Direct Tax Implications on Crypto Exchanges in India The income of the corporations and individuals is taxed under the Income Tax Act, 1961 (the ‘ITA’). The ITA has the provisions to tax the Indian residents on their worldwide income and non- residents on their income...
Blockchain in India-Scenario Thing(s) pertaining to ownership, implementation of inheritance, management and virtualization of assets through blockchain technology, which were impossible or infeasible a decade back, have now become feasible. For all practical...
Benami Transactions in India - Attachment and Confiscation of Property Despite the fact, the Benami Transactions (Prohibition) Act, 1988 came into force on 19.05.1988 (hereinafter referred as “1988 Act”) in India, even at that time the concept of benami...
Crytocurrency as Legal Tender in India The word “currency” is defined in Section 2(h) of the Foreign Exchange Management Act, 1999 (hereinafter, “FEMA”) to include “all currency notes, postal notes, postal orders, money orders, cheques, drafts, travelers’ cheques,...
Prevention of Money Laundering (PMLA) INTERPOL’s definition of money laundering is: “any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources”....
Process of Criminal Trial in India *The flow chart below is indicative & for general guidance only. India has a well-established statutory, administrative and judicial framework for criminal trials. Indian Penal laws are primarily governed by 3 Acts: The Code of...
“SECURITIES” UNDER THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 The term “securities” has been defined under Section 2(h) of the Securities Contracts (Regulation) Act, 1956 to include: 1. shares, scrips, stocks, bonds, debentures, debenture stock or other...
Persons of Indian Origin PIO for this purpose is defined in Regulation 2 of FEMA Notification ibid as a citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b) he or either of his parents or any of his grandparents...
Current Account Transactions under FEMA The current account transaction has been defined under Section 2(j) of FEMA which states as under: Current account transaction means a transaction other than a capital account transaction and without prejudice to the generality...
Inheritance & Blockchain Thing(s) pertaining to ownership, implementation of inheritance, management and virtualization of assets through blockchain technology, which were impossible or infeasible a decade back, have now become feasible. This paper will deal with a...
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