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As the Narendra Modi government won with a thumping majority, it has little opposition that would stop him from passing bills and turn them into laws. While some of the new laws are historic, others are contentious and some others evoked widespread public anger⁠— none more than the controversial <keyword id="495829" type="PERSON" weightage="20" keywordseo="Citizenship-Act">Citizenship Act</keyword> that is seen as changing the very nature of India’s democracy. The ‘promised land’ for minorities of Indic religions fleeing from some other countries The <keyword id="2743057" type="PERSON" weightage="20" keywordseo="Citizenship-amendment-bill">Citizenship Amendment Bill</keyword> of 2019 was passed by both the upper and lower house of the Parliament—and the law now changes the way new India’s citizens are chosen – on the basis of religion. Hindus, Sikhs, Jains, Parsis, Christians and Buddists from countries where they are minorities like Pakistan, Afghanistan and Bangladesh – will be allowed to become citizens of India. Not only does it blatantly exclude Muslims and Hindus of Sri Lanka where they are minority, it also violates the tenet of ‘equality and secularism’ that has since been governing the way India works.The same government that wants to open its arms to oppressed Hindus in India’s neighbourhood, did not extend the same gesture when persecuted Rohingya Muslims wanted asylum. A day after it was <a href="https://www.businessinsider.in/policy/news/government-passes-bill-to-regularise-delhis-1731-unauthorised-colonies/articleshow/72280836.cms">passed in the Parliament</a>, the move has already been taken to the Supreme Court to test its constitutionality. 
 <div type="Article" hostid="261" msid="72487481" title="India's Citizenship Act gets challenged at the Supreme Court barely a day after passing Parliament" mstype="2" mssubtype="0"></div>



 Corporates can choose the tax they want to pay This session, the government also passed the Taxation Laws Amendment Act 2019 which will provide companies with an option to avail of a reduced corporate tax at 22%. However, to be able to avail of this, companies should let go of some deductions under the Income Tax Act. New manufacturers can also pay 15% corporate tax if they let go of IT deductions. 
 <div type="Article" hostid="261" msid="71215174" title="Here's how Indian companies can halve their effective tax rate" mstype="2" mssubtype="0"></div>



 E-cigarettes no more The government which has been crusading against tobacco and other nicotine-based products with taxes and public warnings – has also extending it to e-cigarettes. The Prohibition of Electronic Cigarettes Act 2019 completes bans all aspects of it -- manufacturing, import, export, sale, distribution and advertisement. Vaping products which are marketed as anti-addiction products have come under the government radar, since they are being branded extensively with multiple flavours and are known to cause the same ill-effects as tobacco products. Transgenders to be so only if certified The new law defines transgenders and allows themselves to change their identity as different from what was assigned at birth. The new laws also tries to end the rampant discrimination against them when it comes to accessing healthcare and other basic services – in addition to employment. However, the law angered the community as it does not allow an individual to declare their own identity and requires a certificate from the authorities to be recognized so. 
 <div type="Article" hostid="261" msid="72242192" title="Transgenders want to identify their own gender but law now says they need a certificate" mstype="2" mssubtype="0"></div>



The International Financial Services Centres Authority Bill, 2019 The law will bring a new regulator into the market – International Financial Services Centers Authority which will be in charge of -- financial products (such as securities, deposits or contracts of insurance), financial services, and financial institutions which have been previously approved by any appropriate regulator (such as RBI or SEBI). The Special Protection Group (Amendment) Bill, 2019 As per the new law, the SPG will provide security to the Prime Minister and his immediate family at the official residence. It will also provide security to former Prime Ministers and family members for a period of five years from the date on which he ceases to hold the office. This would cease the SPG that is offered to Sonia Gandhi and family since 1991. The National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Bill, 2019 This law allows the residents of unauthorized colonies in the NCR region with valid documents like power attorney and sale agreement to obtain right of ownership. It also allows Delhi Development Authority to notify a colony for regularisation. The Arms (Amendment) Bill, 2019 The new law aims at decreasing firearm ownership in the country. Not only does it reduce the licence time period to three years from five – it also reduces the number of firearms permitted to one from three earlier. It has also introduced more stringent punishments to those to break this law. Earlier, offenders would be jailed for three seven years with a fine. Now, they can be jailed between seven years to life with a fine. 
 <div type="Article" hostid="261" msid="72467282" title="No guns at weddings: Indian Parliament just made 'celebratory' gunfire punishable" mstype="2" mssubtype="0"></div>



