While crypto deposit inflows increased by as much as 250-2,000 percent for certain Indian exchanges in January, following a ban on nine offshore exchanges, this did not translate to higher trading volumes.
Indian investors can now buy crypto ETFs by depositing INR in Indian exchanges or through the Liberalised Remittance Scheme (LRS) route. The LRS route allows investors to send up to $250,000 per year to a US brokerage account and take exposure to the ETF. However, using the LRS route may incur a 20% TCS on remittances above 7 lakhs.Trading on Indian exchanges does not have a TCS angle but involves a 1% TDS on selling and a 30% tax on profits. Investors can allocate around 10% or less to crypto ETFs and accumulate assets systematically.
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