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GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA

UNSTARRED QUESTION NO. 53

TO BE ANSWERED ON MONDAY, THE 29th NOVEMBER, 2021

AGRAHAYANA 8, 1943 (SAKA) 

‘Tax on Multinational Companies’

53. SHRI RITESH PANDEY:

Will the Minister of Finance be pleased to state:

(a) whether the Government has presently any plans, policies and rules to levy proper share of taxation on multinational companies which derive large revenues from India via their digital presence, without having a physical one;

(b) if so, the details thereof; and

(C) If not, the measures proposed to be taken by the Government to deal with multinationals which generate substantial revenues in India but do not share a proper share of taxes with the Government?

ANSWER 

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SH. PANKAJ CHOUDHARY)

(a), (b), (c):

Yes Sir. Finance Act, 2016 introduced an Equalisation Levy on specified services provided by a non-resident not having physical presence in India. Finance Act, 2020 expanded the scope of Equalisation Levy to cover consideration received or receivable by an e-commerce operator from e-commerce supplies or services made or provided or facilitated on or after 01.04.2020. Further, Section 9(1)(i) of the Income-tax Act, 1961 was amended vide Finance Act, 2018 and subsequently vide Finance Act, 2020 to provide for the concept of “Significant Economic Presence”, in addition to the existing concept of physical presence, for establishing a business connection in India of a non-resident. Shree Tax Chambers Bengaluru India

The issue of taxation of income of multinational companies arising from digital presence has been considered by G20 / Organization for Economic Co-operation and Development (OECD) Inclusive Framework of which India is a member. A statement outlining the broad features of the consensus based on a two-pillar solution was issued on 8th October 2021 by the Inclusive Framework.

Tax Discussion in the Parliament on 25.11.2021

Government of India Ministry of Finance Department of Revenue 

LOK SABHA UNSTARRED QUESTION NO. 119

TO BE ANSWERED ON MONDAY, NOVEMBER 29, 2021 AGRAHAYANA 8, 1943 (SAKA)

TAX EVASION

 119. SHRIMATI RANJANBEN DHANANJAY BHATT:

Will the Minister of FINANCE be pleased to state:

(a) whether the incidents of tax evasion are increasing in Delhi and other parts of the Country;

(b) if so, whether the Government has taken any step in this regard so far;

(c) if so, the details thereof; and

(d) if not, the reasons therefor?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI PANKAJ CHAUDHARY) 

(a) : There is no evidence to suggest that incidents of Income tax evasion are increasing in Delhi and other parts of the Shree Tax Chambers Bengaluru India

In terms of cases detected under Goods & Service Tax (GST) and Customs, there is no increasing trend in such evasion noticed in Delhi, although, there is overall increase in detection of GST and Customs evasion cases in the country.

(a) to (d): The Income Tax Department (ITD) takes suitable steps against the persons indulging in tax evasion such as conducting search and seizure actions, surveys, summons, assessment and reassessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever

In recent times, various measures have been initiated to prevent tax evasion which, inter-alia, includes:

(i ) Enactment of ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f.  01.07.2015  to  specifically and more effectively deal with the issue of black money stashed away abroad.

(ii) Developing a wide range of non–intrusive methods for detecting tax evasion. They include measures like Computer Assisted Scrutiny  Selection  (CASS)  of  cases  for Scrutiny; Non-filers Monitoring System (NMS) to prioritize action on non-filers; Income Tax Business Application (ITBA)  to  help in curbing  tax  evasion by putting  in  place end to end processes for all verticals of the Department

(iii) Collecting information on Specified Financial Transactions (SFT), above notified thresholds, relating to cash deposits, credit card payments, purchase and sale of properties, purchase of shares and mutual funds etc. Such information is collected, collated and analyzed for computer aided scrutiny and risk profiling of taxpayers, identification of non-filers and stop filers

(iv) A large number of legislative provisions have been made in the Income Tax Act, 1961 (the Act) to effectively tackle tax evasion such as mandatory quoting of PAN for various cash transactions, restrictions on cash transaction of Rs. 2 lakh or more, levy of TDS @ 2% to 5% on the amount of cash withdrawal by a person exceeding Rs. 20 lakhs in aggregate from one or more accounts maintained by the recipient with a banking company or a co-operative society engaged in the business of banking or post office during a financial year, prohibiting taxpayers from taking/accepting loans or deposits or a sum of more than Rs.20,000/- in cash or repayment of loans or deposits of a sum of more than Rs. 20,000/- in cash. No deductions under section 80G of the Act is allowed if cash donations exceed 2,000/-.

