Business
Budget 2022: Experts exhort Centre to regulate crypto trades

Even as Union Finance minister Nirmala Sitharaman is set to present the annual Budget on February 1, experts have called for regulation of cryptocurrencies and exhorted the government to treat them as capital assets with a “reasonable” tax regime.
While the sector has grown exponentially over the last few years in India with buying, selling of the digital currencies and altcoins and establishing cryptocurrency exchanges being legal, the government is yet to bring in a law that regulates the sector.
The government was expected to introduce a Bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” to regulate cryptocurrencies in the Winter session of the Parliament but did not do so. It is now expected to be tabled in the Parliament during the Budget session that starts on January 1 and ends on April 8.
Pratik Gauri, CEO, and Founder, 5ire said the government has a responsibility to protect people from investments that are sensationalized, and while risk-taking is every investor’s right, a measured hand where investment and holding parties responsible go hand-in-hand.
“Laissez-faire has never worked in populations where every rupee is hard-earned and we are a nation of hard-earners. Even in terms of governance, the Indian government is looking long and hard at accountability. So, taxation and regulation of investment falls under its purview and I think, thus far the government has done a remarkable job of balancing the need to encourage investment for innovation and the restriction on gaining from wild speculation,” he said.
He added that all gains from cryptocurrencies are taxed heavily across the globe and that asking to pay a fair share of taxes on the gains in crypto markets is just part of the puzzle.
Prime Minister Narendra Modi, while virtually addressing a summit of the World Economic Forum on January 17, had called for a synchronized global action to regulate cryptocurrencies. The Reserve Bank of India has publicly favored a ban on private cryptocurrencies. The crypto assets in India are currently estimated at around Rs 45,000 crore with about 15 million investors.
The risk in the widespread adoption of crypto is that poor AML and fraud practices are heavily present in the crypto exchange market. The reasons are multifold: Enhanced Due Diligence (EDD) is not required on crypto exchanges or ATMs at this time.
Raj Kapoor, Founder – India Blockchain Alliance and Chief Growth Officer at Chainsense LTD, said an alignment with the FATF framework would also provide crypto for a clearer framework on performing AML compliance, and to prepare to use this to inform your risk assessment and procedures.
The Customer Due Diligence (CDD) scanner to detect customer identification, especially for scanning high-risk customers would then be in place as well.
Ravi S. Raghavan, Partner, Tax and Private Client Group at Majmudar & Partners says cryptos should be treated as capital assets and reasonable tax regime such as a levy of 18 per cent GST on fee collected by exchanges for enabling buying and selling cryptos; and Investor profits to be either taxed as – short term capital gains (for cryptos held for less than 36 months) at 30 per cent; or long term capital gains tax (for cryptos held for more than 36 months) at 20 per cent that is similar to trading and investment in securities.
“Reporting procedures in income tax returns and whether tax withholdings are applicable (beyond prescribed thresholds) should be explained in the form of an FAQ by the Central Board of Direct Taxes in due course to avoid any tax litigation,” he said.
He added that crypto trading should be considered by the government as speculative transactions and no losses arising from crypto sales be allowed to be carried forward and set off against other business profits or salary income of the concerned taxpayer.
Regulating cryptocurrencies by bringing it under the IT Act will make it a part of the investment choices and while most investors do not have a problem with taxation, they seek clarity and consistency of taxes.
“Anything that is banned never goes away, it just goes underground and the govt misses out on the tax revenues. Also regulating it would ensure that all loopholes are plugged and people don’t feel the need to evade taxes,” Kunal Verma director and creative head of Yunometa Pte limited said.
National
J&K Assembly adjourned for three hours as BJP, NC legislators protest

Jammu, April 9: The Jammu and Kashmir Assembly witnessed pandemonium on Wednesday following which Speaker Abdul Rahim Rather adjourned the House for three hours.
Agitated over the rejection of an adjournment motion notice on unemployment moved by the BJP, party MLAs stormed into the well of the House.
On the other hand, the National Conference (NC) MLAs continued their protest on the Waqf Amendment Act, demanding a discussion.
The Speaker has already firmly ruled out allowing a discussion on the Waqf Amendment Act, holding that the matter is sub judice.
Chaos started as soon as the proceedings of the House commenced for the day, with NC MLAs standing up to insist the Speaker allow discussion on the Waqf law.
Simultaneously, the Speaker disallowed the BJP’s notice for an adjournment motion on unemployment, saying: “I have rejected the adjournment motion as it is not a matter of urgent nature”.
The Speaker’s announcement triggered protests from the BJP legislators, who accused the NC lawmakers of indulging in theatrics. “Yeh Dramabazi Bandh Karo (stop these theatrics)”, the BJP legislators shouted.
Amid protests, NC MLA Nazir Gurezi urged the Speaker to allow discussion on the Waqf law so that they could speak up against the injustice faced by Muslims.
“They want to divide Hindus and Muslims. They should tell people how many jobs they have provided to unemployed youth,” Nazir Gurezi shouted at the protesting BJP MLAs.
Amid protests, the BJP legislators stormed into the well of the House and staged a sit-in there.
The Speaker adjourned the House till 1 p.m.
The speaker has also disallowed a no-confidence motion against him, which the PC leader and MLA, Sajad Gani Lone had brought against him.
The J&K Assembly started its 40-day budget session on March 3 with a recess from March 26 to April 6.
National
Our lives will be better by following what PM Modi, gurus say: CM Rekha Gupta

