Govt. To Introduce Bills For Infrastructure & Cryptocurrency In Budget Session 2021

  • The Government of India will introduce The National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to meet the infrastructure financing requirements of the country.

  • Once the bill gets passed, the government will set up National Bank for Financing Infrastructure and Development (NaBFID) which will be responsible for financing money for infrastructural development.

  • “To set up a new DFI as a provider, enabler, and catalyst for infrastructure financing,” the bill’s purpose of statement said.

  • “Principal financial institution and development bank for building and sustaining a supportive ecosystem across the life cycle of infrastructure projects.” the statement also said.

  • In the FY2021-22, the government has also planned to regulate cryptocurrencies in India for which it will introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session.

  • The bill will ban all the private cryptocurrencies and would create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. “

  • The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exemptions to promote the underlying technology of cryptocurrency and its uses,” its purpose of statement said.

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