(v) To bring transparency in the source of funding to political parties, suitable amendments have been made with effect from 04.2018 to provide that no donations of Rs.2,000/- or more shall be received otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account or through electoral bonds. Shree Tax Chambers Bengaluru India

(vi) Introduction of measures to incentivize digital transactions by allowing for transactions through other prescribed electronic modes (apart from account payee cheque or account payee bank draft) such as payment by credit cards, debit cards, net banking, UPI, RTGS, NEFT, IMPS and BHIM Aadhaar

(vii) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral

(Viii) Taking effective and timely enforcement actions including expeditious investigation in foreign assets

(ix) Mandatory linking of Aadhaar with PAN, to aid in de-duplication of PAN and also prevent potential tax

Further, several measures have been taken to check tax evasion in GST such as detection of issuance of fake invoices, data analysis based interventions, introduction of e-way bills & e-invoices, aadhaar based authentication for new applicants. The Directorate General of GST Intelligence and Central GST formations keep constant vigil & take action in accordance with law wherever GST evasion is noticed.

Besides this, several measures have also been taken to check Custom Duty evasion such as risk profiling, targeting, data analytics based intelligence gathering and non- intrusive inspection of cargo. The Directorate of Revenue Intelligence and Customs field formations keep constant vigil and take action in accordance with law wherever Customs duty evasion is noticed.

******

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

***** LOK SABHA

UNSTARRED QUESTION NO.104

TO BE ANSWERED ON MONDAY THE 29TH NOVEMBER, 2021

AGRAHAYANA 8, 1943 (SAKA)

COLLECTION OF EXCISE DUTY

 104. SHRI ADHIKARI DEEPAK (DEV): 

Will the Minister of FINANCE be pleased to state:

(a) the total collection of excise duty from fuel in last five years; and

(b) the total amount of excise duty collected from Petrol and Diesel shared with States in these last five years?

ANSWER 

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI PANKAJ CHAUDHARY) 

(a) : The total Central Excise Duty, including cesses, collected from fuel, from April, 2016 to March, 2021 is about Rs. 74 lakh crores.Shree Tax Chambers

(b) : Tax-wise share in Central Taxes and Duties to State Government is released every month in accordance with approved recommendations made by the Finance Product-wise devolution of taxes and duties is not made.

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

LOK SABHA UNSTARRED QUESTION NO. 92

ANSWERED ON MONDAY, NOVEMBER 29, 2021/ AGRAHAYANA 8, 1943 (SAKA)

CGST, SGST and IGST Collections

 92. SHRI D.M. KATHIR ANAND:

Dr. T. SUMATHY (a) THAMIZHACHI THANGAPANDIAN:

Will the Minister of FINANCE be pleased to state:

(a) whether the GST collections for the last two years have increased;

(b) if so, the details of CGST, SGST and IGST collections made during the last three years, State wise;

(c) the details of the pending dues to be paid to the State Government of Tamil Nadu and its breakup; and Shree Tax Chambers Bengaluru India

(d) the effective steps taken by the Union Government for the timely payment of GST dues and funds to the State Government of Tamil Nadu in the future?

ANSWER 

THE MINISTER OF STATE IN MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

(a) & (b): The details of CGST, SGST and IGST collections (State-wise) during the last three years are as per Annexure I

(c) & (d): As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to all States including Tamil Nadu. The economic impact of the pandemic has led to higher compensation requirement due to lower GST collection and at the same time lower collection of GST compensation cess. GST compensation of Rs. 9845.4278 crore has been released to Tamil Nadu to partly meet the compensation payable for the period April’20 to March’21 as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement.

