Good News Nirmal Sitharaman is not contesting Lok Sabha poll

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Quote from: pawanjain on May 05, 2024, 07:48:46 AM

Even if Nirmala is not standing in the elections it won't matter much because the stance on crypto will most probably remain the same.
You know, it's not that FM announced 1% TDS on crypto transactions and the next day they started collecting the TDS.
Every decision the FM takes, goes around a lot of consideration and discussion and only after a thourough review the announcements are made.
So if the government has decided to levy 30% capital tax and 1% TDS on crypto transactions then it is well accepted by all the participants.
Changing of FM won't create drastic changes in the economy or any financial decisions made earlier.

But we can expect some improvement with tax. When the lawa was passed at that time they didn't consider a lot of things. For example future trading doesn't incurr TDS as of now. I am expecting more clarity and a regulation boundary in crypto within our country.

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Even if Nirmala is not standing in the elections it won't matter much because the stance on crypto will most probably remain the same.
You know, it's not that FM announced 1% TDS on crypto transactions and the next day they started collecting the TDS.
Every decision the FM takes, goes around a lot of consideration and discussion and only after a thourough review the announcements are made.
So if the government has decided to levy 30% capital tax and 1% TDS on crypto transactions then it is well accepted by all the participants.
Changing of FM won't create drastic changes in the economy or any financial decisions made earlier.

Bureau

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Quote from: kentrolla on April 25, 2024, 05:37:34 PM

I would rather say we should be prepared for even worse post election because they may implement more stricter law as the communal politics has been successful till date and Modi will manage to win this term as well due to lack of strong oppositions and also because of fear he has created in people's mind saying they would be in danger if he loses. RBI governor will surely roll out more actions against crypto as he is not a fan of crypto. So we need to think how we would be engaged in crypto be it trading or P2P or even investment.

As long as the opposition is divided and the Youth Icon talks shit the ruling party will win the election. Congress wants inheritance tax to be implemented and now BJP will be using this stupidity to cash votes which they have already started. I don't divulge in much poltics but the future for crypto in India is not looking good. Even the US government is trying it's level best to stop crypto exchanges from operating in thier country. Looks like the G20 gang are in sync with each other.

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Quote from: avikz on April 25, 2024, 11:43:08 AM

Quote from: kentrolla on April 13, 2024, 05:28:23 AM

Quote from: Bureau on April 13, 2024, 02:07:08 AM

Quote from: Bitcoin Smith on April 12, 2024, 11:59:20 AM

Quote from: pakhitheboss on April 12, 2024, 09:27:22 AM

Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India.

But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS.

We only saw interim budget by the ruling party. The main budget will come out after the election is over most probably by July. There might be some news about crypto in that budget but tax figures will not change. You are right that big news will be in 2025 and no this year. Although I feel if the current FM doesn't continue in the office then we might see a more positive approach towards crypto by the new FM.

As long as the same ruling party wins we cannot see any positive news neither for crypto not any other domain as they are just keen in dividing the people based on the lines of religion to gather vote bank and we cannot expect anything and unfortunately due to certain geographical votes every one will suffer.

Reason I am saying this is because FM alone doesn't take the call it's a coordinated plan wherein FM is just the face of it.

Bingo! That's what it is! Thanks for sharing the right information.

Our finance Minister has no idea about finances. It's the bureaucrats who runs the economy and takes major policy decisions. Out PM is too busy in dividing people in the names of religion so he should have much idea about the finances either. The most powerful man in Indian economy is the RBI governor. He is very negative about crypto and I think nothing positive will come after the election.

I would rather say we should be prepared for even worse post election because they may implement more stricter law as the communal politics has been successful till date and Modi will manage to win this term as well due to lack of strong oppositions and also because of fear he has created in people's mind saying they would be in danger if he loses. RBI governor will surely roll out more actions against crypto as he is not a fan of crypto. So we need to think how we would be engaged in crypto be it trading or P2P or even investment.

