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As per the RBI Annual Report 2022-23, he mentioned, “The whole expenditure incurred on safety printing stood at Rs 4,682.80 crore for 2022-23. No price has been incurred on printing of plastic notes”.
“Authorities has taken no resolution to introduce plastic notes when it comes to part 25 of the Reserve Financial institution of India Act, 1934. Efforts to boost the sturdiness and counterfeit resistance of the Indian banknotes is an ongoing course of,” the minister mentioned.
In reply to a different query, Chaudhary mentioned buying and selling unlawful commodities utilizing any sort of belongings, together with crypto belongings, is a criminal offense and is handled as per current penal provisions.
The Anti-Cash Laundering (AML)/ Counter Financing of Terrorism (CFT) provisions underneath the PMLA additional penalise cash laundering, together with by crypto belongings, he mentioned.
“Accordingly, the federal government vide notification dated March 7, 2023, explicitly introduced the VDAs underneath the purview of the Prevention and Cash-laundering Act, 2002 (PMLA). Directorate of Enforcement handles instances associated to suspicious VDA transactions underneath the provisions of the PMLA, International Change Administration Act, 1999 (FEMA), and Fugitive Financial Offenders Act, 2018 (FEOA),” he mentioned. Observing that the federal government is conscious that crypto asset transactions are going down within the nation, he mentioned, these transactions, due to this fact, have been introduced right into a complete taxation regime by the Finance Act 2022.
“Firms with publicity to crypto belongings are required to reveal their holding of crypto belongings of their monetary statements as per the modification introduced in Schedule III to the Firms Act 2013, vide notification dated March 24, 2021, efficient from April 1, 2021,” he mentioned.
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