I have this question for very long time especially when I see max trading limit on exchange goes even upto crores which means potentially people can convert how much amount they have in BTC to INR but there's no way someone who is selling huge amount is going to pay 30% tax and even 1% TDS seems too much considering the value in INR.
So what are the possible alternatives you think they convert BTC to INR if they wanted to.
Mostly all I see is going to Dubai set up a company and then transfer funds to INR but it's really feasible or how do you think they convert.
Let's speculate and bring in all your imagination guys.
So what are the possible alternatives you think they convert BTC to INR if they wanted to.
Mostly all I see is going to Dubai set up a company and then transfer funds to INR but it's really feasible or how do you think they convert.
Let's speculate and bring in all your imagination guys.
No Whales would want enforcement directorate to knock on the door. So even if the Wales are converting to fiat, they do not convert big amounts.
As per the PMLA act, if an account receives more than 10 lakh in one go, that transaction needs to be notified to the income tax and enforcement directorate by the banks. So Whales usually converts less than 10 lakhs in one go.
They can surely use the legal route by paying 30% taxes. But I don't think anyone is actually following the same.