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Quote from: kentrolla on April 13, 2024, 05:28:23 AM

Quote from: Bureau on April 13, 2024, 02:07:08 AM

Quote from: Bitcoin Smith on April 12, 2024, 11:59:20 AM

Quote from: pakhitheboss on April 12, 2024, 09:27:22 AM

Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India.

But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS.

We only saw interim budget by the ruling party. The main budget will come out after the election is over most probably by July. There might be some news about crypto in that budget but tax figures will not change. You are right that big news will be in 2025 and no this year. Although I feel if the current FM doesn't continue in the office then we might see a more positive approach towards crypto by the new FM.

As long as the same ruling party wins we cannot see any positive news neither for crypto not any other domain as they are just keen in dividing the people based on the lines of religion to gather vote bank and we cannot expect anything and unfortunately due to certain geographical votes every one will suffer.

Reason I am saying this is because FM alone doesn't take the call it's a coordinated plan wherein FM is just the face of it.

Bingo! That's what it is! Thanks for sharing the right information.

Our finance Minister has no idea about finances. It's the bureaucrats who runs the economy and takes major policy decisions. Out PM is too busy in dividing people in the names of religion so he should have much idea about the finances either. The most powerful man in Indian economy is the RBI governor. He is very negative about crypto and I think nothing positive will come after the election.

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Quote from: kentrolla on April 13, 2024, 05:28:23 AM

As long as the same ruling party wins we cannot see any positive news neither for crypto not any other domain as they are just keen in dividing the people based on the lines of religion to gather vote bank and we cannot expect anything and unfortunately due to certain geographical votes every one will suffer.

Reason I am saying this is because FM alone doesn't take the call it's a coordinated plan wherein FM is just the face of it.

We do not have a good opposition and we know this time the ruling party will get a big majority compared to last time. There is no way that the ruling party will not come to power once again. Although I am not a big fan of the ruling party what they have done to improve the image of India internationally cannot be unnoticed. I also believe that we won't be seeing anything positive happening with the taxes or any regulations for the local exchanges. Until next year we will have to wait for some concrete decisions as Bitcoin Smith said earlier on this thread.

kentrolla

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Quote from: Bureau on April 13, 2024, 02:07:08 AM

Quote from: Bitcoin Smith on April 12, 2024, 11:59:20 AM

Quote from: pakhitheboss on April 12, 2024, 09:27:22 AM

Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India.

But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS.

We only saw interim budget by the ruling party. The main budget will come out after the election is over most probably by July. There might be some news about crypto in that budget but tax figures will not change. You are right that big news will be in 2025 and no this year. Although I feel if the current FM doesn't continue in the office then we might see a more positive approach towards crypto by the new FM.

As long as the same ruling party wins we cannot see any positive news neither for crypto not any other domain as they are just keen in dividing the people based on the lines of religion to gather vote bank and we cannot expect anything and unfortunately due to certain geographical votes every one will suffer.

Reason I am saying this is because FM alone doesn't take the call it's a coordinated plan wherein FM is just the face of it.

Bureau

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Quote from: Bitcoin Smith on April 12, 2024, 11:59:20 AM

Quote from: pakhitheboss on April 12, 2024, 09:27:22 AM

Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India.

But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS.

We only saw interim budget by the ruling party. The main budget will come out after the election is over most probably by July. There might be some news about crypto in that budget but tax figures will not change. You are right that big news will be in 2025 and no this year. Although I feel if the current FM doesn't continue in the office then we might see a more positive approach towards crypto by the new FM.

Bitcoin Smith

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Quote from: pakhitheboss on April 12, 2024, 09:27:22 AM

Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India.

But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS.

pakhitheboss

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Quote from: Bitcoin Smith on April 12, 2024, 01:18:30 AM

Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit.

It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June.

