Nirmala Sitharaman Archives - Page 2 of 2

Cryptocurrency Becomes Taxable: A Step Towards Its Legalisation In India?

Pooja YadavFebruary 7, 20220

Finance minister Nirmala Sitharaman, while presenting the union budget, has labelled cryptocurrency as digital assets and their transaction is now taxable by 30%. Whatever profit is earned out of the cryptocurrency and other digital assets, 30$ of direct tax will be levied, which is a heavy amount. Does this signal that cryptocurrency has been legalised in the country? Cryptocurrency may be a digital payment system that does not deem banks to verify transactions. It’s a peer-to-peer system that will alter anyone anyplace to send and receive payments. Rather than being physical cash carried around and changed within the globe, cryptocurrency payments exist strictly as digital entries to internet info describing specific transactions. After the transfer of cryptocurrency funds, the tran...

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Union Budget 2022: Opposition Terms It As ‘Unrealistic’; Provides No Relief For Poor, Middle Class

Snehashish RoyFebruary 2, 20220

Finance minister Nirmala Sitharaman gave the budgetary speech on February 1. She presented a Rs 39.45 lakh crore budget, in which, the major part was allocated to the highways and affordable housing section. However, the Congress party termed the budget as "uninspiring" and "insipid." The Opposition said the Union budget does not propose to provide relief and consumption boost among the salaried class, poor, farmers, and middle class. The communication head of the Congress party Randeep Surjewala said the ones who suffered pay cuts during the pandemic were hoping for relief in this budget. “The Finance Minister and the Prime Minister have again deeply disappointed them with indirect tax measures. This is a betrayal of India’s salaried class and the middle class,” he said. He fu...

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Centre Addresses Mental Health In Union Budget Amid Data Suggesting 4 Rs/Person Government Spending A Year

Sonia SolankiFebruary 2, 20220

The mental health awareness issue was addressed in the budget session of 2022-23. The Union finance minister Nirmala Sitharaman said that the pandemic has intensified mental health-related issues. To combat the problem and to provide quality mental health counselling and services, a National Tele Mental Health Programme will be launched. It will include a total of 23 mental health centres. Their work will function under the National Institute of Mental Health and Neurosciences (NIMHANS). Whereas, the International Institute of Information Technology, Bengaluru, will provide technical support. The Director of NIMHANS, Dr Partima Murthy, said this programme will help in identifying the mild form of mental illness. At present, around 10.4% of people have been diagnosed with menta...

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Crypto Tax First Step To Legalize Digital Currency In India: Details Inside

Sonia SolankiFebruary 2, 20220

Crypto tax or digital assets will be taxed at 30%, as announced by Union finance minister Nirmala Sitharaman. This will be the highest tax band in the country. "I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition," Sitharaman said. She also said that currency lies with RBI only, other than that is a crypto asset and will see 30% tax. Cryptocurrencies will be treated as digital assets. U-turn On Banning Cryptocurrency At the end of last year, there were strong rumours that the Indian government is planning to ban all cryptocurrencies. But presenting a digital asset tax of 30% s...

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Union Budget 2022: FM Sitharaman Announces Digital Rupee; Know More About Virtual Currency

Snehashish RoyFebruary 1, 20220

The Union finance minister Nirmala Sitharaman has launched the Digital Rupee in her budgetary speech in the Parliament on February 1. This rupee, the Central Bank Digital Currency (CBDC) will be used from 2022-22 onwards. During her fourth budgetary speech, Sitharaman said the use of digital currency will give a boost to the country's economy. The currency will be introduced by the Reserve Bank of India (RBI). This move will give a further push to the Centre's Digital India initiative. "The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a cheaper and more efficient currency management system...It is therefore proposed to introduce digital rupee - using blockchain and other technologies - to be issued by ...