Sitharaman says in the budget The latest news of India

In her budget letter, Finance Minister Nermalla Sitramman suggested that “virtual digital assets” should be included in determining the unknown income, which is the last step by the government to tighten supervision of cryptocurrencies. This step comes amid several reports on the use of an unorganized cryptocurrency to hide illegal transactions.

The budget document said, “It is proposed to add the term” virtual digital origin “to the aforementioned definition of income that is not announced during the mass period.

He added, “The specified time to complete the assessment of the mass is proposed within twelve months from the end of the quarter in which the latest search or request licenses were implemented.”

The move comes two years after India imposed the provisions of money laundering in the encrypted currency sector. The Ministry of Finance said in a notice that the anti -money laundering legislation has been applied to the encryption trade, its safe and relevant financial services.

India also has strict tax rules in the encryption sector, including the application of trading tax.

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