The issue of GST Compensation to States has been deliberated in the 41st and 42nd GST Council meetings. Accordingly, in FY 20-21, Centre had borrowed Rs. 1.1 lakh crore under a special window and passed on to the States as back-to-back loan to help the States to meet the resource gap due to short-release of compensation on account of inadequate balance in the Compensation Fund. This arrangement has been finalized after detailed deliberations with the States and all States have opted for this arrangement. Subsequent to deliberations in the 43rd GST Council meeting, Centre has borrowed Rs. 1.59 lakh crores from the market through special window in current FY and passed it to the States/ UTs as a back-to-back loan as was done in last year. The quantum of funds released to Tamil Nadu State as loan is Rs.6241 crore for FY 2020-21 and Rs. 8095.25 crore for FY 2021-22. In addition, depending on the amount available in the Compensation Fund, Centre has also been releasing the regular GST compensation to States to make up for GST revenue shortfall. Taking into account, the GST Compensation released from Compensation Fund as well as back-to-back loan released in FY 2020-21 and FY 2021-22, GST compensation of Rs. 2894 crore and Rs. 2049 crore is pending to Tamil Nadu for period April’20 to March’21 and April-September, 2021 respectively as per provisional figures.

Annexure I 

Details of CGST, SGST and IGST Collections (State-wise)

(Rs. In Crores)

State Code State/ UT 2019-20 2020-21 2021-22 (up to 23rd Nov, 2021)
CGST SGST IGST CGST SGST IGST CGST SGST IGST
01 Jammu and Kash-mir 1,060 1,804 1,104 951 1,553 1,085 952 1,411 845
02 Hima-chal Pradesh 1,207 1,814 4,919 1,178 1,664 4,202 875 1,278 3,132
03 Punjab 3,674 6,133 5,217 3,490 5,522 4,728 2,981 4,531 4,344
04 Chan-digarh 387 556 1,032 302 410 927 227 308 704
05 Uttara-khand 2,519 3,924 8,090 2,263 3,232 6,753 1,652 2,423 4,679
06 Har-yana 9,560 13, 922 32, 407 8,795 11, 960 30, 319 7,123 9,525 23, 255
07 Delhi 9,249 11,988 21,831 7,196 8,899 19,586 6,043 7,326 15,719
08 Rajas-than 8,946 12,197 10,207 8,318 11,108 10,863 6,507 8,551 8,291
09 Uttar Pradesh 14, 258 22, 043 16, 218 13, 506 19, 725 15, 580 10, 898 15, 375 12, 858
10 Bihar 3,255 5,842 1,480 3,208 5,370 1,382 2,461 3,933 1,122
11 Sikkim 145 212 1,889 142 194 1,929 118 166 1,574
12 Aruna-chal Pradesh 224 290 66 258 326 64 157 197 61
13 Naga-land 100 145 62 146 188 50 95 124 45
14 Mani-pur 157 249 27 147 210 34 139 186 29
15 Mizo-ram 82 135 78 80 123 54 74 103 23
16 Tripura 238 365 75 274 371 84 182 243 55
17 Megha-laya 232 335 950 222 295 815 183 224 666
18 Assam 3,050 4,212 2,682 2,986 3,895 2,840 2,360 2,960 2,167
19 West Bengal 12, 613 16, 815 9,964 11, 784 14, 937 9,718 9,300 11, 650 7,465
20 Jhar-khand 4,006 5,490 8,140 3,736 4,865 7,310 3,107 3,922 7,485
21 Odisha 6,534 8,713 8,707 6,556 8,292 8,798 6,745 7,922 8,286
22 Chhat-tisgarh 4,446 5,581 7,961 4,650 5,444 8,456 3,749 4,338 6,291
23 Madhya Pradesh 6,413 8,841 7,575 6,309 8,225 6,942 4,540 5,936 5,334
24 Gujarat 21, 500 27, 271 25, 565 20, 217 24, 701 24, 607 17, 188 20, 970 20, 482
25 Daman and Diu 113 167 875 38 52 215 1 1 1
26 Dadra and Nagar Haveli 204 287 1,318 274 355 1,719 265 348 1,459
27 Maha-rashtra 50, 683 62, 275 61, 447 44, 847 53, 344 58, 164 36, 864 44, 296 47, 430
29 Karna-taka 19, 824 26, 472 27, 667 18, 187 23, 237 26, 714 14, 122 17, 924 21, 863
30 Goa 1,051 1,529 1,667 782 1,080 1,389 603 835 1,146
31 Laksh-adweep 8 12 1 6 7 1 5 5 1
32 Kerala 6,081 9,457 3,576 5,728 8,338 3,204 4,258 6,049 3,247
33 Tamil Nadu 19, 185 27, 141 22, 210 17, 712 23, 870 21, 952 14, 108 18, 966 17, 514
34 Pudu-cherry 245 387 1,233 211 322 1,110 138 230 788
35 Anda-man and Nicobar Islands 131 193 35 96 129 30 81 115 29
36 Telan-gana 9,406 12,977 10,936 8,822 11,796 10,567 6,805 9,137 8,317
37 Andhra Pradesh 6,534 9,265 9,772 6,328 8,579 9,143 4,998 6,805 7,592
38 Ladakh 1 1 0 41 53 17 41 55 20
TOTAL 2,27, 321 3,09, 040 3,16, 979 2,09, 786 2,72, 673 3,01, 352 1,69, 943 2,18, 368 2,44, 319

