#Nirmala Sitharaman Budget Speech 2022

[cryptofinancial]

India Works Towards Crypto Legalisation with 30% Tax

On 1st February India’s Finance Minister Nirmala Sitharaman, mentioned in her speech about India’s budget for 2022-2023, the “phenomenal increase in transactions in virtual digital  assets.”. With India’s exponential growth of crypto transactions the past year, the government's attention to it was expected. In her speech she proposed 30% taxation on any income from the transfer of digital assets, and also introduced 1% of  tax deduction at source for every transaction made beyond a threshold limit. If any losses are made however, no deductions can be made as the “loss from transfer of virtual digital assets cannot be set off against any other income.” according to the budget proposal.

[vihaan-digitals]

RBI Launches First Pilot Project For Digital Rupee

The Reserve Bank of India (RBI) announced on Monday that it will begin piloting the Digital Rupee for specific use cases on November 1, 2022. The first digital rupee pilot began in the wholesale segment on Tuesday, according to the news. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC are among the nine banks participating in the pilot.

In the Budget 2022 speech, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India (RBI) would launch its own Digital rupee in FY22. This digital rupee will be a component of the Central Bank Digital Currency (CBDC) and will contribute to the economy’s growth.

This Digital Rupee, or e-Rupee, will function as a sovereign currency in accordance with their central regulators.

Central Bank Digital Currency (CBDC):

Central Bank Digital Currency (CBDC) is described by the RBI as a digital form of legal tender issued by a central bank. Simply put, it is a digital version of fiat currency, specifically the Indian Rupee. As a result, it can be exchanged one for one for fiat currency.

According to the RBI, “CBDC is a digital legal tender issued by a central bank.” It is the same as fiat currency and can be exchanged for it one for one. Only the shape is different.” The currency will be exchanged via blockchain wallets. It will also be convertible into government-issued currency. CBDC provides an alternative to traditional payment systems.

Importance of Central Bank Digital Currency (CBDC):

The Digital Rupee India has offered several economic advantages for CBDC in terms of payments including the ability to make final settlements by paying directly to CBDC without incurring settlement risk. As a result, the interbank statement is no longer required. For cash transactions, it can also be compared to a UPI system where payments are absolute and CBDC is transacted rather than bank balances.

Global transactions have also been streamlined.

Kinds of CBDC:

CBDC can be organised in two ways: token-based or account-based. A token-based CBDC is a bearer instrument, similar to banknotes, which means that whoever holds the tokens at any given time is presumed to own them. In contrast, an account-based system would necessitate the keeping of a record of all CBDC holders’ balances and transactions, as well as indicating ownership of the monetary balances.

In addition, in a token-based CBDC, the person receiving the token will verify that his ownership of the token is genuine, whereas an intermediary verifies the identity of an account holder in an account-based CBDC. Given the features offered by both types of CBDCs, a token-based CBDC is viewed as a preferred mode for CBDC-R because it is more similar to physical cash.

Benefits of Digital Rupee:

Apart from decreasing expenses, having a digitised currency will make it easier for governments to access all transactions taking place within the authorised networks. It will be impossible to avoid the gaze of the government, subjecting every transaction within the country to relevant laws.

As a result, the government will have greater control over how money leaves and enters the country, allowing for better budgeting and economic planning in the future, as well as a much safer environment overall.

The emergence of the digital rupee will result in significant improvements in terms of economic digitization and ease of transfer, not only within the country but also across jurisdictions. Furthermore, the Digital Rupee will help to combat black money and corruption by preventing currency counterfeiting.

The Digital Rupee will accelerate financial inclusion, lower financial transaction costs, particularly for cross-border transactions, provide the benefits of an alternate payment system, and create another instrument in central banks’ monetary policy arsenal.

How will Digital Rupee help?

According to the RBI, the digital rupee system would be a successful medium for “bolstering India’s digital economy, increasing financial inclusion, and improving the efficiency of the monetary and payment systems.”

“CBDC is intended to supplement, rather than replace, current forms of money and to provide an additional payment avenue to users, not to replace the existing payment systems,” the RBI stated.

Is Digital Rupee safe?

The RBI has continuously expressed concern about private cryptocurrencies such as Bitcoin, Ether, and others, which are frequently used for money laundering, terrorist financing, and tax evasion.

The introduction of its own CBDC has successfully bridged the benefits and risks of digital currency without compromise.

Difference between Cryptocurrency and Digital Rupee

Cryptocurrencies like Bitcoin and Dogecoin are catalogued on a decentralised blockchain network, where transactions occur, are authenticated, and recorded in the public ledger without the presence of any third-party or central authority monitoring.

