Nirmala Sitharaman News

04.02 / 08:05

cryptocurrency cryptocurrency in india Budget 2022 crypto tax Global players cheer crypto tax as first step to nod

Mumbai: The worldwide crypto community has lauded India’s announcement to tax cryptocurrencies and develop a blockchain-based, regulator-backed digital currency as a significant step forward toward legitimising the asset class and encouraging innovation in blockchain technology. «This means that India recognises the importance of crypto, digital assets and their underlying technology, blockchain, too,» said Anndy Lian, Chairman of the Singapore-based BigONE exchange. «The next crypto bull market could be led by India.» On February 1, Finance Minister Nirmala Sitharaman announced the government would impose a blanket tax rate of 30% on the transfer of «virtual digital assets.»

04.02 / 05:01

cryptocurrency cryptos crypto tax cryptocurrency tax Crypto community up in arms against 30 per cent tax

crypto community has started an online protest against the 30 per cent tax on crypto currencies announced by FM Nirmala Sitharaman on Tuesday. Until late Thursday, the hashtag # reducecryptotax was trending on Twitter. The change.org petition was started by Aditya Singh, Co-founder of CryptooIndia, and then amplified by popular social media influencers like Sandeep Bahuguna, Pushpendra Singh, and Kashif Raza.

03.02 / 12:45

Reserve Bank of India Budget Finance Minister Crypto bill unlikely this Budget session, hints Finance Minister

Union Budget, the crypto community is buzzed with multiple questions. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have stepped forward to clear the clouds of ambiguity. In line with this, in a recent interview to News18, Sitharaman said that the budget announcement on virtual assets was aimed to differentiate between private cryptos and digital currency.

03.02 / 10:33

Investors Finance Minister Trade Investors queue up for cryptos after tax proposal

crypto platforms jumped 30-50% on budget day Tuesday, when the finance minister announced a proposal to tax digital assets. While crypto investors and exchanges looked for the fine print in the proposal, some viewed the announcement as an indirect way to endorse crypto trade in India. Industry executives said the budget announcement resulted in pent-up interest among risk-averse investors as well as companies who earlier feared the digital assets would be outlawed in India.

03.02 / 10:03

UPS cryptocurrency Digital digital assets NOT Taxing Digital Assets Does Not Give Legality To Such Transactions: CBDT Chief

Taxing crypto assets will not provide any legality to their transactions, CBDT chief has said

03.02 / 09:23

cryptocurrency Tax Explained: How cryptocurrencies will be taxed after Budget 2022

In her Budget 2022 speech, finance minister Nirmala Sitharaman said the transfer of virtual digital assets would attract a 30 percent tax. This, by all means, refers to cryptocurrencies, even though India’s Cryptocurrency Bill has not been tabled or discussed in Parliament. For those who have been investing in cryptocurrencies, this may have come as a breather because the general feeling is that at least it won’t be banned now.

03.02 / 07:57

cryptocurrency CBDC Finance Minister Explained: What is Digital Rupee, when will it come and how’s it different from private cryptocurrencies? 10 critical questions answered

Union Finance Minister on February 1 said the Reserve Bank of India (RBI) will launch a central bank digital currency (CBDC) in 2022-23, marking the first official statement from the Union government on the launch of the much-awaited digital currency.

03.02 / 04:41

Budget 2022 crypto tax union budget With tax at 30%, is it still logical to invest in cryptocurrencies?

Finance Minister Nirmala Sitharaman announced the tax on gains arising from virtual assets at a flat rate of 30 per cent without any exemptions or deductions. The high rate of taxation and high volatility in crypto tokens has raised a few logical questions in the investor community.

02.02 / 20:51

Digital Currency regulation Bitcoin Bitcoin, Ether and NFTs will 'never become legal tender' in India, says Finance Secretary

T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.

02.02 / 16:25

Ethereum cryptocurrency Digital Currency Bitcoin authorisation Bitcoin, Ethereum or NFT will never be legal tenders, crypto doesn’t have govt authorisation: Finance Secretary

Leading cryptocurrencies such as Bitcoin and Ethereum, as well as non-fungible tokens (NFT) will never become legal tender, Finance Secretary TV Somanathan said on February 2.