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA

UNSTARRED QUESTION No. 79

TO BE ANSWERED ON MONDAY, NOVEMBER 29, 2021/ AGRAHAYANA 8, 1943 (SAKA)

FACELESS ASSESSMENTS AND APPEALS

 79. SHRI VISHNU DATT SHARMA:

Will the Minister of FINANCE be pleased to state:

(a) Whether the Government is considering to introduce ‘faceless assessments and faceless appeals’ in the central GST to make adjudication and scrutiny by the tax authorities more transparent;Shree Tax Chambers Bengaluru India

(b) if so, the details thereof; and

(C) if not, the reasons therefor?

ANSWER

MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY) 

(a) to (c) In respect of GST, laws and rules made thereunder, already provide for online procedures relating to assessment and appeals on the common Further, changes in GST laws and rules are made on the recommendations of the GST Council.

GOVERNMENT OF INDIA MINISTRY OF FINANCE

DEPARTMENT OF ECONOMIC AFFAIRS

LOK SABHA 

UNSTARRED QUESTION NO. 76

TO BE ANSWERED ON MONDAY 29thNOVEMBER, 2021 [8AGRAHAYANA, 1943 (SAKA)]

No. 76.  SHRI NALIN KUMAR KATEEL:

SHRI D.K. SURESH: 

Will the Minister of Finance be pleased to state:

(a) whether it is a fact that the Government proposes for monetary disbursement to States from the shareable pool of taxes;

if so, the details thereof;

(b) the details of total dues pending for disbursement to various states from the shareable pool of taxes during the last three years, year wise and state wise with special reference to Karnataka; and

(C) the total amount disbursed by the Union Government to the States including Karnataka?

ANSWER 

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

( a to d) Union Government devolves States’ share in Central Taxes and Duties in terms of approved recommendations of the Finance Commission. There are no pendencies in disbursement on this account to Karnataka or in tax devolutions being made to State Governments. Details are annexed. Shree Tax Chambers Bengaluru India

S.No. State 2018-19 2019-20 2020-21
1 Andhra Pradesh 32787.03 28242.39 24460.59
2 Arunachal Pradesh 10436.14 8987.57 10472.58
3 Assam 25215.85 21721.44 18629.32
4 Bihar 73602.96 63406.33 59861.41
5 Chhattisgarh 23458.69 20205.84 20337.54
6 Goa 2878.36 2479.85 2296.53
7 Gujarat 23489.32 20232.09 20218.53
8 Haryana 8254.6 7111.53 6437.59
9 Himachal Pradesh 5429.77 4677.56 4753.92
10 Jammu & Kashmir 13989.8 6801.81
11 Jharkhand 23906.13 20593.04 19712.23
12 Karnataka 35894.83 30919 21694.11
13 Kerala 19038.17 16401.05 11560.4
14 Madhya Pradesh 57486.87 49517.61 46922.16
15 Maharashtra 42050.43 36219.64 36504.01
16 Manipur 4698.59 4047.77 4271.97
17 Meghalaya 4889.07 4211.78 4551.63
18 Mizoram 3502.96 3017.8 3010.55
19 Nagaland 3792.41 3267.08 3409.25
20 Odisha 35353.73 30453.25 27542.67
21 Punjab 12008.95 10345.78 10638.21
22 Rajasthan 41852.35 36049.14 35575.77
23 Sikkim 2794.67 2407.69 2308.47
24 Tamil Nadu 30638.87 26392.4 24924.51
25 Telangana 18560.88 15987.59 12691.62
26 Tripura 4888.95 4211.78 4218.45
27 Uttar Pradesh 136766.46 117818.3 106687.01
28 Uttarakhand 8011.59 6901.54 6568.72
29 West Bengal 55775.72 48048.4 44737.01
TOTAL 761454.15 650677.05 594996.76

