According to a viral Twitter post, all Indian Banks remain closed for 20 days in October to bring in cryptocurrency.
In the viral tweet by user named ‘@CryptoHulk19’, we can see a media report flashing on the camera and a person saying, ‘In the month of October, India’s going through some massive changes. The whole banking system is going to use crypto currency very very soon starting from October 1st.’
They are shutting down their banks for 20 days to bring in crypto system, the user repeats.
Source: Twitter/Screenshot
This particular tweet has raised many eyebrows and people started questioning on twitter for the same. To put an end to this viral post, Facto did an investigation.
FactO Check
To find the report flashed in the viral video, we did a keyword search which led us to a report by a Delhi based media organization ‘Jagran’.
We analyzed the report and found that the report has not mentioned about banks to remain closed for 20 days straight.
The report says, ‘The banks in the month of October will remain closed for as many as 20 days out of 31 as per the list of holidays of the Reserve Bank of India. While all banks will be shut on Sundays and second and fourth Saturdays branches in specific banks will also observe holidays due to regional festivals.
The report comes along with a list of holidays in October. The report also suggest that it must be noted that regional holidays differ but bank across the country remain closed on weekend sleeves and national holidays.
We also found similar reports mentioning 21 holidays in the month of October on Financial Express, Mint and The Economic Express respectively.
Moreover, let’s have a look at the situation of cryptocurrency in India!
India recently decided to tax digital assets like cryptocurrencies and non-fungible tokens (NFT), a 30-percent tax on transfer of such assets as well as a 1-percent tax deduction at source (TDS) on every transaction. This TDS while being low cost that won’t create feeling of being expensive transaction would, however, offer the list of those who trade in cryptos. The move has triggered a debate on the legality of such assets and whether taxes on them have legitimized them. The fact is that it is not illegal now to have crypto assets, however, taxing them does not make them necessarily legal either, says Observer Research Foundation.
Conclusion
To conclude, the banks in India will closed due to festivities and weekend that too regional ones. No bank in any state will be shut for 20 days straight there are gaps for sure. India is not planning to implement any regulatory changes in the monetary system or introducing cryptocurrency system. The viral report says nothing other than the banks closure due to holidays.