The Constitution (One Hundred and Twenty-Sixth Amendment) Bill, 2019 This law extends the reservation of seats to SC, ST and Anglo-Indian communities in Lok Sabha and state assemblies. This law merely extends the timeline of the reservation which was introduced for 70 years and will expire in January 2020. It has been extended for another 10 years. 
 <div type="Article" hostid="261" msid="68925204" title="Nearly a quarter of the seats in the Lok Sabha are “reserved” and they matter a lot in this election" mstype="2" mssubtype="0"></div>



 The Recycling of Ships Bill, 2019 The law intends to make ship owners accountable for the hazardous material used in ships and directs its reuse. The law covers warships, those registered in India and those entering Indian waters. The National authority will also carry out periodic surveys and monitor recycling. It also specified fines in case of oil spills at anywhere between ₹5-10 lakhs. The Chit Funds (Amendment) Bill, 2019 As per the new law, creators of chit funds will need the prior sanction of the government. It also regulates this business and brings fraternity funds and rotating savings credit institution into it. As per the new law, a chit should be drawn in the presence of subscribers via video conferencing. The National Institute of Design (Amendment) Bill, 2019 As per the law, four our National Institutes of Design in Andhra Pradesh, Madhya Pradesh, Assam, and Haryana will be given the power to grant degrees and diplomas.

12 new laws which passed this Parliament session – and India will never be the same again

