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Mumbai (<keyword id="19897316" type="General" weightage="20" keywordseo="maharashtra" source="keywords">Maharashtra</keyword>) [India], March 12 (ANI): The Maharashtra government has constituted a <keyword id="20085377" type="General" weightage="20" keywordseo="special-investigation-team" source="keywords">Special Investigation Team</keyword> (SIT) to investigate the allegations of conspiracy and violence during the <keyword id="19936356" type="General" weightage="20" keywordseo="maratha" source="keywords">Maratha</keyword> agitation stir in Maharashtra. Nashik Commissioner of Police <keyword id="20496135" type="General" weightage="20" keywordseo="sandeep-karnik" source="keywords">Sandeep Karnik</keyword> will be the head of the SIT. The SIT was formed on the instructions of the Maharashtra assembly speaker after the matter of threats issued to Deputy Chief Minister Fadanvis was raised in the Assembly by BJP MLAs. On February 28, speaking in the Maharashtra Legislative Council, CM Eknath Shinde said ""Many leaders have become big on the issue of Martha reservation, <keyword id="20040954" type="General" weightage="20" keywordseo="jarange-patil" source="keywords">Jarange patil</keyword> raised demands for Maratha reservation he didn't had any political background and even I went to him. Keeping all the protocols aside I visited him twice. But now he is making remarks against DCM, our ministers and on the government... why? He is using low level language against the DCM, this language is not of karaykarta it's a political language. There are many other castes leaving in the state but this is an attempt to creat conflict between castes too. We won't tolerate such language against anyone. So let SIT investigate the matter and let the truth come out (doodh ka doodh paka pani hone do)" "We have given reservation to Maratha and it will stand in the court too all the guidelines and norms of court has been studied properly and accordingly. We have given reservation, there is no injustice done on any other community but people are spreading rumours that this reservation won't stand in court why? Who is spreading this?" the Maharastra CM said. Jarange-Patil's Maratha reservation campaign is accused of receiving financial support from 'political associates,' and it is alleged that he made inflammatory remarks during the course of the campaign. The Maharashtra State Government had indicated that if Jarange Patil's agitation for the Maratha Reservation is politically motivated, funded, and intended to cause unrest, a comprehensive SIT inquiry would be conducted to assess its implications on law and order in the state. The demand for an inquiry was raised by BJP MLA Ashish Shelar, after which Mharashtra Legislative Assembly Speaker <keyword id="20924374" type="General" weightage="20" keywordseo="rahul-narvekar" source="keywords">Rahul Narvekar</keyword> ordered a SIT probe. Jarange Patil's appeal reportedly led to a significant road blockade in Beed district, causing inconvenience to the public. The police responded by registering a case against him. Additionally, 25 other cases related to traffic jams have been registered in different locations across the Beed district. (ANI)

Maharashtra govt constitutes SIT to probe violence during Maratha agitation

Mumbai (Maharashtra) [India], February 20 (ANI): The Maharashtra government on Tuesday approved a bill, extending reservation to Marathas above the 50 per cent mark in a special session of the state legislature. The bill for 10 per cent <keyword id="19936356" type="General" weightage="20" keywordseo="maratha" source="keywords">Maratha</keyword> quota that the Mahayuti government of <keyword id="19913631" type="General" weightage="20" keywordseo="eknath-shinde" source="keywords">Eknath Shinde</keyword> has approved on Tuesday is similar to the Socially and Educationally Backward Classes Act, 2018, introduced by the then Devendra Fadnavis government. This is the third time in a decade that the state has introduced legislation for the Maratha quota. The decision to convene a special session was prompted by Maratha quota activist Manoj Jarange Patil, who is on a hunger strike at Antarwali Saarati village in Jalna district. The reservation has been extended based on a report submitted to the state government by the Maharashtra Backward Class <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> (MBCC) headed by chairman Justice (Retired) <keyword id="20654823" type="General" weightage="20" keywordseo="sunil-shukre" source="keywords">Sunil Shukre</keyword>. The state already has a 10 per cent quota for the Economically Weaker Section (EWS) in which the Marathas are the biggest beneficiaries, claiming 85 per cent of the reservation. The Maharashtra State Backward Class Commission on Friday submitted a report on the social and educational backwardness of the Maratha community for which it had undertaken a survey of around 2.5 crore homes within a span of only nine days. The committee proposed a 10 per cent reservation for Marathas in education and jobs, similar to that given in 2018 by the then-state government. In June 2017, the then Devendra Fadnavis government had constituted the Maharashtra State Backward Class Commission (MSBCC) headed by Justice (retired) <keyword id="20654824" type="General" weightage="20" keywordseo="mg-gaikwad" source="keywords">MG Gaikwad</keyword> to study the social, financial and educational status of the Maratha community. The Commission submitted its report in November 2018, classifying Marathas as a socially and educationally backward class (SEBC). Notably, Maharashtra Chief Minister Eknath Shinde stressed on Friday that reservation to Marathas will be given according to the terms of the law after presenting the report in during the special assembly session called for Tuesday. (ANI)