New Delhi, April 9: Delhi Chief Minister Rekha Gupta on Wednesday hailed Prime Minister Narendra Modi’s speech at the Navkar Mahamantra Day event, saying that if one follows what he and spiritual gurus say, then “our lives will be better”.
Addressing the World Navkar Mahamantra Day, CM Gupta said, “We all heard what PM Modi said, and after him, there is nothing left to speak as he beautifully wove sentiments of all people in one thread. If we follow what PM Modi and our Gurus say, assimilating it in our lives will be our ‘bhakti (devotion)’.”
On the occasion, she also complimented the Jain International Trade Organisation (JITO) team for the excellent organisation of the event at 6,000 places across the world parallely and lakhs of people participating in it.
BJP National General Secretary and former MP Anil Jain congratulated the JITO team for the wonderful organisation of the Navkar Mahamantra event.
According to Jain, the event must have increased the enthusiasm in the people across the world and inspired the communities.
Notably, PM Modi, while addressing the event at Vigyan Bhawan in New Delhi, unveiled a set of nine powerful resolutions, ‘Nav Sankalps’, aimed at building a more sustainable, healthy, and prosperous future for the nation.
The nine pledges were saving water, planting ‘Ek ped Maa ke Naam’, dedicated to environmental conservation through afforestation, practicing cleanliness and hygiene as part of the ongoing Swachh Bharat Mission, adopting ‘Vocal for Local’ approach, ‘Desh Darshan’, natural farming, healthier lifestyles, embracing yoga and sports in their daily lives and helping the poor and supporting those in need.
The event, a global initiative, saw participation from people across more than 108 countries, aimed at promoting peace and universal harmony.
The occasion focused on the collective recitation of the revered Navkar Mahamantra, a central tenet of Jainism.
Highlighting the significance of the Navkar Mantra, PM Modi said: “It says believe in yourself. The enemy is not outside, it is inside us. Negative thinking, dishonesty, selfishness, these are the enemies and winning over them is the real victory…”
Navkar Mahamantra Divas precedes Mahavir Jayanti, which falls on April 10 this year.
The festival marks the birth anniversary of Lord Mahavir, the 24th Tirthankara of Jainism, who was born in 615 BC.
Crime
Pune woman death case: Aaditya Thackeray demands action against Dinanath Mangeshkar Hospital

Mumbai, April 8: Shiv Sena leader Aaditya Thackeray on Tuesday targeted the Chief Minister Devendra Fadnavis-led MahaYuti government over the death of a pregnant woman, Tanisha Bhise, in Dinanath Mangeshkar Hospital at Pune for alleged denial of treatment after demanding a deposit of Rs 10 lakh.
Aaditya has asked why the government is protecting trust and the hospital and not initiating action despite the inquiry committee citing non-compliance with the stipulated norms.
“Everybody is looking at whether Chief Minister Fadnavis will act against the trust and the agency running the Deenanath Mangeshkar Hospital in Pune that demanded 10 lakh rupees from the woman for delivery. Her inability to pay this ransom led to her demise,” said Aaditya in his post on ‘X’, a day after the consulting obstetrician and gynaecologist Dr Sushrut Ghaisas resigned.
He said that the internal committee denied the charge (of demanding a deposit of Rs 10 lakh by DR Ghaisas), while on Monday, a doctor admitted and resigned from the administration.
“How can Punekars trust such a hospital that speaks two different things to save itself and not the patient? If the hospital was demanding ransom money, what about the hospital’s tax and municipal dues? It’s in crores! Will the agencies go knocking on the doors of the trustees and agencies running this hospital?” he questioned.
Aaditya further asked, “Who is running this hospital and why is it so influential that the Chief Minister has to defend it?”
Dr Ghaisas, who, after a check-up of Tanisha Bhise on a case paper demanded a deposit of Rs 10 lakh, resigned on Monday, citing intense public anger, social media backlash, and threat calls as reasons.
Tanisha Bhise later died at another facility after giving birth to twin daughters.
Dr Dhananjay Kelkar, medical director of the hospital, told reporters: “In his resignation letter, Dr Ghaisas stated that he is under tremendous mental pressure due to public outrage, criticism and threats. He fears this will impact his ability to treat other patients and may also compromise the safety of his family. To avoid injustice to his work, he has decided to resign.”
He said that the hospital administration has forwarded the resignation to its trustees, and it is expected that it will be accepted, adding that Dr Ghaisas will complete his scheduled surgeries and work until Thursday.
Incidentally, the preliminary report prepared by the five-member inquiry committee chaired by Deputy Director Pune Circle Dr Radhakishan Pawar has blamed the hospital for the violation of provisions from the Hospitals Act by not giving primary treatment and later referring the case for further treatment.
The committee was established by the Public Health Department amid protests against the hospital.
According to the committee, the hospital has also violated the provisions of the Bombay Public Trust Act, 1950, which clearly mentions that in an emergency, the Charitable Hospitals must attend to the patient immediately and provide essential medical facilities for all life-saving emergency treatment and procedure, and toll stabilisation.
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