Economic Affairs - Latest News Update, Information, Photos & Videos on Economic Affairs at Lokmat Times

According to an official statement here on Monday, the committee headed by Economic Affairs Secretary Subhash Chandra Garg has submitted the report and the draft bill on banning of cryptocurrencies and regulating official currency.The government would study it and consult departments and regulatory authorities concerned to take a final decision, it said."As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the group has recommended banning them and imposing fines and penalties for carrying on of any activity connected with them in India," said the statement.However, the government should keep an "open mind on official digital currency," it said.As virtual currencies and its underlying technologies are still evolving, the group has proposed setting up of a Standing Committee to revisit the issues as and when required.The report highlighted the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in India, the Finance Ministry statement said."The DLT-based systems can be used by banks and other financial firms for processes like loan-issuance tracking, collateral management, fraud detection and claims management in insurance, and reconciliation systems in the securities market," it said.The committee was set up on November 2, 2017 under the chairmanship of the Economic Affairs Secretary, with the Secretary for Electronics and IT Ministry, the Chairman of Securities and Exchanges Board of India (SEBI) and a Deputy Governor of the Reserve Bank of India as its members to study the issues related to virtual currencies and propose specific action to be taken in the matter.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Economic AffairsFOLLOW

Economic affairs, Latest News

Business :Banning cryptocurrencies in India not the solution: Nasscom

Banning cryptocurrencies in India is not the solution as this would inhibit new applications and solutions from being deployed and would discourage tech startups, the IT industry's apex body Nasscom said on Tuesday. ...

National :Garg's exit from Finance Ministry as high profile as tenure

Former Finance Secretary Subhash Chandra Garg, a 1983 batch IAS officer and the senior-most in the service, on Thursday applied for voluntary retirement from service after being shifted out of the Finance Ministry to the Power Ministry. ...

National :Government panel suggests banning cryptocurrency, proposes penalty

An inter-ministerial committee has recommended banning cryptocurrencies in India along with imposition of fines and penalties on activities linked with private virtual currencies in the country. ...

National :Government panel for ban on cryptocurrency

An inter-ministerial committee has recommended banning cryptocurrencies in India along with imposition of fines and penalties on activities linked with private virtual currencies in the country. ...