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Companies that accept Bitcoin payments in India

India’s economy is advancing at a rapid pace. It is projected that the country will become a major world superpower in the next century. Indian companies are among the most technologically advanced ones on the planet, and they readily embrace innovations. The nation is also home to millions of crypto investors, and this number is only going to increase in the next decades. Many businesses decide to capitalize on the large population of crypto investors and offer Bitcoin payments to their clients. Here is a list of places where Bitcoin is accepted in India.

Key Points:

  • More India’s companies are gradually embracing crypto payments.
  • Today, one can already buy pizza, cars, hosting solutions, and even pickles with Bitcoin in India.
  • NOWPayments is a service that facilitates the deployment of crypto payment gateways for businesses in India.

Athey Nallatha

Athey Nallatha

Athey Nallatha is a startup from the Indian state of Kerala which hopes to expose its clients to the taste of pickles made in India. Athey Nallatha’s core concept rests on the idea of empowering local women to cook authentic pickles and sell them for cryptocurrency to clients from different parts of the world. The startup wishes to highlight the hard work of people whose efforts are often undervalued in society. The assortment of Athey Nallatha consists of various delicious pickle mixes ideal for both vegetarians and those who prefer meat in their diets. In order to taste all of the products of Athey Nallatha, one can order a pack of six pickles. In the future, Athey Nallatha will be looking into utilizing other benefits of blockchain. For instance, the company wants to introduce total supply chain management relying on a blockchain. The business accepts a long list of cryptocurrencies, including Ethereum , Bitcoin , Dogecoin , Litecoin , and Bitcoin Cash .

Unocoin

Unocoin is the name every Indian crypto investor is familiar with. Unocoin serves as a leading platform where users can exchange, send, receive and trade Bitcoin, Ethereum, and a host of other cryptocurrencies. Unocoin has been in operation since 2013 and now has truly deserved its status as one of the most trusted Bitcoin businesses in the country. A substantial share of India’s crypto investors prefers to trade their assets at Unocoin. The exchange even has its referral program that lets users earn additional crypto by inviting their friends. Recently, Unocoin began offering gift cards for Bitcoin to its clients. Essentially, now Indian holders can buy gift cards from more than 90 brands at Unocoin with Bitcoin and then redeem them whenever they feel like it. The sale of gift cards is another effort by Unocoin to promote crypto culture in the country. Gift cards have been used by the crypto community for many years now as a way to avoid paying with fiat.

The Rug Republic

The Rug Republic

The Rug Republic is a seller of Indian custom-made rugs which can bring comfort and coziness to any space. The company offers rugs made of different materials such as wool, leather, viscose, and even hemp and denim. Every customer browsing through the catalog of the Rug Republic can easily find a design which they will absolutely love. The rugs which the company sells also have different sizes, so you can pick several ones for your living room and bedroom. The company also is an ethical employer which recognizes its social responsibility and creates working conditions that value the dignity of every employee. The Rug Republic’s products are an excellent choice for people who want to add a small exquisite detail to their home interior. The merchant accepts cryptocurrencies through Binance and WazirX. The Rug Republic also allows clients to pay using PayPal which recently began offering a crypto wallet to its customers.

Ardor 2.1

Ardor 2.1 is a restaurant located in one of the main business centers of New Delhi, Connaught Place. The restaurant’s menu features meals from various world cuisines. Nevertheless, the key food served at the restaurant is the thali, a platter with different dishes extremely popular in India. Ardor 2.1 has designed a special version of this meal called Digital Thali which guests can buy with cryptocurrency. When you pick Ardor 2.1, you get a full futuristic experience. For instance, in order to choose your thali meals, you will be given a tablet with menu items. Those who decide to order the meal and pay with Bitcoin get a 20% discount. Nevertheless, if you are out of crypto but still wish to get a discount, you can pay with a credit card and still get 10% off. Ardor 2.1 became the first restaurant in New Delhi to feature crypto payments and let’s hope that it will inspire other locations to join it.

