead with its probe in the Aircel-Maxis deal without waiting for necessary sanction against an official "holding high position" in connection with irregularities in the case arising out of 2G scam.
The Hyundai Accent CRDi or the Fiat Petra 1.9D. When you want something more from a diesel car.
Maserati, whose logo is modelled on the trident in the statue of Neptune in Bologna's Piazza Maggiore, was acquired by the Fiat Group in 2005.
The Baleno is a runaway hit for Maruti Suzuki with delivery wait extending to six months.
A proposal by the joint venture between Tata Motors and Fiat to set up a facility to manufacture the world's most famous small diesel engine -- the 1.3 multijet -- had been rejected by Japan's largest maker of minicars, Suzuki Motor Corporation.
Iconic Italian brand Alfa Romeo is all set to burn rubber on Indian roads next year as Fiat, the parent company, prepares to launch the brand in the local market, according to top Fiat India executives.
The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.
The 5-seater Compass is set to take on Hyundai Creta, Mahindra XUV500, Renault Duster, Toyota Innova and Tata Hexa.
In-depth review of the new Indica D90 and how it measure up against the competition.
India isn't a very popular sports car market, simply because whatever is on offer in the country is very expensive
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