While speaking at an event, Union Finance minister Nirmala Sitharaman said the government will fulfil commitments on issues like bank privatisation and cryptocurrency regulation but didn't elaborate further.
Sitharaman said, “These are commitments which we have to fulfil. We will be moving forward, you will get to know when.”
Bank privatisation is a promise which the government has not managed to progress on despite several rounds of announcements. The government is hesitant to kick-start the privatisation plan in the face of trade union opposition. Similarly, Crypto regulations are yet to be formed at the national level.
During the Union Budget 2022, the finance minister announced that there will be 30 percent taxation on all income from transfer of virtual digital assets as there has been an enormous growth in the use of virtual digital assets and thus there is a need to bring them under specific tax regime. But the Centre has been non-committal about the Crypto law so far.
There were a lot of speculations about crypto taxation in the last Parliament session. But apart from the taxation aspect, no concrete regulation was proposed by the Ministry of Finance in the session.
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