India Crypto Saga: Earning in cryptocurrencies is not illegal, explains prominent advocate

2019-5-3 16:30

The Indian crypto community has been promoting cryptocurrencies, digital assets that are now close to being banned, according to reports. However, the community has some hope with the scheduled hearing in July 2019. The community is now bracing itself for the probable ban which has raised multiple questions under the Prevention of Money Laundering Act [PMLA].

Vijay Dalmia, an advocate at Vaish Associates, in an interview with Crypto Kanoon, a blockchain and crypto-news portal, demystified these blurred lines between trading in crypto and laundering in crypto.

Acts of Money Laundering are handled by Enforcement Directorate [ED], an entity that has the authority to seize black money in the form of cash, property, or even cryptocurrency, informed Dalmia. He said that this could be economically paralyzing for a person booked under the Money Laundering Act.

Dalmia also spoke about people owning crypto in a hardware wallet. He said that they could travel to other countries if they had bought the crypto legally and not in an attempt to launder money. The individual will not have to seek permission from the Reserve Bank of India [RBI].

Meanwhile, there are other people in the country working for foreign clients/employers who get paid in crypto, who worry that their salary could be counted as an act of laundering money. Dalmia shed light on ‘Contract Act’ which highlights that a person can get ‘salary’ for a ‘service’. However, this salary is not necessarily in cash and that is why if an individual receives ‘salary’ in crypto, it is not an illegal payment. He said,

“If you receive payment [in crypto], you can declare while filing Income Tax and convert it into cash.” He further added that “it is legit money.”

Dalmia further explained the taxation on crypto earnings and expressed his opinion on what could happen in the next hearing in the ‘RBI Vs Crypto’ case.

The post India Crypto Saga: Earning in cryptocurrencies is not illegal, explains prominent advocate appeared first on AMBCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Waves Community Token (WCT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.05 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.6318 (-100%)

community crypto cryptocurrencies india advocate prominent saga

Источник: ambcrypto.com

community crypto → Результатов: 126


Brian Armstrong Proposes The Community To Create A WiFi Access Point That Accepts Crypto

Brian Armstrong, the co-founder and CEO of Coinbase, one of the largest crypto platforms in the market, seems to have a very interesting proposal for an entrepreneur in the crypto community. The co-founder of Coinbase wrote on Twitter a small thread in which he asked the community whether someone has already tried to create a […]

2019-1-24 13:36


trade.io Engages Its Community For Stress Testing Of Unique Crypto Exchange… Live Launch Imminent

Tuesday 12 June 2018, Lugano Switzerland, trade. io announces that its highly anticipated crypto to crypto online exchange is approaching launch, with thanks to its valued community members. The Beta version, which was released in May 2018 is currently being stress tested by over 200 community members, comprising of crypto fans, technical testers, blockchain developers and token investors.

2018-6-14 05:00


Фото:

Suggested Regulations Could Create Major Changes in Canadian Crypt Businesses

The Canadian crypto business community is still assessing the new proposed regulations but a number of experts have told Bitcoin Magazine that the impact on the community will be “massive” and “significant” and may result in a shake-up and consolidation of companies, including blockchain companies currently in the space. The language used could mean a

2018-6-13 23:02


Фото:

Proposed Regulations Could Cause Major Shifts in Canadian Crypto Businesses

Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.

2018-6-13 20:24


Tim Draper-backed Tezos called out as a scam? Community erupts over controversial guidelines

An ICO backed by Tim Draper, built to solve governance protocols and incentivize innovation; this was Tezo’s pitch when they launched their ICO in July of 2017. Fast-forward a year later, investors have still not received their Tezzie [XTZ] tokens, after $232 million was raised in funds. Tezos promised to be a self-amending crypto ledger […]

2018-6-11 22:22


Фото:

Jason Attar Takes Cryptocurrency to the Big Screen in New Mockumentary

Award-winning comedian, actor, writer and director Jason Attar is once again heading for the big screen with his new project KevCoin: The Movie. A follow-up to his previous film One Night in Powder, Attar will don the guise of his infamous character Kevin Powder — a rock star “fixer” who’s constantly trying to reinvent himself through wild schemes — and take on the world of digital finance as he seeks out fame and riches.

2018-6-11 22:31

дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Eclipse Labs appoints new CEO after investors ‘urge’ founder to resign

Eclipse Labs replaced Neel Somani with Vijay Chetty as the firm's new CEO Investors, led by Hack VC, could have played a role in the change in management  Eclipse Labs has replaced its founThe post Eclipse Labs appoints new CEO after investors ‘urge’ founder to resign appeared first on AMBCrypto.

Is Arbitrum's latest record good news for ARB's price? Metrics say...

Arbitrum active addresses registered figures of 900,000 for consecutive days ARB's market trend has continued to fall though Arbitrum is in the news today after it seemed to solidify its posThe post Is Arbitrum's latest record good news for ARB's price? Metrics say... appeared first on AMBCrypto.

XRP whales add $55 million, but the price falls again - What's happening?

XRP whales have increased their accumulation of the token over the last 14 days However, this failed to affect the altcoin's price positively XRP's price has maintained a downtrend on the chThe post XRP whales add $55 million, but the price falls again - What's happening? appeared first on AMBCrypto.

Countdown to Notcoin's Binance listing - Will NOT and TON profit from it?

78% of NOT’s total supply will be allocated to miners  TON turned bearish as its price dropped by more than 3.5% The wait for the much-hyped Notcoin [NOT] launch is about to end soon. As The post Countdown to Notcoin's Binance listing - Will NOT and TON profit from it? appeared first on AMBCrypto.

Ethereum's latest buy signal - Are ETH whales buying yet?

Ethereum’s exchange reserves hiked over the past week Most metrics suggested that ETH might continue to rally  The crypto-market has turned bullish over the last 36 hours, allowing most cThe post Ethereum's latest buy signal - Are ETH whales buying yet? appeared first on AMBCrypto.

Bitcoin Price Surges On Positive CPI Numbers

Bitcoin has surged above $66,000 briefly today as global markets jumped following April’s Consumer Price Index , which came in lower than expected at 0.3%, according to data from the U.S. Bureau of Labor Statistics