Nirmala Sitharaman News

21.04 / 13:27

XRP cryptocurrency price today avalanche Bitcoin Top cryptocurrency prices today: Bitcoin, Solana, XRP, Avalanche shed up to 2%

Solana and XRP dropped 2 per cent each, followed by a per cent drop in Shiba Inu and Avalanche. The global cryptocurrency market cap was trading almost flat at $1.92 trillion mark, with marginal gains in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 13 per cent to $90.79 billion.What's cooking in India?Union Finance Minister Nirmala Sitharaman pitched for a global framework to regulate crytpo tokens, particularly their use in money laundering and terror financing.

21.04 / 07:25

NFT International Monetary Fund World Bank crypto framework Framework Crypto industry echoes Sitharaman's pitch for global crypto framework

Sitharaman pitched for a global framework to regulate the crytpo tokens, particularly their use in money laundering and terror financing. Speaking in a discussion hosted by the International Monetary Fund (IMF) in Washington DC, Sitharaman said, «I think the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror.» The crypto industry is echoing the similar voices and said that global regulations are the need of the hour as no country can handle this alone. However, it will not be a cakewalk, they warned.

20.04 / 05:47

World Bank Framework India bats for global crypto regulation framework

India has pitched for a global framework to regulate crypto currencies identifying their use in money laundering and terror financing as the biggest risks for all countries. «I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror,» finance minister Nirmala Sitharaman said at a discussion on “Money at a Crossroad” hosted by the International Monetary Fund (IMF) in Washington DC. The minister added that no country could handle these alone and they can be only regulated when countries come on board together.

19.04 / 15:47

regulation Indian crypto rules Indian minister wants global crypto rules to curtail money laundering risk

Indian Finance Minister Nirmala Sitharaman in her address to the International Monetary Fund called for a global cryptocurrency framework to keep a check on the use of cryptocurrencies for illicit activities.

19.04 / 08:35

cryptocurrency Digital financing Biggest Risk Of Crypto Is Laundering, Terror Financing: Finance Minister

Nirmala Sitharaman is in Washington to attend the Spring Meetings with business leaders.

19.04 / 07:57

cryptocurrency Money laundering Finance Minister financing Money laundering and terror financing are biggest risks posed by crypto: Finance minister

Biggest risk of cryptocurrency could be money laundering and its use for financing terror, said Finance Minister Nirmala Sitharaman on Monday.

08.04 / 13:15

cryptocurrency CBDC RBI MPC testing In a position to start testing, running pilot CBDC projects: RBI Deputy Governor

The Reserve Bank of India (RBI) is in a position to start off with testing and running pilot projects of Central Bank Digital Currency (CBDC) now that the legislative enablement has been done by the government, RBI Deputy Governor T. Rabi Shankar told reporters in a post monetary policy committee press conference on April 8.

04.04 / 12:31

business Blockchain coinbase Indian Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity

Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event.

29.03 / 08:21

Crypto exchanges Indian Eleven Indian crypto exchanges evaded Rs 81.5 cr GST, government says

Mumbai: The Central Goods and Services Tax (CGST) authority recovered Rs 95.86 crore from 11 crypto exchanges that collectively evaded Rs 81.54 crore in GST, said Minister of State for Finance Pankaj Chaudhary, in a written response to a question in the Lok Sabha on March 28. Chaudhary said while the government does not collect any data on cryptocurrency exchanges, a few “cases of evasion of Goods and Services Tax (GST) by cryptocurrency exchanges have been detected by Central GST formations.” The CGST had detected GST evasion to the tune of Rs 81.54 crore. With penalties, these exchanges paid Rs 95.86 crore, Chaudhary said.

28.03 / 15:35

UPS cryptocurrency Digital Increase Tax On Cryptocurrencies, Says BJP's Sushil Kumar Modi

Crypto transactions are currently taxed at 30 per cent.

25.03 / 20:11

Government regulation Taxes lawmakers Framework Crypto tax policy framework passes India's parliament despite pushback from lawmakers

A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill.