Maharashtra govt approves bill to extend 10% reservation to Marathas

New Delhi, The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="General" weightage="20" keywordseo="nclat" source="Orion">NCLAT</keyword>) has stayed a <keyword id="47183" type="General" weightage="20" keywordseo="cci" source="Orion">CCI</keyword> order that imposed a penalty on state-owned power producer <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> for not disclosing the acquisition of 35.47 per cent equity share capital in Ratnagiri Gas &amp; Power Private Ltd. The Competition Commission of India on August 22, 2023, imposed a penalty of Rs 40 lakh on NTPC for non-disclosure of its acquisition of 35.47 per cent of the equity share capital in Ratnagiri Gas &amp; Power Private Ltd (RGPPL). This was challenged by NTPC before the NCLAT, which is an appellate authority over the orders passed by the Competition Commission of India (CCI). A two-member bench directed to list the matter on February 27, 2024, for the next hearing on NTPC's appeal and stayed the operation of order passed by the Competition Commission of India (CCI). "Till next date of hearing the operation of the impugned order dated 22.08.2023 passed by the CCI shall remained stayed," said NCLAT passed earlier this week. NCLAT directed CCI to file a reply over NTPC appeal within four weeks and rejoinder, if any by the power producer, to be filed within four weeks thereafter. NTPC had acquired 35.47 per cent of the equity share capital of RGPPL without notification to the CCI, increasing its stake from 25.51 per cent to 60.98 per cent. Later, CCI on October 27, 2022, issued a notice or failure to notify the transaction under combination regulation. CCI was of the opinion that the transaction in question was a notifiable transaction. However, NTPC had submitted that the acquisition of an additional 35.47 per cent stake in RGPPL was a part of the resolution plan for the settlement of the outstanding debt of RGPPL. Moreover, the final goal of the said transaction was not to acquire equity shares or control, but to settle RGPPL's debt. NTPC also did not acquire any additional rights and enjoys joint control in RGPPL along with GAIL and Maharashtra State Electricity Distribution Company Ltd even on consummation of the transaction, said PSU. However, rejecting this, CCI held that by failure to notify the transaction before its consummation has resulted in violation of provisions of Section 6(2) of the Competition Act and therefore, is liable to a penalty under Section 43A of the Competition Act and imposed a fine of Rs 40 lakh. This was subsequently challenged by NTPC before NCLAT.

NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue

<ul><li>Students who appeared for the MAH LLB 3 Year CET 2020 exam will be able to check the result on the official <a href="http://cetcell.mahacet.org">website</a> of <keyword id="2191960" type="PERSON" weightage="20" keywordseo="Maharashtra-CET">Maharashtra CET</keyword> Cell. </li><li>The exam for MHT CET Law 2020 was held on November 2 and 3.</li><li>Here’s how to download and check your MHT CET Law Result 2020.</li></ul>Maharashtra Common Entrance Test Cell is likely to announce the results for MHT CET Law 2020 exam today (November 25). Students who appeared for the MAH LLB 3 Year CET 2020 exam will be able to check the result on the official <a href="http://cetcell.mahacet.org">website</a> of Maharashtra CET Cell. Here’s how to check and download MHT CET Law Result 2020: Step 1: Go on to Maharashtra CET Cell <a href="http://cetcell.mahacet.org">website</a> i.e. <a href="http://cetcell.mahacet.org">http://cetcell.mahacet.org</a>. Step 2: Click on the 3 year LLB programme. Step 3: Hit MHT CET Law Result 2020. Step 4: Enter the necessary credentials in the fields. Step 5: The result will appear on the screen, and the students can take a print out by hitting the print option on the screen. The exam for MHT CET Law 2020 was held on November 2 and 3. Students who qualify the MHT CET Law exam will be eligible for the counselling round and thereafter for admissions into three year LLB programmes in government-aided colleges in Maharashtra. The exams were earlier postponed earlier due to the COVID-19 pandemic and subsequent lockdowns in the country. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-310-points-as-investors-cheer-transition-to-biden-administration/articleshow/79392874.cms" data-type="tilCustomLink">Dow surges above 30,000 for the first time as investors cheer transition to Biden administration</a> <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-sensex-and-nifty-hit-record-high-some-experts-say-it-is-the-final-leg-of-the-vaccine-euphoria/articleshow/79389670.cms" data-type="tilCustomLink">Markets hit record high — some experts say it is the final leg of the vaccine euphoria</a>

MHT CET Law 2020 results to be declared today — Here’s how to check your scores

The <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Wednesday quashed the <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> law granting <keyword id="6361164" type="UNKNOWN" weightage="20" keywordseo="reservation">reservation</keyword> in jobs and admissions to <keyword id="6389157" type="COMPANY" weightage="20" keywordseo="maratha">Maratha</keyword> community. The top court said it did not find any exceptional circumstance to justify exceeding the 50 per cent cap set by Indra Sawhney judgment. A five-judge <keyword id="69719" type="PERSON" weightage="20" keywordseo="Constitution-bench">Constitution Bench</keyword> headed by Justice Ashok Bhushan allowed no breach of 50 per cent ceiling to give more reservation, as it refused to consider reviewing Indra Sawhney verdict of 1992. "Exceeding ceiling limit of 50 percent laid down by Indra Sawhney is violative of <keyword id="875349" type="COMPANY" weightage="20" keywordseo="Articles">Articles</keyword> 14 and 15," said the top court. The top court said the people from Maratha community cannot be declared as educationally and socially backward. The unanimous judgment was delivered by a bench also comprising Justices L. Nageswara Rao, S Abdul Nazeer, Hemant Gupta and S. Ravindra Bhat. The top court made it clear that there were no extraordinary circumstances to grant reservation to Maratha community over and above 50 per cent ceiling. The top court struck down the Maharashtra State Reservation for Socially and Educationally Backward Classes (SEBC) Act, 2018 which extends reservation to the Maratha community in public education and employment. The top court emphasized that exceeding the 50 percent limit in without exceptional circumstances violates Article 14, and it held that 2018 act as amended in 2019 exceeds the limit without any exceptional circumstances. The top court held that SEBC Act, which extends reservation to the Maratha community in public education and employment is unconstitutional. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/indian-government-gives-the-nod-for-5g-trials-chinese-companies-kept-out-for-now/articleshow/82398249.cms">Indian government gives the nod for 5G trials, Chinese companies kept out for now</a> <a href="https://www.businessinsider.in/business/auto/news/triton-ev-founder-says-its-planning-for-an-ipo-soon-in-the-us/articleshow/82398780.cms">EXCLUSIVE: Triton EV founder says it is planning for an IPO soon in the US, as the company gears up for its first car launch in India</a>

Supreme Court quashes the law granting reservation for Maratha community in jobs and education exceeding 50%

