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.
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Karnataka Health Minister Rao hopeful of resolving issues raised by docs, health staff
Bengaluru (PTI): Karnataka Health Minister Dinesh Gundu Rao on Tuesday expressed hope to find a solution to the issues raised by KGMOA and other health department employees' associations as they have called for a statewide strike.
As part of the phased statewide agitation by Karnataka Government Medical Officers’ Association (KGMOA), all Outpatient Department (OPD) services will be affected from March 11.
From March 16, doctors plan a complete boycott of duties, including emergency services, if the government fails to act.
"We have discussed with doctors and healthcare workers. We have spoken to them twice. Yesterday, we communicated the government's actions to them through our commissioner," Rao said in the Legislative Assembly.
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He said, "Their demands include issues pending for several years, such as Cadre and Recruitment Rules, the seniority list, and discrepancies in the last counselling, among others."
"We plan to resolve them. There are several other issues, I don't want to discuss now. We have called them for a meeting with the chief minister today. We will discuss and resolve what we can in the interest of the department and most importantly the public. I'm confident that the issue will be resolved soon," he added.
The minister was replying to a question raised by three MLAs, including BJP's Sunil Kumar during the question hour.
"With various demands, doctors across the state have called for an indefinite strike starting tomorrow. Supply of medicines, transfer policy and filling vacancies are the major issues they have raised," he said.
Noting that the doctors and healthcare staff have threatened to stop OPD operations from March 11 and emergency services from March 16, he said, "This is worrying. The heads of the doctors' and healthcare staff associations told the media that although they brought their issues to the government's attention a month ago, they have not been called for discussion to resolve the issue."
He further urged that the government should not take any drastic measures, like imposing Essential Services Maintenance Act (ESMA), to curtail the strike. "The government should adopt negotiation instead of conflict. They should call them and resolve the issue immediately."
Congress MLA and chief whip Ashok Pattan said the strike by doctors and healthcare staff will affect the poor.
"The government should call the representatives of doctors and healthcare staff for a meeting and resolve their issues that can be solved immediately. They should also convince them that other issues would be addressed in stages," he said.
Another Congress MLA, Hampanagouda Badarli, also made a similar demand.