25.03 / 12:15

crypto tax Govt to move amendments to Crypto tax rules today

The provision is a setback for the crypto industry that was hoping for some relief from the amendments, after the government proposed a flat 30% tax on capital gains on virtual digital assets (VDAs). Another key amendment proposed is a provision to levy a penalty on taxpayers who have claimed a deduction of surcharge and cess from the taxable income but do not on their own pay the tax plus interest on the deduction so claimed.

25.03 / 09:59

business Technology cryptocurrency As India seeks firm footing on cryptocurrency, investors await clarity

Almost two months after the government proposed a taxation policy for income from trading in virtual digital assets (VDAs), there is still a lack of clarity on various aspects, experts said.

25.03 / 04:51

Budget crypto tax Govt pushes changes in finance bill to clear air on taxation for digital assets

finance bill including some aimed at further tightening the proposed taxation regime for crypto assets. The finance bill is scheduled to be taken up in the lower house for discussion and consideration on Thursday. It would be likely taken up for passage on Friday. Union finance minister Nirmala Sitharaman will move an amendment to make it clear that no tax deduction or set off would be available in lieu of mining costs of cryptocurrencies and other virtual digital assets (VDAs) or losses from their transfer.

23.03 / 20:47

Government Law Taxes Proposal for crypto tax policy in India will go to parliament on March 24

A tax proposal on crypto from India’s Finance Minister Nirmala Sitharaman may be closer to becoming law as the country’s lower house of parliament is scheduled to consider the legislation on Thursday.

21.03 / 14:21

cryptocurrency Finance Minister crypto tax Crypto tax: Government clarifies that losses cannot be set off between trades of different tokens

In a setback for crypto investors and trading platforms, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on March 21 that losses incurred from virtual digital assets (VDAs) cannot be set off against the gains from another VDA transaction while computing tax.

21.03 / 12:17

cryptocurrency RBI Finance Ministry No proposal from RBI on crypto trading mechanism yet, Finmin says

The Reserve Bank of India (RBI) has not proposed any mechanism for the trading of crypto assets, Minister of State for Finance Pankaj Chaudhary said in Parliament on March 21.

16.03 / 08:43

cryptocurrency Bitcoin Crypto players seek clarity from Parliament Session

crypto industry is looking at the latest Parliament session, which commenced on Monday, with high hopes. The industry is hoping to get clarity on multiple fronts after the Budget announcements. Market participants said that the ambit of virtual digital assets (VDAs) is very broad in the Finance Bill, 2022. The market participants would look forward to receiving clarity on important aspects, including definition, taxations, and calculation. Even the Supreme Court of India had recently asked the Centre to make its stand clear on whether cryptocurrency trade or virtual digital currencies is legal in India or not.

15.03 / 06:55

Blockchain Digital Unaccounted crypto transactions of 700 users under IT scanner

New Delhi: High-value crypto transactions of about 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30% tax, penalty and interest.Income tax officials said most of these cases involved users who have either skipped mention of crypto gains in tax returns or haven’t filed returns at all. “We have a long list of people who were transacting in crypto assets but were not paying tax. Initially, (we) have shortlisted about 700 transactions, where tax liability is very high,” a senior Central Board of Direct Taxation (CBDT) official told ET.

15.03 / 05:09

Finance Ministry Crypto players want FinMin to relook proposed 1% TDS

Mumbai: The crypto industry has reached out to the finance ministry, seeking to either reduce or eliminate the 1% tax deducted at source (TDS) proposed on the proceeds of all crypto transactions, as the Finance Bill will be approved in the Parliament session that commenced Monday. Top crypto players are taking up the demand with the ministry through the Blockchain and Crypto Assets Council (BACC), which is part of the Internet and Mobile Association of India, and startup industry body IndiaTech. According to two people ET spoke to, these crypto platforms that are members of the BACC have recommended that the proposed TDS be reduced to 0.01-0.1%.

12.03 / 09:29

Blockchain cryptocurrency Polygon Crypto exchanges Crypto Companies What could drive crypto companies out of India

digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country’s most famous crypto startup. “The brain drain is absolutely crazy,” Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system, said in an interview from Dubai. India, with an estimated 15 million active crypto users, has been stuck in regulatory limbo since the Supreme Court in 2020 overturned a central bank ban on digital tokens. The government this year unveiled a tax on crypto transactions without formally declaring that it won’t ban trading, a move that became emblematic of the confusion.

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