Hemant Singh – Mumbai Uncensored, 16th March 2022
Thousands of engineers, investors, and entrepreneurs are fleeing India because of the country’s hesitancy to embrace digital assets, as per the co-founder of the country’s most well-known crypto unicorn.
Sandeep Nailwal, the co-founder of polygon stated his concern over the migration of new talent from India to other countries due to restrictive and unfriendly policies that hinder the growth of any new technology or mind. Polygon operates as a solution Layer 2 protocol for the Ethereum blockchain system.
Since the Supreme Court reversed a central bank prohibition on digital tokens in 2020, India, which has an estimated 15 million active crypto users, has been in regulatory uncertainty. This year, the government announced a tax on cryptocurrency transactions without publicly stating that trading would not be prohibited, a move that highlighted the uncertainty & increased the confusion.
On Tuesday, Finance Minister Nirmala Sitharaman stated that they are still not sure whether to ban or regulate crypto. On the other hand, she stated that there is potential in this asset to generate revenue as the user base is huge: “Many Indians have seen a future in it, therefore I see a possibility for revenue in it,” she said. The government imposed a 30% tax on crypto when someone gains profit from it over 15 lakh rs.
There was criticism regarding how someone can impose a tax on an asset when they have not formally accepted it or made it legal.
Nailwal moved to Dubai two years ago after co-founding Polygon in 2017. The emirate wants to be a crypto hub for the Middle East, much like it is for traditional financial services, and it passed a law regarding digital assets on Wednesday.
India has the huge potential to be a giant in the crypto universe.
“I want to live in India and promote the Web3 ecosystem,” Sandeep naiwal.
“But overall, the way the regulatory uncertainty is there and how big Polygon has become it doesn’t make sense for us or for any team to expose their protocols to local risks.”
India appears to have the potential to become a significant country in the crypto universe. The 1.4 billion population is youthful, with an expanding, well-educated middle class. As per Chainalysis, a blockchain research firm, this, along with a less established traditional banking system, has resulted in the world’s second-highest cryptocurrency rising adoption after Vietnam. According to research released in October by Chainalysis, overall crypto transactions increased by 641 percent between July 2020 and June 2021.
China was the only country to ban crypto last year, however, it was not a surprise given the non-democratic government it has, it won’t give power in hand to the people let alone provide them their money in their own hands. Also, China has plans to launch its own regulated CBCD.
Governments are strangled for long in fraud, scams, and hacks in the industry. Moreover, the rapid growth of these problems requires innovative solutions. Well-developed countries are now moving toward a more structured approach to regulation.
“Countries will keep losing new talent capabilities until the time they figure it out,” Nailwal said. “Crypto is very disruptive in the sense it has a potential not only to disrupt the concept of money but also the concept of government itself.”
Investors and entrepreneurs need more clarity. U.S president Joe Biden announced a new order in favor of crypto which resulted in an 11% bull run of bitcoin.
The thorn in the path of the cryptocurrency sector towards adaptation and growth.
Despite the fact that Indians are enthusiastic about digital assets and the government loots at them as possibilities for tax collection, the central bank continues to oppose the business. While it’s not rare that central banks oppose cryptocurrencies, still the criticism of crypto by the Reserve Bank of India has been particularly harsh.
Last month, Governor Shaktikanta Das compared cryptocurrencies to the 17th-century Dutch tulip market bubble, and his deputy claimed cryptocurrencies are similar to Ponzi schemes, endanger financial stability, and should be prohibited.
After India’s central bank blocked off crypto-related firms from the country’s payment network, Edul Patel, the co-founder of Mudrex, an automated digital asset trading platform sponsored by Y Combinator, opted to establish his company in the United States in 2019. In response, the Supreme Court ruled against the central bank.
Everyone serious about blockchain technologies are moving to places like Dubai, Patel said in an interview.
The plus point about Dubai is its “sandbox approach,” something that India lacks for crypto, he added.
Sandbox settings are frequently used by governments as a testing ground for potential but unproven financial technology. Patel also mentioned Dubai’s proximity to India and its open, transparent, and pro-creator taxation structure.
Nitin Sharma, the Bengaluru-based founding partner of venture capital firm Antler, which plans to invest in Indian startups focused on blockchain and Web3 applications, stated “I’ve often heard the joke that Dubai is the best city in India,” “And once you have well-known founders or startups move, it starts to attract many others, creating a community.”
Since the Ukraine Russia conflict, Some of us are blaming Indian students for leaving the country and calling their action as “doglapan”, while not noticing, why they are leaving? and why is there this huge brain drain going on?
Ph.D. students complain about their professor not helping them with the articles and research papers they need to write, nor they are that friendly as compared to some foreign university professors. Source Quora
Tech startups are forced to move from the country thanks to the banks that can’t accept new payment methods and technologies that make them less efficient in fighting against corruption and black money.
We are not giving our plus ultra, but rusted by the comfort zone we were given by Sarkari Naukri, why put extra effort when we are secure in this traditional method while burning in brain drain, inflation, corruption, and online hacks.
Pet breeders stand to lose license if unregistered
Khushi Shah – Mumbai Uncensored, 24th May 2022
More than three years after the Prevention of Cruelty to Animals (Pet Shop) Rules, 2018, making it mandatory for pet shops to be registered with the respective State Animal Welfare Board (SAWB) companies still go one to flout laws.
On June 13, 2021 Corporation officials said they are now keeping a close eye on the pet trade and are ready to seize the shops if the owners do not get valid registration and trade licences.
