The Minister of State for Finance, Pankaj Chaudhary, affirmed on Tuesday that the federal government has made no selections relating to the introduction of plastic foreign money notes.
Responding to inquiries within the Rajya Sabha, Chaudhary emphasised that ongoing efforts to bolster the sturdiness and counterfeit resilience of Indian banknotes stay a high precedence for the authorities.
In a written assertion, Chaudhary referenced the Reserve Financial institution of India’s (RBI) Annual Report for 2022-23, highlighting that vital expenditures, amounting to Rs 4,682.80 crore, have been allotted for safety printing throughout that interval. Notably, he clarified that no bills have been incurred for the manufacturing of plastic notes.
“The federal government has made no definitive plans to introduce plastic foreign money notes beneath the purview of Part 25 of the Reserve Financial institution of India Act, 1934. The endeavor to bolster the robustness and counterfeit deterrence of Indian banknotes is an ongoing endeavor,” reiterated the minister.
In addressing a separate question, Chaudhary underscored the federal government’s stance on the illicit commerce of commodities utilizing varied property, together with cryptocurrencies. Such actions, he affirmed, are deemed felony offenses and are topic to stringent authorized repercussions.
Chaudhary additional elaborated on the regulatory framework in place to fight cash laundering and the financing of terrorism, notably in relation to cryptocurrency transactions. He highlighted the Anti-Cash Laundering (AML) and Counter Financing of Terrorism (CFT) provisions beneath the Prevention of Cash Laundering Act (PMLA), which serve to penalize illicit monetary actions, together with these involving crypto property.
The federal government’s assertion relating to the absence of plans for plastic foreign money notes displays its ongoing dedication to making sure the integrity and safety of the nation’s foreign money. In the meantime, its vigilance in addressing unlawful monetary transactions, together with these facilitated by cryptocurrencies, underscores the evolving regulatory panorama surrounding digital property.