is cryptocurrency legal in india

IS CRYPTOCURRENCY LEGAL IN INDIA | CRYPTOCURRENCY NEWS | Crypto Regulated in India 2021

Sirf India me hi nahi highest crypto users hain ( 10.03 crores), is crypto currency legal in india, lekin Indians ki jo crypto me investment hai woh apna all time high ho gayi hai jo total hoti hai $10 billion, aur total investment sirf $923 million thi April 2020 me, toh aap dekh liya ki 1 year me kitna significant increase hua hai. Itna investment ho raha hai yeh jaante hue ki crypto ka future kya hoga India me. Aayiye jaante hain ki is cryptocurrency legal in India.

is cryptocurrency legal in india
is cryptocurrency legal in india

Aap jaante ho honge cryptocurrency legal tender nahi hai, iska matlab ye nahi hai cryptocurrency transactions jo hoti hain woh bhi illegal hain. Agar aap ne ne crypto me invest kar ke profit gain kiya hai toh uss profit apni Income-tax return me declare karna na bhuulna, is cryptocurrency legal in india.

How is CryptoCurrency Acquired or Generated?

Yeh bohut se ways me kiya jaate hai:-

Mining

Jab koi individual miner computer technology use karta hai complicated algorithms/codes/equations aur record data ko solve karne ke liye blockchain pe. Iss work ke exchange me miner ko payment milti hai in the form of new crypto tokens.

Buying

Aap iss ko currency exchanges se purchase kar sakte hain apni real currency ko use karte hue aur usko store bhi kar sakte hain online wallet me in digital form me

is cryptocurrency legal in india
is cryptocurrency legal in india

The Reserve Bank of India Banned Crypto in 2018

2018 me Reserve Bank of India ne banks ko aur baaki financial institutions ko ban kar diya tha crypto me transaction facilitate karne se. But 2020 me, Supreme Court ne Reserve Bank of India ke order ko reverse kar diya, aur Bitcoin jaise virtual coins ki trading ko allow kardiya. Lekin ye ab bhi legal tender nahi hai, lekin government ne ye mandatory kar diya hai ki companies jo crypto me deal kar rahi hain woh apna profit aur loss disclose karein Income Tax department ko. Inn sab companies ko yeh bi disclose karna hai ki woh apne balance sheet me kitni crypto currency hold kar rahi hain. The Crypto Currency and Regulation of Official Digital Currency Bill, 2021 government ne parliament me table kar diya hai, aur parliament ke winter session me discuss kiya jayega. The bill will contain requirements for income tax returns for crypto holdings in India as well as foreign crypto exchanges by Indian residents. The Enforecement Directorate (ED) earlier this year issued a notice to crypto exchange WazirX over possible Foreign Exchange Management Act (FEMA) violations for making withdrawal from crypto wallets. is crypto currency legal in india?

Currently

Currently, koi specific tax provisions nahi hain Income Tax Act – 1961 me, lekin experts ne various possibilities speculate ki hain jis me crypto transactions pe tax levy kiya jaa sakta hai.

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