These are the common laws that you may be inadvertently breaking in India

<ul><li>The Indian government is reportedly going to introduce a new bill to regulate cryptocurrencies in the country come February.</li><li>The original draft, shared earlier this year, proposed to ban all ‘private cryptocurrencies’.</li><li>Jaideep Reddy, a technology lawyer with Nishith Desai Associates (NDA), told Business Insider that while banning cryptocurrencies is ‘technically’ possible — it’s easier said than done.</li></ul>The Indian government is likely to introduce a new bill to regulate cryptocurrencies in the country during next year’s Budget Session of Parliament in February. The <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">draft</a>, which was shared earlier this year, banned private cryptocurrencies and made way for the Reserve Bank of India to issue a central bank digital currency (<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">CBDC</a>). However, with the number of cryptocurrency investors growing in the country along with a burgeoning ecosystem of blockchain applications, banning cryptocurrencies altogether may not be a wise move. <div type="Article" hostid="261" msid="84401863" title="India's crypto bill is unlikely to be up for discussion this month — and it may be a while before we see it in Parliament" mstype="2" mssubtype="0"></div> “Yes, theoretically, a government can say yes to CBDCs and no to private cryptocurrencies but you have problems both from a development perspective — stifling the software ecosystem and creator ecosystem — as well as from a legal perspective, where it could be challenged that it is unconstitutional,” Jaideep Reddy, a technology lawyer with Nishith Desai Associates (NDA) specialising in the field of crypto, fintech and tech policy, told Business Insider during a webinar titled ‘The Framework: Crypto Regulation And 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> <cmsannotation type="cmsannotation" annotationid="Blockchains need cryptocurrencies to function" comment="subhead" text="Blockchains need cryptocurrencies to function">Blockchains need cryptocurrencies to function</cmsannotation> Earlier this year, the Indian state of Maharashtra announced its partnership with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">blockchain</a> startup LegitDoc to issue diploma certificates to fight against the persistent problem of fake degrees plaguing the country’s education system. Even the Central Board of Secondary Education (CBSE) introduced blockchain to go paperless and make results tamper-proof. On paper, these are blockchain technology use cases. But, behind that, it’s a public blockchain record that needs Ether — the cryptocurrency which powers the Ethereum platform — to pay the network fees for validation. And, this is true for all blockchains. For Solana, it’s the SOL token. For Cardano, it’s the ADA cryptocurrency. And, for Ethereum, which has one of the most widely developed ecosystems, it’s Ether, as mentioned before. <div type="ExtQuote" text="“A lot of these blockchain use cases won’t work without a thriving and enabled cryptocurrency ecosystem.”" auname="Jaideep Reddy, a technology lawyer with Nishith Desai Associates told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="The question of maintaining the integrity of the Indian constitution vis-a-vis cryptocurrencies" comment="subhead" text="The question of maintaining the integrity of the Indian constitution vis-a-vis cryptocurrencies">The question of maintaining the integrity of the Indian constitution vis-a-vis cryptocurrencies</cmsannotation> India already tried to ban cryptocurrencies once when the RBI issued a blanket ban in 2018. This was then later reverted with the Supreme Court stepping in to say the move was ‘unconstitutional’. “For every problem statement, there is a regulatory solution, which doesn’t amount to a ban,” explained Reddy. This means that the Indian government would have to justify why a ban was the only way to deal with any problems arising out of cryptocurrencies. “We have fundamental rights today to do business, to pursue various goals that an individual wants to pursue, and there can only be reasonable restrictions on that,” Reddy added. The Indian government, if issuing a blanket ban, would have to meet that test of a ‘reasonable restriction’. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/ethereum-sees-double-digit-gains-as-the-crypto-market-recovers-from-price-crash/slidelist/87356297.cms">Ethereum hits a new record while Shiba Inu crashes as rest of crypto market recovers</a> <a href="https://www.businessinsider.in/cryptocurrency/news/developers-want-steam-to-revert-ban-on-crypto-nft-games/articleshow/87332576.cms">‘Don’t ban Web3 games’ — 29 blockchain game studios and groups write an open letter to Valve to revert ban on NFT games</a>

