Cryptocurrency bill to be introduced in winter session among 26

Cryptocurrency bill to be introduced in winter session among 26

26 new bills, including one on cryptocurrency, are listed to be introduced in the winter session of Parliament, which begins on November 29 and ends on December 23.

The winter session will consider regulation of cryptocurrency and digital currency bills, banking amendment bill, repeal of agricultural laws, IBC amendment bill, said the legislative agenda for the upcoming session released on Tuesday.


The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to be introduced in Parliament during the winter session “seeks to create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to restrict does all private cryptocurrencies in India, however, it allows certain exceptions to promote the cryptocurrency and the technology underlying its use.” The cryptocurrency bill comes amid concerns over such currencies allegedly being used to lure investors with misleading claims.

Earlier this month, Prime Minister Narendra Modi chaired a meeting on cryptocurrencies, and noted that over-promising and non-transparent advertising attempts to mislead the youth are, and must be stopped.

The bill also aims to “create a facilitating framework for the creation of an official digital currency to be issued by the RBI”.

The government is considering changes to the Income Tax Act to bring profits from transactions in cryptocurrencies under the tax net in next year’s budget. A Finmin official said last week that it is also considering imposing a goods and services tax (GST) on trade in virtual currencies.

Revenue Secretary Tarun Bajaj told PTI that people are already paying capital gains on income from cryptocurrencies and the GST law provides for taxation of such transactions as a ‘service’.

Investing in cryptocurrencies has increased recently with the expectation of higher returns. These mudras have also gained wide acceptance among the youth.When asked whether those involved in cryptocurrency trading would be classified as facilitators, brokerages and trading platforms and how they would be taxed under GST, Bajaj told PTI that “Such things are already there in other services. So whatever GST rate they will be taxed will be applicable to them. They have to get themselves registered. The GST law is very clear. If there is any activity, if there is any broker who is helping people. and is charging brokerage charges, then GST will be charged.”

The Banking Laws (Amendment) Bill, 2021 “regarding the privatization of two public sector banks” will also be introduced.

To repeal the Farmer Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Farmers (Empowerment and Protection) Agreement of Price Assurance, the Agricultural Services Act, 2020 and the Agriculture Law Repeal Bill, 2021, necessary will also be introduced. The Commodities (Amendment) Act, 2020. This comes in the backdrop of PM Modi’s announcement on Friday to withdraw the controversial laws.

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