Background and Limits The Liberalized Remittance Scheme (LRS) was introduced by the Reserve Bank of India (RBI) through A.P. (DIR Series) Circular No. 64 dated February 2004, with the objective of simplifying and liberalizing foreign exchange facilities available to resident individuals. Under the LRS, resident…
The Income Tax Department has drawn attention to serious concerns linked to virtual digital assets, including cryptocurrencies, reinforcing the caution earlier expressed by the Reserve Bank of India. The department pointed to issues such as user anonymity, cross-border fund movements, and the difficulty of tracing…
Yesterday, Government issued a notification wherein Crypto was brought under Anti-Money Laundering Law in India 2026. The Indian government extended the scope of the Prevention of Money Laundering Act (PMLA) to include digital assets, including cryptocurrencies, fiat currencies, virtual digital assets, and other related financial…