It would be nearly impossible for India to ban cryptocurrencies — here’s why

One of the few positive outcomes of the United Nations Climate Change Conference (COP26) is the commitment by major nations to achieve net zero carbon emissions by a certain year. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has also committed to becoming a net zero country by 2070. While some developed nations may have scoffed at this timeline, the reality is that nations with different developmental trajectories cannot (and should not) be treated equally. The major polluters must first walk the talk and then expect others to follow suit. While it is a never-ending blame game between the developed and developing nations, in the interest of humanity and for their own well-being, the nations must do everything within their powers to ensure that they keep their emissions under control. <cmsannotation type="cmsannotation" annotationid="Policy initiatives in India" comment="subhead" text="Policy initiatives in India">Policy initiatives in India</cmsannotation> India has taken several measures towards climate change adaptation and mitigation. Our statutory framework ensures that air and water pollution is prevented and controlled, forests are conserved and restored, biological diversity is protected, and energy is generated and utilised efficiently to ensure minimal environmental impact. The Government has launched various policy initiatives to work towards its climate change commitments. The national and state action plans on climate change aim at integrating such climate action into their modus operandi. Among national schemes, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) focuses on clean mobility and is meant to promote the transition to electric vehicles by providing incentives for manufacturing, adoption and development of associated infrastructure for electric vehicles. Financial assistance is being offered at the central and state levels for developing solar and wind energy projects like solar parks, grid-connected solar rooftops in residential buildings, installing off-grid solar devices and solar-based LED lights. Initiatives like Gujarat Emissions Trading Scheme, Renewable Energy Certificate, Perform, Achieve and Trade (PAT) Scheme are all meant to promote renewables, reduce emissions and achieve energy efficiency at the central and state levels. <cmsannotation type="cmsannotation" annotationid="Recent impetus to climate action" comment="subhead" text="Recent impetus to climate action">Recent impetus to climate action</cmsannotation> Some important and innovative schemes initiated in India to combat climate change include the India Cooling Action Plan 2019, which aims to reduce direct and indirect emissions from energy-intensive cooling devices like refrigerators, air conditioners, etc. The National Clean Air Program 2019 aims to reduce air pollution and addresses several forms of harmful emissions. The National Hydrogen Mission launched in 2021 aims to help India achieve its climate targets by making India a green hydrogen hub. India is also targeting to increase the usage of alternative fuels to reduce emissions by blending 20% Ethanol in petrol by 2025. Moreover, policies like National Building Code, 2016, Energy Conservation Building Code, 2017, Buildings Energy Efficiency Programme, green energy rating system, star rating programme, etc., seek to promote sustainability in the construction sector by improving energy efficiency, water conservation, waste management, recycling, etc. The union budget for the financial year 2022-23 also announced initiatives for financing climate change mitigation and adaptation strategies through sovereign green bonds, blended finance, etc. <cmsannotation type="cmsannotation" annotationid="Local and regional climate action" comment="subhead" text="Local and regional climate action">Local and regional climate action</cmsannotation> In addition to the various central government initiatives being implemented across the country, various states are devising their own strategies and plan to combat climate change. States like Gujarat, Odisha, and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> have constituted specific departments and cells to focus on climate change adaptation and mitigation. Kerala has announced a dedicated fund for this purpose and has issued green bonds to invest in climate resilience activities. <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> has released the Mumbai Climate Action Plan to address climate change impacts in the coastal megacity and achieve net zero emissions by 2050. It is not just the central and state governments but also the corporates are taking active steps to combat climate change. More than sixty Indian companies have announced their net zero greenhouse gas (GHG) emissions targets. Leading Indian companies, including <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>, Reliance, Mahindra, ITC, Adani Transmission, Arcelor Mittal Nippon Steel, and Dalmia Cement, have voluntarily pledged to move towards carbon neutrality through GHG emissions reduction and energy efficiency. With environmental, social and governance (<keyword id="77363" type="General" weightage="80" keywordseo="esg" source="Orion">ESG</keyword>) issues gaining prominence and ESG reporting becoming mandatory for the top 1000 companies, almost all major companies are addressing ESG issues to set their house in order and adopt the best practices. Various Indian banks have also incorporated ESG considerations into their lending policies. Therefore, be it the government or the private sector, every stakeholder has realised the importance of climate action and is working to prevent the planetary crisis, which, not to forget, affects almost all living species, including humans. <keyword id="12498063" type="General" weightage="50" keywordseo="nawneet-vibhaw" source="Orion">Nawneet Vibhaw</keyword> is a <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword> at Shardul Amarchand Mangaldas &amp; Co. in the Environmental Law practice. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

