UPI - Latest News Update, Information, Photos & Videos on UPI at Lokmat Times

New Delhi, May 11 Top cryptocurrency exchange Coinbase quit India operations owing to "informal pressure" from the Reserve Bank of India (RBI), its CEO Brian Armstrong has revealed for the first time.The US-based and Nasdaq-listed exchange had halted payments via unified payments interface (UPI) mode on its app in India last month.In the company's earnings call late on Tuesday, Armstrong said that the company disabled the UPI "because of some informal pressure from the Reserve Bank of India"."There are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it. And so they in the press, it's been called a 'shadow ban', basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI," Armstrong told analysts.The crypto exchange reported its first net loss as a public company of $430 million in the first quarter this year.The revenue dropped 27 per cent to $1.17 billion, down from $1.6 billion in the first quarter of 2021 and monthly users were also decreased by more than 19 per cent to 9.2 million, as the global crypto market goes through a mayhem.Armstrong said that the RBI's move "may be actually in violation of the Supreme Court ruling, which would be interesting to find out if it were to go there"."Now the press is talking about it in India. Now there's meetings happening that are going to talk about how we get to the next step. So that's generally our approach with international expansion," he added.The exchange had launched its crypto trading services in India on April 7.The goods and services tax (GST) council is reportedly mulling a 28 per cent tax on cryptocurrencies.The Ministry of Finance has already imposed a 30 per cent tax on profits made from the transfer of crypto assets and non-fungible tokens (NFTs).India distinguishes between cryptocurrencies and crypto assets, and Union Finance Minister Nirmala Sitharaman during the Union Budget 2022-23 in February announced a 30 per cent tax on income from these transactions, which includes a 1 per cent deduction at source.Her proposal of levying a 30 per cent tax on crypto earnings came into effect on April 1.The 28 per cent GST will be in addition to the 30 per cent income tax on earnings from crypto asset transactions.There is also 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Gifts in crypto and digital assets are also taxed.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

UpiFOLLOW

Upi, Latest News

New Delhi, June 22 With the arrest of two persons, including one woman, the police claimed to have ... ...

Aurangabad, June 4: Cyber fraudsters duped a city trader of Rs 1.75 lakh through a mobile phone app named ... ...

New Delhi, June 3 Leading crypto exchange Coinbase, which halted payments via unified payments interface (UPI) mode on ... ...

India boasts the second-largest banked population and one of the most dynamic and advanced fintech sectors in the world. Those achievements seem at odds with the fact that fewer than 3 per cent of Indians have a credit card and fewer than 25 per cent ...

Bengaluru, June 1 Fintech company slice on Wednesday said it has raised $50 million as part of its ... ...

Aurangabad, May 31: A woman was duped for Rs 18,184 by an online fraudster with an instant loan at ... ...

Sky Infotech Group is profoundly focused on expanding the global sports portal that aims to continue providing immersive and engaging gaming experiences in a secure and enjoyable environment using the Sky247 App. ...

New Delhi, May 11 Top cryptocurrency exchange Coinbase quit India operations owing to "informal pressure" from the Reserve ... ...