The Centre has increased the post-retirement benefits of the Chief Justice from the previous lifetime allowance of Rs 25, per month to Rs Rs 70,, and for Supreme Court judges from Rs 14, to Rs 39, per month. The resignation of two prominent professors at Ashoka University raises questions about academic freedom and government interference. Three academicians talk about this and more.
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Ready for tomorrow Fast, insight-rich analysis of news that matters to you long-reads that outlive the news cycle. Now Reading: Are you ready for a digital Indian currency? Small Medium Large. Are you ready for a digital Indian currency? Ajit Ranade. If you had invested Rs 1 lakh in bitcoin two years ago, you would have made Rs 14 lakh by now. By comparison, that same amount invested in the stock market index would have fetched you around Rs 1.
Even gold investment would have gone up by only around 50 per cent in last two years. And yes, it is not yet illegal to invest in bitcoin in India, even though it is not legal tender. But even in those wild years of speculation, there were plenty of stories of Indians who made good money investing in bitcoin in the shadow of semi-legality. That RBI order banning crypto currencies was quashed by the Supreme Court last year, just before the lockdown. In essence the apex court said that the RBI was infringing on the fundamental right to livelihood, since the ban hurt the business of those running the virtual currency exchanges.
The court also said that RBI failed the test of proportionality ie, its ban was too harsh and also failed to demonstrate how bitcoin trading was hurting banks and other regulated entities. This suit, against the RBI, was brought by the Internet and Mobile Association of India, presumably on behalf of their members who are fintech companies and start-ups, which run virtual currency businesses.
The entire order of the Supreme Court is pages long, and is worth reading as an excellent, albeit technical, primer on the evolution of virtual currencies. All this may soon be moot, since there is a bill tabled in Parliament which aims to make all trading and speculation in private crypto currencies illegal. The bill proposes to create a facilitative framework for an official digital currency issued only by the RBI.
India is joining the global race.
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China is already experimenting with a central bank-issued crypto currency. Other countries, including the European Central Bank, are expected to follow soon.
Govt can ban Bitcoin but for ‘digital rupee’ to succeed, India has to do a lot
In the next three years, many more countries will likely issue a central bank digital currency. This has happened in just 12 years since its inception.
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