India parliament to hold Sept. 16 hearing on crypto policy

India’s Lok Sabha Standing Committee on Finance is set to hold a Sept. 16 hearing with the Department of Economic Affairs on policy for virtual digital assets, local media outlet CryptoTimes reported. The Department of Economic Affairs is responsible for shaping the Indian government’s direction on cryptocurrency policy. At the hearing, the committee is expected to ask about the choice of regulator, the introduction of a separate legal framework, and possible responses to trading volume that has shifted to overseas exchanges. The proceeding is for oral testimony rather than a vote on a bill, so it is not expected to result in an immediate regulatory decision. India does not currently ban cryptocurrencies, but it applies a 30% tax on gains from crypto transfers and a 1% tax deducted at source, or TDS, on some transactions.