<ul><li>The 17th Parliament ended the winter session on December 13, 2019 which concluded the parliament’s discussions for the year 2019</li><li>Among the 59 bills introduced, a total number of 45 bills passed becoming law in the year </li><li>Here is a list of the bills passed in both the houses in 2019 with a short overview </li></ul> After the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> Government came to power for its second consecutive tenure in this summer, the government held its first winter session concluding on December 13, 2019. Together with this session, the government had passed 47 bills in total for 2019. The statistics also makes the recently concluded winter session one of the most productive ones of all the winter sessions of the Narendra Modi government. Nearing the end of 2019, here is an overview of the complete list of all the bills passed in both houses of the parliament which have successfully become laws. 1. The Constitution (One Hundred Twenty-Sixth Amendment) Bill, 2019. Resolves and clarifies some issues that came up over the recent past and aims to strengthen the insolvency and bankruptcy code 2016 framework. 2. The Citizenship (Amendment) Bill, 2019 Makes some classes of specified illegal entrants to the country eligible to become Indian citizens. 3. The Appropriation (No. 3) Bill, 2019 The bill authorizes the <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> to appropriate the funds available in the Consolidated Fund of India for the services of the financial year 2019-20. 4. The Arms (Amendment) Bill, 2019 The bill gives room for giving the maximum punishment of life time imprisonment for manufacturing and transporting illegal arms. 5. The National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Bill, 2019 The Bill makes it possible to recognize the rights over property of some residents of some unauthorised colonies in Delhi, the National Capital. 6.The Dadra and Nagar Haveli and Daman and Diu (Merger of Union Territories) Bill, 2019 This bill creates room for merging these three union territories in order to bring down administrative costs and ease administration. 7. The Taxation Laws (Amendment) Bill, 2019 Gives some tax concessions in order to boost up the investments in the manufacturing sector. 8. The International Financial Services Centres Authority Bill, 2019. The act sets up a single authority for regulating all financial services in IFSCs in the country. 9. The Recycling of Ships Bill, 2019 Creates room for the safe and environmentally sound recycling of ships. 10. The Special Protection Group (Amendment) Bill, 2019 The bill intends to reduce the special protection group cover only for the Prime Minister, former Prime Minister and all their immediate family members for about 5 years after they step down from their post. 11. The Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Sale, Distribution, Storage and Advertisement) Bill, 2019 The law bans the trading, advertising, storing, and transporting of e-cigarettes on grounds of studies indicating that they might create a new line of nicotine users. 12. The Jammu and Kashmir Reorganisation Bill, 2019. The Bill gives scope for reorganizing the state of Jammu and Kashmir into two Union Territories namely Jammu and Kashmir and Union Territory of Ladakh. 13. The Supreme Court (Number of Judges) Amendment Bill, 2019 This bill increases the number of Supreme Court judges from 30 to 33. 14. The Chit Funds (Amendment) Bill, 2019 This bill is meant to streamline the operations of collective funds management in the country. 15. The National Institute of Design (Amendment) Bill, 2019 The aim of the bill is to declare four national institutes of design across four states (Assam, Haryana, Madhya Pradesh and Andhra Pradesh) as institutions of national importance. 16. The Companies (Amendment) Bill, 2019 The ordinance makes it possible for some domestic companies to move to a lower income tax rate provided they do not claim some kinds of deductions. 17. The Repealing and Amending Bill, 2019 This bill repeals 68 Acts in whole and makes some small amendments to (i) the Beedi Workers Welfare Fund Act, 1976, and (ii) the Motor Vehicles (Amendment) Act, 2001. 18. The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 This amendment aims to remove the challenges, streamlines the insolvency resolution process in the corporate world and protects the last mile funding for boosting up the investments in the financially affected sectors. 19. The Codes on Wages, 2019 The ordinance seeks to create a floor wage as the guideline across the country for fixing the minimum wages to different classes of workers. 20. The National Medical Commission Bill, 2019 He bill paves way for replacing the MCI with a new body since it is fond plagued with corruption. 21. The Transgender Persons (Protection of Rights) Bill, 2019 The provisions of the bill aims to prevent discrimination of transgender persons in the society. 22. The Banning of Unregulated Deposit Schemes Bill, 2019 Tis bill brings in a mechanism for banning the unregulated schemes for deposit in order to take care of the interests of the depositors. 23. The Right to Information (Amendment) Bill, 2019 The bill alters the terms and conditions governing the offices of the Chief Information Commissioner. 24. The Protection of Children from sexual Offences (Amendment) Bill 2019 The bill intends to protect children from sexual harassment, sexual assault and pornography. 25. The Appropriation (No. 2) Bill, 2019 This bill permits the government to borrow Rs 98.18 crore for the Consolidated fund of India to meet the country’s expenditure in 2019-20. 26. The Motor Vehicles (Amendment) Bill,2019 A measure to bring down accidents due to negligent driving, the act increases the penalties for driving errors. 27. The Arbitration and Conciliation (Amendment) Bill,2019 Seeks to make the arbitration processes friendly and robust with a focus on easing the doing of business in the country. 28. The Airports Economic Regulatory Authority of India (Amendment) Bill,2019 Meant to increase the threshold of airports in India, the bill changes the definition of what is a major airport in the country. 29. The Unlawful Activities (Prevention) Amendment Bill, 2019 Ventures to bring in a tough law to uproot terrorist activities in the country. 30. The National Investigation Agency (Amendment) Bill, 2019 Projecting the government zero tolerance policy towards terrorism, the bill seeks to broaden NIA’s powers and prosecute the offenders in a stricter way. 31. The Protection of Human Rights (Amendment) Bill, 2019 Advancing the interests of protecting human rights, the bill creates room for the establishment of National Human Rights Commission (NHRC), State Human Rights Commissions (SHRC), as well as Human Rights Courts. 32. The Consumer Protection Bill, 2019 Replacing the outdated consumer protection laws, this bill tightens the rules to further protect the interests of the customers in India. 33. The Public Premises (Eviction of Unauthorized Occupants) Amendment Bill, 2019 This ordinance creates room for evicting unauthorized occupants from certain public places. 34. The Jallianwala Bagh National Memorial (Amendment) Bill, 2019 The law seeks to lift the party politics in the national memorial and create a new trust to administer the site. 35. The Central Universities (Amendment)Bill,2019 The bill was passed to give room for the creation of a central university and a tribal university in the state of Andhra Pradesh. 36. The Finance (No. 2) Bill, 2019 This law amends the earlier income tax act and reduces the corporate taxes. 37. The New Delhi International Arbitration center Bill, 2019 Gives room to create a centralized and independent arbitration enter in India to manage arbitrations in the country in a better way. 38. The Jammu and Kashmir Reservation (Amendment) Bill, 2019 This act makes it possible to make reservations in the state and central government posts and seats in educational institutions for the people of Jammu and Kashmir. 39. The Central Educational Institutions (Reservation in Teachers Cadre) Bill, 2019 Creates room for reserving the teaching positions for SC, ST, economically weaker and socially and environmentally weaker persons in the Central Educational Institutions. 40. The Indian Medical Council (Amendment) Bill, 2019 This act creates a Medical Council of India to regulate the education and practice of medicine in India. 41. The Dentists (Amendment) Bill, 2019 In order to regulate the profession of dentistry in India, the act creates (i) the Dental Council of India, (ii) State Dental Councils, and (iii) Joint State Dental Councils. 42. The Aadhaar and Other Laws (Amendment) Bill, 2019 The law regulates, clarifies and amends some procedures related to Aadhaar in a way of easing and streamlining the use of Aadhaar identity card in India. 43. The Special Economic Zones (Amendment) Bill, 2019 Creates room for establishing, managing and developing special economic zones in the country. 44. The Muslim Women (Protection of Rights on Marriage) Bill, 2019 The bill declares that all kinds of talaq both verbal and written as illegal in order to safeguard the interests of the Muslim women in the country. 45. The Homoeopathy Central Council (Amendment) Bill, 2019 This ordinance amends the Homepathy Central Council Act, 1973 and sets up a council to regulate the practice of Homeopathy in India.

