‘Under discussion with G20…’: FM Nirmala Sitharaman’s remark on cryptocurrency
Cryptocurrency involves a lot of technology and India is in talks with other countries to achieve a standard operating procedure, Union Finance Minister Nirmala Sitharaman said on Saturday. Talking to reporters after the customary post-Budget address to the central board of RBI, the finance minister said, “Crypto involves a lot of technology, it’s 99% technology. We are talking to all countries if all the countries can achieve a standard operating procedure that will be effective while following a regulatory framework. It’s under discussion with G20 nations”.
In last year Budget’s speech, Sitharaman imposed a 30% fixed tax rate on all income generated through crypto trading and nonfungible tokens.
The Centre, as well as the Reserve Bank of India (RBI), have often cautioned people regarding crypto currencies.
Last year in December, RBI governor Shaktikanta Das said the next financial crisis will be caused by private cryptocurrencies, if these assets are allowed to grow. The Rbi Governor had said that his main concern is that cryptocurrencies “don’t have any underlying value”.
Further, the finance minister spoke on the Adani issue. She said that regulators are aware of concerns regarding the Adani Group conglomerate, but the FM declined to elaborate on what the government planned to tell the Supreme Court.
On the new tax regime, FM Sitharaman said it will benefit the middle class as it will leave more money in their hands.
In the Union Budget 2023, the FM announced that under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5%; ₹6-9 lakh at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20%, and income of ₹15 lakh and above will be taxed at 30%.
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