The Cryptocurrency Bill proposes a penalty for violations by individuals as well as corporate bodies.
New Delhi: Government sources say the much-awaited Crypto Bill will not be presented in the upcoming 2022-23 Union Budget session NDTV on Tuesday. People familiar with the development said the Bill, which took a 360-degree turn during the winter session of Congress going from “ban” to inching closer to “regulation”, is not quite ready yet. willing, people familiar with the development said.
Sources indicate that any decision on the final structure of the Bill is likely to be made after the election.
They also mentioned that Prime Minister Narendra Modi wants global discussions on crypto regulations, which he proposed during his recent World Economic Forum (WEF) speech. Speaking at the WEF virtual summit on Monday, Prime Minister Modi called for synchronized global action to regulate cryptocurrencies.
The sources added that the delay is unlikely to provide more clarity on the taxation of crypto income in the country. Currently, there are indications that the Center may consider applying TDS (tax withheld at source) / TCS (tax collected at source) on cryptocurrency purchases above a certain threshold.
In December of last year, it was reported that there could be more changes in the Cryptocurrency Bill.
Cabinet note, that NDTV had exclusive details, proposed a penalty for violations by individuals as well as corporate bodies. Violations under the law will have no effect and are punishable by imprisonment for one and a half years and a fine of up to Rs 50 crore. In addition, cryptocurrencies are considered assets and are regulated by the market regulator SEBI.
Crypto asset size in India is around Rs 45,000 crore with around 15 million investors.
The Budget Meeting will begin on January 31 and end on April 8. The first part of the session will end on February 11. After a month-long recess, the second part of the The session will begin on March 14 and end on April 8.
Finance Minister Nirmala Sitharaman will present the Budget on February 1.