OPINION: Towards a carbon-neutral India — How central, state governments, and corporations are striving to tackle the planetary crisis

<keyword id="12685643" type="General" weightage="20" keywordseo="is-crypto-legal-in-india" source="Orion">Is crypto legal in India</keyword>? Is it illegal? Is it in a grey area? Cryptocurrencies might be popular in India, but even the most learned of us are often unclear about these three questions. If we were to buy a bunch of cryptocurrency on an exchange in India, would we be breaking the law? How will the income from that trade be taxed? <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> So far, the legality of cryptocurrencies in India have been more or less grey. The country actually has a burgeoning blockchain market that dates back at least five years. However, the legal tussles over cryptocurrencies began in 2018. It has so far involved billion dollar companies, government officials and ministers, courts, and of course, crores of investors. <ol><li>Is ‘all’ crypto activity banned in India? Let’s get one thing straight, cryptocurrencies are not banned in India. Actually, they have never ever been banned in India. The confusion behind this comes from a couple of moves by the Reserve Bank of India (RBI) in 2018. It all started with an official directive the RBI issued to banks and financial institutions. Within the notification, the central bank told these institutions to stop doing business with cryptocurrency exchanges — note, RBI’s ruling applies to banks and institutions, it said nothing about people owning cryptos.The ruling was struck down in 2020 by the Supreme Court, which actually began the onslaught of crypto exchanges in India. But just as things were looking up, in May this year, the RBI sent an informal note to banks asking them to be wary of crypto exchanges.Which, in turn, led banks to withdraw services from crypto exchanges overnight, and platforms had to stop taking deposits in Indian Rupee temporarily. Things were resolved in less than a month, but some banks remain wary and do not allow people to deposit money in crypto exchanges.</li><li><keyword id="12685645" type="General" weightage="20" keywordseo="is-crypto-trading-legal-in-india" source="Orion">Is crypto trading legal in India</keyword>? It’s easy to jot down trading of crypto to be a legal grey area, but experts will actually tell you that there’s no law in the country that bans cryptos or says that trading such digital assets is illegal. Currently, the government is working on a bill that will regulate crypto trading, and it will bring rules on how cryptocurrency exchanges like WazirX are supposed to operate in the country, how income from such currencies will be taxed and other aspects.Even the RBI hasn’t said cryptos are illegal, though the bank has concerns. "When the RBI, after due internal deliberation, says that there are serious concerns on macro economic and financial stability, there are deeper issues, which need much deeper discussions and much more well informed discussions," RBI Governor Shaktikanta Das said at an event recently.</li><li><keyword id="12685644" type="General" weightage="20" keywordseo="is-crypto-mining-legal-in-india" source="Orion">Is crypto mining legal in India</keyword>? Printing a note is illegal, because only the government of a country is allowed to print legal tender. Cryptocurrencies, on the other hand, aren’t legal tender, which is why one can mine for them — however, it is unregulated at the moment.Unlike China, India hasn’t created any regulation that bans people from mining cryptocurrency. In fact, given that public cryptos are mined using your own computing equipment, it doesn’t interfere with any laws at the moment.</li><li><keyword id="12685642" type="General" weightage="20" keywordseo="is-bitcoin-legal-in-india" source="Orion">Is Bitcoin legal in India</keyword>? If you’re asking whether Bitcoin is “legal tender” in India, the answer to that is no. Which means that you cannot use Bitcoin to buy things in place of the Indian Rupee. The government doesn’t recognize the asset as legal tender, much like the rules in the US, UK and most other countries worldwide.Someone asked this very question of the Finance Minister, Nirmala Sitharaman, at the Parliament earlier this week. To which, she replied, “No, sir”, informing the floor that there is no proposal for recognising Bitcoin as legal tender.</li><li>Do you have to pay taxes on crypto in India? You have to pay tax on any kind of income of profit in India, and income from trading in crypto assets is no different.At the moment, there is no specific guidance in the Income Tax Act for taxing income from crypto trading. However, many experts recommend that profits from cryptos should be reported in the income tax return (ITR) as capital gains.