Prime Minister Narendra Modi said today that digital rupee Will open up new opportunities for the fintech sector and give a big boost to the digital economy.
Union Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech proposed that the Reserve Bank of India (RBI) will introduce digital currency in the next financial year starting April this year for efficient currency management.
Addressing BJP workers and leaders on the budget of 2022-23, PM Modi said, “There is a lot of discussion in today’s newspapers about the digital currency of the Central Bank. This will give a big boost to the digital economy. Our physical currency will now have a digital form and will be regulated by the RBI. It can be exchanged for physical currency. The digital rupee will open up new opportunities for the fintech sector.”
PM Modi also said that people who have Sukanya Samriddhi accounts and PPF accounts in their post offices will be able to transfer installments online directly from their bank accounts.
“Those who have Sukanya Samriddhi account and PPF account in the post office also do not need to go to the post office to deposit their installments. Now they will be able to do online transfer directly from their bank account,” the Prime Minister said.
PM Modi further said that like banks, online fund transfer facility will also be available in post office accounts.
“Now the facility of mobile banking, internet banking, ATM and online fund transfer will be available in post office accounts like banks. Presently there are more than 1.5 lakh post offices in the country, most of them in villages,” he said.
PM Modi on optical fiber connectivity in villages
The Prime Minister said that very soon the work of optical fiber connectivity will be completed in all the villages.
He said, “Today cheap and fast internet has become the identity of India. Very soon the work of optical fiber connectivity will be completed in all villages. 5G service is going to give a different dimension to Ease of Living and Ease of Doing Business in India. Is.” ,
FM Sitharaman on Monday announced that income from digital asset transfer will be taxed at the rate of 30%.
The move is being seen as a ‘crypto tax’ and gifts received in the form of cryptocurrencies are likely to be taxed at the same rate. Cryptocurrency gifts will also be taxed at the receiver’s end.
To regulate the digital asset market, the government had proposed to introduce the Official Digital Currency Bill, 2021 of Cryptocurrency and Regulation in the Winter Session of Parliament. However, the bill was not introduced with the government deciding to hold more consultations.
The Finance Minister had also said that the Central Bank Digital Currency (CBDC) will give a big boost to the digital economy.
Sitharaman said that digital currency will also lead to more efficient and cheaper currency management systems and it will use blockchain and other technologies.
with agency input
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