It is Time! PM Modi to have the final call on the Crypto bill. After this, the bill will head straight to the parliament. Let’s find more about this.
After a lot of discussion and consultation, the Finance Ministry of India has almost finished the bill on Cryptocurrencies. The draft of this bill was under the supervision of the Honorable Finance Minister of India, Mrs Nirmala Sitaraman.
The bill is all set to be present itself to the Parliament of India. Before this, however, PM Modi, the honourable Leader of the Union Cabinet is about to give it a thorough look to give it the green light.
The bill is almost finalized. However, some sections are in a need of thorough discussion. For this, the finance ministry will be consulting the Prime Minister for his views.
Following this, the bill will go to the discussion phase in the next parliamentary session. The bill will soon take effect if everything goes according to the plan.
Need for the Bill
Prior to this, the Indian authorities were strictly against the adoption of Cryptocurrencies citing various issues related to illegal and nefarious activities. Indian Prime Minister heavily suggested strict regulations for keeping these activities in check.
The initial idea was to ban these Cryptocurrencies, however, after seeing the potential of Cryptocurrencies and the huge industry that is behind them, the government acted against them. With the new idea of regulation of Cryptocurrency and getting taxes out of them, the government is more than happy to allow them.
Some concerns related to national security still persist. But, intelligence agencies will soon act on it to essentially eliminate any institutions that might facilitate these nefarious activities.
Punishments for violators
The proposal for punishment for violating these rules is also released. With a prison sentence of up to 18 months and a fine of up to $2.7 Million (≈₹20 crores), the government has decided to instil fear among anybody who had ideas to violate these laws.
As each day passes, we approach closer to the day India adopts these new laws for Cryptocurrencies. Soon PM Modi is expected to have the final call on the Crypto bill. Hopefully, Cryptocurrencies and India benefit each other with their relationship.