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The steep tax rate on crypto could dissuade trades that have been soaring in India despite the central bank’s warnings about the risks of money laundering, terrorist financing and price volatility.

​Finance Minister Nirmala Sitharaman announced the tax on gains arising from virtual assets at a flat rate of 30 per cent without any exemptions or deductions

Lawyers for the billionaire chief executive officer of the electric-car maker said in a court filing Tuesday that Saudi Arabia’s sovereign wealth fund had indeed agreed to support his attempt to take the company private.

“Businesses or companies are looking to divest away from China as a manufacturing base. All these things come nicely for India to ramp up manufacturing. Some amount of rate hikes would be taken in stride by businesses who are looking to invest or from a market perspective.”

What stands out is the capex strategy of the government which could manifest as India’s formula to sustainable growth

The company had posted a profit of Rs 2,925.83 crore in the same quarter last year.

A total of 13,280 shares changed hands on the counter till 01:44PM (IST)

“The taxation removes ambiguity and signals that the government recognises the crypto industry.”

As of 31-Dec-2021, promoters held 50.0 per cent stake in the company, while FIIs held 34.06 per cent and domestic institutional investors had 3.0 per cent.

The stock quoted a 52-week high price of Rs 1823.0 and low of Rs 1375.55.