There has been disappointment all around on the budget proposals as presented by Finance Minister Nirmala Sitharaman.
There has been no bill on Crypto assets or Cryptocurrencies so far. But the FM said that 30% tax on digital assets. If this includes digital currencies such as Bitcoin, then it will be a disaster towards the spread of Crypto in the country. India has over $ 6 billion invested in digital currencies. There is also a TDS proposal.
Now if digital currencies are declared are assets, then 30% will be in effect. This act has to come through and details will be available in the details.
The digital Rupee will be a complex issue, not only because it will leave footprint at every level, but also might be considered as an asset. However, UPI payments have been around for some time now. The presence of the digital Rupee will be in the banks, because the presence of the physical bank will not be required.
There has been nothing said about MSMEs, the segment that has been the worst hit in the pandemic. No special understanding of the needs and aspirations of this sector. There is nothing for the MSMEs.