List of new bills passed In 2019 in parliament by Narendra Modi govt

<ul><li>President Ram Nath Kovind to address joint sitting of both houses of Parliament on the first day </li><li>Union Budget to be presented on July 5.</li><li>Triple Talaq among 10 key ordinances on table</li><li>Virendra Kumar to be pro-term speaker, Speaker elections on Wednesday. </li></ul>The 17th Lok Sabha is all set to begin functioning on Monday, June 17 a day after Prime Minister Narendra Modi’s government took charge of the office. On the top of government’s agenda are Union Budget, along with clearing a pending bill on abolishing triple talaq amongst other key legislations. The Union Budget will be presented on July 5, at 11:00 am, by the new Finance Minister Nirmala Sitharaman, Union Minister Prakash Javadekar <a href="https://www.livemint.com/politics/news/next-parliament-session-from-17-june-26-july-ls-speaker-to-be-elected-19-june-1559311708760.html">confirmed</a> at a press briefing on June 14. The Economic Survey, which summarises the annual economic development in the country, will be presented on July 4. The govt has promulgated as many as 10 ordinances for the session. Along with triple talaq,<a href="https://www.news18.com/news/india/in-its-first-lok-sabha-session-modi-govt-2-0-plans-to-convert-10-ordinances-into-law-2175295.html"> key ordinances</a> lined up are an amendment of the Indian Medical Council (Amendment) Ordinance, the Companies (Amendment) Ordinance, and the Banning of Unregulated Deposit Schemes Ordinance. Also on the list are Jammu and Kashmir Reservation (Amendment) Ordinance, the Aadhar and other laws (Amendment) Ordinance, the New Delhi International Arbitration Centre Ordinance, the Homeopathy Central Council (Amendment) Ordinance, the Special Economic Zone (Amendment) Ordinance and the Central Educational Institutions (Reservation in Teacher’s Cadre) Ordinance. The Indian Medical Council (Amendment) Ordinance will hope to allow a committee run the scam-infected Medical Council of India (MCI). The Banning of Unregulated Deposit Scheme <a href="https://www.news18.com/news/india/in-its-first-lok-sabha-session-modi-govt-2-0-plans-to-convert-10-ordinances-into-law-2175295.html">Ordinance</a> seeks to curb the menace of false schemes and set punishment for unregulated deposit schemes. This will help set-up a checking system on illicit deposit activities such as Shradha scam and Rose Valley chit fund scam. The Muslim Women (Protection of Rights on Marriage) Bill, 2019, popularly known as the<a href="https://www.livemint.com/news/india/triple-talaq-bill-to-be-reintroduced-in-parliament-1560348286816.html"> Triple Talaq Bill</a>, one of the signature legislative initiatives of the previous NDA government, was stuck in Rajya Sabha by the opposition over demand for closer scrutiny by a select committee. This will also to be re-presented to make it a law. Issued in February-March 2019, the previous government could not turn them into Acts in the last Parliament session. These ordinances will have to be converted into laws within 45 days once the 17th Lok Sabha begins, else they will lapse. On the first day, President Ram Nath Kovind will address the joint sitting of the two houses of Parliament. A pro-tem Speaker, who performs the duties of the Speaker from the day the session starts till the election, is also likely to be appointed the same day. Virendra Kumar is expected to be appointed as the protem speaker. He will be assisted by a panel of senior members. The first two days of the session will be devoted to oath-taking by 542 members of the lower houses of the Parliament. Two MPs will be nominated by the President from the Anglo Indian community. The Speaker of Lok Sabha will be elected on Wednesday. Both houses will also take up the Motion of Thanks on which PM Modi will give his response.

Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on

<ul><li>The former governor of the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>), <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword>, believes that only a handful of <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword>currencies will survive the crypto hype.</li><li>Over 400 coins have hit the dust since April, translating to a 20% increase in six months.</li><li>Aritra Sarkhel, the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider that it is a point of concern that there no laws on how and who can mint a new coin.</li></ul>The former governor of India’s central bank, Raghuram Rajan, believes that only a handful of cryptocurrencies will survive in the long run. In an interview with CNBC, he compared cryptocurrencies to chit funds — in the sense that they take money from people before going bust, leaving a line of disappointed investors in their wake. <div type="ExtQuote" text="Crypto may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved." auname="Former RBI governor, Raghuram Rajan, said in an interview with CNBC"></div> According to <a href="https://www.coinopsy.com/dead-coins/#other">Coinospy</a>, a website that tracks <keyword id="12608232" type="General" weightage="20" keywordseo="dead-coins" source="Orion">dead coins</keyword>, over 2,000 coins have come and gone since the very first cryptocurrency, Bitcoin, was created in 2009. OneCoin and BitConnect, for instance, used money from new investors to pay returns to existing holders — much like the Sahara Group Chit Fund Scam, which is one of the biggest corporate scams in India’s history. A more recent example is Squid Game token. In a ‘<a href="https://www.businessinsider.in/cryptocurrency/news/squid-game-cryptocurrency-trading-at-to-0-scammers-make-2-1-million/articleshow/87479063.cms">rug pull</a>’ scam, the developers took the project offline once it hit a price of $2,861, making off with over $2.1 million. In April, Coinospy reported that the number of coins to hit the dust had grown by over 35% as compared to the previous year with the tally at 1,949. Since then, that number has grown to 2,345 — a 20% increase in six months. <cmsannotation type="cmsannotation" annotationid="The lack of regulation leaves space for fraud" comment="subhead" text="The lack of regulation leaves space for fraud">The lack of regulation leaves space for fraud</cmsannotation> Experts have often talked about the need of balancing innovation versus regulation when it comes to crypto space. And, one of the main concerns is how to foster good use cases and filter out those that are fraudulent. “There are no laws to keep anyone from making a new coin. In a way, that’s good because that’s how innovation spreads, but there has to be some law. All of this has investors money [at stake] — whether it’s a 20 year old investor putting in ₹1,000 or a massive hedge fund putting in millions,” Aritra Sarkhel the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider during a discussion on regulation in India. <div type="Youtube" id="f-xWw1y6G24" title="The Framework: Crypto Regulation And India" thumbUrl="https://i.ytimg.com/vi/f-xWw1y6G24/mqdefault.jpg"></div> According to Rajan, blockchain technology itself is not the enemy. Despite the regulatory challenges, he believes that the Indian government should allow blockchain to flourish because it makes transactions cheaper, especially when it comes to cross border payments like remittances. But, that doesn’t mean the government should turn a blind eye either. “What governments can insist on is getting information from crypto entities, when crypto entities get too big, the government can examine them more closely to ensure there isn’t fraud,” he told CNBC. <cmsannotation type="cmsannotation" annotationid="Indian amid forming its own laws to regulate cryptocurrencies" comment="subhead" text="Indian amid forming its own laws to regulate cryptocurrencies">Indian amid forming its own laws to regulate cryptocurrencies</cmsannotation> The Indian government is <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">expected</a> to discuss its own crypto regulations during the Winter Session of Parliament, which will kick off next week on November 29. No official draft of the proposed crypto bill has been shared with the public yet, however the agenda lists the crypto bill as one that will provide a framework for a central bank digital currency (CBDC) and ‘prohibit’ the use of ‘private’ cryptocurrencies subject to certain ‘exceptions’. <div type="image" title="crypto bill agenda" msid="87913982" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill is listed to come up for discussion during the Winter Session of Parliament in the lower house, the Lok Sabha, which kicks off on November 29&amp;lt;/p&amp;gt;"></div> The vague wording of the bill’s introduction led to panic selling on Indian crypto exchanges leading to a <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">cryptocurrencies trading at a discount</a> in INR as compared to the US dollar. “While there are speculations that the government would impose a blanket ban on all private cryptocurrency, it doesn’t seem practical on account of various considerations,” explained L. Badri Narayanan, an executive partner at law firm Lakshmikumaran and Sridharan Attorneys. According to him, a ban would not be technologically enforceable since blockchains need cryptocurrency to function. Moreover, those who want to trade or invest in cryptocurrencies would just find another way to do so and inevitably create a grey market. “Bans only send folks underground. All technologies have pros and cons. We should work towards creating policies for managing the ills while reaping the benefits,” Dr.Sarabjot Singh Anand, the director of computer science and engineering at the BML Munjal University’s School of Engineering &amp; Technology, told Business Insider. The crypto bill had earlier been listed for discussion during the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">Budget Session of Parliament</a> in February, however, it did not come to fore due to lack of time and the second wave of COVID-19. This time around those within the crypto community are hoping that won’t be the case with multiple closed-door discussions between stakeholders and the Ministry of Finance in the last 10 months. “Parliamentarians are a lot more informed than they were in February or last year. You will likely see a debate, and a healthy one. Also, there are other bills and business listed in Parliament — and it all depends on how much time the government spends on other items, which are also important,” the CEO of the advocacy group IndiaTech — which has been advising the Indian government on crypto regulation — Rameesh Kailasam, told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">India’s crypto regulations have been caught in limbo — here’s how the past few years have played out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a>

