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The Reserve Bank of India warns against cryptocurrency

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On Thursday, RBI Governor Shaktikanta Das issued a warning to investors, claiming that private cryptocurrencies pose a risk to macroeconomic and financial stability. He believes it will jeopardise the RBI’s ability to respond to problems. According to the RBI Governor, such assets have no underlying value, not even a tulip.

“I’ve previously stated the RBI’s position. Our stance is unmistakable. India’s macroeconomic and financial stability are both threatened by private cryptocurrency. They will jeopardise the RBI’s ability to address problems on both fronts “In a press conference following the monetary policy announcement, Das stated.

The RBI previously raised similar concerns about such assets, which take on added significance given that they come just days after the Union Budget imposed a 30% tax on earnings made on cryptocurrency trading. The move was greeted positively by crypto enthusiasts, who saw it as a step toward establishing the legitimacy of their industry.

 

“The Governor of the Reserve Bank of India stated that it is his responsibility to warn investors, reminding them that they are investing at their own risk. Investors should keep in mind that the cryptocurrency has no foundation, not even a tulip, Das added, using a historical background to make a point on the value of such assets.”

‘The digital rupee will be equivalent to the physical rupee,’ says RBI.

Das claimed that the RBI’s Digital Rupee will be launched in 2022-23, but did not specify a specific date. He claims that the Digital Rupee will function similarly to the paper rupee, with the exception that the form will be electronic or digital.

“The digital rupee will be held in the gadget in the same way that the paper rupee is kept in your wallet.” There’s no distinction between the two. The main distinction between the Digital Rupee and cryptocurrency is that the former will be issued by the Reserve Bank of India. This, like the rupee currency, will be a liability. During the virtual meeting, RBI Deputy Governor T Rabi Sankar observed, “Cryptocurrencies are privately developed products.”

This follows Finance Minister Nirmala Sitharaman’s proposal for the implementation of a Digital Rupee during her Budget 2022 speech.

“The launch of the Central Bank Digital Currency (CBDC) will give the digital economy a significant boost. A more efficient and less expensive currency management system will be enabled by digital currency. As a result, it is planned that the Reserve Bank of India issue a Digital Rupee beginning in 2022-23, based on blockchain and other technologies.”

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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