Finance Minister Nirmala Sitharaman presented her fourth Union Budget for the financial year 2022-23. With a heavy capital expenditure-focused thrust, Sitharaman introduced several provisions regarding the taxation of cryptocurrencies in the budget.
However, Rakesh Jhunjhunwala, who is called the 'Big Bull' of the Indian stock market, has described this budget as the 'death' of cryptocurrency. Jhunjhunwala believes that India is following China with its provisions on digital currency. He says that India wants to promote its digital currency and in the process is eliminating all other cryptos.
The 'Big Bull' said, "In fact, Budget 2022 has made the RBI the only competent authority to promote digital currency, in the process eliminating all other cryptos. This also becomes important because the cryptocurrency bill is yet to be passed in Parliament.”
According to media reports, Jhunjhunwala said, "I think what the government wants to do is that the Reserve Bank of India (RBI) promotes digital currency and kills all other currencies, as China is doing, which In a way, it's also the right approach."
What the budget says about cryptocurrencies
Let us tell you that Finance Minister Nirmala Sitharaman on Tuesday clarified the taxation on cryptocurrencies and other digital assets. He proposed to levy a 30 percent tax on transactions in such properties. Also, to bring such properties under the tax net, the Finance Minister proposed to levy one percent TDS (Tax Deduction at Source) on transactions above a limit in this property category.
While presenting the budget for the financial year 2022-23 in the Lok Sabha, Sitharaman said that gifts in crypto and digital assets will be taxed. After the budget is passed in Parliament, the tax proposal will come into force from April 1. Meeting the demand of the industry, he said that the Reserve Bank of India will introduce a blockchain technology-based digital rupee in 2022-23.
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