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New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

New Delhi [India], July 21 (ANI): As the Union <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword>, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>, is set to present her seventh <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>, the <keyword id="21660910" type="General" weightage="20" keywordseo="Monsoon-Session" source="keywords">Monsoon Session</keyword> of Parliament will commence on July 22. With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations. Desai, who was the country's Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget. Like the previous few full Union Budgets, <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections. As part of the <keyword id="20321465" type="General" weightage="20" keywordseo="budget-preparation" source="keywords">budget preparation</keyword>, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy. These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors. During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit. The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth. The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure. Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce. This year's Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament's nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill will be tabled in this year's Monsoon Session. The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July. The Union Budget documents will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and is available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

New Delhi [India], July 20 (ANI): The Monsoon session of <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword> begins on Thursday amidst outrage over the situation in <keyword id="6359754" type="General" weightage="50" keywordseo="manipur" source="Orion">Manipur</keyword> with the Opposition demanding a statement from the Prime Minister of India. Parliamentary Affairs Minister <keyword id="145705" type="General" weightage="50" keywordseo="prahlad-joshi" source="Orion">Prahlad Joshi</keyword> has said that 31 bills will be taken up in the monsoon session. Among these include the Digital Personal Data Protection Bill, 2023. Other important legislations that are expected to be taken up in the Session are the Bill to replace the Government of the National Capital Territory of Delhi (Amendment) Ordinance, 2023, promulgated in May this year. The ordinance deals with the control of services in Delhi and was promulgated after the Supreme Court verdict on an appeal by the Delhi government. Parliamentary Affairs Minister yesterday said that 34 parties and 44 leaders participated in the all-party meeting convened by the government for smooth conduct of the monsoon session which will continue to till August 11 and will have 17 sittings. Other Bills on the agenda of the government include Cinematograph (Amendment) Bill, 2019; DNA Technology (Use and Application) Regulation Bill, 2019; Mediation Bill, 2021; Biological Diversity (Amendment) Bill, 2022 ; Multi-State Cooperative Societies (Amendment) Bill, 2022; Repealing and Amending Bill, 2022; Jan Vishwas (Amendment of Provisions) Bill, 2023; Forest (Conservation) Amendment Bill, 2023; Constitution (Scheduled Tribes) Order (Third Amendment) Bill, 2022 (with respect to State of Himachal Pradesh); Constitution (Scheduled Tribes) Order (Fifth Amendment) Bill, 2022 (with respect to State of Chhattisgarh); Postal Services Bill, 2023; National Cooperative University Bill, 2023; and Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2023. The list also includes International Monetary Fund and Bank Bill, 2023; Provisional Collection of Taxes Bill, 2023 18; the National Dental Commission Bill, 2023; National Nursing and Midwifery Commission Bill, 2023; Drugs, Medical Devices and Cosmetics Bill, 2023; Registration of Births and Deaths (Amendment) Bill, 2023; <keyword id="6357972" type="General" weightage="20" keywordseo="jammu" source="Orion">Jammu</keyword> and Kashmir Reservation (Amendment) Bill, 2023; Cinematograph (Amendment) Bill, 2023; Press and Registration of Periodicals Bill, 2023; Advocates (Amendment) Bill, 2023; Mines and Mineral (Development and Regulation) Amendment Bill, 2023. Railways (Amendment) Bill, 2023; National Research Foundation Bill, 2023; Constitution (Jammu and Kashmir) Scheduled Castes Order (Amendment) Bill, 2023; Constitution (Scheduled Castes) Order (Amendment) Bill, 2023 and the Constitution (Jammu and Kashmir) Scheduled Tribes Order (Amendment) Bill, 2023 are also among the 31 bills on the agenda of the government. Digital Personal Data Protection Bill, 2023, was approved by the Union Cabinet earlier this month. This government had withdrawn Personal Data Protection Bill from Parliament in August last and said that it will come up with a fresh bill. Supreme Court had ruled in 2017 that privacy is a fundamental right and the Digital Personal Data Protection Bill, 2023, is a crucial pillar of the overarching framework of technology regulations being framed by the Centre. The previous version of the bill had come after an extensive consultation process with a Joint Parliamentary Committee also examining it. The government has held another round of consultations to frame the new bill. The Bill to replace the Government of the National Capital Territory of Delhi (Amendment) Ordinance, 2023, seeks to establish the National Capital Civil Services Authority, which consists of the Chief Minister, Chief Secretary of Delhi, Principal Home Secretary of Delhi. The Authority will make recommendations to the Lieutenant Governor (LG) regarding transfers and postings of officials and disciplinary matters. While the government is expected to give push to its legislative agenda, the Opposition parties have planned to raise several issues including Manipur violence, railway safety, unemployment, inflation, India-China border standoff and trade imbalance between the two countries. Pralhad Joshi said the government has sought the Opposition's support in the smooth functioning of the Parliament during the Monsoon Session. "The government is ready to discuss all issues in the Monsoon Session. We have appealed to the Opposition parties to support in the smooth functioning of the Parliament," Joshi said after the all-party meeting yesterday. Some of the parties have planned to move an adjournment motion over Manipur violence among other issues on day one of the Parliament's Monsoon Session today. The opposition insisted that the discussion should take place in the presence of Prime Minister Narendra Modi. Congress on Wednesday said that the party will raise Manipur violence during the session. "Today, in the beginning (of the meeting), I kept my point. Our first issue is the violence in Manipur. Prime Minister should come and answer in Parliament. We will bring adjourment motion over the matter tomorrow," Congress leader Adhir Ranjan Choudhary said after attending the all-party meeting. <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> Speaker Om Birla also chaired a meeting of the Business Advisory Committee ahead of the session. He said, leaders of all parties have assured cooperation in the proceedings of the House. (ANI)