The main differentiation between a cryptocurrency and digital rupee is that cryptocurrencies operate decentralised networks, whereas CBDCs, despite using blockchain technology, are completely centralised.

In short, cryptocurrencies are forms of private capital, whereas CBDCs are forms of government-backed capital. As a result, CBDC has the advantage of being a secure form of money.

What is Blockchain Technology?

A blockchain is a data recording system that is nearly impossible to change, hack, or cheat. It is a digital ledger of transactions that is copied and distributed to the entire blockchain network of devices. Simply put, the technology facilitates the storage and transfer of digital currency. It is also one of the safest ways to exchange currency digitally because it is difficult to tamper with.

Features of Digital Rupee:

CBDC is a sovereign currency that central banks issue in accordance with their monetary policy.

It appears on the central bank’s balance sheet as a liability.

All citizens, businesses, and government agencies must accept it as a medium of payment, legal tender, and safe store of value.

CBDC can be freely exchanged for commercial bank money and cash.

CBDC is a fungible legal tender that does not require holders to have a bank account.

CBDC is expected to reduce the cost of money issuance and transactions.

Website : https://vihaandigitals.com/

[bollywood143114]

Do you know who pays the maximum tax in India? You will be surprised to learn the name

Indian high-income taxpayers: Finance Minister Nirmala Sitharaman recently presented the 2023 Budget on behalf of the Central Government. In the process, he presented the budget and said that the government raised the income tax rate, which helped many people. In the same 2023 budget speech, Finance Minister Nirmala Sitharaman announced that income of Rs 7 lakh per year will not be taxed now under a new tax slab. In that situation, let me tell you who is the biggest tax payer in India. India's largest corporations pay maximum taxes Everyone knows that India has many of the biggest contributors to the Indian economy. Some of these companies are also companies with widespread operations both domestically and abroad. In that situation, let me tell you about those companies that pay the highest taxes in India. The list includes names from Reliance Company to Tata Steel. 15 Pay more than 5000 tax According to the Ace Equity report, 15 companies' names were included in the list of top taxpayers in India for fiscal year 2022. Speaking based on the statistics, these 15 companies paid more than Rs 5000 crore in tax and there are 60 companies in this list who paid Rs 1000 crore in tax. These 15 companies pay the maximum tax. - According to fiscal year 2022 data, Mukesh Ambani's Reliance Company name tops the list of highest taxpayers. The Reliance Company deposited Rs 16,297 crore of tax last year. - SBI's name is included in the second list for paying a tax of Rs 13,382 crore in 2022. - Tata Consultancy Services paid Rs 13,228 crore to rank third in this list. - Thus, HDFC Bank's name is included in the 4th position, having paid a tax of 12,722 crore in FY 2022. - Vedanta's name is listed at number 5 on this list for paying a tax of 9,225 crore. - In sixth place is JSW Steel with a tax of Rs 8807. - Indian Oil Corporation is number seven. Please inform me that this company has paid a tax of Rs 8,562 crore. - After that, Tata Steel's name sits at number 8 and says that Tata Steel paid 8.478 billion rupees in taxes. - ICICI Bank was ranked ninth, paying Rs 845.7 billion in taxes. - The Life Insurance Corporation of India (LIC) was ranked 10th. The LIC company is known to have paid a tax of Rs 8,013 crore in 2022. - Infosys subsequently paid a tax of Rs 7,964 crore at number 11. - Coal India is 12th with a tax of Rs 6,238 crore. - No. 13 Hindalco Industries paid a tax of Rs 5,373 crore. - ITC company ranks 14th as a taxpayer of Rs 5,237 crore. - The 15th place NTPC Company paid a tax of Rs 5,047 crore. Gautam Adani lived in Chawl with 7 brothers, do you know who is in the family and what they do? These 5 bikes are the mileage kings. Here is the full list with prices. DISCLAIMER We’ve taken all measures to insure that the information handed in this composition and on our social media platform is believable, vindicated and sourced from other Big media Houses. For any feedback or complaint, reach out to us at drihita@gmail.com Read the full article

[publictaknews]

Union Budget 2023: FM Sitharaman lauds the steps taken in digital payments

Union Finance Minister Nirmala Sitharaman said during her budget speech in Parliament on Wednesday that the Indian economy has become more formal due to the significant increase in digital payments. He appreciated the growth in digital payments in the last few years and said that about 7,400 crore digital payments are worth In 2022, 126 lakh crore rupees were made through UPI. According to data…

