The crypto bill proposes penalties for violations by individuals as well as corporate bodies.
New Delhi: Government sources said the much-awaited cryptocurrency bill is unlikely to be introduced in the upcoming Union Budget 2022-23 session. ndtv on Tuesday. The bill, which saw a 360-degree turn from “restriction” to “regulation” in the winter session of parliament, is still not fully ready, people familiar with the development said.
Sources indicated that a decision on the final framework of the bill is likely to come after the elections.
He also mentioned that Prime Minister Narendra Modi wanted a global discussion on crypto regulations, which he suggested in his recent World Economic Forum (WEF) address. Speaking at the WEF virtual summit on Monday, PM Modi had called for synchronized global action to regulate cryptocurrencies.
Sources further added that the delay is unlikely to provide much clarity on the taxation of crypto income in the country. Currently, there are indications that the Center may consider levying TDS (tax deducted at source)/TCS (tax collected at source) on sale and purchase of cryptocurrencies above a certain threshold.
In December last year, there was news that there may be more changes in the crypto bill.
cabinet note, which ndtv It proposed penalties for violations by individuals as well as corporate bodies. The offenses under the law will be non-bailable and can be punished with imprisonment of one-and-a-half years and a fine of up to Rs 50 crore. Furthermore, crypto should be viewed as an asset and regulated by market regulator SEBI.
The size of the crypto assets in India is around Rs 45,000 crore with around 15 million investors.
The budget session will begin on January 31 and end on April 8. The first part of the session will end on February 11. After a month’s break, the second part of the session will begin on March 14 and end on April 8.
Finance Minister Nirmala Sitharaman will present the budget on February 1.
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