According to The Times of India, the Maharashtra state legislature has passed an amendment to the 1999 Depositor Interest Protection (Financial Institutions) Act (MPID Act), officially bringing virtual digital assets (VDA), including cryptocurrencies and other blockchain-based digital instruments, under the purview of the act. The amendment requires financial institutions to deposit 50% of their total debt as a security deposit before appealing a recovery order, aiming to curb institutions from delaying repayments to investors through lengthy appeal processes.

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