Get All Access for $5/mo

Nirmala Sitharaman Suggests Changes In Customs Act To Deal With Cryptocurrency: Report Sitharaman said that there is a cocktail of developments which encompasses the dark web and artificial intelligence, web3 and Meta, and also urged the officials to sit up and take note of these

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Nirmala Sitharaman Twitter handle

Finance minister Nirmala Sitharaman, on Tuesday, persuaded the customs officials to prepare strategies to deal with changing technologies and developments like cryptocurrencies, according to an FE report.

"If India's Amrut Kaal is the next 25 years, how is the Customs Act, which has served us very well even during the pandemic, going to be future ready?," the minister said while mentioning the performance of customs officials who worked tirelessly during the pandemic, as quoted in the report.

While addressing an event to mark 60 years of the Customs Act, 1962, Sitharaman said that there is a cocktail of developments which encompasses the dark web and artificial intelligence, web3 and Meta, and also urged the officials to sit up and take note of these.

While mentioning the case on cryptocurrencies, Sitharaman also asked how officers would respond to such an issue. In her words, "You have before yourself enough and more instances of how speedily things are changing. I would ask the Central Board of Indirect Taxes and Customs to be the leaders to show how you will have propositions for the next 25 years and probably give the World Customs Organisation more ideas."

According to the report, the government is also working on a framework to levy goods and services tax on these assets. The finance minister also raised the issue of smuggling of drugs and the need for the use of intelligence. Sitharaman emphasized that, "If gold will hurt the economy, drugs will hurt the generation, then we can't afford it."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Franchise

Kick-Start Your Small Business With These Cost Effective Strategies

Starting a small business is an exciting adventure, brimming with both opportunities and challenges. A key to success is effectively managing costs from the outset.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.