#winter session of parliament 2021 dates

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Mallikarjun Kharge calls meeting of Opposition parties on Nov 29

Mallikarjun Kharge calls meeting of Opposition parties on Nov 29

Image Source : ANI Mallikarjun Kharge calls meeting of Opposition parties on Nov 29 Highlights Mallikarjun Kharge has called a meeting of the Opposition parties on November 29 The party is likely to have several issues including raising the price rise in the winter session Cryptocurrency Bill among 26 to be introduced in Winter Session Senior Congress leader and Leader of Opposition in Rajya…

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Winter Session of Parliament: संसद का शीतकालीन सत्र 29 नवंबर से शुरू होने की संभावना, कोविड प्रोटोकॉल का होगा पालन

Winter Session of Parliament: संसद का शीतकालीन सत्र 29 नवंबर से शुरू होने की संभावना, कोविड प्रोटोकॉल का होगा पालन

हाइलाइट्स संसद का शीतकालीन सत्र 29 नवंबर से 23 दिसंबर तक हो सकता है बीते डेढ़ साल की तरह कोविड-प्रोटोकॉल के तहत आयोजित होगा 20 बैठकें होंगी, सामाजिक दूरी का पालन करेंगे सांसद नई दिल्लीसंसदीय मामलों पर मंत्रिमंडली�� समिति (सीसीपीए) ने संसद का शीतकालीन सत्र 29 नवंबर से 23 दिसंबर तक आयोजित करने की सिफारिश की है। सूत्रों ने सोमवार को बताया कि पिछले डेढ़ साल में हुए संसद सत्रों की तरह शीतकालीन सत्र…

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Parliament Winter Session 2021 Live: Opposition meeting today to chalk out a strategy to support suspended MPs

Parliament Winter Session 2021 Live: Opposition meeting today to chalk out a strategy to support suspended MPs

Parliament Winter Session 2021 Live Updates: Opposition parties after a meeting today decided that their members in Lok Sabha and Rajya Sabha will march from Gandhi statue to Vijay Chowk in support of 12 suspended Rajya Sabha MPs. The floor leaders of the opposition will discuss the proposal of all opposition MPs in Lok Sabha and Rajya Sabha to march from Gandhi statue to Vijay Chowk. years…

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Cryptocurrency Regime in India: The Journey so Far

The regulation of virtual currencies (“VCs”) has encumbered a chequered history throughout the world and India is no exception. The Indian government has been moving back and forth between the decision of completely banning all VCs to introducing stringent regulations. While a bill was to be introduced in the 2021 winter session of the Parliament, it hasn’t been tabled as of date. With new developments happening almost every day, this post aims to capture the journey of VCs in India thus far.

Know more: https://www.psalegal.com/cryptocurrency-regime-in-india-the-journey-so-far/

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THE CRYPTO BILL 2021–  A REALITY OR ILLUSION !

As you know, Cryptocurrency has dominated almost every country, including India itself. You may be shocked to know that India is now the country with the highest number of people dealing in Cryptocurrency, surpassing the USA, Russia & many other countries.

 Cryptocurrency is based on Blockchain technology, and hence no information is available until & unless self-declared. Now, what is the Blockchain? A blockchain is a decentralized ledger accessed among the nodes of a computer network. Similar to the database, a blockchain stores information digitally. Blockchains play a crucial role in cryptocurrency systems, such as Bitcoin, to maintain a secure and decentralized record of transactions.

 You can refer to our previous blog, "Blockchain- Beyond Cryptocurrency", for more explanation.

 But this blog is all about valuable insights on the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.  

 Overall Landscape 

 The government has decided to list Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for presentation in the Lok Sabha in the winter session. The Bill was previously presented in the budget session as well but could not be introduced as the government decided to redraft it.

 The government has no plans to boost the cryptocurrency sector in India; Finance Minister stated it in the Lok Sabha recently. A Bill on Cryptocurrency and Regulation of Official Digital Currency is expected to be present during the seventh session of the Lok Sabha. Presumably, the government plans to ban all private cryptocurrencies, with certain exceptions.

 The new Cryptocurrency bill is set to empower regulators and government agencies, including the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI), and the tax department, to scrutinize Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients. According to rumours, the new regulations would mandate cryptocurrency exchanges to share their KYC data, which mainly includes details of their investors, with the government. The new cryptocurrency framework would also establish a uniform KYC process that every exchange must adhere to. As things stand today, different cryptocurrency exchanges have different KYC processes.

