The Narcotics Control Bureau (NCB) of India is intensifying its efforts to monitor and regulate crypto transactions used in drug trafficking.
Points
- The NCB has recorded 92 incidents involving crypto and the dark net for drug purchases since 2020.
- A Special Task Force has been formed to monitor suspicious crypto transactions related to drugs.
- India maintains strict crypto tax policies with no changes announced in the recent budget.
The Narcotics Control Bureau (NCB) of India is closely monitoring crypto transactions as part of its strategy to curb drug trafficking in the nation. Since 2020, there have been 92 incidents involving the dark net and cryptocurrencies used to purchase drugs.
Speaking to parliament, Rai detailed 13 action plans aimed at curbing the growing cases of drug trafficking. Two of these plans specifically address the illegal use of cryptocurrencies. A Special Task Force on Darknet and Cryptocurrency has been constituted to monitor suspicious transactions related to drugs on the dark net. Additionally, the NCB offers training courses in cryptocurrencies, the dark net, and digital forensics to enhance its capabilities.
Crypto Tax Remains Unchanged in India
India’s strict rules on cryptocurrency taxes remain unchanged in the 2024-25 budget session. Crypto investors must continue to pay a 1% tax on every transaction, and any profits from trading or transferring cryptocurrencies are taxed at a high rate of 30%. These rules are stringent, prohibiting the offset of crypto losses against other income and the carry-forward of losses to subsequent years.
Nirmala Sitharaman remains India’s Finance Minister. This means 30% taxes on crypto and a 1% TDS are here to stay…
解説
- The NCB’s intensified focus on crypto transactions highlights the challenges governments face in regulating digital currencies used for illicit activities.
- India’s unwavering stance on crypto taxes reflects its cautious approach towards the integration of digital assets into its financial system.
- These measures aim to deter illegal activities while maintaining a stringent regulatory framework to protect the economy and its citizens.
- As the use of cryptocurrencies continues to evolve, India’s regulatory and enforcement strategies will likely adapt to address new challenges and ensure effective oversight.