[theechudar]

Here Are Sector-Wise Expectations From FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday, February 1, is going to present the Union Budget 2022-23, which is the last full Budget before the country goes for general polls in 2024. Sitharaman’s Budget Speech, which is going to be her fifth one, will be keenly watched even as individuals and various sectors expect favourable measures. Here are Budget expectations from various…

[livemintvideos]

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[rudrjobdesk]

खेतों में कीट-पतंगों से निपटेंगे किसान ड्रोन, सरकार की बड़ी तैयारी

खेतों में कीट-पतंगों से निपटेंगे किसान ड्रोन, सरकार की बड़ी तैयारी

केमिकल-फ्री खेती प्रमोट करने से लेकर एग्री-टेक स्टार्टअप्स की फंडिंग और किसानों को डिजिटल सर्विसेज की डिलीवरी समेत एग्रीकल्चर सेक्टर के लिए कई घोषणाएं की गईं। फाइनेंस मिनिस्टर निर्मला सीतारमण ने अपने बजट भाषण में कह�� कि ‘किसान ड्रोन्स’ के प्रयोग को बढ़ावा दिया जाएगा। उन्होंने कहा कि किसान ड्रोन फसलों का आकलन, लैंड रिकॉर्ड्स का डिजिटाइजेशन, फसलों पर कीटनाशकों और पोषक तत्वों को छिड़काव करने का काम…

[wing-news]

बजट पेश करने से पहले राष्ट्रपति से मिलीं वित्त मंत्री सीतारमण, जानें क्यों होती है ये मुलाकात

बजट पेश करने से पहले राष्ट्रपति से मिलीं वित्त मंत्री सीतारमण, जानें क्यों होती है ये मुलाकात

<p class="p1" style="text-align: justify;"><strong><span class="s1">Union Budget 2022-23: </span></strong><span class="s2">केंद्रीय</span><span class="s1">&nbsp;</span><span class="s2">वित्त</span><span class="s1">&nbsp;</span><span class="s2">मंत्री</span><span class="s1">&nbsp;</span><span class="s2">निर्मला</span><span class="s1">&nbsp;</span><span class="s2">सीतारमण</span><span…

[nishith31]

How to Invest in Cryptocurrencies in India 2022

How to Invest in Cryptocurrencies in India 2022

How to Invest in Cryptocurrencies in India 2022. Ever since Finance Minister Nirmala Sitharaman spoke about digital currencies in her Budget speech earlier this month, the curiosity about the matter has risen by leaps and bounds. The world of cryptocurrency which is just over a decade old is gaining steam in India. Even though the country is yet to formulate regulations for investing in…

[werindialive]

“As the Amrit Kaal unfolds, India will witness an unprecedented explosion in economic growth and opportunities; Mukesh Ambani

Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani stated that India is about to see an unprecedented explosion in economic growth and opportunities. On Tuesday, Ambani stated as he said that Amrit Kaal in India is about to begin.

He also said that this is the very year when the Amrit Kaal in India starts and also the best time to start anything new. He said that India is expected to become a $40 trillion economy by 2047.

Addressing the 10th convocation ceremony of Pandit Deendayal Energy University (PDEU), Gandhinagar, Ambani said “As the Amrit Kaal unfolds, India will witness an unprecedented explosion in economic growth and opportunities. From a $3 trillion economy, India will grow to become a $40 trillion economy by 2047, ranking among the top three economies of the world in your working life,” 

 

PM Narendra Modi coined the term Amrit Kaal while making his address on the occasion of the 75th Independence Day speech earlier in August 2021. The same term was also used by finance Minister Nirmala Sitharaman as she presented the Union Budget 2022-23.

Ambani also talked about India’s role in saving the climate crisis and termed three major revolutions to be the force behind it. “While the clean energy revolution and the bio-energy revolution will produce energy sustainably, the digital revolution will enable us to consume energy efficiently,” he said.

He asked the students to think big and do bigger. “In your mission of making India a clean energy leader, digitisation will play the role of a force multiplier. Technologies such as AI, robotics, and IoT are powerful enablers of change. Use them to your advantage,” he added.

For more national news India in Hindi, subscribe to our newsletter.

