Subhash Chandra Garg Committee

On 24th July 2019, the Inter-Ministerial Committee on Virtual Currencies headed by finance secretary Subhash Chandra Garg has submitted its report to the government.

  • The committee proposed Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019.

Important Recommendations in the Bill

  • Ban on all forms of private cryptocurrencies.
  • Impose a fine of up to Rs 25 crore and imprisonment of as much as 10 years for anyone dealing in them.
  • RBI and the government may look at the introduction of an official digital currency in the country.
  • Establish a specific group by the department of economic affairs with participation by the RBI, ....
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