As per latest reports Indian Government is considering for a new ban on cryptocurrencies after lifting a blanket ban on the same some 5 months ago. The Govt of India is actively pursuing on a legal framework to ban cryptocurrencies from India.
The Government has been holding consultations with the Law Ministry, Ministry of IT (Information & Technology), and RBI (The Reserve Bank of India) to chart out the law for ending cryptocurrency trading in India.
A government official on condition of anonymity said the government considered passing the law of banning thru parliament, "We are working on it. After inter-ministerial consultations, it (the note) would be presented to the cabinet for approval. Once Parliament resumes for the session, we are hoping to get it ratified," the official added.
During the Covid-19 Lock-down millions of dollars worth of business was done in cryptocurrencies weekly in higher volumes. The IT (Income-Tax) Dept has issued notices to 500,000 investors trading in various cryptocurrencies under private platforms. Also the Indirect Tax Dept has issued notices to Crypto-Exchanges for explanation regarding the payment of GST (Goods & Services Tax).
The Ban proposes fine of Rupees 25 crore ( $3.4 Million USD) and 10 years of imprisonment for anyone dealing in cryptocurrencies.
Finally we can all hope is for the best towards the ever increasing Crypto-community of India.
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