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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 to Get New Team in T20 Mumbai League

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Aspect Sports secures six-year operating rights, opening a new platform for emerging cricketers.

The Team

Cricket fans in Navi Mumbai have another reason to look forward to the next season of the T20 Mumbai League, with the city set to get its own franchise.

Aspect Sports has secured the operating rights for the new Navi Mumbai team for Rs 106.88 crore for six years, according to the Mumbai Cricket Association (MCA). The franchise will pay Rs 12.21 crore for its first season. The addition will take the league to nine teams, expanding its reach across the Mumbai metropolitan region. For local cricket fans and young players, the new franchise could provide a closer connection to the professional T20 competition.

MCA president Ajinkya Naik said the team would create additional opportunities for emerging cricketers to showcase their talent at a higher level. Officials from the league also said the new franchise would help attract a wider audience and strengthen the competition. Aspect Sports, owned by Aspect Global Ventures, has said it wants to build a stronger presence in sports and create opportunities for athletes.

The T20 Mumbai League has featured several established Indian players, including Suryakumar Yadav, Shreyas Iyer, Ajinkya Rahane, Shivam Dube and Shardul Thakur. With Navi Mumbai now entering the league, attention will turn to the team’s name, squad and home venue. For the city’s cricket community, the franchise could bring top-level T20 action closer to home while giving young local talent an opportunity to dream bigger.

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Three Booked for Allegedly Cheating Navi Mumbai Businessman of ₹8.46 Crore

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Police register case after businessman claims he was duped in a business-related transaction.

The Cheating

Navi Mumbai police have registered a case against three people for allegedly cheating a local businessman of Rs 8.46 crore in a business-related transaction.

According to the complaint, the businessman handed over a large sum of money to the accused in connection with a proposed business arrangement. However, the deal allegedly did not proceed as promised, and the money was not returned.

After attempts to recover the amount reportedly failed, the businessman approached the police and lodged a complaint. Based on his allegations, police have registered a case against the three accused and begun an investigation. Investigators are now examining the financial transactions and other documents related to the case to understand how the money changed hands and determine the individual roles of those named in the complaint.

The police are also expected to verify the claims made by the complainant and gather supporting evidence as the investigation progresses. The case involves a substantial amount of money and has drawn attention to the risks involved in high-value business transactions. Police officials have not yet established guilt, and the allegations against the accused remain subject to investigation and the legal process.

Further details are expected to emerge as investigators examine financial records and question the people connected with the transaction.

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Maharashtra Launches Model Property Registration Offices in Navi Mumbai

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New centres in Mumbai, Navi Mumbai and Nagpur aim to make property registration quicker and more convenient.

The Launch

Property registration in Maharashtra is set to become more convenient with the launch of three new Model Sub-Registrar Offices (SROs) in Mumbai, Navi Mumbai and Nagpur.

The new centres have been opened at BKC in Mumbai, Mahape in Navi Mumbai and North Ambazari Road in Nagpur. The initiative is aimed at reducing waiting time and making the registration process smoother through greater use of digital services.

Citizens can complete Public Data Entry (PDE) online, make payments through the government portal and book appointments through the e-Step In system. The offices will handle common property-related documents, including sale deeds, lease deeds, gift deeds, powers of attorney and wills.

The new facilities are designed to offer a more comfortable experience for citizens. They include air-conditioned waiting areas, Wi-Fi, drinking water and trained staff to assist applicants during the registration process. However, the Model SROs will operate as an optional service alongside existing government registration offices. Citizens choosing the new service will have to pay an additional service fee of Rs 5,500, while regular SROs will continue to provide registration services without this fee.

The state government plans to expand the initiative by establishing 60 Model SROs across Maharashtra in phases. For property buyers, sellers and families handling property documents, the new centres are expected to provide a more organised and technology-driven registration experience.

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