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.
Muslim leaders submit memorandum to JPC member Imran Masood against Waqf Bill
Jaipur (PTI): A delegation of Muslim leaders associated with the Congress met party MP Imran Masood, who is a member of the Joint Parliamentary Committee on the Waqf (Amendment) Bill, in Ajmer on Sunday and submitted a memorandum against the provisions of the bill.
The bill was introduced in Lok Sabha on August 8 and referred to a joint parliamentary panel after a heated debate. The 31-member panel will submit its report by the next session of Parliament.
While the government has asserted that the proposed law did not intend to interfere with the functioning of mosques, the opposition called it targeting of Muslims and an attack on the Constitution.
The delegation of Muslim leaders met Masood, who was on a visit to Ajmer, and said the members of the community are opposed to the amendments because Waqf is a religious matter of the Muslims.
"We will not allow the government to interfere in our religious matters. The Constitution allows us to function according to our religion. The truth is that the government's intentions are not right," stated the memorandum addressed to the JPC's head Jagdambika Pal.
"Waqf is a completely religious matter and interference in it will not be right," it said.
The delegation included Ghulam Mustafa Chishti, Muzaffar Bharti, Rab Nawaz Jafri, Manzoor Ali, Ashraf Buland Khan, Ajmat Khan and Wahid Mohammad.
