PREVIOUS
✖
PMLA against Cryptocurrency
March 12 , 2023
694 days
493
0
- The centre issued a notification bringing transactions involving crypto assets under the Prevention of Money Laundering Act, 2002.
- It laid out the nature of transactions to be covered under PMLA.
- These are as follows
- Exchange between virtual digital assets and fiat currencies;
- Exchange between one or more forms of virtual digital assets;
- Transfer of virtual digital assets;
- Safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets;
- Participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.
- The measure is expected to aid investigative agencies in carrying out action against crypto firms.
- From April 2022, India introduced a 30 per cent income tax on gains made from cryptocurrencies.
- In July 2022, rules regarding 1 per cent tax deducted at source on cryptocurrency came into effect.
Leave a Reply
Your Comment is awaiting moderation.