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A new digital rupee will be introduced with the help of blockchain technology in 2022-23.
Finance Minister Nirmala Sitharaman presents the Union Budget for 2022-23. As it’s her fourth Union budget presentation India is looking forward to spiking its economy amidst the COVID crisis.
Blockchain technology is a distributed ledger that updates in real-time. It is used to monitor cryptocurrencies as well as non-fungible tokens (NFTs). However, India isn’t the only country to introduce a digital currency as Bahamas, Nigeria, and other five islands in East Caribbean also launched CBDCs.
The Finance Minister stated that the Reserve Bank Of India (RBI) is going to bring a digital rupee soon. “RBI to introduce digital rupee using blockchain technology in the financial year 2022-23,” says Sitharaman.
Reportedly, the transfer of any virtual digital asset will be taxed by %30. “No deduction concerning any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition,” the FM added.
A formal Union meeting was held before the presentation which gave a green signal to the Union budget for 2022-23.
Besides, Sitharaman met President Ram Nath Kovind today morning before the budget session along with Ministers Of State For Finance Bhagwat Karad, Pankaj Chaudhary, and other officials.
Sitharaman tabled this year’s economic survey on Monday which follows the “Agile Approach”. It is also said that India’s economic growth surged by %9.2 in the financial year 2022-23 and %8-8.5 in early April 2023. Moreover, the Union budget session is centered around the “Go Green” campaign as the budget session was held in a paperless format.
Cover Image: Sansad TV
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