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Indian officials last year imposed a 1% levy — known as TDS — on crypto transactions, causing trading volumes at exchanges to crash as market makers and high-frequency investors pulled back due to higher costs.
India's crypto tax policy is unlikely to change for at least two years, causing a decline in trading volumes. The 1% TDS tax on crypto transactions drove investors to overseas exchanges. Crypto firms like WazirX and CoinDCX are urging the Indian government to reduce the tax to 0.01%. Meanwhile, India's tech expertise continues to attract global crypto players.
Riders hit the road Sept. 15-22
IRFC topped the volume chart on NSE. The stock surged 6.37 per cent to Rs 70.95, as 17,45,74,275 shares worth Rs 1,269 crore changed hands on the counter.
Stocks to watch out for today: Ramco Cements, Oil India, Mrs Bectors Food, SpiceJet, Cipla, Tata Power, YES Bank, Tata Steel and more