Thursday, March 28, 2024
ADVT 
India

Rs 936 cr related to crypto currency attached or seized by ED: Govt

Darpan News Desk The Canadian Press, 06 Feb, 2023 11:50 AM
  • Rs 936 cr related to crypto currency attached or seized by ED: Govt

New Delhi, Feb 6 (IANS) Nearly Rs 936 crore related to crypto currency has been attached or seized by the Enforcement Directorate (ED) under PMLA, Union Minister of State for Finance, Pankaj Chaudhary said on Monday.

Besides, five persons have been arrested and six prosecution complaints (PCs) including one supplementary PC have been filed before the Special Court, PMLA in these cases, he stated.

Chaudhary in a written reply to a question in Lok Sabha on Monday said that crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage.

Under Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized under section 37A of FEMA and one show-cause notice to crypto currency exchange Zanmai Labs Pvt Ltd, known as WazirX and its directors under FEMA for transactions involving cryptocurrencies work Rs 2,790 crore has also been issued.

Therefore, the Minister said, any legislation for regulation or for banning can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.

The Minister stated that the ED is investigating several cases related to crypto currency frauds wherein a few crypto exchanges have also been found involved in money laundering. Necessary action as per provisions of Prevention of Monyy Laundering Act, 2002 (PMLA) has been taken by the ED.

"As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PMLA in these cases," said the reply.

Giving more information, the Minister said that RBI has been cautioning users, holders and traders of Virtual Currencies (VCs) vide public notices on December 24, 2013, February 1, 2017 and December 5, 2017 that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks.

RBI, vide its circular dated May 31, 2021 has also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), obligations under Prevention of Money Laundering Act (PMLA), 2002, etc in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances, the Minister added.

MORE India ARTICLES

AI urination case: Delhi court adjourns hearing in Shankar Mishra's bail plea

AI urination case: Delhi court adjourns hearing in Shankar Mishra's bail plea
On January 13, Mishra told the court that he was not the accused. "There must be someone else who peed or it must be her who urinated," he had said. He further claimed that the woman was suffering from some prostate-related disease.

AI urination case: Delhi court adjourns hearing in Shankar Mishra's bail plea

Students are taking my test and I enjoy it: PM Modi

Students are taking my test and I enjoy it: PM Modi
Modi said that it was perhaps the first time where Pariksha Pe Charcha was being held in such cold weather, since it is usually held in February. The PM said that the students can learn time management by observing the working style of their mothers and advised them to utilise their time properly for studies.

Students are taking my test and I enjoy it: PM Modi

India could emerge as major power next year

India could emerge as major power next year
It has one of the fastest-growing major economies -- certainly among comparably developed and similarly sized economies. It must now be included with nations that influence the global system, the report said.

India could emerge as major power next year

Punjab, Delhi CMs dedicate 400 more Aam Aadmi Clinics

Punjab, Delhi CMs dedicate 400 more Aam Aadmi Clinics
Addressing the gathering after dedicating 500th Aam Aadmi Clinic at a function here, the Chief Minister, accompanied by Delhi Chief Minister Arvind Kejriwal, said the government has already set the wheels in motion for this noble cause.

Punjab, Delhi CMs dedicate 400 more Aam Aadmi Clinics

Congress launches 'hath se hath jodo' campaign

Congress launches 'hath se hath jodo' campaign
The party workers will deliver a letter written by Congress leader Rahul Gandhi and a "charge sheet" against the Central government to each household. During the programme which is scheduled to end on March 26, party workers will reach out to 2.5 lakh Gram Panchayats, six lakh villages and 10 lakh booths.

Congress launches 'hath se hath jodo' campaign

India, Egypt to elevate relations to strategic partnership, take bilateral trade to $12 bn

India, Egypt to elevate relations to strategic partnership, take bilateral trade to $12 bn
He said that both he and President Sisi closely observed the adverse effects on healthcare infrastructure and global supply chains during the Covid pandemic. Modi further elaborated that "there is also immense potential for enhancing security and defence cooperation between us".

India, Egypt to elevate relations to strategic partnership, take bilateral trade to $12 bn