Finance Minister Nirmala Sitharaman announced the Budget for the 2022-2023 fiscal on Tuesday, with a massive outlay Rs 7.50 lakh crore for capital expenditure, up 35.4 percent from the previous fiscal. She also announced that the Reserve Bank of India (RBI) will issue a Digital Rupee using blockchain and other technologies in FY23. However, no relief measures were announced for individual taxpayers. Here are some more top news of the day

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BUSINESS/ECONOMY

Budget 2022: FM Nirmala Sitharaman clarifies govt taxing profits on digital assets; bets on PLI scheme to boost employment

The Finance Minister has clarified that the government is only taxing profits made on digital assets after she announced the taxation scheme on virtual digital assets such as cryptocurrencies. Read more

RBI to introduce Digital Rupee using blockchain starting 2022-23

FM Nirmala Sitharaman announced that the Reserve Bank of India (RBI) will issue a Digital Rupee using blockchain and other technologies starting 2022-23. Read more

Budget 2022: New SEZ policy in 3-4 months; capex push unheard of, says Piyush Goyal

Commerce Minister Piyush Goyal has said that the government will soon come out with an export target for FY23. A change in SEZ policy is also expected in the next six months. Read more

MARKETS

Budget 2022 is death of cryptocurrency in India: Rakesh Jhunjhunwala

Big Bull Rakesh Jhunjhunwala believes India is following China with respect to its provisions on digital currency. He explained that Budget 2022 has made RBI the sole authority capable of promoting digital currency, thereby killing all other cryptos in the process. Read more

India bond selloff picks pace on massive borrowing plan, shares up on spending thrust

India's benchmark bond yield surged on a selloff that picked pace as the government announced increased borrowings in its 2022-23 federal budget, while a plan to boost spending to revive the pandemic-hit economy lifted the stock markets. Read more

No mention of PSU Banks in Budget 2022; SBI shares slip 3%, Union Bank tanks 5%

Budget 2022 failed to cheer investors of public sector banks as sectoral gauge Nifty PSU Bank declined more than 3 percent in intraday trade following Nirmala Sitharaman’s announcement. Read more

INDIA

Centre to roll out e-passports from this year, says Nirmala Sitharaman

The government will roll out e-passports from 2022-23 to enhance convenience for citizens, Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2022-23 today. Read more

Future-Amazon dispute: SC sets aside Delhi HC orders, remands cases back for fresh decision

In a major relief to the Future Group, the Supreme Court has set aside previous orders of the Delhi High Court passed in Future-Amazon dispute and remanded the matters back to the High Court asking it to decide all issues on merits afresh. Read more

Nirmala Sitharaman announces new digital university; e-Vidya initiative to be expanded

Finance Minister Nirmala Sitharaman on Tuesday proposed to set up a digital university to provide education that will be built on a hub and spoke model. Read more

WORLD

New York Times buys viral word game Wordle

The New York Times said it has bought Wordle, the free online word game that has exploded in popularity and, for some, become a daily obsession. Read more

India to provide Rs 6,292 crore as development aid to other countries, Rs 200 crore for Afghanistan

India has set aside in its budget for 2022-23 an amount of Rs 200 crore as development assistance to Afghanistan besides allocating Rs 100 crore for the Chabahar port project in what comes as a major signal of its commitment to Afghan people. Read more

YOU & I

No relief for individual taxpayers

Even as the salaried middle class was looking forward to Finance Minister Nirmala Sitharaman announcing some populist measures in the Union Budget 2022, there was no change in income tax slabs for 2022-23. Read more

What tax proposals on digital assets mean for cryptocurrency investors in India

Any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent, the Finance Minister has announced. No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Read more

ECLGS explained: Who can avail of it and how does it work

Finance Minister Nirmala Sitharaman in her fourth Union Budget expanded the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore to a total of Rs 5 lakh crore. Read more