Raghuram Rajan believes only a handful of cryptocurrencies will survive the hype — over 400 tokens have hit the dust in the last six months

<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> is eyeing an October launch for its <a href="http://www.businessinsider.in/searchresult.cms?query=payments+bank&amp;sortorder=effectivedate">payments bank</a>. This will allow it to accept demand and savings bank deposits up to Rs 1 lakh per account. However, it’s also been up to a lot more recently. 
 
The mobile payment and commerce platform has enabled micro-loans for its merchants, partnered with colleges and major offline retail networks, and invested in a data analytics firm and <a href="http://www.businessinsider.in/searchresult.cms?query=Jugnoo&amp;sortorder=effectivedate">Jugnoo</a>. 
 
Business Insider spoke to the company’s Senior VP <a href="http://www.businessinsider.in/searchresult.cms?query=Kiran+Vasireddy&amp;sortorder=effectivedate">Kiran Vasireddy</a> for a quick update on recent developments. 
 
How different is your credit score rating system from a bank? 
The problem with the traditional banking system is that it needs a credit score which is built from your loan repayment history, bank balances and CIBIL score . If one doesn't have any of these, he or she won’t get a <a href="http://www.businessinsider.in/searchresult.cms?query=credit+card&amp;sortorder=effectivedate" target="_blank">credit card</a> or a loan and hence will never have a credit score . It's all a cycle. Availability of unsecured loans at low interest rates has been a challenge for small merchants till now, forcing them to borrow through high-cost methods like chit funds. 
 By accepting payments through <keyword id="6357120" type="UNKNOWN" weightage="80" keywordseo="PayTM">Paytm</keyword> consistently, merchants can now get a digital footprint &amp; a credit profile at zero cost. Our platform consumes vast amounts of payment data to build a credit profile of the merchants and runs several mathematical models in parallel that helps us with the underwriting decisions. It is these recommendations that our lending partners use to further underwrite loans to the eligible merchants. 
 
College fees can run into lakhs. Why go there? 
People pay their college tuition monthly or quarterly. This typically doesn’t run into lakhs. 
 
However, this isn’t just about the fees. It’s about the complete ecosystem within a campus. In these ‘cash-less campuses’, you can pay for anything, right from the fees to food bills in your canteen to the local grocery stores within campus with our wallet. 
 
In some of these colleges, 70-80% of the fee transfer happens through us. 
 
How much money are you processing? 
We’re currently processing over 95 million transactions a month, and $4.5-5 billion a year at previous month’s run-rate. 
 
Update on Alipay-Paytm partnership. 
Our internal integration with <a href="http://www.businessinsider.in/searchresult.cms?query=Alipay&amp;sortorder=effectivedate">Alipay</a> will take another quarter. They are our key strategic investors and partners, and we’re leveraging their technologies and expertise. 
 
However, at the end of the day the markets are different, and we do have to come up with products that are relevant to this market. 
 
Would you acquire/invest in any last mile logistics player? 
I don’t see that in the pipeline. 
 
We have invested in <a href="http://www.businessinsider.in/searchresult.cms?query=Jugnoo&amp;sortorder=effectivedate">Jugnoo</a> and a data analytics firm in the logistics space (<a href="http://www.loginextsolutions.com/">LogiNext Solutions</a>). We are also planning a logistics cloud where companies can partner. 
 
