Why can't Centre have clear cut policy on Bitcoin trade? SC asks
New Delhi, May 19 (PTI): The Supreme Court on Monday asked why couldn't the Centre formulate a "clear cut" policy on regulating cryptocurreny while underlining its impact on economy.
A bench of Justices Surya Kant and N Kotiswar Singh termed the Bitcoin trade as an illicit trade more or less like "hawala" business.
"Why does Centre not come out with a clear cut policy on regulating cryptocurrency? There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade," the bench told Additional Solicitor General Aishwarya Bhati, appearing for the Centre.
Justice Kant added, "Trading in Bitcoin is an illicit trade more or less like a Hawala business."
Bhati requested to seek instruction on the matter.
The top court was hearing a bail plea an accused held in a case of illegal Bitcoin trade in Gujarat and said it could not ascertain whether he was a victim or victimiser.
Bhati claimed the man was one of the biggest aggregators of Bitcoin trade in the state and victimised others by promising high returns and even indulged in kidnapping.
On May 5, the top court said trading in Bitcoin in India was like "dealing with a refined way of Hawala business" as it lamented the Centre's inability to come up with a clear regime on regulating virtual currency so far.
Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade, moved top court for bail.
His counsel said trading in Bitcoin was not illegal in India after the apex court quashed a circular of the Reserve Bank of India in 2020, making his client's arrest illegal.
On February 25, 2022, the top court asked the Centre to make its stand clear on whether cryptocurrency trade involving bitcoin or any other such currencies is legal in India or not.
The case related to the quashing of multiple FIRs against Bhat for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them of high returns.
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.
Passing out parade held at IMA Dehradun, 491 young officers join Indian Army
Dehradun(PTI): After undergoing rigorous training at the Indian Military Academy (IMA) in Dehradun, 491 cadets participated in a grand Passing Out Parade on Saturday and will now be commissioned as officers in the Indian Army.
The spectacular parade, held at the historic Drill Square in front of the academy's Chatwood Building, was reviewed by Army Chief General Upendra Dwivedi, who served as the reviewing officer.
Along with 491 Indian cadets, 34 foreign cadets from 14 friendly countries also participated in the Autumn Term 2025 Passing Out Parade.
A total of 525 officer cadets from the 157th Regular Course, 46th Technical Entry Scheme, 140th Technical Graduate Course, 55th Special Commissioned Officers Course, and Territorial Army Online Entrance Exam 2023 Course participated in the Passing Out Parade.
The 'Sword of Honour' and gold medal for securing first place during training was awarded to ACA Nishkal Dwivedi, the silver medal to BUO Badal Yadav for second place, and the bronze medal to SUO Kamaljeet Singh for third place.
The silver medal for securing first place in the 'Technical Graduate Course' was awarded to Officer Cadet Jadhav Sujit Sampat, and the silver medal for first place in the 'Technical Entry Scheme-46' was awarded to WCC Abhinav Mehrotra.
The silver medal for the 'Special Commission Officer Course' was given to Officer Cadet Sunil Kumar Chhetri.
Among the foreign cadets, the first place in merit was secured by JUO Mohammad Safin Ashraf from Bangladesh. The Army Chief's Banner for overall best performance in the Autumn Term was awarded to Imphal Company.
As the parade concluded, helicopters showered flowers on the newly commissioned officers from the sky.
On this occasion, General Dwivedi congratulated the new officers in his address for successfully completing their training. He praised the young officers for their high level of discipline, leadership qualities, and endurance, and urged them to uphold the glorious traditions of the Indian Army and serve the nation with loyalty, commitment, and honour.
General Dwivedi said that joining the army marks the beginning of a lifelong duty and selfless service.
The parents and guardians of the newly commissioned officers were also present during the passing out parade.
