Union Budget 2024 and Updates from Foreigner Exchange

Introduction

The crypto community has been eagerly waiting for the Union Budget presentation by the Finance Minister on 1st February. The budget session started at 11:00 AM, and it brought both good and disappointing news for crypto enthusiasts. In this blog, we will discuss the updates from the Union Budget and the latest developments in the foreigner exchange market.

Updates from the Union Budget

The Union Budget session lasted for an hour, from 11:00 AM to 12:00 PM. Surprisingly, there was no mention of crypto taxes or TDS reduction in the budget. The finance sector was discussed, but without any significant reference to cryptocurrencies. This means that the current tax rates and regulations for cryptocurrencies will remain the same. The expectation of reducing TDS from 1% to 0.01% did not materialize.

Foreigner Exchange Updates

Foreigner Exchange, a popular exchange platform, has faced some challenges lately. Nine exchanges have been banned, but BitGate and BitGat have managed to stay operational. These exchanges are still available on the Play Store and are functioning smoothly. However, some comments suggest concerns about their future availability on the Play Store. It remains to be seen if these exchanges will also be removed in the future.

Updates from RBI

Under the new guidelines from the Reserve Bank of India (RBI), Paytm2, a digital banking service, has been banned. This means that Paytm2’s URL has been blocked, and the app has been removed from the App Store. However, Paytm2 is still live and fully functional for existing users. It is uncertain whether this ban will extend to other Indian exchanges as well.

Services Available and Unavailable

As per the RBI’s guidelines, certain services will no longer be available for Paytm2 users. These include no deposit or credit transactions, top-up services, peer-to-peer payments, instrument wallet fastag, and NCMC credit cards. However, users can still withdraw their funds until 29th February. After that, the availability of services will depend on further clarification from the authorities.

Foreigner Exchange and Banned Services

Foreigner Exchange, despite facing a ban, is still accessible and operational. It is important to note that Indian exchanges are not affected by this ban. It is advisable to trust your holdings in trusted wallets, such as MetaMask and hardware wallets. If you engage in daily trading, ensure you have sufficient funds in your wallet. Also, if you have registered with Foreigner Exchange Act, your account will remain active, with certain services temporarily unavailable.

Conclusion

The Union Budget session did not bring any major changes for the crypto community. The tax rates for cryptocurrencies remain the same, and the expected reduction in TDS did not happen. As for Foreigner Exchange, some exchanges have been banned, but BitGate and BitGat continue to operate. Paytm2 has been banned under RBI guidelines, but it is still live for existing users. It is crucial to stay updated with official statements and not fall for rumors. Like, comment, and share this blog if you found the information helpful. Until next time, goodbye

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