India’s central bank will review business models of payment aggregators in view of a spate of frauds hitting customers. Data by the Department of Commerce says that Indian exports achieved $400 billion target with help of economic recovery from the pandemic in the US. More one these stories in our top headlines: Data breach: Biz…
Tax authorities may tell banks crypto exchanges to report on virtual digital assets’ transactions as India taxes gains from crypto and NFTs from April 1. Maruti Suzuki India (MSIL) Chairman R C Bhargava said that there is no bar on the company to make electric vehicles. More on those stories in our top headlines. Centre…
Actor Amitabh Bachchan has paid up GST of Rs 1.09 crore on sale of non-fungible tokens (NFTs) worth Rs 7.15 crore following a notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), people aware of the matter said. Though Bachchan has deposited the amount, investigations by tax authorities continue, they said. Bachchan…
Bitcoin just isn’t anonymous enough for a growing cohort of crypto users who are seeking greater seclusion. A volatile class of crypto known as privacy coins, created with the primary aim of masking the identity of users and details of transactions, has quietly been gaining ground this month as maturing Bitcoin inches towards mainstream finance….
Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the income tax act, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of virtual digital…
The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Currently, 18 per cent Goods and Services Tax (GST) is levied only on service provided by crypto exchanges and is categorised as financial services. GST officers are…
Australia’s competition watchdog filed a lawsuit against Facebook owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people. The advertisements, which endorsed investment in cryptocurrency or money-making schemes, could have misled Facebook users into believing they were promoted by famous Australians,…
There is no plan to introduce cryptocurrency by the government, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday. Currently, cryptocurrencies are unregulated in India, he said in a written reply. “RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of…
The Enforcement Directorate is investigating seven cases in which cryptocurrency has been used for money laundering and has so far attached proceeds of crime worth Rs 135 crore, Parliament was informed on Monday. Law enforcement agencies have flagged usage of cryptocurrency by cybercriminals and cases investigated by the ED under the Prevention of money laundering…
Two persons, including an Indian-American, have been indicted by a US court for their roles in a cryptocurrency money laundering scheme, the Department of Justice said. Lois Boyd, and Manik Mehtani — both from Virginia — face up to 20 years in federal prison. According to the indictment, Boyd and Mehtani are alleged to have…
