Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
The provisions exempt farmers from attachment of land up to 2.5 acres and provide for prevention of hoarding and black marketing of agricultural produce.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
Here are some golden nuggets when it comes to creating wealth. Read them and if you find yourself saying, 'This everybody knows', cross your heart and ask yourself how many times you have forgotten these simple rules, says P V Subramanyam.
The Aam Aadmi Party MLAs spent the night in the state legislative assembly building demanding copies of the Bill which the state's Congress government is now expected to introduce on Tuesday.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
The Congress leader told reporters that the Punjab government is 'preparing to challenge the Bills in the apex court on two counts'. "First, it is a state subject and the Union government has no right to enact a legislation on it. "Besides, the federal government cannot destroy the economy of states. Due to the Bills, losses will be too much for a small state like Punjab," he said.
While Rajya Sabha Chairman M Venkaiah Naidu asked the protestors not to make the House a "clog in the wheel" of progress, Lok Sabha Speaker Sumitra Mahajan said they should keep in mind the larger interests of the nation.
In the Interim Budget, Finance Minister Nirmala Sitharaman announced that a high power committee would be set up to consider the challenges arising from 'fast population grown and demographic changes.' 'But who wants data? It pays to feed people's fears, insecurities and apprehensions. If such fears don't exist, they must be created,' her husband Parakala Prabhakar says in this fascinating excerpt from his book, The Crooked Timber of New India: Essays on a Republic in Crisis.
The Opposition intensified its noisy protests in Lok Sabha on Wednesday over Pegasus snooping, farm laws and other issues with some unruly members even hurling papers and torn placards in the House, but the government went ahead with its legislative agenda and three bills were passed amid the din.
Ramalingam Kalirajan explains the pros and cons of both investment types.
Both Houses of Parliament witnessed multiple adjournments on Monday as opposition MPs continued their protest over the Pegasus snooping row and other matters. Amid ruckus by the Opposition, the Rajya Sabha passed the Inland Vessels Bill-2021 while the Lok Sabha passed the General Insurance Business (Nationalisation) Amendment Bill with voice-vote.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
For the first time in his political career, he failed to carry his party to even a working majority -- and again, for the first time in his career, he finds himself in a situation where he cannot rule by dictatorial fiat, points out Prem Panicker.
A proposal to withdraw the bill was moved by Minister of State for Finance Pon Radhakrishnan and was approved by the House
'People are blowing up their entire retirement fund; they are selling their land and house to spend on one day for a marriage.'
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
'The prime minister took a meeting recently and he asked for suggestions and ideas for a plan till 2047.'
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Online and mobile based personal finance applications have gained importance over the past few years.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
A high-level committee on Thursday recommended simultaneous elections for Lok Sabha and state assemblies as the first step followed by synchronised local body polls within 100 days.
Is it a case of poor targeting of a welfare scheme, or is it a reflection of the government's desire to expand the scope of this benefit to secure greater electoral dividends? asks A K Bhattacharya.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
Ahead of a likely trial of strength in Lok Sabha on the proposed cut motion on finance bill, the Congress on Monday said the government was in absolutely no danger.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
'We wanted the PM to speak, and he just refused to -- now we have the opportunity, not just in the Lok Sabha, but also in the Rajya Sabha, to lay the government on the mat.'
The Bill was introduced in the Lok Sabha in December.
The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention).
TMC Rajya Sabha MP and leader of the party in the Upper House Derek O'Brien and Sudip Bandyopadhyay, Lok Sabha MP and leader of the party in the Lower House, have written to presiding officers of both Houses, urging then to wind up proceedings on Monday (March 23).
Parliament proceedings were adjourned for the day on Monday following protests by the opposition which has been demanding a statement from Prime Minister Narendra Modi in the House on the Manipur issue. In the Rajya Sabha, the opposition kept insisting on a discussion under Rule 267 of the House.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
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