archiveSanjay Malhotra

(Bloomberg) -- Ten months into his tenure, India’s central bank head Sanjay Malhotra has sent a clear signal to currency traders: the rupee can move a little more freely, but speculators risk getting crushed.The currency rallied nearly 1% on Wednesday after the Reserve Bank of India waded into both offshore and onshore markets, forcing traders to scramble to cover their short bets. The intervention has effectively ended talk about the rupee breaching its all-time weak point near 88.80 rupee per dollar. It was trading around 87.93 on Thursday.With the rupee...

Although cryptocurrency is not officially accepted, India has a policy in place for transactions involving cryptocurrency. At the start of 2022, the government introduced a 30% tax on capital gains from cryptocurrency. Additionally, a 1% tax is deducted at the source by law for every transaction. GST is charged on the services provided by cryptocurrency exchanges.Additionally, these taxes should not be considered as formal government approval. India has not officially stated whether cryptocurrencies are legal or not. Though the sector falls under money laundering rules, they don’t include any special...