Key Points
The Indian rich are in a quandary over betting on overseas cryptocurrency exchange traded funds (ETFs) which have electrified the crypto world often marred by regulatory brush-offs and shadowy anonymity..
Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund --- a feature that most think is a kosher trade..
However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies...
According to wealth managers, instead of making fresh transfers some Indians have invested in the recently launched ETFs out of idle funds lying in overseas bank accounts...
A month ago, the SEC approved 11 crypto ETFs from asset managers such as Blackrock, Invesco and Fidelity.. Virtual Digital Assets (VDAs) are defined very widely and taxable under special provision of section 115BBH of the Income Tax Act at the flat rate of 30% without allowing any offset of losses...
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