Parliament Monsoon session begins today; 31 bills likely to be taken up

New Delhi [India], September 18 (ANI): The five-day special session of Parliament is all set to begin on Monday during which the parliamentary proceedings will shift from the old to the adjacent new state-of-the-art building on September 19. Union Minister of Parliamentary Affairs <keyword id="221548" type="General" weightage="50" keywordseo="pralhad-joshi" source="Orion">Pralhad Joshi</keyword> on Sunday stated that the Session will provide 5 sittings spread over a period of 5 days, besides informing that eight legislative items are likely to be taken up during this session. "Parliamentary journey of 75 years starting from Samvidhan Sabha - achievements, experiences, memories and learnings" will also be discussed. On Sunday, Vice President <keyword id="7889551" type="General" weightage="50" keywordseo="jagdeep-dhankhar" source="Orion">Jagdeep Dhankhar</keyword> hoisted the national flag atop "Gaja Dwar" of the new Parliament building. <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> Speaker Om Birla was also present on the occasion. The Special Session of the Parliament will be held from September 18 to 22. After weeks of no information about the agenda, the government last week announced an agenda that included bills to be taken up for consideration and a discussion on "Parliamentary journey of 75 years starting from Samvidhan Sabha - achievements, experiences, memories and learnings". Earlier, on Sunday, Union Minister of Parliamentary Affairs Joshi requested all parties for active cooperation and support for the smooth functioning of the two Houses of Parliament. The meeting of all the floor leaders of political parties in the Parliament was attended by various ministers including Union Minister Piyush Goyal, who is also Leader of the House in <keyword id="48510" type="General" weightage="80" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword>, Union Minister Arjun Ram Meghwal and Union Minister V Muraleedharan and 51 leaders from 34 parties. Joshi shared with leaders that there would be a photo session from 10.00 am to 10.45 am on September 19, 2023, followed by a function in the Central Hall starting at 11.00 am which will be graced by the Vice-President/Chairman, Rajya Sabha, the Prime Minister, Speaker, Lok Sabha, Leader of the House in Rajya Sabha, Minister of Parliamentary Affairs, Leader of Opposition in Rajya Sabha and Leader of Largest Opposition Party in Lok Sabha and the Members of both the Houses of Parliament. After the conclusion of the function in the Central Hall, both Houses will meet in their respective Chambers in the New Parliament House. The announcement of the Special Session came as a surprise in political circles with the parties gearing up for assembly polls in five states later this year. Meanwhile, four bills including a bill to regulate the appointment, conditions of service, and term of office of the Chief Election Commissioner and other Election Commissioners are part of the legislative business of the government for the session. Apart from the Chief Election Commissioner and other Election Commissioners (Appointment Conditions of Service and Term of Office) Bill, introduced in Rajya Sabha during the Monsoon session on August 10, the list includes 'The Advocates (Amendment) Bill, 2023' and 'The Press and Registration of Periodicals Bill, 2023', already passed by Rajya Sabha on August 3. The Advocates (Amendment) Bill, 2023 amends the Advocates Act, 1961, while the Press and Registration of Periodicals Bill, 2023 repeals the Press and Registration of Books Act, 1867. Besides, 'The Post Office Bill, 2023' has also been listed in the Lok Sabha business. The bill was earlier introduced in Rajya Sabha on 10 August 2023 and it repeals the Indian Post Office Act, 1898. (ANI)

Special session of Parliament set to begin today

<ul><li>Four bills including a bill to regulate the appointment of the Chief Election Commissioner are part of the legislative business.</li><li>The list includes ‘The Advocates (Amendment) Bill, 2023’ and ‘The Press and Registration of Periodicals Bill, 2023’.</li><li>The announcement of the <keyword id="470217" type="General" weightage="50" keywordseo="special-session" source="Orion">Special Session</keyword> came as a surprise in political circles</li></ul> Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="Narendra-Modi" source="Orion">Narendra Modi</keyword> said on Monday that this <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> session may be short in duration but is big on occasion, and is of "historic decisions". He urged all lawmakers to give maximum time to the special session of Parliament. "I urge all members to give maximum time to this special session of Parliament." "This Parliament session may be small in duration but is big on occasion, it is a session of historic developments," he added. In his remarks to the media ahead of the five-day session, Modi highlighted India's Chandrayaan-3 mission, the "unprecedented" success of its G20 presidency, the launch of 'PM Vishwakarma Mission' and inauguration of convention centre Yashobhoomi, asserting that many developments which have inspired the country and filled it with pride have taken place. There is an atmosphere of festivity and enthusiasm, and the country has been filled with renewed self-confidence, he said, asking parliamentarians to give maximum time to the short session. In an apparent reference to frequent protests by opposition members during previous sessions, often leading to disruptions of proceedings, Modi hoped everyone will shed shortcomings and carry the goodness as they move into the new building of Parliament on Ganesh Chaturthi on Tuesday. The Parliament session begins Monday and will end on Friday. On the Parliament's agenda On Sunday, the meeting of all the floor leaders of political parties in the Parliament was attended by various ministers including Union Minister Piyush Goyal, who is also Leader of the House in <keyword id="48510" type="General" weightage="80" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword>, Union Minister Arjun Ram Meghwal and Union Minister V Muraleedharan and 51 leaders from 34 parties. There is a photo session scheduled from 10.00 am to 10.45 am on September 19, 2023, followed by a function in the Central Hall starting at 11.00 am which will be graced by the Vice-President/Chairman, Rajya Sabha, the Prime Minister, Speaker, <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword>, Leader of the House in Rajya Sabha, Minister of Parliamentary Affairs, Leader of Opposition in Rajya Sabha and Leader of Largest Opposition Party in Lok Sabha and the Members of both the Houses of Parliament. After the conclusion of the function in the Central Hall, both Houses will meet in their respective Chambers in the New Parliament House. The announcement of the Special Session came as a surprise in political circles with the parties gearing up for assembly polls in five states later this year. Bills that may come up Meanwhile, four bills including a bill to regulate the appointment, conditions of service, and term of office of the Chief Election Commissioner and other Election Commissioners are part of the legislative business of the government for the session. Apart from the Chief Election Commissioner and other Election Commissioners (Appointment Conditions of Service and Term of Office) Bill, introduced in Rajya Sabha during the Monsoon session on August 10, the list includes ‘The Advocates (Amendment) Bill, 2023’ and ‘The Press and Registration of Periodicals Bill, 2023’, already passed by Rajya Sabha on August 3. The Advocates (Amendment) Bill, 2023 amends the Advocates Act, 1961, while the Press and Registration of Periodicals Bill, 2023 repeals the Press and Registration of Books Act, 1867. Besides, ‘The Post Office Bill, 2023’ has also been listed in the Lok Sabha business. The bill was earlier introduced in Rajya Sabha on 10 August 2023 and it repeals the Indian Post Office Act, 1898. (With text inputs from IANS, PTI and ANI)

