cryptocurrency | CBDT | Consumer Price Index
Arup Roychoudhury  |  New Delhi  Last Updated at May 31, 2022 00:39 IST

The finance ministry has nearly completed its work on a planned consultation paper on cryptocurrency, and will submit the document soon, Economic Affairs Secretary Ajay Seth said on Monday.
Speaking at an event, Seth also said that India was better poised than other nations to deal with global inflationary headwinds and that inflation was expected to moderate in the coming months due to steps taken by the Centre, including cutting excise duties on petrol and diesel.document.write(““);googletag.cmd.push(function(){googletag.defineOutOfPageSlot(‘/6516239/outofpage_1x1_desktop’,’div-gpt-ad-1490771277198-0′).addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();});


var banHeight=$(“.article-middle-banner iframe”).height();if(banHeight<=1){$(".article-middle-banner").height(0);$(".article-middle-banner").next().next().remove();}displayConBanner=1;
“The consultation paper is fairly ready. We have gone through a deep dive and consulted not just domestic stakeholders but also multilateral institutions like IMF and World Bank. We hope we’ll soon be in a position to finalise and submit it,” Seth said.
He said that India was also engaging with other countries for global regulations on cryptocurrencies, and India’s role in such actions.
A Bill to regulate as a tradable asset is yet to be tabled, although it was first listed in the 2021 Budget Session of Parliament. What is clear is that private crypto assets will not be allowed as legal tender, and the Reserve Bank of India (RBI) is developing its own Central Bank Digital Currency (CBDC).
Finance Minister has clarified that the Centre will table the regulations in Parliament only after extensive discussions with local and global stakeholders and other nations. The consultation paper is part of that process.
Speaking on other issues, Seth acknowledged that inflation was hurting the economy of all countries including India. However, he stressed that India’s fundamentals were strong and it would still be the fastest-growing among major economies in FY23. Seth added that inflationary pressures were expected to come down in the coming months.
India’s wholesale price index (WPI)-based inflation rate rose to the highest level in the current 2011-12 series at 15.08 per cent in April on the back of hardening commodity and vegetable prices.
With this, the WPI-based inflation has been in double-digits for 13 consecutive months.
Retail inflation, meanwhile, measured by (CPI), galloped to a 95-month high in April at 7.8 per cent, paving the way for more policy rate hikes by the central bank.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard


Write A Comment