Tuesday May 22, 2018
Home Politics Allegations a...

Allegations against Sushma Swaraj baseless: Arun Jaitley

0
//
159
Republish
Reprint

ArunJaitley

New Delhi: Allegations against External Affairs Minister Sushma Swaraj on the Lalit Modi issue are “baseless” and the government has a “collective responsibility” for all decisions taken, Finance Minister Arun Jaitley said on Tuesday.

“Our ministers are capable of taking decisions and all decisions are collective responsibility of the government,” he said at a press conference here jointly addressed with Home Minister Rajnath Singh.

“Let me clarify, all allegations are baseless. The minister and the party chief (Amit Shah) have given statements… whatever she did she did with good intentions – she acted bona fide. The whole government and party have the same view on this,” he said.

The finance minister also confirmed that notices have been issued against former IPL chairman Lalit Modi in 15 out of 16 cases.

“ED has directed several cases against person concerned… show cause notice have been issued in a number of them. These notices are quasi-judicial function of ED,” he said.

Jaitley clarified on the blue corner notice on Lalit Modi, saying “there is confusion about shades of blue”.

“Department of revenue intelligence had issued a light blue corner notice on the request of enforcement directorate to Lalit Modi in 2010 and that notice still stands,” he added.

Sushma Swaraj has been in controversy for helping out the controversial former IPL chief.

The external affairs minister has said she helped Lalit Modi, who has been staying in London since 2010 following allegations of financial impropriety, after he approached her last July, saying his wife was suffering from cancer and was to undergo surgery in Portugal. (IANS)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Is investing in Bitcoin safe? Get the basics first!

0
//
46
India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay
India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay

With the fussy mania of Bitcoin going around and past, your eyes and ears, in the news and peer discussions, you must be having some basic questions about it: What is bitcoin? Is it legal? How can I get it? But most of all, you must be thinking, ‘Is investing in Bitcoin safe?’

Let’s find out!

Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched the first app that will trade in bitcoins in India. Wikimedia commons

ALSO READ: Bitcoin Worth Millions Stolen Days Before US Exchange Opens

Clearing the basics

  • Bitcoin is the first ever cryptocurrency that existed, it was invented in 2009 by Satoshi Nakamoto.
  • Cryptocurrencies are nothing but computer codes that have monetary value. No Government has any control over them.
  • Bitcoins ‘self-contain’ their value i.e. there’s no need for any bank to move or store the money.
  • Bitcoin currency is completely unregulated and decentralized.
  • Bitcoins are mined, and they can be mined by anyone in the general public who has a strong computer. However, only 21 billion of bitcoins in total can be mined. Currently, there are around 11 million in circulation.
  • Bitcoin has no underlying physical monetary base to support its value, and it is totally subject to its demand in the market.

What are the risks?

  • Low demand: India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently, the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall.
  • Unregulated: There is no bank or government tax agency that can track your money and its movement. Hence, it can become a tool for money laundering.
  • Irreversible transactions: There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever.
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay

ALSO READ: How can you trade in Bitcoin in India?

Status of Bitcoin in India

Finance minister Arun Jaitley highlighted in a statement that cryptocurrencies are not legal tender and have no regulatory permission or protection in the country.

However, there was no announcement banning or imposing any curbs on the same. The government panel is also awaiting a report on tackling cryptocurrencies in India, Jaitley said.

The government has recently cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.

“One of the features of cryptocurrency is that there is lack of dependence on the state. It functions with a degree of anonymity. It operates within a virtual community which is created and enjoys the trust of that virtual community,” Finance Minister Arun Jaitley told the Rajya Sabha.

“The government is examining the matter. A Committee under the chairmanship of the Economic Affairs Department Secretary is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken… Instead of taking any knee-jerk action, let’s wait for the report of this committee.” Jaitley added

Next Story