PM Modi says Parliament's session may be short but 'big on occasion' — schedule and what's on the agenda

<ul><li>India’s crypto bill has not been listed as one of the legislative matters up for discussion during the <keyword id="662516" type="PERSON" weightage="20" keywordseo="monsoon-session-of-Parliament">Monsoon Session of Parliament</keyword>, which will begin on July 19.</li><li>According to <keyword id="5924793" type="PERSON" weightage="20" keywordseo="indiatech">IndiaTech</keyword> CEO, Rameesh Kailasam, the government is still in the process of determining whether or not to set up a new committee.</li><li>The government is seeking middle ground and not an all-out ban on cryptocurrencies, as proposed by the crypto bill that was supposed to be tabled during the Budget Session of Parliament earlier this year.</li></ul>India’s uncertainties around cryptocurrencies won’t be going away anytime soon. The Monsoon Session of Parliament, which is set to kick off next week on July 19, <a href="http://loksabhadocs.nic.in/bull2mk/2021/12.07.2021.pdf">does not list</a> virtual currencies as a matter that could ‘tentatively’ be up for discussion. “The likelihood of the bill getting placed in the parliament during the upcoming session is limited,” Rameesh Kailasam, the CEO of IndiaTech, told Business Insider. “The government seems to be still in the process of determining the way forward, which may through either an existing committee or a new one with industry consultation where required." <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6724925"></div>]]></cdata></div> India’s Finance Minister, <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, had hinted earlier this month that all the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> bill needed was approval by the Cabinet — the supreme decision-making body of the Indian government — before being put up for debate in Parliament. The bill’s absence from the roster implies that either the Cabinet did not have time to go through the bill or it was sent back to the Ministry of Finance for revision. And, according to Kailasam, India’s apex banking institution — the Reserve Bank of India (RBI) — and the Indian government may not be on the same page anymore. "Considering the Supreme Court had lifted the ban on cryptocurrencies and subsequently the onus was on RBI and the government of India to bring in necessary regulations. Therefore a ban route may not be ideally plausible," he said. <cmsannotation type="cmsannotation" annotationid="There’s a new committee to regulate cryptocurrencies in the making" comment="subhead" text="There’s a new committee to regulate cryptocurrencies in the making">There’s a new committee to regulate cryptocurrencies in the making</cmsannotation> Any regulation around <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> will require participation from multiple ministries. The earlier committee, headed by the former Finance Secretary Subhash Garg, had stakeholders from the Ministry of Electronics and Information Technology (MeitY), the Securities and Exchange Board of India (SEBI), the Department of Economic Affairs (DEA), and the RBI. “The government seems to be looking at this afresh considering that there needs to be a different take on how to regulate cryptocurrencies rather than push for an outright ban” said Kailasam. So, if the bill has to be rewritten, there needs to be a new committee put in place. Back in May, the <a href="https://economictimes.indiatimes.com/tech/technology/govt-may-set-up-new-panel-to-study-crypto-regulations/articleshow/82746324.cms">Economic Times</a> had also reported that a new panel may be being set up to study India’s crypto regulations. Once members are finalised, the committee will then draft a new version of the bill, which will have to be approved by the Ministry of Finance followed by the Law Ministry. And, that’s when the Cabinet finally gets a look at it. If the Cabinet wants revisions, the bill goes back to the committee — but even if they approve it, it can’t just be presented in Parliament. It has to first be put up for public consumption and take in any comments or suggestions. It’s only once it manages to get through all that red tape can the bill finally be listed for approval by Parliament. <cmsannotation type="cmsannotation" annotationid="The Indian government may be softening its stance on cryptocurrencies — RBI still unsure" comment="subhead" text="The Indian government may be softening its stance on cryptocurrencies — RBI still unsure">The Indian government may be softening its stance on cryptocurrencies — RBI still unsure</cmsannotation> The RBI does not have a history of being crypto-friendly. In 2018, it <a href="https://www.businessinsider.in/crypto-angadias-rbis-crypto-ban-might-incentivise-human-tellers-for-cryptocurrency-transactions/articleshow/63644805.cms">restricted banks</a> from engaging in crypto transactions or providing crypto services — a ban that was overturned in 2020 by the Supreme Court, which deemed it ‘<a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">unconstitutional</a>’. However, the apex banking institution has refrained from giving its blessing to private cryptocurrencies. As a result, <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">most banks in the country</a> have also chosen to keep their distance from crypto exchanges and other services. In March, during the Budget Session of Parliament, the government had <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">planned</a> to introduce a bill that would allow the RBI to set up a centralised cryptocurrency while also banning all ‘private’ cryptocurrencies. “When the crypto bill was going to be introduced during the Budget Session of Parliament, both the RBI and the government may have been on the same page,” Kailasam explained. “But now — with the traction digital assets have gained over the last six months, detailed industry recommendations , and the Supreme Court’s judgement to ‘not’ ban cryptocurrencies in the limelight — the government is looking for a middle path with regulation.” The crypto industry has also been looking for new ways to reach out to the government, like forming a <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">second lobby under IndiaTech</a>, to push for self-regulation. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/a-single-bitcoin-transaction-has-a-bigger-carbon-footprint-than-100000-hours-of-youtube-videos/articleshow/84373569.cms">A single Bitcoin transaction has a bigger carbon footprint than 100,000 hours of YouTube videos — here’s how the crypto industry wants to fix that</a> <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a>

