eRupee, the Indian central bank digital currency (CBDC), was reportedly used to process transactions worth Rs. 5.70 crore in the first four months since it entered the retail trials phase. The information was disclosed by the Reserve Bank of India (RBI) as it responded to an RTI query initiated by Moneycontrol. The RBI launched eRupee … Read more
A UK-based company is planning to set up a semiconductor fabrication unit in Odisha’s Ganjam district with an investment of Rs. 30,000 crore in the first phase, officials said. The SRAM & MRAM Technologies and Projects India Pvt Limited, the Indian unit of UK-based SRAM & MRAM Group, had signed a memorandum of understanding (MoU) … Read more
The Enforcement Directorate on Tuesday said it has taken possession of funds worth Rs. 90 crore, kept in cryptocurrency wallets of exchanges like Binance, ZebPay and WazirX, as part of a money laundering investigation linked to an online gaming app “scam”. “These crypto assets were subsequently taken into possession and transferred into the crypto wallet … Read more
The Tamil Nadu government on Tuesday said it has signed investment pacts worth over Rs. 2,600 crore with American companies during the ongoing US visit of state Chief Minister M K Stalin. MoUs were signed with Jabil, a leading provider of electronics manufacturing service, and Rockwell Automation for investment and expansion activities in the state. … Read more
Ahead of India’s final budget announcement for FY2024-2025, a policy paper has outlined the reasons why the government should consider revising the crypto tax laws in the country. The report has collectively been compiled by the Centre for Tax Laws, Hyderabad-based NALSAR University of Law, and some individual members of the crypto community in India. … Read more
Binance, touted as the largest crypto exchange in the world, has been issued a notice in India, demanding a Goods and Services Tax (GST) payment of Rs. 772 crore (roughly $92 million). The Ahmedabad zonal unit of India’s Directorate General of GST Intelligence (DGGI) is the authority that has issued this notice to the multi-national … Read more
Indian crypto exchange CoinDCX announced the launch of a crypto investor protection fund (CIPF) worth Rs. 50 crores on Wednesday, August 7. This decision from CoinDCX comes after WazirX users were left to bear losses in the aftermath of a hack that drained one of its wallets off over $230 million (roughly Rs. 1,900 crore). … Read more
CoinSwitch announced on Tuesday, January 7, the launch of a recovery initiative aimed at supporting distressed WazirX users who suffered losses in a hacking incident in July 2024. The initiative, branded as ‘CoinSwitch Care,’ aims to facilitate the recovery of at least ₹600 crore for affected users over the next two years. Eligible WazirX users … Read more
The Financial Intelligence Unit of India (FIU-IND) has reasons to believe that the ByBit crypto exchange was in violations of the Prevention of Money Laundering Act. In a fresh development, the FIU has levied a penalty of Rs. 9.27 crore on ByBit for continuing to operate in India without bringing its operations in compliance with … Read more
ByBit on Thursday announced that it has settled a monetary penalty imposed on the crypto firm, by India’s Financial Intelligence Unit (FIU-IND). The Dubai-based crypto exchange has also registered with the FIU-IND and revealed that it will ramp up initiatives to spread crypto awareness in India and work with educational institutions to let students experiment … Read more