IndiaBudget
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India's Foreign Exchange Reserve Touches Fresh High Of USD 681.7 Billion
#IndianCryptoCommunity #india_crypto #IndiaBudget #IndianCryptoCommunity #BinanceAppHomepage
New Delhi:Â India's foreign exchange reserves increased by USD 7.023 billion, reaching a fresh record high of USD 681.688 billion, during the week that ended on August 23, according to data released by the Reserve Bank of India. The previous record high was USD 674.919 billion.
The reserves have been on an upward trend for some time. In 2024 alone, they have risen by approximately USD 60 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
According to the latest data from the RBI, India's foreign currency assets (FCA), the largest component of forex reserves, rose by USD 5.983 billion to USD 597.552 billion. Gold reserves during the week increased by USD 893 million, bringing the total to USD 60.997 billion. As per estimates, India's foreign exchange reserves are now sufficient to cover about a year of projected imports.
In the calendar year 2023, India added about USD 58 billion to its foreign exchange reserves. In contrast, India's forex reserves saw a cumulative decline of USD 71 billion in 2022. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority.
These are generally held in reserve currencies, typically the US Dollar and, to a lesser extent, the Euro, Japanese Yen, and Pound Sterling. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions, aiming to contain excessive volatility in the exchange rate without reference to any pre-determined target level or band.\
The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent a steep depreciation of the rupee.
New Delhi:Â India's foreign exchange reserves increased by USD 7.023 billion, reaching a fresh record high of USD 681.688 billion, during the week that ended on August 23, according to data released by the Reserve Bank of India. The previous record high was USD 674.919 billion.
The reserves have been on an upward trend for some time. In 2024 alone, they have risen by approximately USD 60 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
According to the latest data from the RBI, India's foreign currency assets (FCA), the largest component of forex reserves, rose by USD 5.983 billion to USD 597.552 billion. Gold reserves during the week increased by USD 893 million, bringing the total to USD 60.997 billion. As per estimates, India's foreign exchange reserves are now sufficient to cover about a year of projected imports.
In the calendar year 2023, India added about USD 58 billion to its foreign exchange reserves. In contrast, India's forex reserves saw a cumulative decline of USD 71 billion in 2022. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority.
These are generally held in reserve currencies, typically the US Dollar and, to a lesser extent, the Euro, Japanese Yen, and Pound Sterling. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions, aiming to contain excessive volatility in the exchange rate without reference to any pre-determined target level or band.\
The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent a steep depreciation of the rupee.
đ Exciting News for Crypto Enthusiasts! đ
đ Attention all crypto investors! With just 24 hours left for the đźđł Budget, it's time to voice our collective opinions and shape the future of crypto taxation in India!
đą We urge the finance ministry to consider our community's proposals for fair and transparent crypto taxation:
1ïžâŁ Taxation in slabs to ensure fairness and accessibility for all investors.
2ïžâŁ Removal of TDS or a minimal 0.01% TDS rate for smoother transactions.
3ïžâŁ Allowance for loss setoff to mitigate risks and promote long-term investment strategies.
Together, let's pave the way for a thriving crypto ecosystem in India! đŒđ° #CryptoTaxReform #IndiaBudget #CryptoCommunity đđ
đ Attention all crypto investors! With just 24 hours left for the đźđł Budget, it's time to voice our collective opinions and shape the future of crypto taxation in India!
đą We urge the finance ministry to consider our community's proposals for fair and transparent crypto taxation:
1ïžâŁ Taxation in slabs to ensure fairness and accessibility for all investors.
2ïžâŁ Removal of TDS or a minimal 0.01% TDS rate for smoother transactions.
3ïžâŁ Allowance for loss setoff to mitigate risks and promote long-term investment strategies.
Together, let's pave the way for a thriving crypto ecosystem in India! đŒđ° #CryptoTaxReform #IndiaBudget #CryptoCommunity đđ
India's Budget 2024 Ignores Crypto Tax Cuts, Is the Government Trying to Kill Innovation?
The Indian government's decision to maintain the status quo on crypto tax regulations in Budget 2024 has left many investors scratching their heads. Analysts widely expected a reduction in taxes on cryptocurrencies, but the government has chosen to stick with the current high rates.
This move has sparked a heated debate among industry experts. Some argue that the high taxes will stifle the growth of the Indian crypto sector, making it uncompetitive with other countries that are embracing digital assets. They point out that the current tax structure discourages long-term investment in crypto and pushes investors towards unregulated markets.
