Tuesday, August 16, 2022

Digital money could be exchanged for cash: Modi

Prime Minister Narendra Modi today said that the digital rupee, proposed in the union budget, could be exchanged for cash. 

‘The digital rupee will be the digital form of our physical rupee and will regulated by the RBI. This will be such a system that will enable exchange of physical currency with digital currency,’ Modi said at the virtual symposium “Aatmanirbhar Arthvyvastha” attended by the BJP-ruled States’ chief ministers and party workers across the country. 

‘Central Bank Digital Currency (CBDC) will strengthen the digital economy… If anyone makes a payment in digital currency, you will be able to change it to cash,’ he said.

Modi said the launch of CBDC will make digital payments and online transfer of funds more secure and risk free.

‘This will also lead to ease in development of global digital payment systems,’ he said.

He said the digital rupee will revolutionise the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.

Finance Minister Nirmala Sitharaman had announced that India will launch a ‘digital rupee’ in 2022-23 using blockchain and other technologies.

“In the last seven years, the decisions taken are continuously enlarging the Indian economy. India’s economy, 7-8 years ago, was Rs 1.10 lakh crore. Today our GDP is nearly Rs 2.3 lakh crore. In 2013-2014, India’s exports stood at Rs 2.85 lakhs crore. Today it has achieved Rs 4.7 lakh crore.

“The budget also focused on modernizing Indian agriculture with a focus on organic farming. This will make farming more lucrative. Kisan drones and other machinery will be made available to the farmers at reasonable prices,” said Modi. 

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