RBI to introduce digital rupee in FY23 to boost digital economy, better currency management
New Delhi, Feb 1: The Reserve Bank of India (RBI) will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and efficient currency management, Finance Minister Nirmala Sitharaman proposed in her Budget 2022-23 speech on Tuesday.
The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also help in the currency management system, the minister said.
"Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India, starting 2022-23," Sitharaman said.
She also said Rs 1 lakh crore financial assistance to states will be provided in 2022-23 to catalyse investments.
The finance minister further said that in 2022-23, states will be allowed a fiscal deficit of up to 4 pc of GSDP (Gross State Domestic Product).
The minister also proposed to set up an expert committee to examine and suggest appropriate measures to scale up venture capital and private equity investment.
Venture capital and private equity invested more than Rs 5.5 lakh crore last year, facilitating one of the largest startup and growth ecosystems. Scaling up this investment requires a holistic examination of regulatory and other frictions, she said.
On blended finance, she said that the government-backed Funds NIIF and SIDBI Fund of Funds had provided scale capital, creating a multiplier effect.
For encouraging important sunrise sectors, such as climate action, deep-tech, digital economy, pharma and agri-tech, the government would promote thematic funds for blended finance with the government share being limited to 20 per cent and the funds being managed by private fund managers, the minister said.
"Creation of a blockchain-based central bank digital currency while bringing virtual digital assets under the tax net at the highest rate of 30 per cent will help reduce speculative play, especially in the cryptocurrency space," Shravan Shetty, MD, Primus Partners- Digital Currency, said.
The central currency will help bring the benefit of a digital currency to the economy in a structured framework, Shetty added.
Harry Parikh, Associate Partner - M&A Tax and Regulatory Services, BDO India, said a nonchalant introduction of taxation on digital currency coupled with a withholding tax on every transaction could give rise to a lot of compliance issues for crypto businesses.
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Actor Rajpal Yadav walks out of Tihar Jail after HC suspends sentence in cheque bounce cases
New Delhi (PTI): Actor Rajpal Yadav walked out of Tihar Jail on Tuesday evening after the Delhi High Court permitted his temporary release from jail in cheque bounce cases.
After all formalities were completed, Rajpal Yadav walked out of Tihar jail around 4.50 pm, a source said. He was granted relief after submitting Rs 1.5 crore to the complainant.
Speaking to reporters outside the jail, Yadav said he has received unwavering support from across the country.
“In 2027, I will have completed 30 years of working in Bollywood. Everyone has been with me. That is why I could do 200-250 films,” Yadav said.
The actor said he has always complied with the directions of the high court and would continue to do so, adding that he was available whenever required.
"The love and backing of people from across the nation remain with him, and that if there are any allegations, he is ready to respond fully and transparently," Yadav said.
“If anyone wanted legal details, they could speak to my advocate,” he added.
Justice Swarana Kanta Sharma granted interim suspension of the six-month sentence after noting that Yadav had deposited Rs 1.5 crore to the complainant, M/s Murali Projects Pvt Ltd.
"We are granting you an interim suspension of sentence... It is till the next date of hearing," the court said, while directing Yadav to surrender his passport and not leave the country without prior permission. The court also ordered him to remain present, either physically or virtually, on the next date of hearing on March 18.
Yadav had sought suspension of his sentence citing a marriage in his family on February 19.
Delhi: Actor Rajpal Yadav has been released from Tihar Jail pic.twitter.com/4iz1Jdbsi9
— IANS (@ians_india) February 17, 2026