Heptagon

Heptagon is an Indian company that focuses on the provision of next-gen IT solutions for other businesses. Heptagon has a team of world-class professionals who are extremely competent in different spheres of modern technology. Heptagon can assist enterprises in their digital transformations in order to help them to become more competitive. Heptagon also can create custom applications observing the specific requirements of their clients. Moreover, Heptagon offers blockchain services for businesses looking for ways to implement this technological solution. Heptagon is by all means cannot be called a local company because the list of its clients has truly big names such as IBM. The business is flexible and it is always ready to adjust to the needs of its clients. That is why Heptagon supplies solutions to enterprises from different industries ranging from banking and education to government and manufacturing. Heptagon accepts Bitcoin and other cryptocurrencies which makes it a real tech company.

Cloudlean

Cloudlean is a provider of cloud infrastructure and hosting based in India. The company’s products enable its clients to create their platforms and host them online without the need to build their own in-house infrastructure. Although currently, the market is full of companies that provide cloud hosting solutions, Cloudlean possesses a set of competitive advantages over other enterprises which ultimately help it to excel. Cloudlean’s support team is not outsourced to other contractors, which means that every individual case of its clients is reviewed thoroughly. Additionally, Cloudlean delivers business consultation to each potential client guiding them through the process of choosing the appropriate solution. Cloudlean guarantees 99% of uptime for all of its solutions meaning that the company’s clients will not suffer any delays and lags which is essential for hosting. Cloudlean is one of the Indian companies accepting Bitcoins. Yet, if you prefer to pay in Ethereum, Cloudlean also grants you such an option.

Truebil

If you live in India or want to visit the country on holiday, on certain occasions, you probably will need a car. Truebil is the ultimate place to go when in need of a vehicle in India. Basically, at Truebil you can either buy or sell cars. The price range is quite large so you can get both a cheap Datsun or a cool Suzuki. Truebil offers up to 1-year free service warranty and guarantees money back if the client decides that they are not satisfied with their purchase. The company became one of the first ones to accept cryptocurrencies in the country. In 2018, it partnered with a Bitcoin wallet to offer crypto payments to clients. Truebil’s case is also interesting due to the fact that before 2021, India’s companies could not legally accept crypto payments directly. Yet, Truebil’s ingenious way of approaching the situation allowed it to use the existing loophole to its advantage.

Private Driver India Tours

Private Driver India Tours

Private Driver India Tours is a company that helps people traveling in India to get a better insight into the country and its customs, as well as its iconic places. The company provides clients with a personal driver who can take them on a road trip of their lifetime. Unlike companies that specialize in delivering tours which are based on exploring beaten paths, Private Driver India Tours’ journeys are all tailored to each client. The company’s drivers can take clients to any part of India since they operate across all 29 states letting travelers enjoy the diverse landscape of the country. Private Driver India Tours has been in operation for more than 13 years, which shows the highest level of professionalism of its employees. The company’s official website features numerous photos of expeditions organized by Private Driver India Tours. Although the company does not accept Bitcoin, you can pay for its services with Dogecoin.

Etherbit

All cryptocurrency enthusiasts are aware of the fact that hardware wallets are one of the most secure ways to store digital currencies. Etherbit is a merchant that sells hardware crypto wallets in India. Wallets from Trezor, Ledger, SafePal, and a number of other trustworthy and reliable brands are all available at Etherbit. Hardware wallets are perfect for long-term investors who prefer to hold their coins instead of actively trading them on an exchange. There are also security keys of Yubico that will keep your crypto holdings safe and secure. Apart from wallets, clients can get themselves crypto merchandise such as T-shirts and mugs with the Bitcoin logo. Etherbit also sells crypto-themed stickers, which you can place on your laptop or even your hard wallet. Etherbit is one of the sites accepting Bitcoin in India. Yet, if Bitcoin is not your cup of tea, you can always pay with Ethereum at Etherbit.

Pizza Palace

Pizza Palace

Everyone loves pizza, and now people in India can get it with Bitcoin. Pizza Palace is a chain of restaurants located in Gujarat that sells tasty pizza at affordable prices. Pizza Palace has been accepting bitcoin since 2017, so it can be considered one of the first merchants in India to adopt cryptocurrency payments. The restaurant’s official Facebook account even has a post about the place’s first client who bought pizza with Bitcoin. So, at Pizza Palace you can not only enjoy a yummy pizza but also become a local celebrity by paying with Bitcoin. You can be certain that Pizza Palace makes its pizza using only fresh ingredients sourced locally. The restaurant offers an extensive selection of different varieties of the dish so its clients can always taste something new. Thus, if you ever find yourself in Gujarat and longing for a slice of a delicious pizza, you now know the place where you could go.

