April

Force

<h4><strong>The Narcotics Control Bureau (NCB) of India is keeping a close eye on crypto transactions made on the darknet. </strong></h4> 
<p>This is part of its ongoing attempt to stop drug trafficking in the nation. Let’s discover more about this important news for crypto in India.</p> 
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      <h5><strong>India’s Strategy to Combat Drug Trafficking and Crypto Use</strong></h5> 
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<p>The minister of state for home affairs, Nityanand Rai, recently shared <a href="https://www.mha.gov.in/MHA1/Par2017/pdfs/par2024-pdfs/RS24072024/236.pdf" target="_blank" rel="noopener">India’s plan</a> to reduce the movement of drugs within India as well as its importation.&nbsp;Speaking to the parliament, Rai confirmed that India has witnessed around 92 incidents between 2020 and April 2024 involving the dark net and crypto to purchase drugs.</p> 
<p>Rai detailed 13 action plans aimed at curbing growing cases of drug trafficking. Interestingly, two of these action plans seek to address the illegal use of cryptocurrencies. He said, “A Special Task Force on Darknet and Crypto Currency has been constituted to monitor suspicious transactions related to drugs on Darknet.” Furthermore, the NCB currently offers several training courses in cryptocurrencies, darknet, and digital forensics.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-146762" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics.png" alt="" width="1330" height="487" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics.png 1330w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-300x110.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-1024x375.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-768x281.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-1147x420.png 1147w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-696x255.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Indias-crypto-narcotics-1068x391.png 1068w" sizes="(max-width: 1330px) 100vw, 1330px"></p> 
<h5><strong>Crypto Tax Remains Unchanged in India</strong></h5> 
<p>India is keeping its strict rules on cryptocurrency taxes. In the recent budget for the 2024-25 session, the Indian Finance Minister, Nirmala Sitharaman, didn’t mention any changes for cryptocurrencies.</p> 
<p>This means that crypto investors in India still have to pay a 1% tax on every transaction they make. So, if they make any profits from trading or transferring cryptocurrencies, the <a href="https://www.altcoinbuzz.io/regulations/india-recognizes-crypto-with-30-tax/" target="_blank" rel="noopener">government taxes</a> those profits at a high rate of 30%.</p> 
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<p>The rules are tough because they don’t allow people to balance their crypto losses with other types of income. This includes their salary or business income. Also, these losses can’t be carried forward to the next year.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" alt="" width="1197" height="148" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" sizes="(max-width: 1197px) 100vw, 1197px"></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/india-to-crackdown-on-the-use-of-crypto-for-drug-trafficking/">India to Crackdown on the Use of Crypto for Drug Trafficking&nbsp;</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

India to Crackdown on the Use of Crypto for Drug Trafficking

Altcoin Buzz

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