According to a report, the Enforcement Directorate (ED) has sent many notices in the previous month related to cross border crypto transactions and trades of NRIs (Non-Resident Indians) who extended their stayed longer in the nation due to the novel Coronavirus pandemic in the previous year, betting on Euro 2020 matches.
The report, mentioning an ED official, told that about 1000 notices have been sent by the ED in the previous 2 months and the majority of the people under scrutiny are from Delhi, Mumbai, Pune and Bengaluru.
Many of these people used credit or debit cards to bet on Euro 2020 matches for real money games (RMG) transferring money to offshore platforms without surrendering pre-loaded forex cards.
Many other NRIs are notified of deals that have taken place during their long stay in India because of the COVID – 19 restrictions in 2020. NRIs staying for 182 days or more are required to pay tax on their global income.
ED is also putting up questions on cross-border transactions in crypto on overseas crypto exchanges. Reportedly, using forex for online gambling and betting is considered a violation of foreign currency rules, the scope of this is unclear in the case of crypto dealings.Share & like