Page 12 - Banking Finance February 2022

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Industry News

Govt moving to ban all dence that GST receipts would surpass comes after the industry stressed on
the Budget projections for 2021-22. the need for financial support on sev-
private CRYPTO The highest collection was recorded in eral occasions previously.

The Bill to ban all private April this year, at Rs.1.40 trillion. "In the coming days, we will work to
cryptocurrencies and facilitate intro- Even as e-way bills generated in Octo- offer financial support for those com-
duction of the Central Bank Digital ber were at a record high of 73.5 mil- panies that are conducting research in
Currency (CBDC) tops the government's lion, the collection in November trailed the new drug area. This is practised
busy agenda for the Winter Session of
the April figures. Transactions in a world over, and will be practised in
Parliament.
month yield GST collection in the fol- India too. The work is going on in this
The Cryptocurrency and Regulation of lowing month. In March, 71.2 million direction," said Mandaviya.
Official Digital Currency Bill, 2021 e-way bills were generated.
along with the Banking Laws (Amend- The finance ministry said the April fig- Dubai world's 1st govt to
ment) Bill, 2021, that paves the way ures were linked to year-end revenues.
for privatisation of two public sector As such, there is a bump in April col- become '100% paperless'
banks, the PFRDA (Amendment) Bill, lections. Dubai has become the world's first
2021 that fulfils the Budget 2019 an- government to turn 100% paperless,
nouncement on separation of the Na- GST collection crossed the Rs 1.3-tril- the Emirate's Crown Prince, Sheikh
tional Pension System Trust from the lion mark for the second straight month Hamdan bin Mohammed bin Rashid Al
pension regulator and the Bill to repeal in November. This is in line with the Maktoum, has announced, pointing at
all the three farm laws are among the trend in economic recovery, the minis- savings of 1.3 billion Dirham ($350 mil-
most significant of the total 26 Bills try said in a statement. lion) and 14-million-man hours.
listed for debate and passage by the All internal, external transactions and
government in the upcoming session. Centre mulling financial procedures in the government of Dubai
support for drug develop- are now 100% digital and managed
GST mop-up hits Rs.1.31 from a comprehensive digital govern-
ment
trillion in November, sec- The Government of India is exploring ment services platform. "The achieve-
ment of this target marks the begin-
ond highest ever ways to offer financial support to phar- ning of a new stage in Dubai's journey
maceutical players engaged in the ar-
Goods and services tax (GST) collection to digitise life in all its aspects," said
grew about 25 per cent year-on-year eas of research and innovation for new Sheikh Hamdan. "This accomplishment
to Rs.1.31 trillion in November, the drugs, Union Health Minister Mansukh also reinforces Dubai's status as a
second-highest mop-up ever, the offi- Mandaviya said. world-leading digital capital and its sta-
cial data showed, giving experts confi- This comment from the Union Minister tus as a role model in designing gov-

12 | 2022 | FEBRUARY | BANKING FINANCE