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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 Ask Ganesh Mandals to Skip DJs and Laser Lights

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Ahead of Ganeshotsav, police issue safety guidelines to protect public peace and aircraft operations.

The Protocols

As preparations for Ganeshotsav gather pace, Navi Mumbai Police have asked Ganesh mandals to keep celebrations safe and peaceful by avoiding loud DJ systems and laser lights during processions.

Police said excessive DJ music can disturb senior citizens, children and patients. Mandals have been encouraged to use traditional musical instruments instead, particularly during Ganesh idol arrival and immersion processions.

Authorities have also warned that sound systems crossing the permitted noise limits will not be allowed. Those who ignore the rules could face legal action. The police have issued a special warning about laser lights in the Panvel area because of its proximity to Navi Mumbai International Airport. Strong laser beams can temporarily affect a pilot’s vision and create a serious safety risk, especially when aircraft are taking off or landing.

According to officials, the airport operates around the clock, with a large number of flight movements every day. Police said there have already been complaints from pilots about laser lights during aircraft approaches. Deputy Commissioner of Police Rashmi Nandedkar has directed local police stations to inform Ganesh mandals about the restrictions while granting loudspeaker permissions.

Police Commissioner Milind Bharambe said devotees should enjoy the festival with enthusiasm while also respecting public safety and the peace of residents. The police have urged organisers to cooperate with the guidelines so that Ganeshotsav can remain festive, traditional and safe for everyone.

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Vashi May Get Modern Mental Health Hospital Under New Proposal

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Corporator Kishor Patkar suggests using vacant CIDCO plots in Sector 19-F for a dedicated mental health facility.

The Hospital

Navi Mumbai could soon have a dedicated mental health hospital if a new proposal for two plots in Vashi moves forward.

Shiv Sena (Eknath Shinde) corporator Kishor Patkar has proposed that the Navi Mumbai Municipal Corporation (NMMC) take over two CIDCO plots in Sector 19-F and use them to develop a modern mental health hospital. The proposal is expected to be discussed at the NMMC general body meeting.

Patkar has asked the civic body to first check the legal and physical status of the plots. He has sought information about their original allotment, ownership records, pending dues and whether the land has been reserved for any specific purpose under the development plan.

He has also asked NMMC to verify construction permissions and whether CIDCO’s required No-Objection Certificate is available. According to Patkar, if the plots are vacant and suitable for development, they should be acquired from CIDCO and put to public use by creating a modern mental health facility.

The proposal comes amid an ongoing debate over major hospital projects in Navi Mumbai, including a separate controversy surrounding a proposed super-speciality hospital and medical college. With mental health gaining greater attention, the proposal has brought a different aspect of public healthcare into the city’s development discussion. The next step will depend on NMMC’s verification of the plots and the decision taken on the proposal.

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Vashi Encroachment Protest Suspended After NMMC Assurance

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Protester Pradeep Waghmare pauses hunger strike for 15 days, warning of renewed agitation if action is delayed.

The Pause

A hunger strike over encroachments in Vashi has been temporarily suspended after the Navi Mumbai Municipal Corporation (NMMC) assured protester Pradeep Waghmare that action would be taken on the issue.

Waghmare had started his three-day hunger strike on August 31, demanding the removal of encroachments from marginal spaces in Vashi. He also sought action against civic officials whom he alleged had failed to properly address the problem.

On September 2, NMMC Assistant Commissioner Ramesh Rathod and other civic officials met Waghmare at the protest site and handed him a written assurance. The civic body said that action against encroachments in Vashi would continue on a regular basis.

Officials also reportedly informed Waghmare that the process of transferring Assistant Commissioner Sukhdev Yedve and encroachment officer Jambhale had been initiated. Following the assurance, Waghmare agreed to suspend his hunger strike for 15 days. However, he made it clear that the protest could resume if the promised transfers do not take place within the given period.

The agitation had received support from several political parties and social organisations, including NCP (Sharadchandra Pawar), Vanchit Bahujan Aghadi, Republican Sena and women’s groups. For now, the protest has been paused, but Waghmare’s warning puts the civic administration under pressure to act on its assurances.

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