“The income earned by crypto exchanges and other crypto service providing platforms is liable to tax under the head Business or Profession under Chapter-IV of the Income-tax Act, 1961. Applicability of tax rate will depend on status and category of taxpayer,” Sitharaman explained during the ongoing session of Parliament on November 30.</li><li>Is blockchain technology legal in India? Absolutely. Blockchain technology is as legal as artificial intelligence (AI), machine learning (ML) or any other form of emerging technology. In fact, the Andhra Pradesh government had built a blockchain-based platform for managing land records two years ago, while the RBI is working on a central bank digital currency (CBDC) that will also be based on blockchain technology. The Maharashtra government has also been evaluating the use of blockchains for e-governance, while car-maker MG Motors has built a blockchain platform for the Digital Passport feature of the MG Astor.</li><li>How is blockchain technology different from cryptocurrencies? Blockchains are actually the underlying platforms that are powered by cryptocurrencies. In essence, a blockchain is just a database that is immutable and extremely secure. Meanwhile, the records of cryptocurrency transactions, or other forms of transactions and records are maintained on blockchains.</li><li>Would a ban on cryptocurrency hamper blockchain technology in India? To a certain extent, yes. In order for developers to build applications on a blockchain, they need to pay transaction fees. And these transaction fees, or ‘gas fees’ need to be paid in the respective token of that blockchain. For instance, if someone is building on the Ethereum blockchain, their transactions would be validated using Ether and on the Cardano blockchain, it would be the ADA token.Banning an entire cryptocurrency, or payments in a particular cryptocurrency, would mean not being able to build on the platform as well — at least not from within the Indian banking sector.</li><li>Is India working on its own CBDC? As mentioned before, the RBI is working on a CBDC that will be based on a private blockchain platform. While being a public good, its governance will be in the hands of a centralised entity — the central bank.In fact, the listing of the <keyword id="10822352" type="General" weightage="20" keywordseo="crypto-bill" source="Orion">crypto bill</keyword> in the Parliament’s agenda for the winter session, which sparked rumours of a ban again, also mentioned that the bill would lay the framework for a CBDC in the country.The RBI is still formulating how such a platform will work, and it’s likely going to be absolutely different from cryptocurrencies. RBI will have full control over the platform and for consumers, it will be no different from using digital payments right now.</li><li>What do we know about India’s crypto bill so far? The crypto bill is unlikely to ban cryptocurrencies but regulate them. According to a report by NDTV, India’s crypto exchanges will come under the umbrella of the Securities and Exchange Board of India (SEBI). Citizens of India will be required to keep their cryptocurrencies with Indian exchanges only — the proposed laws reportedly disallow people from keeping their investment on global exchanges or in private wallets. Once the bill is approved, people will get a certain amount of time to shift their funds after which, they could be penalised within the range of ₹5 crore to ₹20 crore. According to Sitharaman, the government is closely monitoring the risks that cryptocurrencies present. Likely for that reason, India plans to amend its Prevention of Money Laundering Act (PMLA) to make provisions for cryptocurrency activity. Even Prime Minister Narendra Modi highlighted the volatile nature of digital tokens in November, calling on global cooperation from democratic nations to regulate the sector and protect the youth. </li></ol>Disclaimer: This is a sponsored post in partnership with WazirX. Do your own research (DYOR) before deciding to invest in any asset, cryptocurrency or otherwise. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/facebook-and-microsoft-arent-the-only-ones-creating-a-metaverse-here-are-five-popular-coins-looking-to-create-digital-worlds/articleshow/87931051.cms">Facebook and Microsoft aren’t the only ones creating a metaverse — here are five popular coins looking to create digital worlds</a> <a href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a>