Tax Devolution to State Governments

Annex I (Rs. in Crore)

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

***** LOK SABHA 

UNSTARRED QUESTION NO.48 

TO BE ANSWERED ON MONDAY THE 29TH NOVEMBER, 2021

AGRAHAYANA 8, 1943 (SAKA) 

EXCISE DUTY ON PETROL AND DIESEL

48. SHRIMATI MALA ROY: 

Will the Minister of FINANCE  be pleased to state:

(a) the amount of central excise duty on per litre petrol and diesel;

(b) the break-up of this excise duty in terms of basic duty, road and infrastructure cess and agricultural cess; and Shree Tax Chambers Bengaluru India

(c) the amount of central excise duty which is going to divisible pool?

ANSWER 

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY) 

(a) : The amount of central excise duty collected on petrol and diesel per litre as on date, is as under:

Commodity Total central excise duty (Rs. per litre)
Petrol (unbranded) 27.90
Diesel (unbranded) 21.80

(b) : The break-up of present excise duty on Petrol and Diesel is as follows:

(Rs. /litre)

Particulars Petrol Diesel
Basic Excise Duty 1.40 1.80
Special Additional Excise Duty 11.00 8.00
Additional Excise Duty (Road and Infrastructure cess) 13.00 8.00
Agriculture Infrastructure & Development Cess 2.50 4.00

(c) : The “Basic Excise Duty” per litre as indicated in the table above, goes to the divisible pool

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA

UNSTARRED QUESTION NO-30

ANSWERED ON- 29/11/2021

GST COMPENSATION 

30. SHRI TALARI RANGAIAH:

SHRI KURUVA GORANTLA MADHAV:

SHRI P.V. MIDHUN REDDY:

SHRI POCHA BRAHMANANDA REDDY:

SHRI MAGUNTA SREENIVASULU REDDY:

Dr. BEESETTI VENKATA SATYAVATHI:

SHRIMATI CHINTA ANURADHA:

Will the Minister of FINANCE be pleased to state:-

(a) whether the Government has released the Goods and Services Tax (GST) compensation to the States recently;

(b) if so, the details thereof;

(c) whether any back to back loan amount has been released in view of the shortfall in GST compensation during the current financial year; and

(d) if so, the details thereof?

ANSWER

THE MINISTER OF STATE IN MINISTRY OF FINANCE

(SHRI PANKAJ CHAUDHARY)

Shree Tax Chambers Bengaluru India

(a) to b):- Yes Sir. Recently, Centre released Rs. 17,000 crore on 03.11.2021 towards GST compensation to States from the Compensation Fund. Details of GST compensation released to States/ UTs is as per details in Annexure-I. This is in addition to GST compensation of Rs. 43,303 crore released to States and Rs. 1.59 lakh crore as back to back assistance during the current financial year. During 2020-21, Centre had released compensation of Rs. 1,36,988 crore and back to back assistance of Rs. 1.1 lakh crore.

(c) to (d):- Yes Sir, as per decision in 43rd GST Council meeting, Centre has borrowed Rs.

1.59 lakh crores from the market through special window and passed on to the States/UTs as back-to-back loan to help the States/UTs to meet the resource gap due to shortfall in release of GST compensation as per details in Annexure-II.

