Beautiful Virgin Islands

Monday, Aug 04, 2025

India to Tax Cryptocurrency Trades, Modi Cabinet to Take Up Bill Soon: Report

India to Tax Cryptocurrency Trades, Modi Cabinet to Take Up Bill Soon: Report

The Indian government is expected to consider a bill prohibiting all private cryptocurrencies and allowing an official digital currency to be issued by the Reserve Bank of India (RBI) very soon, as the latter had flagged serious concerns over expanding transactions in the virtual currencies.

The Indian government is looking to tax cryptocurrency trades and their ecosystem in the country, a financial news media outlet, ET Now, reported on Monday citing unnamed sources.

The tax department is in favour of taxing crypto exchanges and trades and the government feels that any activity that generates income must pay tax, according to ET Now.

Last week, RBI governor Shaktikanta Das had raised “major concerns” about cryptocurrencies.

“The central bank has conveyed its ‘serious and major concerns’ about cryptocurrencies to the government and now it will have to decide on how to deal with the proliferation of such platforms.”
Shaktikanta Das
Governor, Reserve Bank of India



On 31 May this year, the Reserve Bank of India advised that banks as well as other regulated entities may continue to carry out customer due diligence processes in line with all the regulations that are being implemented on any other financial services in the country. This suggests that any investors who are receiving income from their crypto-currency transactions (from India or overseas) will have to pay tax under the current tax laws.

In April 2018, the RBI banned banks from supporting crypto transactions after cases of fraud involving virtual currencies were reported. However, the Supreme Court of India struck down the ban in March 2020. Among the reasons cited was that cryptocurrencies were not illegal albeit unregulated in India.

The RBI, however, has not yet granted legal tender status to Bitcoin or any other cryptocurrency.

Despite repeated concerns by the RBI regarding cryptocurrencies, trading in the assets surged to $6.6 billion in May, compared with $923 million in April 2020, according to Chainalysis, a blockchain data platform which provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×