As per the Prevention of Cruelty to Animals (Pet Shop) Rules, 2018, no person should sell or trade in pet animals, whether retail or wholesale, or establish operate a pet shop, or any other establishment engaged in sale, purchase or exchange of pets without obtaining a certificate of registration from the State Animal Welfare Board (AWB).
On 26th august 2021 the petitioner’s counsel Sanjukta Dey told the bench that she had visited shops in Crawford Market and Kurla as recently as three days ago and found violations of the earlier high court order, which had directed immediate closure of such illegal shops. The shops require permission from the State Animal Welfare Board and they had seen puppies being drugged and animals kept out in the sun or out in the rain with no food or water. Due to the continued lack of regulation, illegal pet shops have mushroomed all over the city. It is alleged that such establishments are keeping animals domesticated as well as wildlife from India and abroad in “utterly unhygienic conditions” and the life and liberty of thousands of animals are at stake as they languish and die in miserable conditions in unlicensed and unregulated pet shops. They are also often taken away from mothers a a young age.
May 23 (PTI) The Delhi High Court on Monday sought the Delhi government’s stand on a public interest litigation seeking directions on dealing with unregulated, unlicensed and illegal pet shops operating in the city.
“The non-implementation of the Prevention of Cruelty to Animals (Pet Shop) Rules, 2018 is a complete dereliction of duty by the respondents (authorities), and by doing so, the respondents’ actions are affecting animal welfare negatively and preventing the compliance of the Prevention of Cruelty to Animals Act, 1960 and the Wildlife (Protection) Act, 1972,” the petition filed through lawyers Supriya Juneja and Aditya Singla said.
Many pet shops and breeders operating in Mumbai are not licensed and the state urges pet owners to bring home pets only from licensed breeders.
Govt. Plans to Cut Cooking Oil Tax
The Indian market after seeing an unprecedented rise in the prices of edible oils plans to cut taxes on edible oil to keep the prices in check.
Khushi shah – Mumbai Uncensored, 5th May 2022
The war, combined with weather disruptions that limited harvests in other vegetable oil-producing regions, led to a supply shortage of sunflower oil. The ban by the world’s biggest palm oil producer and exporter on 28th April 2022, on the export on the widely used edible oil and all the conflicts between Russia and Ukraine that already upended the global agricultural trade in the world, sent oil prices skyrocketing in the market.
India is particularly sensitive to rising vegetable oil prices as it is dependent on imports for 60% of its needs. Inorder to keep the prices in check ,India, the world’s top importer of vegetable oils is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine.
India has tried to reduce prices in the past, including reducing import duties on palm, soybean oil and sunflower oil, and limiting inventory to prevent stocking the oil.[ In September 2021] The import taxes on palm oil had been slashed to 2.5% from 10 %, while soy oil and sunflower oil had been reduced to 2.5 per cent from 7.5 per cent.
The reduction in these taxes were aimed at bringing down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.It would also bring down edible oil prices ahead of key festivals, when edible oil demand rises in the country
However, The moves so far have not been effective enough to cut down the rates of oil in the market
India, the world’s top importer of vegetable oils, wants to reduce the agricultural infrastructure and development cess on imports of crude palm oil to below 5% . According to reports, it is said that the government is now considering reducing import duties on crude varieties of canola oil, olive oil, rice bran oil and palm kernel oil from 35% to 5% to help boost domestic supplies. The new tax amount is still being deliberated The cess is levied over and above basic tax rates on certain items, and is used to finance agriculture infrastructure projects. The base import duty on crude palm oil has already been scrapped.
C.I.A. picks Indian origin Chief Technological Officer – Nand Mulchandani
Khushi Shah – Mumbai Uncensored, 3rd May 2022
Another Indian has raised the Indian flag abroad. Nand Moolchandani, who completed his schooling in Delhi, has been appointed as the first Chief Technology Officer (CTO) of the Central Intelligence Agency (CIA) of the US.
With a degree in Computer Science and Math from Cornell, a Master of Science degree in Management from Stanford, and a Master in Public Administration degree from Harvard, Nand Mulchandani will be leading a team of technologists at the C.I.A. He will be working with experts who already deliver world-class intelligence and capabilities to help build a comprehensive technology strategy.
William J. Burns, the CIA Director made the announcement specifying that he has prioritised focusing on technology. Nand Mulchandani has more than 25 years of experience in Silicon Valley as well as the US Department of Defense (DoD) and can bring substantial private sector, startup, and government expertise to the Agency.
The man, who describes himself as a “serial entrepreneur” in his Linkedn bio, prior to this position he served as the CTO and Acting Director of DoD’s Joint Artificial Intelligence Center. He also co-founded and was CEO of several successful startups Oblix (acquired by Oracle), Determina (acquired by VMWare), OpenDNS (acquired by Cisco), and ScaleXtreme (acquired by Citrix).
His LinkedIn profile says: “I pivoted from my career in private industry to serve in the Government by joining the Joint Artificial Intelligence Center at the US Department of Defense where I am driving the DoD’s next-generation AI efforts.”In his new role, Mulchandani will ensure the Agency is leveraging cutting-edge innovations and scanning the horizon for tomorrow’s innovations to further the CIA’s mission.
He said on Linkedn “I tried to leave a few breadcrumbs at the end of my last post when I was leaving the Department of Defense with “Just when I thought I was out, they pull me back in.” And believe me, this was certainly an “offer I could not refuse”,”
An Indian origin C.T.O. that collects, processes and analyses intelligence reports from around the world to strengthen national security of America is a new feather in the cap of not only Indian Diaspora, but also India at large.
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