Annexure-I

Details of GST compensation released to States/ UTs on 03.11.2021

S. No. Name of State/UT Amount (Rs. In crore)
(1) (2) (3)
1 Andhra Pradesh 543
2 Assam 160
3 Bihar 342
4 Chhattisgarh 274
5 Delhi 1155
6 Goa 163
7 Gujarat 1428
8 Haryana 518
9 Himachal Pradesh 178
10 J & K 168
11 Jharkhand 264
12 Karnataka 1603
13 Kerala 674
14 Madhya Pradesh 542
15 Maharashtra 3054
16 Meghalaya 28
17 Odisha 286
18 Puducherry 61
19 Punjab 835
20 Rajasthan 653
21 Tamil Nadu 1314
22 Telangana 279
23 Tripura 17
24 Uttar Pradesh 1417
25 Uttarakhand 270
26 West Bengal 772
Total 17000*
  • Revenue collected by State of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim is more than the revenue protected as per GST (Compensation to States) Act, Therefore, no GST compensation is admissible to these States.

Annexure-II 

Details of Back to back loan released to States/ UTs in FY 2021-22 

S. No. Name of State/UT Amount (Rs in crore)
(1) (2) (3)
1 Andhra Pradesh 3272
2 Assam 1774
3 Bihar 6816
4 Chhattisgarh 4965
5 Delhi 6193
6 Goa 847
7 Gujarat 13040
8 Haryana 7394
9 Himachal Pradesh 2695
10 J & K 3845
11 Jharkhand 2484
12 Karnataka 18109
13 Kerala 8739
14 Madhya Pradesh 7011
15 Maharashtra 13782
16 Meghalaya 141
17 Odisha 6430
18 Puducherry 1096
19 Punjab 12132
20 Rajasthan 7268
21 Tamil Nadu 8095
22 Telangana 4569
23 Tripura 401
24 Uttar Pradesh 8140
25 Uttarakhand 3333
26 West Bengal 6425
Total 159000
  • Revenue collected by State of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim is more than the revenue protected as per GST (Compensation to States) Act, 2017 and therefore, these States are not eligible for back to back loan under Special Window Scheme.

GOVERNMENT OF INDIA MINISTRY OF FINANCE

LOK SABHA UNSTARRED QUESTION NO. 173 TO BE ANSWERED ON 29.11.2021

Cryptocurrency

173. SHRI THIRUMAAVALAVAN THOL Will the Minister of FINANCE be pleased to state:

(a) whether the Government is aware of the cryptocurrencies that are traded in India;

(b) if so, whether trading in cryptocurrency is legally permitted in India and if so, the details thereof;

(c) whether the Government has allowed the cryptocurrency exchanges as a legally permitted entity in India; and

(d) if so, the details of Acts that are applicable to cryptocurrency and cryptocurrency exchanges?

ANSWER

MINISTER   OF    STATE    IN    THE    MINISTRY    OF    FINANCE   (SHRI    PANKAJ CHAUDHARY)

(a) : Government does not collect information on trading in

(b) to (d): Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas Shree Tax Chambers Bengaluru India

GOVERNMENT OF INDIA MINISTRY OF FINANCE

DEPARTMENT OF ECONOMIC AFFAIRS

LOK SABHA STARRED QUESTION NO.12

ANSWERED ON MONDAY, NOVEMBER 29, 2021

BITCOIN TRANSACTIONS

12.SHRIMATI SUMALATHA AMBAREESH:

SHRI D.K. SURESH:

Question:

Will the Minister of Finance be pleased to state:

(a) whether the Government is aware that Bitcoin transaction is silently blooming in India in the recent years;

(b) if so, the details thereof and the response of the Government in this regard;

(c) whether the Government has any proposal to recognise Bitcoin as a currency in the country;and

(d) if so, the details thereof?

Answer:

FINANCE MINISTE

(SMT. NIRMALA SITHARAMAN)

(a)to (d): A Statement is laid on the table of the House.

STATEMENT REFFERED TO IN REPLY TO LOK SABHA STARRED QUESTION NO. 12 RAISED BY SHRIMATI SUMALATHA AMBAREESH AND SHRI D.K. SURESH, HON’BLE MEMBER OF PARLIAMENT TO BE ANSWERED ON 29.11.2021 REGARDING BITCOIN TRANSACTIONS

(a)  The Government does not collect data on Bitcoin

(b)  Does not arise in view of (a) above.

(C)  No, sir.

(d)  Does not arise in view of (c) above.

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