digital currency - Rightsofemployees.com

PNB account holders can now transact on any UPI QR code with CBDC wallet, Key Feature & Benefits

Jyoti — Sat, 05 Apr 2025 09:24:30 +0000

Punjab National Bank is sending a message to its account holders these days. If you also have an account in PNB, then this message or email must have come to you too. Actually, this message of the bank is about digital currency.

Do you know what digital currency is and how it is used? Before understanding the meaning of PNB’s message, it is important for you to know what digital currency is. Let us give you all the information about digital currency from A to Z.

What is digital currency

Digital currency is a type of currency that exists only in electronic form. It is not like paper notes or coins, but it is deposited, transferred and transacted in the digital system.

Central Bank Digital Currency (CBDC) is issued by the central bank. In India, RBI has issued digital rupee (e₹). It is a legal tender just like paper notes and coins, but it exists only in electronic form.

Benefits of digital currency

– Fast and cheap transactions

-Promoting cashless and paperless economy

-Transparency and tracking is easy

Facilitates cross border transactions

What facility is PNB providing

In a message sent by Punjab National Bank, the bank said, “We are happy to improve and transform your digital experience with RBI’s digital currency.”

PNB said, be the first to experience your currency in digital form in your CBDC wallet.

You will be happy to know that now you can transact on any UPI QR code using your CBDC wallet.

Income Tax Return: Big update for tax payers, income tax made 5 changes

Pravesh Maurya — Tue, 13 Jun 2023 07:10:59 +0000

Income Tax News: Like every year, if you are going to file Income Tax Return this year or you have to file ITR for the first time, then read this news first. This time some changes and updates have been made by the Income Tax Department, about which tax payers should know. Before filing ITR in the right way, you need to be aware of these changes. If there is no latest update, the possibility of mistakes increases, due to which you may face problems in future.

Income from digital currency

Income from transfer of digital currency ie crypto is taxed at the rate of 30 percent. Along with this, surcharge and cess will also have to be paid. It is important to note that there is no benefit of deduction of any expenditure on the income earned in this way. You cannot file ITR-1 or ITR-4 on such income. ITR-2 or ITR-3 form can be filled on such income.

There is an option to choose the optional tax regime under the new tax regime section 115BAC. Presenting the budget for the year 2023, Finance Minister Nirmala Sitharaman gave relief to tax payers under the new tax regime. However, no change was made in the old tax regime on the part of the government.

Claiming deduction under 80G

If you are claiming deduction under section 80G, donation receipt and donation certificate in Form 10BE must be available. To claim the deduction, the tax payer has to furnish details of his donation in the applicable ‘Schedule 80G’ in the ITR form. Also, keep in mind that the information about donation has been given in the correct table. A new column has been added in ‘Table D’ in this financial year.

Information about intraday trading turnover Information

about profit or loss from intraday trading will also have to be given. This year’s ITR form includes a special section Part-A Trading Account. Here you need to give separate information about your intraday trading activities. There is a need to give details like turnover of intraday trading and income from it in the ITR form.

Claiming Section 89A Relief

Section 89A provides relief from tax on income from retirement benefit accounts held in specified countries by the authorities. If a person has claimed such relief, then he will have to give correct information in the schedule salary.

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Digital Rupee started in these cities, RBI gave big information, crores of people will be benefited in transactions!

Pravesh Maurya — Thu, 01 Dec 2022 04:52:36 +0000

Reserve Bank Of India: A big campaign has started from the Reserve Bank of India regarding the transaction of Digital Rupee across the country. RBI is going to launch the first pilot project of Retail Digital Rupee (e₹-R) from 1st December i.e. today.

Digital Rupee News: A big campaign has started from the Reserve Bank of India regarding the transaction of Digital Rupee across the country. RBI is going to launch the first pilot project of Retail Digital Rupee (e₹-R) from 1st December i.e. today. The government had announced about this in the budget and now many plans are being made to promote digital currency across the country.

RBI has given the name of CBDC

Reserve Bank has named the digital currency as Central Bank Digital Currency (CBDC). This will also help a lot in making the country cashless. But today we will tell you whether this step of the government will affect facilities like UPI or Paytm, Google Pay and PhonePe-

There is no competition between mobile wallet and digital currency

According to media reports, there is no competition between these two when it comes to digital wallet and mobile wallet. Digital payment is a new way to promote cashless system. First you have to buy digital rupee once and after that you will be able to do transactions from your wallet.

This is a blockchain based system,

let us tell you that digital currency is a kind of blockchain based digital system, under which you will be able to do transactions. Apart from this, you do not need to involve any bank for retail transaction currency, that is, you can do transactions without it. This system is quite different from UPI.

In which cities will it start?

According to the information received from the government, it will be started in 4 cities in the first phase. First it will start in Mumbai, New Delhi, Bengaluru and Bhubaneswar. After this there is a plan that it will be extended to Hyderabad, Ahmedabad, Gangtok, Guwahati, Indore, Kochi, Lucknow, Patna and Shimla.

Which banks will be involved?

Apart from this, first it will start with SBI, ICICI Bank, Yes Bank, IDFC First Bank. At the same time, later Bank of Baroda, Union Bank, Kotak Bank and HDFC Bank will be included in it.

Thousands of crores of rupees are spent on printing notes

. After the introduction of digital currency, the government will get a lot of relief from the huge expenditure of printing currency. At present, the government has to spend about 15 to 17 rupees to print a 100 rupee note. Whereas, a note lasts for about 4 years. The central bank spends thousands of crores of rupees just in printing notes. At the same time, the cost of digital currency is absolutely zero. Along with this, the problem of fake notes will also end completely.

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