Banks to cease cryptocurrency transactions from Friday
Mumbai, July 5: Commercial banks in the country will no longer be able to transact in cryptocurrencies like Bitcoin from Friday in view of a Reserve Bank of India (RBI) directive in April.
In a bid to protect consumers and curb money laundering and other financial irregularities, the RBI had, on April 5, barred all its regulated entities, including banks, from dealing in virtual currencies like bitcoins, following its earlier multiple warnings on their risks.
Regulated entities already providing services to any individual or business dealing in digital currencies had been given three months to exit the relationship.
Cryptocurrency trade in rupees will stop from midnight, while exchanges or cryptocurrency companies will now be unable to avail loans or hold bank accounts.
Investors would only be able to do peer-to-peer transactions with a fellow trader and such transaction would only be possible in the form of exchange with any other cryptocurrency.
The RBI statement in April had said: "We have now decided to fence RBI-regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with entities dealing with virtual currencies forthwith, and unwind the existing relationship within three months."
"Virtual currencies, also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others".
The RBI, however, also said it is exploring a "fiat digital currency" issued by the central bank.
According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest.
Bitcoins in India have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs of rupees.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
13 lakh litres of 'Rail Neer' supplied to train passengers daily: Government
New Delhi (PTI): Approximately 13 lakh litres of packaged drinking water -- 'Rail Neer' -- are being supplied to train passengers across the railway network daily, the government informed the Lok Sabha in a written reply on Wednesday.
Apprising the Lower House about the Indian Railways' endeavour to provide safe and potable drinking water facilities at all stations, the government also provided zone-wise details of the water vending machines (WVMs) installed there.
"To ensure the quality of drinking water being made available at the railway stations, instructions exist for periodical checking and required corrective action to be taken.
"Regular inspection and maintenance of drinking water facilities is carried out and complaints are attended to promptly," Railway Minister Ashwini Vaishnaw said while responding to a question raised by BJP MP Anup Sanjay Dhotre seeking to know the supply of drinking water at railway stations across the country
"Complaints regarding deficiency in services, including water supply, are received through various channels such as public complaints, web portals, social media, etc. These complaints are received at various levels, including the Railway Board, zonal railways, division office, etc.," Vaishnaw said.
"The complaints so received are forwarded to the concerned wings of Railways and necessary action is taken to check and address them. As receipt of such complaints and action taken thereon is a continuous and dynamic process, a centralised compendium of these is not maintained," he added.
Providing zone-wise details of water vending machines, the minister said 954 such machines have been installed across railway stations.
"The Indian Railways also provides safe and affordable packaged drinking water bottles -- Rail Neer -- approved by the Bureau of Indian Standards (BIS) in trains and at stations," Vaishnaw said.
"Approximately, 13 lakh litres of Rail Neer are being supplied per day to the travelling passengers in trains and at stations across the Indian Railways network," he added.
