Ajay Seth News

New Delhi: India will evaluate the recommendations made in a paper authored by the International Monetary Fund (IMF) and the G20’s risk watchdog, the Financial Stability Board (FSB), outlining a roadmap for regulating crypto assets and integrating digital assets into digital financial systems before deciding its stance, Ajay Seth, secretary of the department of economic affairs, said. On the sidelines of the G20 summit on Sunday, Seth said the leaders have endorsed the required regulations, oversight and supervision for unbacked crypto assets.

multilateral development banks (MDBs) during India's G20 presidency would help ensure that such global institutions turn bigger and more effective so that their impact on development can be maximised, economic affairs secretary Ajay Seth said on Sunday. The Delhi declaration will lead to more work on this front, he said, a day after G20 leaders affirmed that «the 21st century also requires an international development finance system that is fit for purpose». «Consensus was built on how to strengthen MDBs and how to make them better, bigger and more effective so that their development impact can be maximised,» Seth said. «Stronger MDBs will be important to our efforts to mobilise financing from all sources for a quantum jump from billions to trillions of dollars for development,» as per the declaration. Once the second part of the report of a G20 expert group, headed by 15th Finance Commission chairman NK Singh and former US treasury secretary Larry Summers, firms up a road map for an updated ecosystem for MDBs, more deliberations are expected on this issue. As for the issue of the climate resilience debt clause, Seth indicated that it was not being discussed for a long time and that more technical work would be required on this front.

Narendra Modi, a great believer in the global south, has written to G20 leaders to include the African Union as a member of the grouping. There have been positive responses from G20 leaders, he said, adding that the leaders are expected to take a call soon. The press conference was addressed by India’s G20 sherpa Amitabh Kant, economic affairs secretary Ajay Seth, foreign secretary Vinay Kwatra, and chief G20 Coordinator Harsh Vardhan Shringla.

Reserve Bank of India is in advanced talks with the European Securities and Markets Authority (ESMA) on the tussle surrounding oversight of the Clearing Corporation of India (CCIL) even as discussions with other overseas authorities on the issue have progressed far more smoothly. «Conversations regarding MoUs (Memorandum of Understanding) are going on regularly with the ESMA. The others (other global regulators) have taken a much more relaxed stance.

domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor Shaktikanta Das, was held in Indore. The Board also discussed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments, the RBI said in a statement. Directors of the Central Board — S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs and Vivek Joshi, Secretary, Department of Financial Services also attended the meeting besides RBI deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and Swaminathan J.

Maruti Suzuki India on Tuesday announced that Arnab Roy will assume the position of CFO Designate starting from October 16, 2023. Roy is set to take over from the current CFO, Ajay Seth, who is scheduled to retire by the end of this year.

Finance ministers and central bank governors of the G20 member nations are set to meet and discuss reforms to multilateral development banks, a framework for crypto assets and debt treatement of some countries, an Indian government official said Wednesday. India, which holds this year's G20 presidency, will host global finance chiefs and deputies in the western state of Gujarat between July 14-18.

New Delhi: G20 finance ministers and central bank governors will be presented a global framework for regulation and supervision of crypto assets as part of policy dialogue that will take place in Gujarat later this month, department of economic affairs secretary Ajay Seth said. In a recorded video message shared by the finance ministry, Seth said that the G20 finance and central bank governors will also be presented the first volume of the report of an independent committee set up by the G20 to strengthen multilateral development institutions.

VDA industry. In this context, a few recent initiatives have sparked important discussions and created waves of positivity within the VDA community. On various occasions, finance minister Nirmala Sitharaman expressed her intention to arrive at a global standard operating procedure for regulating crypto assets at her upcoming G20 meeting.

Economic Affairs Secretary Ajay Seth said on February 4 that regulations around crypto assets would be brought in this year.

Rajeev Chandrasekhar, India's Minister of Information Technology, has said crypto would face no issue within the country if related laws are followed. 

The G20 countries plan to create a policy consensus on cryptocurrencies in a bid to better regulate the asset class. 

RBI will await Government's consultation paper on cryptocurrencies

RBI will await Government's consultation paper on cryptocurrencies

According to Economic Affairs Secretary Ajay Seth, the government is taking inputs from various stakeholders, including the World Bank and International Monetary Fund (IMF). The government bureaucrat said that the consultation paper is almost ready and the government has gone deep into it. Seth remained tight-lipped over the timeline, but the sources suggest that it can be tabled in August this year.

The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on digital assets. 

cryptocurrency soon, though a law on the digital assets is likely to take more time, secretary of economic affairs Ajay Seth has said. On the sidelines of a finance ministry event, the secretary also said there is no case for revising growth estimates downwards. He said inflation should moderate soon and that the government is well-prepared for any shock. Speaking about cryptocurrency, Seth on Monday told reporters, «Our consultation paper is fairly ready. We have gone into a deep dive into this.» He did not mention when it is likely to be put out. Sources, though, told ET that it can be expected in August.

Major cryptocurrencies traded in the green early on May 31 as the global crypto market cap increased 5.81 percent to $1.31 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours increased 80.30 percent to $92.89 billion.

Cryptocurrency investments are currently taxed at 30%.

Soon after the Indian government’s Budget announcement to bring digital assets under the government’s taxation regime, Finance Minister has given another blow to its legal status by her comments.

Soon after the Indian government’s announcement to bring the transfer of digital assets into the 30% tax bracket, Economic affairs secretary Ajay Seth has said that even a ban is still not off the table. Cautioning about risks of virtual assets, he stated in an interview,