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"Depending upon the nature of the fraud, various laws including the Indian Penal Code 1860, are in place for protection against fraud," he stated.Įlon Musk Wants Crypto Investors Not To Rely On Crypto ExchangesĬovid-19 India LIVE Updates | Maharashtra Records 3900 New Cases, Omicron Tally Reaches 252 This includes, Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittance. To which, Chaudhary answered that all entities regulated by the RBI are advised to carry out due diligence process before enrollment. Member of Parliament from Thiruvananthapuram, Shashi Tharoor enquired if there are laws in place for the regulation of the asset and protecting crypto-traders and investors. It would instead explore alternate uses of blockchain technology to further the digital economy. In addition, the government would take all measures to eliminate the use of the unregulated asset in financing illegitimate activities or as part of the payment system. The Minister of State for Finance reminded the lower house of the 2018-19 Budget Speech which mentioned that the government does not consider cryptocurrency as a legal tender. 373 of2018, had set aside the above circular dated April 6, 2018," he added. "However, the Hon'ble Supreme Court, vide judgement dated March 4, 2020, in WP (C) No.
He answered that the Reserve Bank of India had in a circular dated April 6, 2018, asked all entities regulated by it to not deal with or provide services pertaining to virtual coins. Member of Parliament from Mandya (Karnataka), Sumlatha Ambareesh asked MoS Finance to furnish details if there was an existing ban on bitcoin trading in the country. From the Magazine AFSPA: Memories And Mourning In Nagaland’s Cycle Of Violence Manipur Under AFSPA: Poignant Stories Of Rape, Fake Encounter And Unending Wait For Justice Back To Where It Began: Six Decades Later, Assam Continues To Bleed Under AFSPA Darkness At Noon: Stories Of Pain And Suffering In Battle-Scarred Kashmir AFSPA: A Law That Is Discriminatory, Exclusionary, Racist
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