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AAP govt tables resolution on DDCA in Delhi assembly, slams Jaitley

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New Delhi: The Delhi government on Tuesday tabled a resolution to set up a Commission of Inquiry to probe alleged corruption in the Delhi and District Cricket Association (DDCA).

Tabling the resolution, Deputy Chief Minister Manish Sisodia alleged that gross irregularities had taken place in the DDCA.

He said the Delhi assembly was concerned over the “massive corruption” in the cricket body.

“I urge that the Assembly to constitute an inquiry commission Under Rule 90 of 1953, Section 3,” Sisodia reportedly said at the special session.

Seeking a probe into the charges of corruption in the cricket body, Sisodia said, “Some media reports said that sports is not a state subject. But sports is a state subject,” adding, “In Delhi, when a young person tries to play cricket professionally, he has to face corruption. People are playing with future of talented cricketers.”

AAP MLA Alka Lamba spoke in favour of the motion and condemned the CBI raid on Kejriwal’s office.

Slamming Finance Minister and former DDCA president Arun Jaitley, Lamba sought a probe against him for alleged corruption in the association during his tenure i.e. 1999-2013 in the cricket body.

“I was in the Secretariat when the raid happened and CBI officials read each paper of the DDCA files and notes were read and inquired into,” Lamba said. (With inputs from agencies)

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Is investing in Bitcoin safe? Get the basics first!

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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

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Lok Sabha passes amendment bill on GST cess

Union Finance Minister Arun Jaitley said that change in the GST rates was a "natural" process and linked to the rise in tax collection.

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Lok Sabha passed the GST bill today
Lok Sabha passed the GST bill today

The Lok Sabha on Wednesday passed an amendment bill that seeks to replace an ordinance in which tax rates on motor vehicles was hiked to a maximum of 25 per cent under the Goods and Services Tax (GST) regime.

The House took up for discussion the GST (Compensation to States) Amendment Bill, 2017 amid din as the Congress and Trinamool Congress members raised slogans and banners protesting against union minister Anant Kumar Hegde’s “amend the Constitution” remarks.

 

The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.
The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.

Responding to the contention of opposition members who took part in the debate, Union Finance Minister Arun Jaitley said that change in the GST rates was a “natural” process and linked to the rise in tax collection.

The government had issued an ordinance in September to increase cess on motor vehicles,including large cars and sports utility vehicles, from 15 per cent to 25 per cent.

The Cabinet had earlier cleared the bill that seeks to replace the ordinance. IANS

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Food processing will be a main industry in future: Jaitley

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Food
Food processing will be a main industry in future: Jaitley

New Delhi: The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.

“The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Jaitley said at the inaugural session of the World Food India 2017 here.

 “Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050,” he said.

In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.

“There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power,” the Finance Minister said, noting that this provided an enormous potential market for food products in the country.

About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage.

The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.

“There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year,” she said.

“The proposal for a Food Processing Bank is also under active consideration.”

In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.(IANS)