 The first control of Cryptoassets will remain with the existing crypto platforms, regulated by India's Securities and Exchange Board (SEBI). A cut-off date will be issued for those holding crypto assets to declare and bring under the crypto exchange platforms the SEBI will regulate. Reserve Bank of India's proposed virtual currency has not been clubbed with the new crypto legislation. However, the central bank will regulate issues related to Cryptocurrency.

 Some details by Finance Minister itself

 Finance minister Nirmala Sitharaman stated on 30.11.2021, i.e. Tuesday, "The government plans to table a redrafted bill on cryptocurrency in the winter session of Parliament after the approval of Cabinet, and notified the Rajya Sabha that income earned from investing in cryptocurrencies is taxable". She added, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to form a framework for designing the official digital currency to be issued by the Reserve Bank of India (RBI). According to the words on the street, it aims to ban all private cryptocurrencies while promoting the underdog technology of Cryptocurrency and its benefits for certain exceptions (not defined till so far).

 The income earned by crypto and other related services providing platforms is liable to tax under Business or Profession Head under Chapter-IV of the Income-tax Act, 1961. She added that the applicability of the tax rate would depend on the status and category of the taxpayer.

 On another query, whether the government has conducted any study for regulating Cryptocurrency, Finance Minister said that a study was performed by the government through a research organization on 'Virtual Currencies: An Analysis of the Legal Framework and Recommendations for Regulation' in July 2017. After that, the government constituted an Interministerial Committee (IMC) on 2nd November 2017 under the Chairmanship of Secretary (Economic Affairs) to study the issues related to Virtual Currencies and propose specific action to be taken in this matter.

 For regulation of cryptocurrencies, she further clarified that the question of monitoring or regulating cryptocurrency transactions, if any, is consequent to the passage of the Bill in Parliament."

 What are we going to witness new?

 In 2019, the Bill was named 'A Blanket Ban'; The 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019' stated that no one should mine, generate, hold, sell, or deal in issue, transfer, dispose of or use Cryptocurrency.

 Fast-forwarding to 2021, a number of things have changed. The Bill is now called 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', which was first presented for the Budget session but was deferred for more comprehensive consultations. Since its inception, the industry has witnessed exponential growth with greater participation. The government also consulted crypto associations, exchanges and other experts to decide on the way forward, fueling optimism among stakeholders.

 Reportedly, there will be some government's own recognized platform on which crypto trading will be done. So, there may be a chance for a new regulatory body or cryptocurrencies to be brought under the Reserve Bank of India (RBI).

 Also, since crypto involves cross-border transactions, a Securities and Exchange Board of India (SEBI)-like body will be required to monitor trades.

 Talking about taxation, the government plans to bring investments in Cryptocurrency by Indian citizens on domestic & international platforms under the ambit of Income Tax instead of a straight outright ban. There are currently no specific guidelines under Income Tax Act, 1961. But it's more probable that a high rate will be used to slow down the rush that Indian crypto exchanges have witnessed over the past two years.

 A glimpse: How the other countries regulated the Cryptocurrency 

1: United Kingdom: All the businesses engaged in Cryptocurrency related activities in the UK have to register with the UK's Financial Conduct Authority (FCA). Crypto-businesses are required to apply for the 'Authorized Payment Institutions' license. BCB Payments Limited was the first crypto asset company to get this license in the UK. Under UK law, all crypto-asset businesses must comply with Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT). Bitcoins are recognized as property under UK law.

2: Singapore: Trading in cryptocurrencies is legal and regulated by the Monetary Authority of Singapore under Singapore's Payment Services Act, 2020. Crypto-Asset businesses must obtain a license to operate on the cryptocurrency platform. Public issues of digital coins are also regulated under Singapore's Securities and Futures Act, 2001. One of India's largest cryptocurrency exchanges, CoinDCX, migrated its holding to Singapore. The startup has till now raised over INR 100 crores from global investors.  

 3: Indonesia: It initially banned Cryptocurrency but then legalized it. Previously in January 2018, Indonesia banned all parties involved in digital currency transactions. However, in 2019, Indonesia published regulations to regulate the trading of cryptocurrencies as a commodity under its Commodity Futures Trading Regulatory Agency(CFTRA). Any entity dealing in Cryptocurrency as commodity futures must comply with AML/CFT norms. The entities must also report to the Indonesian Financial Transaction Reports and Analysis Center.

 4: Canada:1 In 2018, Canada issued a notice clarifying that securities law compliances will apply to crypto-businesses offering coins or tokens. In January 2020, another statement explained the situations where securities law would apply to platforms facilitating trading of Cryptocurrency. From June 2020, Canada's money laundering law requires all entities dealing in digital currency to register under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and implement the applicable AML/CFT measures.