On the other hand, some analysts believe that the government's decision provides much-needed stability and predictability for investors. They argue that frequent changes in tax regulations can create uncertainty and discourage investment. Additionally, they point out that the government may be waiting to see how the crypto market evolves before making any major changes to the tax regime.#IndiaBudget #IndianCryptoCommunity
The Indian government's decision to maintain the status quo on crypto tax regulations in Budget 2024 has left many investors scratching their heads. Analysts widely expected a reduction in taxes on cryptocurrencies, but the government has chosen to stick with the current high rates.
This move has sparked a heated debate among industry experts. Some argue that the high taxes will stifle the growth of the Indian crypto sector, making it uncompetitive with other countries that are embracing digital assets. They point out that the current tax structure discourages long-term investment in crypto and pushes investors towards unregulated markets.
On the other hand, some analysts believe that the government's decision provides much-needed stability and predictability for investors. They argue that frequent changes in tax regulations can create uncertainty and discourage investment. Additionally, they point out that the government may be waiting to see how the crypto market evolves before making any major changes to the tax regime.#IndiaBudget #IndianCryptoCommunity
đđđ Breaking: No Crypto Tax Relief in India's 2024-2025 Budget âŒïžâ ïžđđšđšđš
đšIndia's 2024-2025 Budget Announcementđš
India's Finance Minister Nirmala Sitharaman has announced the 2024-2025 budget, which includes several key points, but no changes to crypto tax rules.
The highlights of the budget are as follows:
- No Changes to Crypto Tax Rules: Despite expectations, there are no changes to the crypto tax rules in the 2024-2025 budget.
- Increased Focus on Employment and Skilling: The budget proposes five schemes to facilitate employment and skilling for 4.1 crore youth over five years, with a central outlay of âč2 lakh crore.
- Increased Allocation for Agriculture: The budget allocates âč1.52 lakh crore for agriculture and allied sectors.
- Reduction in Basic Customs Duty: The budget proposes a reduction in the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA), and mobile chargers to 15%.
- Increase in Securities Transaction Tax: The budget proposes an increase in the securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation.
#ETH_ETFs_Trading_Today #BinanceHODLerBANANA #IndiaBudget #KaleemsCryptoMehfilKCM #ETH_ETFs_Approval_Predictions
đšIndia's 2024-2025 Budget Announcementđš
India's Finance Minister Nirmala Sitharaman has announced the 2024-2025 budget, which includes several key points, but no changes to crypto tax rules.
The highlights of the budget are as follows:
- No Changes to Crypto Tax Rules: Despite expectations, there are no changes to the crypto tax rules in the 2024-2025 budget.
- Increased Focus on Employment and Skilling: The budget proposes five schemes to facilitate employment and skilling for 4.1 crore youth over five years, with a central outlay of âč2 lakh crore.
- Increased Allocation for Agriculture: The budget allocates âč1.52 lakh crore for agriculture and allied sectors.
- Reduction in Basic Customs Duty: The budget proposes a reduction in the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA), and mobile chargers to 15%.
- Increase in Securities Transaction Tax: The budget proposes an increase in the securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation.
#ETH_ETFs_Trading_Today #BinanceHODLerBANANA #IndiaBudget #KaleemsCryptoMehfilKCM #ETH_ETFs_Approval_Predictions
đźđł
Indian #crypto industry wants 0.01% TDS in #Budget2024
đŻ
#Write2Earn #IndiaBudget #TrendingTopic
Indian #crypto industry wants 0.01% TDS in #Budget2024
đŻ
#Write2Earn #IndiaBudget #TrendingTopic
đ Exciting News for India's Crypto Community! đ đ
đą Brace yourselves for a potential game-changer! đźđł The anticipation is high as India gears up for its 2024 Budget presentation. đ„ Could this be the moment we've all been waiting for? đ€
đ Keep your eyes peeled as the crypto sector eagerly awaits a clearer legal framework and potential tax regularization. đŒ This could mark a significant shift in the landscape, bringing new opportunities and advancements. đ°
đĄ Stay tuned for updates as we delve into what this could mean for India's crypto ecosystem. Let's revolutionize the game together! đ #CryptoIndia #2024Budget #GameChanger
âš Don't miss out on the latest buzz â hit that follow button and join the conversation! đđ #Cryptocurrency #IndiaBudget #BreakingNews đ
đą Brace yourselves for a potential game-changer! đźđł The anticipation is high as India gears up for its 2024 Budget presentation. đ„ Could this be the moment we've all been waiting for? đ€
đ Keep your eyes peeled as the crypto sector eagerly awaits a clearer legal framework and potential tax regularization. đŒ This could mark a significant shift in the landscape, bringing new opportunities and advancements. đ°
đĄ Stay tuned for updates as we delve into what this could mean for India's crypto ecosystem. Let's revolutionize the game together! đ #CryptoIndia #2024Budget #GameChanger
âš Don't miss out on the latest buzz â hit that follow button and join the conversation! đđ #Cryptocurrency #IndiaBudget #BreakingNews đ
đ India's Finance Minister Nirmala Sitharaman Unveils Budget in Parliament, No Change in Crypto Tax !
