RBI official wants crypto ban; Canada seeks more immigrants
Categories: Crypto News
The debate on whether cryptocurrencies should be legalised continues to heat up with a key RBI official calling for a complete ban. Life Insurance Corp of India's initial public offering (IPO) next month is set to alter the pecking order of top listed companies in the country. Head further down for more on these stories as Business Standard brings you the top headlines this morning.Days after the Union Budget proposed taxing cryptocurrencies, which gave rise to apprehensions of legitimising them, an Reserve Bank of India (RBI) official has asked for a complete ban on such virtual currencies citing threat to macroeconomic stability. In a speech to bankers on Monday, RBI deputy governor T Rabi Sankar demolished all the arguments for allowing cryptocurrencies in India as none of them pass basic scrutiny.To enable easier monetisation of assets, the NITI Aayog may seek a waiver of goods and services tax (GST) on ‘Rights to Use’ while transferring an asset to a new entity, following requests from power sector PSUs, officials in the know said.At present, the transfer of ‘Rights to Use’ is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle (SPV). For monetisation, assets are carved out into a separate entity or SPV by transferring rights. Such assets are housed in the parent entity’s balance sheet, and need to be separated for monetisation. Canada, a country that relies heavily on immigration to grow its labor force, has set an ambitious plan to bring in more than 1.3 million newcomers over the next three years to support its post-pandemic growth.Prime Minister Justin Trudeau’s government aims to add more than 431,000 permanent residents this year, 447,000 in 2023 and 451,000 in 2024, according to the 2022-24 Immigration Levels Plan released on Monday. Figures for this year and 2023 have been revised higher from earlier targets of 411,000 and 421,000, respectively.