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RBI could launch digital currency by end of calendar year – News




A pilot project will be launched initially as a digital currency is a totally new product both in India and in the world

Question: There are reports that the Reserve Bank of India is considering launching a digital currency. Is it just in the air or is there a possibility that it is initiated?

Reply: There are strong indications that the Reserve Bank of India (RBI) will launch a digital currency by the end of this calendar year. A pilot project will initially be launched because a digital currency is a completely new product both in India and in the world. The Reserve Bank is currently studying various risks associated with the launch of the digital currency with regard to the security aspect as well as the impact on the Indian financial sector. Studies are underway to determine how this currency would affect monetary policy and paper money in circulation. The central bank has not yet determined whether to launch this currency using distributed ledger technology or using a centralized ledger. DLT is the platform on which cryptocurrencies are generally based and traded without any central authority.

Question: Currently, when trading on the stock exchange, we have to wait two days for the transaction to be reflected in our account, whether to buy or sell securities. Is there a move to shorten the period so that there is better tracking of all traded trades?

A: The Securities & Exchange Board of India recently issued a circular authorizing the exchanges to reduce the settlement cycle from the T + 2 system to the T + 1 system for all shares in the cash segment. Therefore, it will be up to each Indian stock exchange to reduce the settlement process by one day from January 1, 2022. Previously, as of April 2003, the Indian market had moved to cycle T + 2 from cycle T + 3 . Currently in India, the T + 2 settlement cycle works like most stock markets around the world. While SEBI has given an exchange the option to move to the T + 1 settlement cycle after giving one month’s notice of such a change, it must continue on the T + 1 settlement basis for at least six months. from the date of the change. After six months, the exchange may return to the T + 2 settlement cycle at its discretion with one month’s notice. It is anticipated that for the smooth functioning of the T + 1 settlement cycle, operational and technical challenges will need to be addressed involving banks, broker back offices, custodians and other agencies participating in the negotiation, settlement and post-settlement.

Q: My son who graduated from India wants to go to the United States for higher education. However, I am concerned about the prospects of obtaining a visa from the US Embassy. Will it be possible to get an education loan from an Indian bank?

A: Surprisingly, the United States Embassy in India has said that during the current year, students traveling to the United States have surpassed 55,000, which is a record. The number of students coming to the UK has also increased thanks to the British Centralized Application System. Banks are also gearing up to support students by providing more student loans at lower interest rates than previously charged. Interest rates were lowered by 50 basis points and the loan amount increased from 3 million rupees to 3.5 million rupees. Prodigy Finance, which has a $ 1.5 billion education loan portfolio, estimated India will have the fastest growing market with a 60% increase in loans in 2021.

HP Ranina is a practicing lawyer specializing in tax laws and foreign exchange management in India.




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