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

The upcoming Digital Personal Data Protection <keyword id="19032" type="General" weightage="100" keywordseo="bill" source="Orion">Bill</keyword> will drive "deep behavioural changes" among those platforms in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> that have for long exploited or misused personal data, <keyword id="6357801" type="General" weightage="50" keywordseo="union" source="Orion">Union</keyword> minister <keyword id="205969" type="General" weightage="50" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword> has asserted. In an interview to PTI, the minister of state for IT and electronics also sought to allay concerns around the issue of government-appointed fact check body, saying the move is not about censorship at all, rather it gives the Centre an opportunity to clarify and respond to any <keyword id="535763" type="General" weightage="80" keywordseo="misinformation" source="Orion">misinformation</keyword> related to it, something that is critical in a democracy. Misinformation, he said, is not to be confused with right to free speech. The minister noted that misinformation tends to travel 10-15 times faster, and reaches an audience 20-50 times more, than truth. He emphasised that it is absolutely critical that in a democracy if someone says something false about the government, to create hatred, to incite violence, or to just create mistrust, "the government must have an opportunity to say no, this is not true". "So there is no censorship, there no restriction on free speech. This is simply about saying what is patently false, is patently false. And that is certainly not to be confused or deliberately distorted to imply that this is a crackdown on free speech," Chandrasekhar said. The minister's comment assumes significance as the decision to notify an entity that will flag false information posted online pertaining to the government has raised concerns in some quarters on whether it gives government absolute powers. "I think there is some misunderstanding about what it is we are trying to do," the minister said when asked about the issue. "Misinformation is expressly an area that has already been prescribed in the rules as an area that platforms have to do significant work in moderating misinformation if they are to enjoy Section 79 protection. It is already mandated in the rules of October 2022," he said. Rather, the fact check unit aims to help platforms in identifying false content posted about the government. "It is not an opinion. It is not about saying that we will create another narrative about the government," Chandrasekhar added. On the digital personal data protection (DPDP) bill, which will be introduced in the coming session of <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword>, the minister said the draft legislation has undergone a lot of consultation and is designed as "a truly world class piece of legislation". "I have absolutely no doubt that the DPDP Bill will create deep behavioural changes among platforms in India who have for long exploited and misused personal data," the minister said. At the same time, those who have played fair will not get affected, and will continue to do the right thing, he observed. "Those who have done it (misused data), tracked consumers, used cookies they certainly will have to go though deep behavioural change... Those who are already doing it right, have nothing to fear. But those who have, in a sense, lived off this model of exploitation will certainly have to reconsider," minister said. He expressed hope that the bill will come up in the Monsoon session of Parliament. The draft bill - which has seen an overhaul after its withdrawal in August last year - details the citizen's rights on personal data, with provisions that makes entities handling personal data accountable for managing it with safety and security in a responsible manner. "The purpose of this bill is to provide for the processing of digital personal data in a manner that recognises the right of individuals to protect their personal data, the need to process personal data for lawful purposes and for other incidental purposes," an explanatory note of the draft bill said. The proposed data protection legislation allows the transfer and storage of personal data in some countries while raising the penalty for violations. The proposed legislation stipulates consent before collecting personal data and provides for stiff penalties of as much as Rs 500 crore on persons and companies that fail to prevent data breaches including accidental disclosures, sharing, altering or destroying personal data. On being asked about Meta being fined a record-breaking USD 1.3 billion recently by European Union regulators for violating EU privacy laws, and whether India too can look at large financial deterrants for Big Tech for non-compliance of laws, the Minister said idea is not about competing with the EU on size of penalties. "I don't think we are in the business of competing with the EU in terms of the size of the penalty, but the formulation of penalties in this Bill is sufficient to incentivise every data fiduciary or any platform to behave correctly, to follow the law, and do the right thing," he said. The days when platform could exploit the data of consumers is fast coming to an end, he said, adding there are many powers under the bill that have been given to the Indian consumer to interrogate, search, check what data the platforms have. "...and I think certainly it's a balance of protecting the consumer rights, as well as continuing to allow innovation and investments," the minister said. On WhatsApp spam call issue, Chandrasekhar said that the government has called out to WhatsApp and other messenger companies about the problem and emphasised that it is unacceptable. "They have responded with alacrity and responded very quickly. They are searching out many solutions. We have also asked them to give to us what are the overseas telecom carriers from where these originate, so that we can talk to BSNL, and to our own <keyword id="150664" type="General" weightage="50" keywordseo="telecom-department" source="Orion">Telecom Department</keyword> to make sure that these carriers are also warned that there is unlawful activities originating from their networks, and that if that continues, we may have to look at some kind of a discussion of whether those networks will be allowed to terminate in India as well," he said. The government and players are not adversaries, rather they work in partnership, he said, adding that a safe and trusted internet for 1.2 billion consumers "is good for business, government, and for citizens". 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Data protection bill to drive deep behavioural changes for platforms exploiting data: Chandrasekhar

