Connect with us

India

Terrorist Funding and Money Laundering Are Among Cryptocurrency Risks Says FM Sitharaman

Published

on

Amid the pioneering fintech revolution, Union Finance Minister Nirmala Sitharaman branded “money laundering” and “its use for terror funding” the major risks of bitcoin. Her remarks occurred when she was speaking at a lecture at the International Monetary Fund (IMF current )’s spring meeting in Washington.

“I believe the largest danger for all nations will be money laundering and currency being used to finance terrorism,” she said, adding that legislation appears to be the only answer for employing such technology and that it will have to be so adapted that it is not behind the curve but ahead of it.

“But that’s not conceivable if one country believes it can do it alone; it needs to be done across the board,” she continued. The Union Minister’s remarks were particularly noteworthy since they came at a time when the debate about the future of bitcoin in India was on the increase. Taxation of cryptocurrencies was included in the Union Budget 2022, which was presented by Nirmala Sitharaman earlier this year. Virtual Digital Assets (VDAs), which include digital gold, central bank digital currency, and any other conventional digital assets, would be taxed at a rate of 30%.

A formal meeting in Washington will be attended by the Finance Minister.

In particular, the Finance Minister is now in Washington for the spring meetings of the International Monetary Fund and the World Bank, after which she will attend the G20 Finance Ministers’ conference and the meeting of central bank heads. She took part in a high-level panel discussion titled “Money at a Crossroad” sponsored by IMF Managing Director Kristalina Georgieva, who stated in her opening comments that it is a one-way path in which digital money will play a larger role.

Sitharaman also praised India’s digital performance and the government’s efforts to develop a digital infrastructure framework over the previous few decades, emphasizing the country’s increasing digital adoption rate, particularly during the COVID-19 epidemic.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

MNS Demands Strict Enforcement of School Bus Policy After Seawoods Assault Case

Published

on

The Maharashtra Navnirman Sena (MNS) has called for immediate and strict implementation of the School Bus Policy 2011 across all schools in Navi Mumbai, following the alleged sexual assault of a 4-year-old student by a school bus driver at a reputed school in Seawoods.

In a meeting with the Sub-Regional Transport Officer, an MNS delegation, led by city president Gajanan Kale and student wing leader Sandesh Dongre, accused private schools of negligence and ignoring state-mandated transport safety norms. The party cited widespread regulatory lapses that continue to endanger student safety.

According to the School Bus Policy 2011, every school must form a transport committee that includes the principal, parent representatives, traffic and police officials, education department representatives, and bus contractors. This committee is responsible for verifying essential documents like vehicle registration, fitness certificates, permits, insurance, PUCs, and ensuring safety measures such as fire extinguishers and first-aid kits in every school transport vehicle.

The MNS also demanded a strict ban on unauthorized vehicles like private autos and taxis from operating within 100 meters of school gates. They stressed that school principals must be held directly accountable for the safety of all students using school-provided transport.

“If immediate action is not taken, the MNS will launch protests in its signature style,” warned the party. In response, Transport Officer Datta Sangolkar assured the delegation that school bus inspections will commence without delay.

Continue Reading

Latest News

Bomb Threats to Mumbai-Ahmedabad Flight and Airport Spark Panic; No Explosives Found

Published

on

Panic gripped authorities on Wednesday afternoon after Navi Mumbai Police received two separate bomb threats. One caller claimed that a bomb had been planted on a flight from Mumbai to Ahmedabad, while the other warned of a blast at Mumbai’s international airport scheduled for 6:30 p.m.

The calls were received between 2:00 p.m. and 2:30 p.m., prompting immediate action from security agencies. The aircraft mentioned in the threat and various areas of the airport were thoroughly searched. Fortunately, no suspicious objects or explosives were found during the checks.

Navi Mumbai Police have treated the threats as serious hoaxes meant to spread fear and disrupt public order. An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita, which deal with public mischief and causing alarm.

Investigators have already traced the phone numbers used to make the threatening calls and are working to identify and locate the individuals responsible. While no arrests have been made yet, the police have confirmed that a detailed probe is underway.

Authorities have assured the public that all safety protocols were followed and that air travel operations were not significantly affected.

The incident highlights the growing concern over fake threats, which not only cause public panic but also strain emergency response resources. Security forces remain on high alert, and further updates are expected as the investigation progresses.

Continue Reading

Latest News

Labubu Rakhis Trending in Navi Mumbai Ahead of Raksha Bandhan

Published

on

With Raksha Bandhan just around the corner, markets in Navi Mumbai are witnessing a new trend—Labubu-themed rakhis. Inspired by the popular character from the Vietnamese digital art brand The Monsters, these quirky rakhis are becoming a hit among all age groups.

Labubu, known for its small body, big eyes, and unique expression, has gained widespread popularity on social media platforms like Instagram and TikTok. Originally appearing in animated clips and toy collections, the character has now found its way onto rakhis, making it the latest festive fashion statement.

Local vendors say demand for Labubu rakhis has skyrocketed, with many already selling out or accepting pre-orders. “More than half of our stock is gone, and customers are still asking for more,” said Bharat Rajpurohit, a rakhi seller.

Priced between Rs 200 and Rs 350, these rakhis feature miniature Labubu figures attached to colourful threads. Alongside them, traditional designs made with zari, pearls, peacock feathers, and kundan stones remain available, with prices ranging from Rs 50 to Rs 550. Cartoon-themed rakhis featuring superheroes, unicorns, Minions, and Tom & Jerry also remain favourites among children.

The popularity of Labubu rakhis reflects a growing trend of blending tradition with modern pop culture. As Raksha Bandhan continues to evolve, this year’s celebration is set to showcase a mix of heartfelt rituals and social media-driven style.

Vendors and buyers alike expect Labubu rakhis to remain the season’s top choice, adding a fun and fashionable twist to the age-old festival.

Continue Reading

Trending