Ahead of Budget Session of Parliament And Crypto Bill Timeline in India
February 1 is the date when Finance Minister Nirmala Sitaraman will represent the Budget and let’s see the Crypto bill has its place in the Budget or not.
The discussion on Cryptocurrency has been lifted after the Reserve Bank of India has banned the currency in 2018.
The number of users of the crypto sector in India is about 100 million and this much represent the highest crypto users country in the world. Hence the changes and the laws and regulations in the currency will have an international effect.
Highlighted Facts
- Earlier the bill related to cryptocurrency was about to be presented in parliament in December 2021.
- The Bill is ready after many efforts made by its drafting committee and now waiting for jthe5 central government approvals.
- The Budget Session of Parliament is going to start from 1 February and the bill related to Cryptocurrency exists the position in discussion or not.
Read More: Crypto Scam Websites Registered 9.6 Million Visit From India in 2021: Report
The discussion over the cryptocurrency in India started after the ban by the Reserve Bank of India in using such currency and declared it the illegal currency. The statement which was said by the RBI as such Unregulated and Untraceable currency pose a serious risk to the financial functioning of the country.
After the Supreme Court Judgement over the cryptocurrency which was against such clampdown in the cryptocurrency, the RBI has lifted this ban from cryptocurrency.
To have total control and the possibility to apply the taxation system in the currency, the finance minister Nirmala Sitaramanhas made a committee to study and investigate the use of such currency and its effect on India’s finance position. The committee was about to present the bill and a report at the end of 2021 but the government was not able to enact the bill or present it in parli0ament for approval due to some issue related to currency.
Here is the list of timings in cryptocurrency bill formation
September 2021
The crypto bill was not able to fix its position in the bill of 2021 due to many unhidden facts of the currency and then the Finance Minister, Nirmala Sitaraman has constituted a committee in September 2021 to analyze if the cryptocurrency income could be taxed as capital gains or would they need to be classified under a newly created tax category. The period of 4 weeks was given to the committee and the reply details were disclosed to people.
November 15, 2021
The related discussion over the matter of cryptocurrency, the government of India has invited many experts of this sector including the platforms where the exchange and trade happen. The experts were CoinSwitch kuber, CoinDCX, WazirX, and Crypto assets Council (BACC) and also there were many others people related to the sector present in the meeting.
November 24, 2021
This day the bill of Cryptocurrency was listed on the Parliament agenda and was about to present in front of the Parliament. The Winter Session of Parliament was about to commence on 29 November 2021.
November 30, 2021
On this day the fresh update regarding the bill was given by Nirmala Sitaraman and she told that the crypto bill would come into the House after the approval of the Cabinet.
December 7, 2021
More details in the cryptocurrency have been received that was setting out the general prohibition over the holding, mining, trading, and any other activity with the cryptocurrency in India ‘and it also was named as the violators will be punished with the “non-billable” chargers.
December 23, 2021
The bill was not presented in front of the Parliament table last year at all and as per the government is looking for other nation’s policy over controlling the cryptocurrency bills.
Current stand
The budget session of parliament is about to start from 1st February 2022 and the Finance Minister Nirmala Sitaraman will present the budget of India in this budget the possibility to have the crypto sector is about to be seen.
Recently,Prime Minister Narendra Modihas said about the cryptocurrency space is a serious concern and all nations should stand united in the formation of the regulations to control the cryptocurrency world and its branches.
