2024

April

Force

<a href="https://bitcoinworld.co.in/india-to-crackdown-on-the-use-of-crypto-for-drug-trafficking/" title="India To Crackdown On The Use Of Crypto For Drug Trafficking" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">The Narcotics Control Bureau (NCB) of India is keeping a close eye on crypto transactions as part of its attempt to stop drug trafficking in the nation.</li> 
</ul> 
India has witnessed around 92 incidents between 2020 and April 2024 involving the dark net and crypto to purchase drugs. 
The Narcotics Control Bureau (NCB) of India is keeping a close eye on crypto transactions made on the darknet. 
This is part of its ongoing attempt to stop drug trafficking in the nation. Let’s discover more about this important news for crypto in India. 
<h3 id="span-style-font-weight-400-india-s-strategy-to-combat-drug-trafficking-and-crypto-use-span">India’s Strategy to Combat Drug Trafficking and Crypto Use</h3> 
The minister of state for home affairs, Nityanand Rai, recently <a href="https://www.mha.gov.in/MHA1/Par2017/pdfs/par2024-pdfs/RS24072024/236.pdf">shared</a> India’s plan to reduce the movement of drugs within India as well as its importation.&nbsp; 
<img decoding="async" class="size-medium wp-image-78154" src="http://bitcoinworld.co.in/wp-content/uploads/Indias-crypto-narcotics-720x264.png" alt="" width="720" height="264" srcset="https://bitcoinworld.co.in/wp-content/uploads/Indias-crypto-narcotics-720x264.png 720w, https://bitcoinworld.co.in/wp-content/uploads/Indias-crypto-narcotics-1080x395.png 1080w, https://bitcoinworld.co.in/wp-content/uploads/Indias-crypto-narcotics-768x281.png 768w, https://bitcoinworld.co.in/wp-content/uploads/Indias-crypto-narcotics.png 1330w" sizes="(max-width: 720px) 100vw, 720px"> 
Speaking to the parliament, Rai confirmed that India has witnessed around 92 incidents between 2020 and April 2024 involving the dark net and crypto to purchase drugs. 
Rai detailed 13 action plans aimed at curbing growing cases of drug trafficking. Interestingly, two of these action plans seek to address the illegal use of cryptocurrencies.&nbsp; 
He said, “A Special Task Force on Darknet and Crypto Currency has been constituted to monitor suspicious transactions related to drugs on Darknet.”&nbsp; 
Furthermore, the NCB currently offers several training courses in cryptocurrencies, darknet, and digital forensics. 
<h3 id="span-style-font-weight-400-crypto-tax-remains-unchanged-in-india-span">Crypto Tax Remains Unchanged in India</h3> 
India is keeping its strict rules on cryptocurrency taxes. In the recent budget for the 2024-25 session, the Indian Finance Minister, Nirmala Sitharaman, didn’t mention any changes for cryptocurrencies. 
This means that crypto investors in India still have to pay a 1% tax on every transaction they make. So, if they make any profits from trading or transferring cryptocurrencies, the government taxes those profits at a high rate of 30%. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Nirmala Sitharaman remains India's Finance Minister.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 This means 30% taxes on crypto and a 1% TDS are here to stay… 
 But brace yourself—some countries have 0% crypto tax.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f911.png" alt="🤑" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Let me show you. 
 Pro tip to save Crypto Tax in India <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-1f1f3.png" alt="🇮🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"> at the end of thread <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/MX4UPY3466">pic.twitter.com/MX4UPY3466</a> 
 — Sumit Kapoor (@moneygurusumit) <a href="https://twitter.com/moneygurusumit/status/1801266754385047724?ref_src=twsrc%5Etfw">June 13, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The rules are tough because they don’t allow people to balance their crypto losses with other types of income. This includes their salary or business income. Also, these losses can’t be carried forward to the next year.

India To Crackdown On The Use Of Crypto For Drug Trafficking

Table of Contents

ItsBitcoinWorld

Other articles published on Jul 29, 2024

Chainlink Proof of Reserve Now Backs 21Shares Core Ethereum ETF

Bill Morgan Debunks Viral Rumors On Ripple vs SEC Case

Situs Blockchain Explorer Blockchair Dukung 42 Blockchain dan Usung AI untuk On-chain Data

U.S. Government Holds $12B in Bitcoin — Arkham

Tequila Token to Launch on Solana Blockchain

Bitwise Announces 10% Donation of Ethereum ETF Profits to Open-Source Developers

Join our free newsletter for daily crypto updates!