India's Finance Minister Nirmala Sitharaman presented the budget in Parliament, maintaining the existing tax structure for cryptocurrencies. Crypto investors in India will continue to face a 30% tax on profits without set-off for losses and a 1% TDS (Tax Deducted at Source) on all transactions. This decision has prompted the Indian crypto community to trend #ReduceCryptoTax on Twitter (X) India.
#JUP #TrendingTopic #fomc #indiaceyptotax #IndiaBudget
India's Finance Minister Nirmala Sitharaman presented the budget in Parliament, maintaining the existing tax structure for cryptocurrencies. Crypto investors in India will continue to face a 30% tax on profits without set-off for losses and a 1% TDS (Tax Deducted at Source) on all transactions. This decision has prompted the Indian crypto community to trend #ReduceCryptoTax on Twitter (X) India.
#JUP #TrendingTopic #fomc #indiaceyptotax #IndiaBudget
Indian Budget Presentation 2024: Hereâs What To Expect For Crypto, Startups
Indian finance minister Nirmala Sitharaman is all set to present the interim budget 2024 in Parliament
Indian finance minister Nirmala Sitharaman is all set to present the interim budget 2024 in Parliament. The full-fledged budget will be presented by the new government that comes to power after the elections, which are due later in the second quarter of 2024. The interim budget is a short term financial plan that seeks the Parliamentâs approval for a grant in advance to meet the Union governmentâs essential expenditure for the initial months of the new financial year. A full-fledged budget would be presented by the incoming government that is elected to Lok Sabha.
The BSE SENSEX, a market weighted stock market index of 30 financially strong and well known companies listed on the Bombay Stock Exchange, is up by 0.40% ahead of the interim budget presentation. The NIFTY 50 is up by 0.20%.
Also Read:Â 1% TDS on Crypto: How Does It Impact Crypto Investors In Indian Union Budget 2024 ?
Budget Expectations â Startups & Crypto
Among the expectations are tweaks to policy around tax benefits, employee stock options and stock awards for startups. The Budget is also expected to provide for the simplification in the capital gains tax regime. For the crypto industry, stakeholders have been highlighting the impact that the one percent withholding tax on crypto gains has had on the domestic digital assets market. The rule led to diversion of crypto exchange user traffic to foreign platforms.
The finance minister provided no relief for the crypto industry market participants by continuing to levy the flat 30% tax on virtual assets, which was earlier proposed in the financial year 2022. Besides the high tax slab imposition, the Union government had imposed an additional 1% tax deductible at source (TDS) on all crypto transactions in the 2022 budget presentation. This made India one of those countries that imposed the highest tax slabs for crypto transactions.
#IndiaBudget
Indian finance minister Nirmala Sitharaman is all set to present the interim budget 2024 in Parliament
Indian finance minister Nirmala Sitharaman is all set to present the interim budget 2024 in Parliament. The full-fledged budget will be presented by the new government that comes to power after the elections, which are due later in the second quarter of 2024. The interim budget is a short term financial plan that seeks the Parliamentâs approval for a grant in advance to meet the Union governmentâs essential expenditure for the initial months of the new financial year. A full-fledged budget would be presented by the incoming government that is elected to Lok Sabha.
The BSE SENSEX, a market weighted stock market index of 30 financially strong and well known companies listed on the Bombay Stock Exchange, is up by 0.40% ahead of the interim budget presentation. The NIFTY 50 is up by 0.20%.
Also Read:Â 1% TDS on Crypto: How Does It Impact Crypto Investors In Indian Union Budget 2024 ?
Budget Expectations â Startups & Crypto
Among the expectations are tweaks to policy around tax benefits, employee stock options and stock awards for startups. The Budget is also expected to provide for the simplification in the capital gains tax regime. For the crypto industry, stakeholders have been highlighting the impact that the one percent withholding tax on crypto gains has had on the domestic digital assets market. The rule led to diversion of crypto exchange user traffic to foreign platforms.
The finance minister provided no relief for the crypto industry market participants by continuing to levy the flat 30% tax on virtual assets, which was earlier proposed in the financial year 2022. Besides the high tax slab imposition, the Union government had imposed an additional 1% tax deductible at source (TDS) on all crypto transactions in the 2022 budget presentation. This made India one of those countries that imposed the highest tax slabs for crypto transactions.
#IndiaBudget