<a href="http://img2.smartprix.com/deals/9999ukih2y4/f-1.jpg">Image Source</a>

War against Cash – Paytm's story so far

Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> presented the Union Budg2017, his fourth annual <keyword id="6358021" type="PERSON" weightage="20" keywordseo="budget">budget</keyword>, today. The highlights of Budget 2017 are : 
 
 
Monetary policy to be expansionary in major economies 
 
More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy 
 Pace of remonetisation has picked up; <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> effects will not spill over to next year 
 
Functional autonomy of the railways to be maintained 
 
Demonetisation will help in transfer of resources from tax evaders to government: 
 
Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport 
 
Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue 
 
GDP will be bigger, cleaner after demonetisation 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> 
 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister 
 
 
Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation 
 
Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure 
 
We are seen as engine of global growth; IMF sees India to grow fastest in major economies 
 
36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs 
 
CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM 
 
 
India has emerged as bright spot in the world: FM 
 
 
Uncertainty around commodity prices especially oil to have impact on emerging economies: FM 
 
Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM 
 
We have moved from discretionary based administration to policy based administration: FM Jaitley 
 
Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley 
 
Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP 
 
Committed to double farm income in 5 yrs 
 
Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture 
 
Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country 
 
Budget presentation advanced to help begin implementation of schemes before onset of monsoon 
 
We will continue the process of economic reform for the benfit of poor 
 
Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget 
 
Our agenda for next year is to transform, energise and clean India 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19 
 
Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation 
 
Rs 9,000 cr higher allocation for payment of sugarcane arrears 
 
Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18 
 
Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18 
 
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies 
 
133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 
 
Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore 
 
1 cr households to be brought out of poverty under Antodya Scheme 
 
Participation of women in MNREGA increased to 55 pc from 45 pc in past 
 
Modern law on contract farming will be drafted and circulated to states 
 
Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore 
 
Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act 
 
Space technology to be used for monitoring MNREGA implementation 
Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM 
 
We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations 
 
To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr 
 
100 pc electrification of villages to be completed by May 2018 
 
27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless 
 
PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad 
 
The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore 
 
In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions 
 
A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up 
 
Two new AIIMS to be set up Jharkhand and Gujarat 
 
New rules regarding medical devices will be devised to reduce their cost 
 
1.5 lakh health sub centres to be converted to Health Wellness Centres 
 
National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18 
 
Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women &amp; child welfare. 
 
Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget 
 
Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent 
 
35 pc increase in allocation for SC to Rs 52,393 cr 
 
For senior citizens, Aadhaar based health cards will be issued 
 
Model Shops and Establishment Bill to open up additional opportunities for employment of women 
 
Select airports in tier-II cities to be taken up for operations, development on PPP mode 
 
New metro rail policy to be unveiled 
 
Railway tariffs to be fixed on the basis of cost, social obligation and competition 
 
Service charge on e-tickets booked through IRCTC will be withdrawn 
 
Delhi and Jaipur to have solid waste management plants and five more to be set up later 
 
Government proposes Coach Mitra facility to redress grievances related to rail coaches 
 
500 stations will be differently abled by providing lifts and escalators 
 
Unmanned railway level crossings to be eliminated by 2020 
 
Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17 
 
Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year 
 
Rs 1 lakh cr corpus for railway safety fund over five years 
 
A scheme for senior citizens to ensure 8 per cent guaranteed returns 
 
Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop 
 
Digi Gaon will be launched to promote tele-medicine and education 
 
Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed 
 
Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year 
 
For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore 
 
Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18 
 
Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr 
 
Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore 
 
Dispute resolution in infrastructure projects in PPP mode will be institutionalised 
 
Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital 
 
Govt to further liberalise FDI policy 
 
Over 90 per cent of FDI proposls are now processed through automatic route 
 
FIPB will be abolished 
 
Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr 
 
Second phase of solar power development to be taken up with an aim of generating 20,000 MW 
 
After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30 
 
More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed 
 
The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges 
 
We are largely a tax non-compliant society 
 
New ETF with diverse stocks will be launched in 2017-18 
 
Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried 
 
Integrated public sector oil major to be created to match global giants 
 
Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors 
 
Urgent need to protect poor from chit fund schemes, draft bill placed in public domain 
 
Computer emergency response team to be set for cyber security of financial sector

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