<ul><li>The Indian Parliament’s Winter Session has drawn to a close with no cryptocurrency bill making it to the fore.</li><li>The government has not yet confirmed if the proposed cryptocurrency regulations will be slated to come up during the next session of Parliament, which will kick off in February.</li><li>According to Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, the pending cryptocurrency bill is still waiting on the green light from the Cabinet, India’s highest decision making body.</li></ul>The Indian government was slated to introduce new regulations for cryptocurrency during the Winter Session of Parliament, which kicked off on November 29. The session has ended and the cryptocurrency bill did not make it to the table. This is the second time that the ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was listed on the agenda but got deferred. The last time around was during the Budget Session of Parliament, in February. According to the Finance Minister, Nirmala Sitharman, the proposed rules are still waiting on the sign off for the <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-waiting-on-approval-from-pm-modi-before-parliament-discussion-can-happen/articleshow/88206954.cms">Cabinet</a>, India’s highest decision making body. She also confirmed that the pending <keyword id="10822352" type="General" weightage="20" keywordseo="crypto-bill" source="Orion">crypto bill</keyword> is most definitely <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">different</a> from its 2019 iteration, which banned all crypto-related activities in the country. <div type="Article" hostid="261" msid="88384965" title="India’s crypto bill may take a page out of the new IT rules and ask exchanges to appoint a grievance officer" mstype="2" mssubtype="0"></div> However, the government has been mum on why it’s taking so long for the crypto bill to get the green light. India’s central bank, the Reserve Bank of India (RBI), has been pushing back with the governor, Shaktikanta Das, reiterating that the institution has ‘grave concerns’ when it comes to cryptocurrencies and has communicated the same to the government. <div type="ExtQuote" text="Cryptocurrencies are a serious concern to the RBI from a macroeconomic and financial stability standpoint. As the central banker, we have serious concerns about it and we have flagged it many times." auname="RBI Governor, Shaktikanta Das, said in November"></div> According to a report by the <a href="https://economictimes.indiatimes.com/news/economy/policy/in-favour-of-complete-ban-on-cryptos-rbi-to-central-board/articleshow/88350099.cms">Economic Times</a>, the RBI told its board that it’s in favour of a complete ban on cryptocurrencies earlier this week. <cmsannotation type="cmsannotation" annotationid="New crypto bill or no bill at all?" comment="subhead" text="New crypto bill or no bill at all?">New crypto bill or no bill at all?</cmsannotation> Rameesh Kailasam, the CEO of the advisory body IndiaTech, believes that it’s entirely possible that India may not bring out a separate bill for crypto if the respective changes are made in different laws that already exist — like the ones to monitor money laundering and overseeing international transactions. “However if a separate law is being written it will still require to go through a process of writing, law ministry approval, cabinet note, introduction into Parliament, debate and passing in both houses, presidential assent before things come into shape. It will still require respective changes in all relevant laws and rules. So ideally we may be looking at the budget session when things likely may come alive on this fully,” he told Business Insider. According to <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms">insiders</a>, the current version of the bill only addresses trading into cryptocurrencies and how crypto exchanges should be regulated. “The government’s focus is very much on the speculation side of the things, and the trading side of the things — to some degree money laundering and financial stability,” said Tanvi Ratna, the founder of Policy 4.0, who has also been advising the government on the crypto bill. And, while that does address the issue of investor protection, it leaves a large part of the crypto universe — the foundational part where the actual use cases are emerging — out of the loop. “Most of the CAs in India don’t know how to report crypto in the books of their clients. This is not something that will happen overnight. I believe a proper set of regulations will take more than three years,” Siddharth Sogani, the founder and CEO of CREBACO, told Business Insider during a webinar sponsored by WazirX. <div type="Youtube" id="HJQCQx29L4g" title="Crypto: Risks, Rewards And Regulations" thumbUrl="https://i.ytimg.com/vi/HJQCQx29L4g/mqdefault.jpg"></div> According to Ratna, the debate behind closed doors is still raging over issues like the scope of the bill — the various aspects that will be regulated, including new nuances like a wallet, custodians, etc — the manner of regulation and whether or not there needs to be a specific regulation for cryptocurrencies in the first place. Regulation for cryptocurrencies, light-touch or stringent, gives the industry legitimacy. “This is going to be a phased process. You are right now going to see one set of regulations, which will deal with a very limited set of issues,” said Ratna. The government has not yet confirmed whether the cryptocurrency bill will feature in the next set of bills to be discussed during the Budget Session of Parliament, in February. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-state-run-news-agency-will-issue-nfts-as-the-government-cracks-down-on-crypto/articleshow/88438043.cms">China's state-run news agency will issue NFTs as the government cracks down on crypto</a> <a href="https://www.businessinsider.in/cryptocurrency/news/shiba-inu-spiked-13-after-a-crypto-whale-bought-4-trillion-of-the-meme-tokens/articleshow/88438316.cms">Shiba inu spiked 13% after a crypto whale bought 4 trillion of the meme tokens</a> <a href="https://www.businessinsider.in/cryptocurrency/news/a-co-founder-of-the-sandbox-explains-what-on-earth-is-going-on-in-the-metaverse-where-land-is-selling-for-millions-and-snoop-dogg-is-hanging-out/articleshow/88226561.cms">A co-founder of The Sandbox explains what on earth is going on in the metaverse — where land is selling for millions and Snoop Dogg is hanging out</a>

India ends Winter Session of Parliament with no crypto bill in sight

New Delhi, As India plans to introduce a new law to prohibit all 'private cryptocurrencies' in the country, the <keyword id="4010286" type="PERSON" weightage="20" keywordseo="industry-stakeholders">industry stakeholders</keyword> have come out in unison, hoping that the government will listen to all the stakeholders before taking any decision. Among the bills lined up for consideration during the <keyword id="513556" type="COMPANY" weightage="20" keywordseo="Budget-session-of-Parliament">Budget Session of Parliament</keyword> is the '<keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> and Regulation of <keyword id="10676888" type="UNKNOWN" weightage="20" keywordseo="official-digital-currency-bill">Official Digital Currency Bill</keyword>, 2021' that will create a facilitative framework for creation of the official digital currency to be issued by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. "Since the government is considering introducing the Bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision," said Sumit Gupta, co-founder and chief executive of CoinDCX, a cryptocurrency exchange in India. "We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison," he said in a statement. The Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> (RBI) is already exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it. The RBI made the remarks in a booklet titled "<keyword id="6370208" type="UNKNOWN" weightage="20" keywordseo="Payment">Payment</keyword> and Settlement Systems in India" released last week. The apparent softening in RBI's stand on cryptocurrency came after the Supreme Court last year set aside a circular issued by the RBI that barred any entity from providing banking services to anyone dealing with virtual or cryptocurrencies. The RBI in its booklet on payment systems noted that central banks around the world are examining whether they could leverage on technology and issue fiat money in digital form. According to Kumar Gaurav, Founder and CEO, Cashaa, it is too early to comment on what exactly the term 'private cryptocurrency' refers to as per the new government draft. "Further, understanding that cryptocurrency is a global and decentralised system, there is no way any government can ban it. That would require that kind of technology and control, which technically does not rest with anyone," Gaurav said. "We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry, including the crypto like bitcoin, Cashaa, ethereum that are built on the public chain to grow and thrive," he added. Rahul Pagidipati, CEO at ZebPay said that the digital currency Bill to be introduced before the Lok Sabha is a welcome step forward. "Its success will depend on the details, particularly the definition of what the Bill calls 'private cryptocurrencies'. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet," Pagidipati said. Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender. "Crypto assets and digital government currency can coexist and together, they can bring tremendous benefits to the Indian economy," he noted. With the overall value of all cryptocurrencies surpassing the $1 trillion mark and Bitcoin hovering over $33,000, industry experts have said that crypto may become the most important asset class of the 21st century and India needs to catch up fast with the global trend. SEE ALSO: <a href="https://www.businessinsider.in/travel/article/the-many-marvels-of-satpura-biosphere-reserve/articleshow/80598269.cms">The many marvels of Satpura Biosphere Reserve in Madhya Pradesh</a> <a href="https://www.businessinsider.in/budget/news/india-travel-and-tourism-sector-is-hoping-that-the-budget-2021-wont-leave-them-behind/articleshow/80596702.cms">India’s travel and tourism sector is hoping that the Budget won’t leave them behind</a>