Bitcoin Smith

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Quote from: avikz on April 11, 2024, 11:51:56 PM

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader.

avikz

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Quote from: Bureau on April 09, 2024, 02:34:49 AM

I am late to post this news on the local board. The news came out last month on the 27th. I am quoting below a piece of the article where she has said that she does not want to contest for the upcoming elections.

Quote

Responding to a query on whether she would contest the election, which begins on April 19, Ms. Sitharaman said: “No. The party did ask me but after thinking about it for a week or ten days, I said maybe not…

If she doesn't contest for the upcoming elections she then cannot be in the office of Finance Minister. Will the new FM of India after the election will have an understanding approach towards Bitcoin and crypto?

Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.

So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!

kentrolla

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She has been a disaster to India and I know it's not she who takes the final call but it's a consolidated call but her arrogance and stupidity is boundless and i would happy if she never contests for anything but sshe will be replaced by one more corrupt one or uneducated puppet. We need a strong person in this portfolio who can change work towards betterment and roll out growth friendly financial policies and remove these stupid crypto taxes.

Bureau

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Quote from: pakhitheboss on April 09, 2024, 07:15:36 AM

Quote from: Bitcoin Smith on April 09, 2024, 03:11:58 AM

How many candidates all over India even completed their High schools? Lips sealed

None if I may say in the entire political community and those who have we know how the education system was in those days.

Quote from: Bureau on April 09, 2024, 02:34:49 AM

Quote

Responding to a query on whether she would contest the election, which begins on April 19, Ms. Sitharaman said: “No. The party did ask me but after thinking about it for a week or ten days, I said maybe not…

Wait before the election happens as she would suddenly get those funds and she will win the election from the south. That is how Rahul Gandhi has been winning the election from the south wherein his whole family was from the north of this country. This is all drama that the politicians have been doing from the day we as Indians got independent from the British. Nothing has changed only the way of confusing the citizens in the era of the internet has changed.

I felt after I read the news article that a new dynamic and young politician would be given the Finance ministry and that he/she would do something good for the community and the middle class. After reading both of your replies I now have serious doubts about whether she would leave the contest or not in the upcoming election. If she does not then we might not find any good politician to take her position and who will look into the problems faced by us.

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Quote from: Bitcoin Smith on April 09, 2024, 03:11:58 AM

How many candidates all over India even completed their High schools? Lips sealed

None if I may say in the entire political community and those who have we know how the education system was in those days.

Quote from: Bureau on April 09, 2024, 02:34:49 AM

Quote

Responding to a query on whether she would contest the election, which begins on April 19, Ms. Sitharaman said: “No. The party did ask me but after thinking about it for a week or ten days, I said maybe not…

Wait before the election happens as she would suddenly get those funds and she will win the election from the south. That is how Rahul Gandhi has been winning the election from the south wherein his whole family was from the north of this country. This is all drama that the politicians have been doing from the day we as Indians got independent from the British. Nothing has changed only the way of confusing the citizens in the era of the internet has changed.

Bitcoin Smith

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Whether its Nirmala Sitaraman or someone else there won't be much change in the way the things will go because Finance minister not taking any decision on their own, it depends on the party leaders who decide how and who wants to be benefited in their ruling which most likely will not be the middle class working people.

How many candidates all over India even completed their High schools? Lips sealed

Bureau

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Activity: 490

Merit: 279

I am late to post this news on the local board. The news came out last month on the 27th. I am quoting below a piece of the article where she has said that she does not want to contest for the upcoming elections.

Quote

Responding to a query on whether she would contest the election, which begins on April 19, Ms. Sitharaman said: “No. The party did ask me but after thinking about it for a week or ten days, I said maybe not…

If she doesn't contest for the upcoming elections she then cannot be in the office of Finance Minister. Will the new FM of India after the election will have an understanding approach towards Bitcoin and crypto?

Topic: Good News Nirmal Sitharaman is not contesting Lok Sabha poll (Read 127 times)