Crypto FAQs answered — everything you need to know about crypto regulations, trading, taxes and CBDC in India

<ul><li>The Indian government plans to put its cryptocurrency bill up for discussion during the Winter Session of Parliament, which will run from November 29 to December 23.</li><li>It had put the bill on its agenda in February as well, during the Budget Session, however the proposed laws were never presented.</li><li>Questions remain around what the Indian government means when referring to ‘private’ cryptocurrencies and what it deems to be ‘exceptions’.</li></ul>The Indian government plans to put its cryptocurrency bill up for discussion in Parliament during the upcoming Winter Session. But, as we saw during the Budget Session in February — when the cryptocurrency bill was originally listed on the Parliament’s agenda — just because something is listed on the agenda, doesn’t necessarily mean it’s going to see the light of day. Not only is the name of the bill to be introduced identical — The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 — whoever drafted the agenda didn’t even change the description of what the government is looking to discuss. However, the more prominent point of debate is that the proposed law “seeks to prohibit all private cryptocurrencies in India,” while allowing for “certain exceptions.” Despite the complexities of what this may represent, the crypto community in India — especially those at the helm of startups and crypto exchanges — welcome the news. Sources told Business Insider that the law is likely to be a more relaxed version of the <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">2019 cryptocurrency bill</a>, wherein all cryptocurrency activity would have been prohibited. However, no official version of the cryptocurrency bill has been made public so far. <div type="ExtQuote" text="“This is a big moment for India. From a banking ban in 2018 to listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Parliament's winter session… It speaks volumes about how India is determined to dominate the web 3.0 era.”" auname="Nischal Shetty, the founder of Indian crypto exchange WazirX, told Business Insider in a statement"></div> <cmsannotation type="cmsannotation" annotationid="Could there be another crypto ban on the cards?" comment="subhead" text="Could there be another crypto ban on the cards?">Could there be another crypto ban on the cards?</cmsannotation> Sources within the crypto space in India opine that it’s unlikely that the Indian government will ban all cryptocurrency. In the past, when the central bank — the Reserve Bank of India (RBI)-- tried to put a stop to all cryptocurrency trading in the country, it was overruled by the Supreme Court. “Yes, theoretically, a government can say yes to CBDCs and no to private cryptocurrencies but you have problems both from a development perspective — stifling the software ecosystem and creator ecosystem — as well as from a legal perspective, where it could be challenged that it is unconstitutional,” <a href="https://www.businessinsider.in/cryptocurrency/news/why-india-ban-on-cryptocurrencies-is-not-possible/articleshow/87390005.cms">Jaideep Reddy</a>, a technology lawyer with Nishith Desai Associates (NDA) specialising in the field of crypto, fintech and tech policy, told <a href="https://www.businessinsider.in/cryptocurrency/news/why-india-ban-on-cryptocurrencies-is-not-possible/articleshow/87390005.cms">Business Insider</a> during a webinar titled ‘The Framework: Crypto Regulation And India’. Moreover, the Central Board of Secondary Education (CBSE) and the Indian state of Maharashtra are using blockchain solutions to make certificates tamper proof. “A lot of these blockchain use cases won’t work without a thriving and enabled cryptocurrency ecosystem,” explained Reddy. <cmsannotation type="cmsannotation" annotationid="India knows it can’t ignore cryptocurrencies any more" comment="subhead" text="India knows it can’t ignore cryptocurrencies any more">India knows it can’t ignore cryptocurrencies any more</cmsannotation> Regardless of whether the Indian government is in favour of cryptocurrencies or not, there is too much happening in the space for it to continue turning a blind eye. <div type="ExtQuote" text="&quot;We welcome the move from the government. A well assessed and thought through regulation would pave the way for greater adoption of the technology and will help millions of Indians embrace this new age asset class. We are looking forward to the next steps on this.&quot;" auname="CoinDCX’s spokesperson told Business Insider in a statement"></div> Barely a week ago, during a forum hosted by the Australian Strategic Policy Institute, India’s Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> issued a stern warning. “It’s important that all democratic nations work together on it and ensure it does not end up in the wrong hands, which can spoil our youths,” he said. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-wants-dogecoin-investors-to-be-protected-as-binance-extends-withdrawal-freeze-by-another-week/articleshow/87871139.cms">Elon Musk wants Dogecoin investors to be ‘protected’ as Binance extends withdrawal freeze by another week</a> <a href="https://www.businessinsider.in/investment/news/jrr-tolkiens-lawyers-shut-down-lotr-themed-cryptocurrency/articleshow/87871548.cms">JRR Tolkien’s lawyers shut down LOTR-themed cryptocurrency</a>

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