May 16 2022

Budget 2022 - Digital Rupee to be Introduced by RBI

Budget 2022 - Digital Rupee to be Introduced by RBI

Presenting the Union Budget 2022-23, Finance Minister Nirmala Sitharaman said that the digital rupee will be introduced by the Reserve Bank of India (RBI) in 2022. "RBI will issue digital rupee using blockchain technology," says Nirmala Sitharaman. Union Finance Minister Nirmala Sitharaman on Tuesday kicked off the presentation of Union Budget 2022-23 and expressed grief over the loss of life due to Kovid-19.

"I would like to take a moment to express my sympathy for those who have suffered the health and economic consequences of the epidemic," the Union Minister said while introducing the fourth budget in Parliament. A meeting of the Union Cabinet was held before the presentation. Which approved the budget for 2022-23. "Therefore, from 2022-23, the Reserve Bank of India is proposing to introduce digital rupee - using blockchain and other technologies," she said. This is considered a major blow to the government's 'Digital India' program.

Before the budget was presented today, Sitharaman called on President Ramnath Kovind. He was accompanied by Minister of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials of the ministry. "The introduction of digital currency by the central bank will give a big boost to the digital economy. Digital currency will also be a more affordable and efficient currency management system," Ms. Sitharaman said today.

This was also during the discussion of cryptocurrency regulation. The RBI had earlier expressed "serious concern" about private cryptocurrency as it could lead to financial instability. On Monday, Chief Economic Adviser Sanjeev Sanyal said the government would take a balanced approach to regulatory issues. "There are some issues with economic stability. But there are other reasons for innovation, and so on of course there will be a balanced approach," he said.

The Finance Minister also announced that 75 digital banking units would be set up in 75 districts. "In recent years, digital banking, digital payments and fintech innovations have grown exponentially in the country.

"Taking this agenda forward, and to celebrate 75 years of independence, scheduled commercial banks are proposing to set up 75 digital banking units in 75 districts across the country," she said. Let's go "When calculating such income, no deduction will be allowed for any expenses or allowances other than the cost of editing," said Mrs. Sitharaman.

In an effort to make it more green, the Union Budget for 2022-2023 was presented in paperless form. Sitharaman read the budget in Parliament through tabs instead of the traditional 'book account'. On Monday, he unveiled this year's Economic Survey, which focuses on the "agile outlook" theme, which predicts that India's economy will grow at a rate of 9.2 per cent. Percentage in FY 2021-22 and 8-8.5% in FY 2023 starting from 1st April.

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Posted by : Aniket Gaikwad

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