Tag: India
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India to Launch RBI-Backed Digital Rupee, Tightens Rules on Private Crypto
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India is taking a decisive step toward establishing a fully regulated digital financial ecosystem with the introduction of an RBI-backed digital rupee, marking a strategic shift away from private cryptocurrencies that lack sovereign or asset support. Union Minister of Commerce and Industry Piyush Goyal confirmed the move on Monday during discussions in Doha, emphasising that…
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Coinbase Reopens in India as FIU Blacklists 25 Offshore Exchanges
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Global cryptocurrency exchange Coinbase has restarted services in India, nearly three years after suspending its operations due to regulatory uncertainty. The move follows the exchange’s successful registration with India’s Financial Intelligence Unit (FIU) earlier this year, marking a significant milestone in the country’s evolving digital asset landscape. In March, Coinbase complied with India’s anti-money laundering…
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India Sends 44,000 Tax Notices to Crypto Traders
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India’s crypto investors are under growing scrutiny as the Income Tax Department launches a massive compliance drive, issuing over 44,000 notices to individuals accused of underreporting or failing to declare crypto income. The sweeping campaign is part of the government’s broader effort to rein in undisclosed gains from virtual digital assets (VDAs), including Bitcoin and…
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India Probes Crypto Tax Evasion
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India’s Central Board of Direct Taxes (CBDT) has launched a wide-scale investigation into suspected tax evasion involving cryptocurrencies. This major move comes as government data reveals significant non-compliance in tax filings related to digital assets. The probe is focused on uncovering hidden or unreported crypto earnings and ensuring that individuals and companies involved are held…
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India Risks $2 Billion in Tax Revenue as Crypto Traders Flee Offshore
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India’s tax policies on cryptocurrency are pushing traders to offshore platforms, risking a loss of over $2 billion in tax revenue over the next five years, a new report from Indian think tank Esya Centre reveals. Since July 2022, the government has already missed collecting over ₹6,000 crore ($724 million) in taxes from virtual digital…
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India Cracks Down on Crypto Tax Evasion, Targets Binance and WazirX
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The Indian government has uncovered significant tax evasion by major cryptocurrency exchanges, recovering millions in unpaid goods and services tax (GST). This includes actions against industry leaders like Binance and WazirX. $97 Million in Unpaid GST Identified India’s Minister of State for Finance, Pankaj Chaudhary, revealed that authorities have detected ₹824 crore ($97 million) in…