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
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.
The government provides free power to 13.88 lakh farmers of the state for their grid connected tubewells for irrigation and bears the expenditure of approximately Rs 7,000 crore as subsidy being paid to the Punjab State Power Corporation Ltd (PSPCL).
The incident occurred at Thondamathur in Coimbatore district. Tamil Nadu fire and rescue department and local police are engaged in the process to lift the vehicle from the well-using cranes. Police said that rash driving could be the reason for the accident.
The US Higher Education Institutions (HEIs) will explore partnerships with the Indian education sector during the delegation visits to Mumbai, Bengaluru and New Delhi between September 12-16. The delegation will comprise representatives of 21 US HEIs from 15 US states which will go around the three major Indian cities, against the backdrop of India's New Education Policy-2020.
The national flag will be flown at half-mast on Sunday throughout India and there will be no official entertainment programme on that day, a statement issued by the government said on Friday. Britain is observing 10-day state mourning for Queen Elizabeth II. Britain's royal family will observe a period of mourning that will end on the seventh day after the funeral of Queen Elizabeth II.
Though the family members of Sonali Phogat have demanded a probe by Central Bureau of investigation (CBI) in her murder, Goa DGP Jaspal Singh recently said that state police are capable of bringing this case to a logical end.
The Chief Minister, accompanied by Delhi Deputy Chief Minister Manish Sisodia, said that by playing musical chairs, the traditional parties have mercilessly plundered the wealth of the state, and have connived with each other to shield their misdeeds.