Indian cryptocurrency players in huddle as government mulls ban

<ul><li>India’s long awaited crypto bill is expected to be tabled at the <keyword id="444217" type="General" weightage="20" keywordseo="winter-session-of-parliament" source="Orion">Winter Session of Parliament</keyword>.</li><li>It has sparked widespread speculation that the government may not have softened its stance on digital currencies, impacting trades on crypto exchanges in India.</li><li>It’s worth noting that the bill wasn’t discussed in the February session despite being listed at the time.</li></ul>The prices of cryptocurrencies on Indian exchanges slumped to massive discounts of up to 25% after talks of a possible government ‘ban’ started — yet again — yesterday. The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword> listed a bill on the agenda of the upcoming Winter Session of the Parliament, which apparently seeks to “<a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">prohibit private cryptocurrencies</a>” in the country. <div type="Article" hostid="261" msid="87874900" title="India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago" mstype="2" mssubtype="0"></div> “Cryptocurrencies are trading at 205 to 30% discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February,” Hitesh Malviya, founder of itsblockchain.com, told Business Insider India. The fear, uncertainty and doubt (FUD) comes from the uncertainty around what the Indian government means by ‘private’ cryptocurrencies. According to experts, there will only be clarity on the subject once a formal draft of the bill comes into the public domain, which is yet to happen. <div type="ExtQuote" text="“For time being, this [what is a private cryptocurrencies] continues to be a speculation and from my understanding, the parliament did not meet its intended agenda in the last session and that has come for consideration now. That could be the reason why there hasn't been a change in the title of the agenda itself.”" auname="Sathvik Vishwanath, co-founder and CEO of Unocoin, told Business Insider India"></div> <cmsannotation type="cmsannotation" annotationid="So, what exactly happened before the FUD?" comment="subhead" text="So, what exactly happened before the FUD?">So, what exactly happened before the FUD?</cmsannotation> The government, on Tuesday, November 23, listed the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, to be discussed in the upcoming Parliament session. The agenda mentioned for this session was exactly the same as the one listed in January, ahead of the February-March session of the Parliament. <div type="image" title="crypto bill agenda" msid="87891812" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill listed for the Winter Session of Parliament, which will kick of on November 29&amp;lt;/p&amp;gt;"></div> The item’s description outlines that the Indian government would ‘prohibit’ private cryptocurrencies in the country, which many have translated to mean a possible ban being on the cards. This led to widespread speculation, both amongst users and the media, which in turn led many to withdraw their crypto holdings in fear of losing it. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies fell harder in India" comment="subhead" text="Cryptocurrencies fell harder in India">Cryptocurrencies fell harder in India</cmsannotation> Cryptocurrencies in India usually trade at a premium against global markets, which continues. However, Bitcoin’s price dropped to a low of ₹33,50,535 from a high of ₹46,13,182 less than two days ago on the Indian crypto exchange, WazirX. As of 4:00pm Indian Standard Time (IST), Bitcoin had recovered to ₹41,75,218. Similarly, the second largest cryptocurrency in the world, Ethereum, also dropped in the market. The price of ETH went from ₹3,45,500 less than 48 hours ago to a low of ₹2,50,849. It too had recovered to ₹3,14,961 at the time of writing. It’s worth noting that global markets registered a drop too, but has since recovered. Bitcoin registered a drop of about $2,000 between 2:00pm IST to midnight IST yesterday, while Ethereum fell by under $1000. Both have recovered their prices too, but Ethereum is closer to its original price than Bitcoin. <cmsannotation type="cmsannotation" annotationid="No crypto ban on the horizon" comment="subhead" text="No crypto ban on the horizon">No ban on the horizon</cmsannotation> What many seem to have missed though is that the two lines of text on the agenda may quite possibly be a copy-paste of what was mentioned in the February session agenda, something that many pointed out on Twitter yesterday. “The expectation for a crypto currency investor in India should be to align themselves to this reality and plan accordingly. In so far as banning private cryptocurrencies in India is concerned, Indian investors may continue to have access to virtual currencies traded on international exchanges and via wallet-to-wallet transfers,” Namita Viswanath, a partner at IndusLaw, told Business Insider. The purpose of the crypto bill seems to be to set up a regulatory framework to deter illicit activity and protect investors. One part is to come up with an official digital currency under the governance of the central bank, the Reserve Bank of India (RBI). And, the other is to ‘prohibit’ private cryptocurrencies barring some exceptions, which are yet to be highlighted. SEE ALSO: <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> <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago</a> <a href="https://www.businessinsider.in/cryptocurrency/news/as-india-looks-to-reign-in-crypto-heres-a-look-at-how-theyre-regulated-across-the-world/slidelist/87889544.cms">As India looks to reign in crypto, here's a look at how they're regulated across the world</a>

FUD takes over Indian crypto markets after government lists crypto bill for discussion