[dailyupdate-24]

Union Budget 2022: AVGC Promotion Task Force to Be Set Up for Animation, Gaming

Union Budget 2022: AVGC Promotion Task Force to Be Set Up for Animation, Gaming

The government on Tuesday announced setting up of a task force to recommend steps for promotion of animation, visual effects, gaming, and comic (AVGC) sector. The sector offers immense potential to employ youth, Finance Minister Nirmala Sitharaman said in her Budget speech. “The animation, visual effects, gaming, and comic (AVGC) sector offers immense potential to employ youth. An AVGC promotion…

[newsaza]

5G Spectrum Auctions in 2022: Stakeholders Positive on Next-Gen Network Rollout in India

5G Spectrum Auctions in 2022: Stakeholders Positive on Next-Gen Network Rollout in India

Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022 on Tuesday announced that the required spectrum auctions for 5G telecommunication networks will be conducted in 2022. “Telecommunication in general, and 5G technology in particular, can enable growth and offer job opportunities,” the minister said in her speech. She also added that the spectrum auctions will enable rolling…

[rudrjobdesk]

Budget 2022: बजट से जुड़ी ये 10 रोचक बातें, जिनके बारे में आपको नहीं होगा पता!

Budget 2022: बजट से जुड़ी ये 10 रोचक बातें, जिनके बारे में आपको नहीं होगा पता!

Budget 2022: केंद्रीय वित्त मंत्री निर्मला सीतारमण (Nirmala Sitharaman) कल 1 फरवरी, 2022 को वित्त वर्ष 2022-23 के लिए केंद्रीय बजट (Union Budget) पेश करने जा रही हैं। यह लगातार चौथा मौका होगा जब सीतारमण बजट पेश करेंगी। आज हम आपको बजट से संबंधित कुछ अहम बातें बता रहे हैं, जिसे आपको जरूर जानना चाहिए-  1. भारत का पहला बजटभारत में बजट पहली बार 7 अप्रैल, 1860 को पेश किया गया था। उस समय ईस्ट इंडिया…

[joinnoukri]

Digital Rupee: What Is Blockchain Technolgy? Know Career Opportunities In Digital World

Digital Rupee: What Is Blockchain Technolgy? Know Career Opportunities In Digital World

Finance Minister Nirmala Sitharaman, in her Budget 2022 speech on February 1, announced the introduction of the Digital Rupee. The Digital Rupee is a Central Bank Digital Currency (CBDC) that will be launched in 2022-23. The ‘Digital Rupee,’ a digital currency developed by the Reserve Bank of India, would be launched at the start of the new fiscal year. The RBI’s digital currency will be built…

[thesecrettimes]

Reserve Bank of India Is Working on ‘Phased Implementation’ of Central Bank Digital Currency

India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.

India’s Central Bank Digital Currency to Be Implemented in Phases

A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a central bank digital currency (CBDC). RBI Executive Director Ajay Kumar Choudhary was quoted by local media as saying during a keynote address at the PICUP Fintech Conference and Awards on Wednesday: RBI is working on phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments. Pankaj Chaudhary, minister of state in the Ministry of Finance, similarly told Rajya Sabha, the upper house of India’s parliament, Tuesday that the “RBI has started the work for a phased implementation of the announcement made … in the budget speech 2022-23.” Indian Finance Minister Nirmala Sitharaman announced the launch of the country’s CBDC in the Union Budget 2022-23. Necessary amendments were subsequently made to the RBI Act, 1934 with the passage of the Finance Bill 2022 to allow the central bank to pilot and issue a CBDC. In June, RBI Deputy Governor T. Rabi Sankar said the central bank believes that “CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies.” The Indian government and the central bank refer to non-state-issued cryptocurrencies, including bitcoin (BTC) and ether (ETH), as private cryptocurrencies. The RBI also warned in May that crypto could lead to the dollarization of a part of the Indian economy. Earlier this month, RBI Governor Shaktikanta Das said: “Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.” The Indian central bank has repeatedly stated that cryptocurrencies should be prohibited. However, the country’s finance minister told parliament earlier this week that “any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” What do you think about how the RBI plans to implement a CBDC? Let us know in the comments section below. Read the full article

[digitalbhumi]

TDS on Virtual Digital Assets: From July 1, 1% TDS on virtual digital assets will be charged, know how to follow this rule?

TDS on Virtual Digital Assets: From July 1, 1% TDS on virtual digital assets will be charged, know how to follow this rule?

TDS on VDA: From July 1, 1 per cent TDS will have to be paid on all virtual digital assets transactions. TDS on Virtual Digital Assets: From July 1, investors will have to pay 1 per cent TDS on all virtual digital assets (VDA) transactions, including all crypto. This tax was announced by Finance Minister Nirmala Sitharaman in her budget speech of 2022, 1% TDS on transfer of all Virtual Digital…