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Budget 2022: On digital currency, PM Modi explains what it’ll mean for economy

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Budget 2022: On digital currency, PM Modi explains what it’ll mean for economy

Prime Minister Narendra Modi on Wednesday said that India’s new blockchain-based digital currency will just be a virtual form of the standard Indian rupee (INR), the official currency of the country that now exists in a physical form. Just as the issuance of this currency is controlled by the Reserve Bank of India (RBI), the digital currency, too, will be regulated by the central bank, said the Prime Minister.

Modi was on this day addressing his fellow Bharatiya Janata Party (BJP) colleagues on the Union Budget 2022-23 presented by finance minister Nirmala Sitharaman. Highlighting key features of the annual financial statement, the Prime Minister said that the “people-friendly” has made adequate provisions for India’s upcoming digital currency, keeping in mind the rapidly changing financial scene that is increasingly dealing with cryptocurrencies, non-fungible tokens (NFTs), and other forms of digital assets.

Elaborating on the nature of this virtual currency, Prime Minister Modi said that it can be exchanged with its physical counterpart given that the two are equal in value but only different in form. This currency will strengthen the digital economy and boost the fintech sector, he said.

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“In today’s newspaper, there has been a lot of discussion about the central bank’s digital currency,” said the Prime Minister in his televised address to BJP party workers today. “This will strengthen the digital economy. This ‘digital rupee’ will be the virtual form of our standard physical currency and will be overseen by the RBI. It can be exchanged with physical currency.”

Stressing on the fact that the annual budget is aimed at taking forward his government’s vision over the past seven years, the Prime Minister reminded his colleagues that in the wake of the pandemic, a new world order is in the making, where many of the things from a pre-Covid society is going to change.

“Post-pandemic, things are meant to change,” he said. “India, too, is seeing itself in a new light. The world’s perspective of looking at India has also changed a lot these days. It is imperative for us to take the country forward at a rapid pace by strengthening our economy with the goal of achieving Aatmanirbharta (self-dependency).”

The Prime Minister said that it is extremely important for India, as a modern nation, to be self-reliant. The nation’s economy is “continuously expanding” in the direction of modernity, he said.

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“Digital payments will be regulated, much like standard currency is regulated by the Reserve Bank of India (RBI),” the Prime Minister said. “Such payments are more secure, efficient, and safe, and goes a long way towards paving the way for a global digital payments’ infrastructure.”

Finance minister Sitharaman had a day prior unveiled the ₹39.45 lakh crore budget, wherein she announced that India’s own digital currency will soon be a reality. The currency will be issued by the RBI in 2022-23 using blockchain technology, the minister said, adding it will boost the digital economy.

Notably, the RBI had said in July last year that it was working towards its own digital currency. Calling it the Central Bank Digital Currency (CBDC), RBI deputy governor T Rabi Sankar had said that it will be the same as a fiat currency and that it will be exchangeable one-to-one with the fiat.

He had further said that CBDC is not comparable to the private virtual currencies that have mushroomed over the last decade. Private virtual currencies sit at substantial odds with the historical concept of money, Sankar added.

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The RBI has held on multiple occasions the opinion that cryptocurrencies like BitCoin, Ethereum, and Dogecoin – among many others – pose a risk to financial stability. The central bank has also questioned the crypto market value, asking investors to not get “lured” by the promises of lucrative returns on these digital assets.

Complete News Source : HIndustan times

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Pahalgam Attack

Pachigam attack aftermath: International airlines avoid Pakistani airspace amid tensions with India

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Pachigam attack aftermath: International airlines avoid Pakistani airspace amid tensions with India

Due to a lengthier path, Lufthansa Flight LH760 from Frankfurt to New Delhi had to fly for over an hour longer on Sunday. Major foreign airlines, including Air France and Lufthansa, are avoiding Pakistani airspace as tensions between India and Pakistan remain high after a deadly terrorist assault in Pahalgam, Jammu and Kashmir, according to airlines and flight trackers on.

Monday. Air France agreed, stating that it had decided to halt flights over Pakistan due to the “recent evolution of tensions” between the two South Asian foes. “The airline has decided to suspend overflight of Pakistan until further notice,” Air France said in a statement, referring to the “recent evolution of tensions” between India and Pakistan The airline currently changing.

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In the wake of the recent Pachigam terror attack, a significant shift in international aviation routes has occurred. Following an uptick in security concerns and rising geopolitical tensions between India and Pakistan, several international airlines have opted to avoid Pakistani airspace, rerouting their flights to ensure passenger safety. The decision comes nations.

The Pahagam Terror Attack: A Trigger for Renewed Tensions

On the night of the attack in Pachigam, a popular tourist destination in Jammu and Kashmir, militants carried out a series of strikes on civilian and military targets. The assault left a number of casualties, both military personnel and civilians, sparking widespread condemnation. The attack, attributed to militant groups operating from across the border.

Airlines’ Concerns Over Safety and Security

In response to the escalating threat in the region, several international airlines, including prominent carriers from Europe, the Middle East, and Asia, have started to reroute their flights to avoid crossing Pakistani airspace. These precautionary measures, while not unprecedented, are a direct reflection of the security situation that has worsened in the wake of the attack.

Airlines typically rely on international aviation corridors for the fastest and most efficient flight paths, and Pakistani airspace has historically been a critical component of many international routes connecting Europe and Asia. However, in light of the heightened risk of military conflict, commercial carriers have begun to take proactive steps to avoid the region.

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European carriers, such as Lufthansa and Air France, have adjusted their flight paths over the past few weeks, choosing to bypass Pakistan altogether. Similarly, Middle Eastern giants, like Emirates and Qatar Airways, have rerouted certain flights to avoid potential risks associated with flying in close proximity to the disputed borders. These changes have led to longer flight.

The International Air Transport Association (IATA) has noted that these changes, while necessary, come with considerable logistical and financial consequences. Airlines must navigate alternative routes, which may lead to higher fuel consumption and longer durations of travel. Nevertheless, passenger safety is the highest priority, and the industry remains.

Diplomatic Implications and Regional Stability

The rerouting of international flights has far-reaching implications, not only in terms of aviation logistics but also for regional diplomacy. The decision to avoid Pakistani airspace can be seen as a subtle but clear indication of the international community’s concerns regarding with the growing uncertainty in the region, underscores the volatile nature of South the security situation between India and Pakistan. Such moves may further isolate Pakistan.

The Future of Aviation in the Region

As the situation unfolds, the aviation industry is closely monitoring developments. For international carriers, navigating the delicate balance between commercial operations and national security concerns is no small task. In the coming weeks, further changes in flight patterns are expected, depending on how the diplomatic and military tensions between India.

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