<ul><li>The monsoon session of the <keyword id="145182" type="ORGANIZATION" weightage="20" keywordseo="Indian-Parliament">Indian parliament</keyword> began on July 19 and is almost half way through.</li><li>Several pressing matters have been raised during this session regarding the COVID-19 situation, farmers' protest and more.</li><li>However, when faced with questions, the government has cited lack of data on at least four issues listed below.</li><li>The session is scheduled to close on August 13 and several other matters like Pegasus spyware are yet to be discussed.</li></ul>It has already been more than 10 days since the Indian parliament kicked off its monsoon session on July 19, 2021. Lot of important questions have been raised over several long hours of discussions and brawl, however, not all have been answered. From death due to oxygen shortage during the pandemic to cryptocurrency investments, these are the pressing issues for which the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> has simply slid past saying it has no data in hand. ‘No one died due to oxygen shortage’ If the first wave of COVID-19 brought Indian healthcare system to its knees, the second one was a blade on the neck. The South Asian country witnessed the worst healthcare crisis in its history, with people looking for hospital beds, oxygen cylinders and concentrators, COVID-19 medicines and other necessary equipment over Twitter. Many lost their lives in this struggle. However, Union Minister of State for Health and Family Welfare Bharati Pravin Pawar in the Rajya Sabha, a day after the monsoon session began,<a href="https://www.thehindu.com/news/national/parliament-proceedings-no-deaths-reported-due-to-lack-of-oxygen-health-ministry-tells-rajya-sabha/article35428791.ece"> said</a>, “no deaths due to lack of oxygen have been specifically reported by states/union territories’ during the second wave of COVID-19. This led to a nationwide outrage. ‘Farmers death, what?’ The farmers of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> took to streets in September 2020, after the government passed three farm acts. On 30 November 2020, an estimated crowd of 200,000 to 300,000 farmers were walking to the national capital of Delhi to make their voices heard. The protest went on for close to ten months, however the government has no data on how many people have lost their lives during this course. As per a press release issued by the Samyukt Kisan Morcha (Joint Farmers’ Force), a coalition of over 40 farmers’ unions, 537 farmers have died in the agitation till date. SKM has also updated the<a href="https://humancostoffarmersprotest.blogspot.com/2020/12/list-of-deaths-in-farmers-protest-at.html"> list of farmers</a> who have died during the protest since November 24 last year. However, the Minister of Agriculture and Farmers Welfare Narendra Singh Tomar, in the parliament, said that the government has no record of farmers having died or fallen ill during the protests. ‘Black money is white money painted in a different colour’ Indian Prime Minister Narendra Modi’s speech of 8 November 2016, while announcing the demonetisation of some currency notes, was a historical moment against black money in India. <div type="ExtQuote" text="“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.”" auname="— Narendra Modi, demonetisation speech of 2016."></div> He also highlighted the government passed a law 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015', soon after taking over the office, for disclosure of foreign black money. The country had signed agreements with many countries, including the USA, to add provision for sharing banking information. Cut to 2021, there is no data available. The Minister of State for Finance, Pankaj Chaudhary, has informed that there is <a href="https://www.dnaindia.com/india/report-no-official-estimate-of-black-money-stashed-in-swiss-banks-centre-tells-parliament-2902569">no official </a>estimate of the amount of black money deposited in Swiss banks in the decade. According to data shared by Switzerland's central bank, Indian individuals and firms have deposited over CHF 2,554.7 million or<a href="https://scroll.in/latest/997838/indian-deposits-in-swiss-banks-rise-to-over-rs-20700-crore-highest-in-13-years"> ₹20,700 crore</a> in Swiss Banks in 2020. All of this may not be black money, but it’s a good data point to begin with. The Indian government, in 2019, said that it has an information sharing agreement with the Swiss authorities. Yet they have no data to show in 2021. ‘Cryptocurrency bill on the way, but no data yet’ Indian Finance Minister Nirmala Sitharaman informed the Rajya Sabha (Upper House) on July 27 that the government does not collect any information on the number of cryptocurrency exchanges and investors in India. It does sound fair, but not when the government of India has been pushing to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">regulate cryptocurrency</a> in India since 2019. As per the <a href="https://www.moneycontrol.com/news/business/economy/no-information-collected-on-number-of-crypto-exchanges-and-investors-in-india-finance-minister-nirmala-sitharaman-7232611.html">data </a>shared by crypto exchanges, there are about 15 million Indian cryptocurrency investors, with holdings worth ₹15,000 crore ($2 billion) cumulatively. There are 350 startups that operate in the blockchain and crypto space, as per the crypto currency exchanges. Besides this, Sitharaman also mentioned that the government of India has no information on drug trafficking and money laundering that is being carried out through crypto exchanges. ‘No one dies due to manual scavenging’ No deaths have been reported due to manual scavenging in India over the last five years, the minister for Social Justice and Empowerment Ramdas Athawale said in the Rajya Sabha on <a href="https://thewire.in/government/centre-says-no-death-reported-due-to-manual-scavenging-activists-decry-govt-response">July 29</a>. If only, the ministry had thought of going through this year’s budget session thoroughly. Athawale, during his own speech during the budget session, highlighted<a href="https://www.thehindu.com/news/national/340-sewer-cleaning-deaths-in-past-5-years-government/article33732992.ece"> 340 people </a>died while cleaning sewers and septic tanks in the last five years till December 31, 2020. He also noted that 66,692 manual scavengers have been identified across the country. ‘Information on witnesses killed, turned hostile not maintained centrally’ The Minister of State for Home Affairs, Nityanand Rai, has informed the parliament that the government has no data of the cases where key witnesses were killed or turned hostile. “The Witness Protection Scheme, 2018 provides that the witness protection measures ordered shall be proportionate to the threat and shall be for a specific duration not exceeding three months at a time," Rai added. However, these cases are fairly common in India. In March 2021, the family and lawyers of the 19-year-old Dalit girl who was allegedly gang raped and murdered in Hathras in 2020, were <a href="https://www.ndtv.com/india-news/allahabad-high-court-on-threats-to-hathras-family-will-consider-shifting-trial-2395571#:~:text=The%20affidavit%20said%20that%20the,stated%20that%20it%20was%20%22evident">threatened </a>before the special court where the case was pending. ‘Hospital beds data not available’ The Minister of State for Health and Family Welfare, Dr. Bharati Pravin Pawar, informed that the government of India does not centrally maintain the data of hospital beds. This is majorly because health is a state subject, meaning it's up to the governments in states and union territories (UT) to increase the bed strength in their hospital. Despite this, Pawar shared that India has an isolation and ICU bed capacity of 18.21 lakh and 1.22 lakh, respectively. If the government had data on isolation and ICU beds, then the question remains why doesn’t it have information on hospital beds. ‘No data available for MSMEs that went under’ When the member of parliaments (MPs) asked the government for details on the number of micro, small and medium enterprises (MSMEs), which shut down during the pandemic. Instead of the data, the government listed the steps taken by the Reserve Bank of India (RBI) for extension and restructuring of credit. It even cited two surveys, which stated 88% of MSMEs were affected by the pandemic. ‘No data on deaths due to air pollution’ Minister of State for Environment, Forest And Climate Change Ashwini Kumar Choubey informed the parliament that they do not have any conclusive data to establish a direct correlation of death/disease exclusively due to air pollution. According to ‘States of India: The Global Burden of Disease Study 2019’ <a href="https://www.thehindu.com/news/national/17-million-deaths-in-india-were-attributable-to-air-pollution-in-2019-says-study/article33394600.ece">report</a>, nearly 1.7 million deaths in India were attributed to air pollution in 2019. This was 18% of the total deaths in the country. ‘No updates on how many lost jobs during second wave of COVID-19’ A few MPs asked the government for details on the number of casual or contractual employees who lost their jobs during the second wave of COVID-19. However, the government did not share any such details. Instead, it listed out several initiatives undertaken by the government to boost hiring. [This is a developing story. The article will be updated as the government shares more details about the lack of data in their repository.] SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms">Automobile marketplace Droom is raising $200 million in a pre-IPO round at unicorn valuation</a> <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories</a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