02.02 / 15:33

markets Taxes Why did WazirX token (WRX) jump 30% after India announced its big crypto tax?

WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week.

02.02 / 14:59

business cryptocurrency Budget 2022 crypto tax NOT Crypto tax will help I-T measure 'depth' of market; does not bestow legality to trade: CBDT Chief

The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the Income-Tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, CBDT Chairman J B Mohapatra said.

02.02 / 14:23

cryptocurrency regulation Tax India Still Debates Crypto Regulation - Finance Secretary

Crypto regulation in India is still an ongoing debate, the country’s Finance Secretary T. V. Somanathan stressed, noting that, for now, cryptoassets are not illegal and are treated as gambling.

02.02 / 13:57

UPS cryptocurrency Digital digital assets NOT Taxing Digital Assets Does Not Give Legality To Such Transactions: CBDT Chief

Taxing crypto assets will not provide any legality to their transactions, CBDT chief has said

02.02 / 13:39

CBDC digital rupee modi FinTech India's digital rupee would be exchangeable against cash: PM Modi

Central Bank Digital Currency (CBDC) in the Union Budget 2022 by Finance Minister Nirmala Sitharaman, Prime Minister Narendra Modi on Wednesday threw more light on the topic in his address to the nation. PM Modi said that the digital currency will boost the digital economy in the year to come, adding that the RBI-backed CBDC will be controlled and monitored by the central bank and will be a digital avatar of India's fiat currency. India's move to launch CBDC is in tandem with other global peers, who are planning similar moves soon.

02.02 / 11:39

cryptocurrency CBDC Digital Currency Budget Cryptic no more: Cryptocurrencies, CBDC may get to coexist

Budget has for the time being treated cryptos as ‘digital assets’ by proposing to tax the gains from crypto trading — though at a stiff rate of 30%, like lottery prize money. The central bank digital currency (CBDC) — the digital form of the fiat currency bills in your wallets — can quicken transactions and dramatically transform payments with instantaneous settlement. It would be faster and cheaper than other modes of payment like RTGS, IMPS or UPI. Cryptos, however, will not be treated as currency but may survive as assets. Not only would crypto profits be taxed at double the rate than short-term stock gains, 1% would be deducted as tax at source from the proceeds of sale of cryptocurrency.

02.02 / 05:13

cryptocurrency Investors Budget 2022 Income Tax Income tax on cryptocurrency introduced: Investors may see a sell off in the coming weeks

income tax on digital assets, that would include cryptocurrencies and Non-Fungible Tokens (NFTs), this is set to spark a sell off from Indian investors, say industry trackers. The finance minister on Tuesday introduced a 30% income tax on returns from digital currencies. This would mean that investors will have to cough up 30% tax on the returns they make from trading or investing in cryptocurrencies. Experts say that the 30% tax would also not be allowed to be set off against any other losses or expenses. This is only going to increase the tax burden for cryptocurrency investors, who will have to shell out a third of their returns towards taxes.

02.02 / 03:37

CBDC Digital Currency Budget Budget 2022 Digital currency explained: India catches up with global fad

fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form. The currency, called 'digital rupee', will be issued by the Reserve Bank in digital form and will be fungible with physical currency. The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.

01.02 / 20:03

COST Provident Digital India to Launch Central Bank Digital Currency

India's central bank plans to launch a virtual version of the rupee in the 2022-2023 fiscal year, which begins on April 1.The announcement of the country's central bank digital currency (CBDC) came at the same time that India said it will impose a 30% tax on income gained from digital assets.In launching a CBDC, India joins a growing list of countries to issue national digital currencies.

01.02 / 17:19

cryptocurrency Digital Currency Budget 2022 Budget 2022 | Here’s what Finance Minister Nirmala Sitharaman said about taxing cryptocurrencies

Finance Minister Nirmala Sitharaman, while presenting the 2022-23 Union Budget on February 1, announced a 30 percent tax on income generated from the transfer of any digital asset.

01.02 / 15:53

cryptocurrency Money Bitcoin India announces plans to introduce ‘digital rupee’ and tax cryptocurrencies at 30%

India is set to launch a state-backed digital currency by next year and said it will tax cryptocurrencies and NFTs as part of new fiscal measures announced by the government on Tuesday.

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