HENCY R SHAH AND ASSOCIATES

Crypto under PMLA: New rules of the game The central government has tightened regulatory control over virtual digital assets, more commonly known as cryptocurrencies. According to a gazette notification, the government has mandated that a host of trading activities in such assets will now come under the ambit of the Prevention of Money Laundering Act (PMLA). In other words, going ahead, trading between cryptocurrencies and fiat currencies or among cryptocurrencies and other such services can be investigated by agencies such as the Enforcement Directorate (ED) and the Income Tax department. The move should be seen in light of the government’s efforts to bring cryptocurrencies under greater regulation. In April 2022, for instance, the government introduced a 30% income tax on gains made from cryptocurrencies. Later in July 2022, the government brought in rules regarding 1% tax deducted at source on cryptocurrency. Broadly speaking, greater regulation of cryptocurrencies is advisable. ...

₹ to use as foreign trade currency   Use of rupee in foreign trade:  In order to facilitate international trade, Sri Lanka has agreed to utilize ₹. It occurs shortly after the Indian government announced it was looking into ways to include nations who are particularly short on dollars in the Indian rupee trade settlement process. Notably, the Indian government has been attempting to entice nations with dollar shortages to use its rupee settlement system since July of this year. The Indian rupee trade settlement system allows for the use of the Indian rupee in place of dollars and other major currencies in all international transactions. The RBI announced the creation of a system to conduct foreign trade in Indian rupees on July 11. While the market determines the exchange rate between the trading partners, the method will allow all exports and imports to be denominated and billed in Indian rupees. In order to educate stakeholders on the rupee trade, the Indian Fina...

  Twitter Free Bird or Caged by Elon Musk?? "The bird is freed," Musk said in a tweet after taking control of the social media platform. On late Thursday, Musk completed the $44 billion takeover on the eve of a court-appointed deadline to seal his on-again, off-again deal and immediately fired its Indian-origin CEO  Parag Agrawal , as well as the company's other top executives. Chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde were also among those who were fired by Musk. "The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk wrote, in an unusually-long message for the billionaire  Tesla  CEO who typically projects his thoughts in one-line tweets. He continued: "There is currently great danger that social media will splinter into far right-wing and far l...