There are at least 10 hot issues in India that the government has no data for

<ul><li>The Monsoon parliamentary session is set to kick off in India today with ministers adhering to social distancing and the houses of Parliament meeting in two shifts. </li><li>A total of 47 items will be up for discussion in 18 sittings spread out over the next 18 days. </li><li>The India-China border issue isn’t on the docket, but the opposition has said it plans to question the Prime Minister Narendra Modi about some of the statements that he has made with respect to the situation.</li></ul>The Monsoon parliamentary session begins today, and the border dispute between India and China will be a hot topic of discussion between the ruling party and the opposition — the Bharatiya Janata Party (BJP) and the Indian National Congress. According to the Ministry of Parliamentary Affairs, the <keyword id="662516" type="PERSON" weightage="20" keywordseo="monsoon-session-of-Parliament">Monsoon session of Parliament</keyword> will include 18 sittings spread across 18 days with a total of 47 items on the docket - 45 bills and two financial items. Meanwhile, the opposition plans to bring up India’s border issue with China for debate today. On Sunday, Congress chief Jairam Ramesh told reporters that the party along with other like-minded cohorts would be raising the issue of what’s happening at the Line of Actual Control (LAC), the state of the Indian economy, and how things were managed during the coronavirus pandemic — in addition to opposing four of the proposed ordinances. “We need a discussion on China. Parliament is a place for debate and discussion, not for running away,” he said. However, the BJP is reportedly prepared. Sources told <a href="https://www.ndtv.com/india-news/government-likely-to-make-statement-on-china-standoff-in-monsoon-session-of-parliament-2294696">NDTV</a> that the government is likely to make a statement during the Monsoon session. Just last week, Indian Foreign Minister <keyword id="491850" type="PERSON" weightage="20" keywordseo="S-Jaishankar">S Jaishankar</keyword> and his Chinese counterpart, Wi Yang, agreed on the five-point plan to de-escalate matter along the border. “The current situation in the border areas is not in the interest of either side. The border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions,” said the statement issued by India’s Ministry of External Affairs. Experts weigh in Experts point out that the shift in the narrative after a four-month face-off in Ladakh could only be temporary in order to throw water in a heated situation. “Given a chance, both armies would want to avoid that (war),” retired Lieutenant General Vinod Bhatia told the <a href="https://www.bbc.com/news/world-asia-india-54113621">BBC</a>. Chinese media is also busy poking holes with the narrative that the diplomatic and military narratives of India seem to be at odds. Qian Feng, director of the research department of the National Strategy Institute at Tsinghua University in China, wrote “Some experts pointed out that narratives and moves from India's Ministry of External Affairs seem to differ from the Indian Ministry of Defense, and they hold an unclear attitude on whether India will carry out the consensus,” in the <a href="https://www.globaltimes.cn/content/1200756.shtml">Global Times</a>, a Chinese state-run herald. Congress to question Modi’s remarks According to Ramesh, India’s situation concerning China has ‘weakened’ due to some of Prime Minister Narendra Modi’s statements — like the ‘no-intrusion’ remark back in June after the Galwan Valley clash that left 20 Indian soldiers dead and an undisclosed number of casualties on the Chinese side. “The greatest damage to our cause has been done by the Prime Minister’s own statement. He owes an explanation,” said Ramesh. The Prime Minister’s Office later issued a clarification that the media was twisting Modi’s words and putting out a ‘mischievous interpretation’. The statement asserted that Modi does recognise that over 43,000 square kilometers of territory “had been yielded under circumstances with which this country is well aware.” While the India-China border dispute will certainly be on the docket, the question remains on how much time will it take away from bills and ordinances that are up for debate. SEE ALSO: <a href="https://www.businessinsider.in/education/news/iiits-of-surat-bhopal-bhagalpur-agartala-and-raichur-will-be-up-for-debate-during-the-monsoon-parliament-session-2020/articleshow/78057767.cms">The fate of five IIITs will be up for debate during the Monsoon Parliament Session 2020</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/india-and-japan-sign-10-year-military-pact-to-counter-china-in-the-indo-pacific-strengthening-the-quad/articleshow/78055166.cms">India and Japan sign 10-year military pact to counter China in the Indo-Pacific — strengthening the QUAD</a> <a href="https://www.businessinsider.in/defense/news/rajanth-singh-bipin-rawat-ajit-doval-and-three-army-service-chiefs-to-discuss-india-china-border-issue-today/articleshow/78053222.cms">Rajanth Singh, Bipin Rawat, Ajit Doval and three Army Service Chiefs to discuss India-China border issue today</a>

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Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

ANI

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

ANI

Parliament Monsoon session begins today; 31 bills likely to be taken up

ANI

Special session of Parliament set to begin today

ANI

PM Modi says Parliament's session may be short but 'big on occasion' — schedule and what's on the agenda

BI India Bureau

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

Prabhjote Gill

Data protection bill to drive deep behavioural changes for platforms exploiting data: Chandrasekhar

PTI

India ends Winter Session of Parliament with no crypto bill in sight

Prabhjote Gill

Indian cryptocurrency players in huddle as government mulls ban

IANS

FUD takes over Indian crypto markets after government lists crypto bill for discussion

BI India Bureau

There are at least 10 hot issues in India that the government has no data for

Kritti Bhalla

India-China border tension will be in focus as the Parliament's Monsoon session begins today

Prabhjote Gill

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