RBI issues stiff norms for carrying bank cash

Apr 08, 2018, 01:05
RBI issues stiff norms for carrying bank cash

What do you think of The Reserve Bank of India's ban on Bitcoin and other cryptocurrencies? These steps are taken to ensure that the innocent traders do not fall prey to any company's vested interests of duping people off their money.

"There are no proven instances of cryptocurrency aiding illegal activities, and the debilitating environment created for cryptocurrencies in India will only force Indian investors and exchanges look towards other countries for trading in bitcoin and other cryptocurrencies", said Ritesh Modi, Blockchain expert and author.

Kanungo said the blockchain or the distributed ledger technology, which is the backbone of the digital currencies like Bitcoins, has a lot of relevance for the wider economy and we need to embrace those.

The bank said it has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. Although the RBI accepted that digital cirrencies have the potential to improve the efficiency and inclusiveness of financial system, it raised concerns of consumer protection, market integrity, money laundering etc. Praveen Kumar, founder of the Singapore-based crypto-currency exchange Belfrics, called it a "bad move". "A circular in this regard is being issued separately", added the note.

The Reserve Bank of India (RBI), following the bi-monthly Monetary Policy Statement on Thursday, said it would, with immediate effect, ban all regulated entities from dealing with or providing services to any individual or business dealing with or settling virtual currencies. India's Central Board of Direct Taxes (CBDT) had said on February 6 that actions would be taken against those who tried to hide incomes from crypto assets.

The RBI, however, gave banks and other entities which are regulated by it and now providing such services to exit the relationship within a period of three months.

RBI is concerned about the fact that some of the payment system operators and their outsourcing partners are partly storing their data outside the country.

But at the same time, the RBI has said it will look at the feasibility of floating its own crypto-currency or digital currency in the near future.

India's economic growth, as well as tax collections, are likely to be robust in fiscal year 2018-19, while the National Democratic Alliance (NDA) government in the last leg of its tenure focuses on consolidating reform measures already initiated, senior finance ministry officials said.

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