2 Feb 2022

Digital Rupee Issued By RBI Will Be A Legal Tender: Finance Secretary

Latest reports have been coming in from Finance Secretary which in an interview has said that Govt policy is except agriculture all other income is taxable. 

Currently,we don't have clarity on cryptocurrency,if it's business income,capital gain or speculative income.

Some people declare their crypto assets, some don't. Now uniform rate will be 30% tax according to the Finance Secretary.

This is not only for crypto, this is for all speculative income. For example, if I take horse racing, that also attracts 30% tax. 

There is already a 30% tax on any speculative transaction. So we have decided to tax crypto at the same rate according to Finance Secretary TV Somanathan.

Crypto is a speculative transaction, so we are taxing it at a 30% rate. No one knows the real value of Ethereum. 

Their rate daily fluctuates. One who earns income through crypto will have to now pay 30%. 

This is the new policy of the government according to Finance Secretary TV Somanathan.

Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital. 

Digital rupee issued by RBI will be a legal tender. Rest all aren't legal tender,will not,will never become legal tender as per Finance Secy TV Somanathan.

Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. 

You can buy gold, diamond, crypto, but that will have not have the value authorization by govt according to Finance Secretary TV Somanathan.

People investing in private crypto should understand that it does not have the authorisation of govt. 

There is no guarantee whether your investment will be successful or not, one may suffer losses and govt is not responsible for this according to Finance Secretary TV Somanathan.

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