Companies and individuals will be fined for using the cryptocurrency – DRAFT LAW

cryptocurrency bitcoin

Bill to set the ground for Reserve Bank of India (RBI) to come out with it’s own digital currency.

Corporates and individuals are unlikely to be allowed to buy Tesla and part with unaccounted cash in cryptocurrencies.  If the proposed new bill by the government is cleared by parliament. The draft bill will propose a complete ban on all private cryptocurrencies that is valued for being untraceable. The bill also will make way for the official digital currency which will be regulated by Reserve Bank of India.

Nearly 7 million Indian hold cryptocurrencies worth over $1 billion and there has been over 700 per cent increase in the last year, according to official estimates.

Rupees 5, 10 and 100 notes to go out of circulation after March – RBI

RBI demonetisation old notes

RBI is yet to send an official statement on halting the old currency notes. But many media reports that an RBI official has stated that these notes will not be in circulation as per the apex bank plan.

It’s also stated that new notes of Rupees 100, 10 and 5 have already come into circulation to help smoothen demands at the time of pulling off the old notes. Just being conscious to streamline demand by ensuring the circulation of the notes of the specific denomination to end the circulation of old currency notes without chaos.