 Thus, all the above countries that have introduced laws to regulate cryptocurrency trading have taken good care of fraud and money laundering activities; they have subjected cryptocurrency businesses to the respective AML/CFT measures. India can also follow a similar approach to this.

 All in all, India is yet to witness the upcoming regulations for Crypto Bill. Some information is already on the street, along with some rumours. We currently don't know which cryptos will get banned and declared official. This step is taken to protect our Real Currency, i.e. Rupees, so its value remains in the global market for foreign exchange. As we know, there's no actual business behind Cryptocurrency; people are just trading money for money. Banning Cryptocurrency at a single go could significantly impact the economy in terms of capital loss. The government has taken such a right decision for making it legalized.

 Source: https://www.manishanilgupta.com/blog-details/the-crypto-bill-2021-a-reality-or-illusion

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Parliament Winter Session 2021 Live Updates: Judges' Salary and Services Amendment Bill to be introduced in Rajya Sabha today

Parliament Winter Session 2021 Live Updates: Judges’ Salary and Services Amendment Bill to be introduced in Rajya Sabha today

Parliament Winter Session 2021 Live Updates: Union Law and Justice Minister Kiren Rijiju will introduce the Salary and Services Amendment Bill of Judges in Rajya Sabha today. The Bill clarifies that when judges of the Supreme Court and High Courts are entitled to an additional quantum of pension or family pension on attaining a certain age. It seeks to further amend the High Court Judges (Salary…

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Winter Session of Parliament 2021 Live Updates: House to meet at 11 am

Winter Session of Parliament 2021 Live Updates: House to meet at 11 am

, With inputs from TheIndianEXPRESS

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Parliament Winter Session 2021 Live News: RJD MP demands discussion on AFSPA; Sonia Gandhi said- Modi government is insensitive towards farmers

Parliament Winter Session 2021 Live News: RJD MP demands discussion on AFSPA; Sonia Gandhi said- Modi government is insensitive towards farmers

Congress MP Shashi Tharoor speaks in the Lok Sabha during the winter session of Parliament in New Delhi, Tuesday, December 7, 2021. (PTI) Judiciary failed to stem the tide of extremist majoritarianism: Shashi Tharoor; Ministers oppose reference to special cases From pending cases, lack of infrastructure to appointments and transfers of judges, the Lok Sabha on Tuesday discussed important issues…

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Parliament Winter Session Live Updates: Kiren Rijiju to introduce bill to amend Judges' Wages Act; Opposition demands removal of AFSPA in Nagaland

Parliament Winter Session Live Updates: Kiren Rijiju to introduce bill to amend Judges’ Wages Act; Opposition demands removal of AFSPA in Nagaland

Union Home Minister Amit Shah speaking on the Nagaland incident in Lok Sabha during the ongoing winter session of Parliament, in New Delhi, Monday, December 6, 2021. (LSTV/PTI photo) Amit Shah said on Nagaland firing – a case of mistaken identity Expressing regret over the incident in Nagaland, in which civilians were killed by security personnel, Union Home Minister Amit Shah on Monday informed…

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Parliament Live Updates: Opposition calls for immediate ban on international flights amid Omicron threat

Parliament Live Updates: Opposition calls for immediate ban on international flights amid Omicron threat

, With inputs from TheIndianEXPRESS

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Dam Bill introduced in Rajya Sabha amid protests

Dam Bill introduced in Rajya Sabha amid protests

The Rajya Sabha had to be adjourned several times on Wednesday due to an uproar by members of the opposition against the move to suspend 12 MPs. It was adjourned till 3 pm amid protests preventing Union Jal Shakti Gajendra Singh Shekhawat, who introduced the Dam Safety Bill, 2019, from completing his speech in the House. The first adjournment took place soon after the proceedings began at 11 am.…

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Parliament Live Updates: Suspended opposition MPs will hold a sit-in today

Parliament Live Updates: Suspended opposition MPs will hold a sit-in today

Outside Parliament in New Delhi Lok Sabha adjourned on the protest of some people, the opposition asked if the government was ready to run the house Lok Sabha proceedings were adjourned on Tuesday due to vociferous protests by a handful of MPs of the Telangana Rashtra Samithi (TRS), even as most of the opposition members were in their seats, the opposition and even some ruling parties was…

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Cabinet panel recommends winter session from November 29 to December 23

Cabinet panel recommends winter session from November 29 to December 23

The Cabinet Committee on Parliamentary Affairs (CCPA) has recommended that the Winter Session of Parliament be held from November 29 to December 23. Sources said that both the Rajya Sabha and the Lok Sabha will meet simultaneously but with the Covid-19 protocol. There are likely to be 19 sittings in this session. Last year the winter session was canceled due to the pandemic, but this year…