Following the Indian Supreme Court decision in March 2020 (see our update on the ruling here), under which the ban on cryptocurrencies was lifted, the Indian government brought out the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Although this bill was to be taken up for discussion in the winter session, it has been deferred due to representations made by the crypto industry.
Download .pdf Introduction In March 2023, the Bar Council of India (the “BCI”) notified the Bar Council of India Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022 (the “BCI Rules”) permitting foreign lawyers and law firms to...
Download .pdf Background In July 2024, India’s Finance Minister announced that a comprehensive review of the existing Income-tax Act, 1961 (the “IT Act”) would be undertaken with the intent to make the tax law simple and to minimize tax controversy. The Finance...
Download .pdf Late last year, the Indian government released a draft of the proposed Arbitration and Conciliation (Amendment) Bill, 2024 (the “Draft Amendment Bill”). The Draft Amendment Bill proposes to amend the Arbitration & Conciliation Act, 1996 (the...
Download .pdf India’s Union Budget (the “Budget”) was announced on February 1, 2025, and the Finance Bill, 2025 (the “Finance Bill”) was tabled in Parliament. The Finance Bill will be discussed in Parliament before its enactment, and it is likely that it will be...
Download .pdf Prior years - A quick preview 2023 was a year of significant global challenges, including interest rate hikes and ongoing geopolitical conflicts. While 2024 began with optimism for economic growth and increased deal activity, persistent geopolitical...
Download .pdf Background An individual salaried taxpayer (the “Individual”) purchased bitcoins during the financial year 2015-16 and sold them in the financial year 2020-21. In the tax return, the Individual claimed that the bitcoins sold qualified as a capital...