Govt should come out with legislation on crypto soon Gogoi
New Delhi Mar 25 PTI Expressing concern over unregulated virtual digital assets such as cryptocurrencies Congress MP Gaurav Gogoi Friday said the government should come out with a legislation soon to prevent their misuse for purposes such as terror financing and drug smugglingInitiating a debate on the Finance Bill in Lok Sabha he said the government is still sending mixed signals on virtual digital assets and asserted there should be clarity on the definition of cryptoIt is not clear if it is an asset currency or something that can be speculated upon he said Gogoi further said that the government should take a view on this so that virtual digital assets do not become a preferred route for money laundering drug smuggling or crime I expect the policy to come out sooner than latercrypto is a risk at the moment he said Finance Minister Nirmala Sitharaman earlier moved the Finance Bill for 2022-23 for consideration On the stock market Gogoi said there are a lot of unregulated commercials on social media that are luring people to invest in shares It is another bubble waiting to burst he said adding that the government should take this also into account Observing that every government wants to widen the tax base he said high networth individuals HNIs are the biggest contributor to revenue mobilisationThere has been an exodus of 7000 HNIs from India since 2019 he said He wondered what ecosystem the country is offering to wealth creatorsOn fuel price hike Gogoi said it has been increased for the third time in one week and added the government should maintain status quo to provide relief to common people who have just come out from the third wave of COVID-19 They need a chance to conduct their businesses in a free and fair atmosphere not always under the burden of high inflation and high fuel prices And it is a bit ironic as to the answer that the government or its spokespersons are giving on fuel prices they are saying that the fuel prices are bound to happen increase because of the conflict in Ukraine he said The Ukraine conflict did not begin last week he said adding it has been going on since December and Russian troops were on border for more than a month For one month they could keep the prices stable What has changed nowJust because five state assembly elections are over Thats how you repay the people who put you back to power he said He also said that fiscally India is not in a good position and both states and the Centre are heavily debt ridden Jingoism is the only antidote that this government is offering to the poor whether there is record unemployment whether there is high inequality and when there is inflation People are expected to really put all their faith in the leader prime minister he said Supriya Sule of the NCP demanded a ban on crypto saying various committee have suggested so She questioned the imposition of 30 per cent tax on capital gain out of virtual digital assets even when there is no legislation on that Danish Ali BSP said the government should clarify its position on cryptocurrency if it is legal or not On the promise of doubling of farmers income Ali said the government should inform if it has been achievedForget about doubling of income Ali said instead the cost of farming has increased significantlyAparupa Poddar TMC said the government talks about increasing GDP which means Gas diesel and Petrol prices She also sought to know the quantum of black money reduced because of demonetisationAppreciating the Finance Minister for presenting a well-balanced Finance Bill N K Premchandran RSP said it is right time for the review of Goods and Services Tax GST given the complexities involvedGST introduced on July 1 2017 GST subsumed excise and service tax and various other local levies including VAT and octroiPremchandran said it was touted as Good and Simple Tax but even for filing nil return there are number of process involved and it cannot be done in one stepSubhash Chandra Baheria BJP demanded that GST Appellate Tribunal should be established so that the burden on High Courts could be reducedHe also urged the government to enact Small Investors Protection legislation to safeguard people from being duped by companies such as PACLThe Sebi had had found that PACL Ltd which had raised money from the public in the name of agriculture and real estate businesses collected more than Rs 60000 crore through illegal collective investment schemes CISs over 18 years PTI DP SKU DP TIR TIR
New Delhi Mar 25 PTI Expressing concern over unregulated virtual digital assets such as cryptocurrencies Congress MP Gaurav Gogoi Friday said the government should come out with a legislation soon to prevent their misuse for purposes such as terror financing and drug smugglingInitiating a debate on the Finance Bill in Lok Sabha he said the government is still sending mixed signals on virtual digital assets and asserted there should be clarity on the definition of cryptoIt is not clear if it is an asset currency or something that can be speculated upon he said Gogoi further said that the government should take a view on this so that virtual digital assets do not become a preferred route for money laundering drug smuggling or crime I expect the policy to come out sooner than latercrypto is a risk at the moment he said Finance Minister Nirmala Sitharaman earlier moved the Finance Bill for 2022-23 for consideration On the stock market Gogoi said there are a lot of unregulated commercials on social media that are luring people to invest in shares It is another bubble waiting to burst he said adding that the government should take this also into account Observing that every government wants to widen the tax base he said high networth individuals HNIs are the biggest contributor to revenue mobilisationThere has been an exodus of 7000 HNIs from India since 2019 he said He wondered what ecosystem the country is offering to wealth creatorsOn fuel price hike Gogoi said it has been increased for the third time in one week and added the government should maintain status quo to provide relief to common people who have just come out from the third wave of COVID-19 They need a chance to conduct their businesses in a free and fair atmosphere not always under the burden of high inflation and high fuel prices And it is a bit ironic as to the answer that the government or its spokespersons are giving on fuel prices they are saying that the fuel prices are bound to happen increase because of the conflict in Ukraine he said The Ukraine conflict did not begin last week he said adding it has been going on since December and Russian troops were on border for more than a month For one month they could keep the prices stable What has changed nowJust because five state assembly elections are over Thats how you repay the people who put you back to power he said He also said that fiscally India is not in a good position and both states and the Centre are heavily debt ridden Jingoism is the only antidote that this government is offering to the poor whether there is record unemployment whether there is high inequality and when there is inflation People are expected to really put all their faith in the leader prime minister he said Supriya Sule of the NCP demanded a ban on crypto saying various committee have suggested so She questioned the imposition of 30 per cent tax on capital gain out of virtual digital assets even when there is no legislation on that Danish Ali BSP said the government should clarify its position on cryptocurrency if it is legal or not On the promise of doubling of farmers income Ali said the government should inform if it has been achievedForget about doubling of income Ali said instead the cost of farming has increased significantlyAparupa Poddar TMC said the government talks about increasing GDP which means Gas diesel and Petrol prices She also sought to know the quantum of black money reduced because of demonetisationAppreciating the Finance Minister for presenting a well-balanced Finance Bill N K Premchandran RSP said it is right time for the review of Goods and Services Tax GST given the complexities involvedGST introduced on July 1 2017 GST subsumed excise and service tax and various other local levies including VAT and octroiPremchandran said it was touted as Good and Simple Tax but even for filing nil return there are number of process involved and it cannot be done in one stepSubhash Chandra Baheria BJP demanded that GST Appellate Tribunal should be established so that the burden on High Courts could be reducedHe also urged the government to enact Small Investors Protection legislation to safeguard people from being duped by companies such as PACLThe Sebi had had found that PACL Ltd which had raised money from the public in the name of agriculture and real estate businesses collected more than Rs 60000 crore through illegal collective investment schemes CISs over 18 years PTI DP SKU DP TIR TIR
