In the Lok Sabha, while debating the Finance Bill, Opposition members on Friday stressed the need for a legal framework to regulate virtual digital assets such as cryptocurrencies that can be misused to finance terror and narcotics smuggling.
Opening the debate, Congress member Gaurav Gogoi said the government was sending mixed signals on virtual digital assets and demanded clarity on the definition of crypto.
“I expect the policy to come out sooner than later... crypto is a risk at the moment,” Mr. Gogoi said, noting that virtual digital assets should not become a preferred route for money laundering, drug smuggling or crime.
Supriya Sule of the NCP demanded a ban on crypto, saying various committees had suggested so and questioned the imposition of 30% tax on capital gain out of virtual digital assets when there was no legislation on them (digital assets).
Danish Ali of the Bahujan Samaj Party (BSP) also asked the government to clarify its position on cryptocurrency whether it was legal or not.
Fuel price rise
The rise in prices of fuel was another issue that was taken up by the Opposition members.
“For one month, they could keep the prices stable. What has changed now?...Just because [five State Assembly] elections are over. That’s how you repay the people who put you back to power,” Mr. Gogoi said.
“Jingoism is the only antidote that this government is offering to the poor whether there is record unemployment, whether there is high inequality, and when there is inflation. People are expected to really put all their faith in the leader [the Prime Minister],” the Congress MP said.
Trinamool Congress member Aparupa Poddar said the government talked about increasing the GDP which meant prices of Gas, Diesel and Petrol and sought to know the quantum of black money reduced because of demonetisation.
Appreciating the Finance Minister for presenting a “well-balanced” Finance Bill, N.K. Premchandran (RSP) said it was right time for the review of Goods and Services Tax (GST) given the complexities involved.
Earlier, during Zero Hour, members from the Congress, DMK, NCP, Left, Viduthalai Chiruthaigal Katchi and the IUML walked out of the House to register their protest over the fuel price hike.
