Union Finance Minister Nirmala Sitharaman has alleged that funds allocated for the MNREGA project were misused during the previous Congress-led UPA government. She has complained about fake job cards all over the country during the UPA regime. In her reply to the budget debate in the Rajya Sabha on Wednesday, she said some people got money from huge ghost card. The present government is using the money properly. In addition, in response to a question about cryptocurrency, he said that the center has imposed tax on income from virtual assets. However, the decision on whether or not to ban cryptocurrency in India will be taken at a later date.
On the same day, Sitharaman said that although the Congress deserves credit for bringing the MNREGA project to the country, they are also responsible for its misuse. Because they sent money to fake accounts, so the project was misused. The accounts were in the names of people who didn't really exist, but someone else was taking money in that name. " He added, “This is a demand-driven program, which means providing employment during the weak season of agriculture. One thing is to create a project, one thing is to misuse a project, where what we are doing now is to create and use the project. And that is correctly and transparently. "
In his budget speech on February 1, the finance minister said the center was imposing a 30 per cent tax on income from the sale or acquisition of digital assets. There is no chance of any discount on income by selling virtual assets. Even the loss of a virtual asset cannot be reconciled with income. He further said that TDS will be levied at the rate of 1 per cent on the payment at the time of transfer of digital assets. In the case of gifting crypto tokens and virtual assets, the recipient will be taxed at the same rate. It is also proposed in the budget that digital currency be introduced under RBI. This currency transaction information will be kept in blockchain system like cryptocurrency. However, crypto and crypto assets have not been discussed yet. The rules will be decided after discussions with the partners on digital assets. The new rules include private cryptocurrency, defy (decentralized finance) and non-fungible tokens (NFT). Initially, it did not include digital gold, central bank digital currency (CDBC) or any other traditional digital asset.
Sitaraman said in the budget discussion in the Rajya Sabha that the next 25 years are important for India. If there is no vision for the 100th anniversary of India's independence (2048), then this is what has been happening for the last 70 years. "We have presented a budget that will bring stability to the economy," he said. If the people and the economy of the country have to be saved from the problem then development is the only way. For this reason, this budget has been prepared keeping development in mind. Not only that, the budget of 2021 was also 'Growth Oriented'. He highlighted the fact that startups are being encouraged and a high-level committee would be formed in India to provide more resources to finance startups.
Special Correspondent
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