How to accept Bitcoin in India

If you want to set up your own payment gateway in India just like all of the aforementioned companies did, NOWPayments can help you with it.

NOWPayments offers several solutions for accepting Bitcoin and other cryptocurrencies as payment or donations.

You can choose to deploy reusable crypto invoices , forms containing information about payments that your clients can use to make a transaction.

If you host an eCommerce store on platforms such as PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, or Shopware, you can set up a special plugin for processing crypto payments.

If you run a charity or have a blog, then you can consider collecting crypto donations with the help of widgets, buttons, or links .

There is no doubt that cryptocurrencies are slowly edging towards mass adoption. India can become a major trailblazer of the crypto industry if its citizens and companies continue to embrace crypto at the current rate. Currently, it’s already not difficult to find a merchant who accepts bitcoin in India. NOWPayments is ready to assist any Indian business in advancing its adoption of Bitcoin.

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Home » Blog » Bitcoin ETFs in India – A Turning Point for Crypto Investments and Tax Implications for Indian Investors

Bitcoin ETFs in India – A Turning Point for Crypto Investments and Tax Implications for Indian Investors

  • Blog | Income Tax |
  • Last Updated on 17 January, 2024

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Table of Contents

  • Section 115BBH: Tax on income from virtual digital asset
  • Section 50AA: Tax on capital gains from specified mutual funds
  • Section 112: Tax on long-term capital gains

Bitcoin is again the talk of the town.

To provide some context, Bitcoin is a cryptocurrency known for its vulnerability, encryption, anonymity, and assets without intrinsic value.

Until January 10, 2023, investors had a singular option to invest in Bitcoin: a direct investment through various unregulated or semi-regulated exchanges. A notable development has occurred recently, presenting investors with two alternatives: direct investment and investment through Bitcoin Exchange-Traded Funds (ETFs). This anticipation surrounding the latter option has generated excitement in the crypto market, leading to a significant surge in Bitcoin’s price by over 150% in the last 12 months.

This anticipation materialised when the US Securities and Exchange Commission (SEC) approved the inaugural list of Bitcoin ETFs. This approval follows previous rejections primarily due to market immaturity, vulnerability, and manipulation concerns. Notably, the SEC has given the green light to 11 applications, including those from BlackRock (BLK.N), Ark Investments/21Shares (ABTC.S), Fidelity, Invesco (IVZ.N), and VanEck. This approval by the SEC followed an appeal filed by the Crypto Asset Manager, Grayscale, before the US Court.

It is worth noting that Bitcoin ETFs are not a recent development. Previously, the SEC approved Bitcoin futures ETFs. The recent announcement is specific to Bitcoin Spot ETFs. In this scenario, the ETF will directly purchase Bitcoin, distinguishing it from the earlier futures-based ETFs.

The Bitcoin Spot ETF allows investors to take Bitcoin exposure without possessing the cryptocurrency directly in digital wallets or hard disks. This will eliminate the concerns about potential cyber hacks and the intricacies of managing complex passwords when stored on hard disks. The Bitcoin ETFs will be listed on Nasdaq, NYSE and the CBOE.

In the context of an Indian resident individual investing in Bitcoin ETFs in the US market, a crucial question arises regarding the tax implications. The issue is whether the long-term capital gains arising from the sale of Bitcoin ETFs should be subject to taxation under Section 115BBH, Section 50AA, or Section 112.

Section 115BBH is a special provision to tax income derived from transferring Virtual Digital Assets (VDA), including cryptocurrencies. Section 50AA is a special provision to tax the income from specified mutual funds that do not allocate more than 35% of their total proceeds to equity shares of domestic companies. Section 112 operates as a residual provision, encompassing the taxability of long-term capital gains from any capital asset not covered by the special provisions.

Let’s evaluate each provision separately.

Taxmann.com | Research | Income Tax

1. Section 115BBH: Tax on income from virtual digital asset

This provision provides that the income from virtual digital asset transfers shall be taxable under Section 115BBH at 30%. The definition of “virtual digital asset” is outlined in Section 2(47A) and encompasses three classes of VDA: information, code, number, or token generated through cryptographic means; non-fungible tokens (NFTs); and any other digital asset as notified.

The first class represents cryptocurrencies like Bitcoin. However, it is essential to note that units of Bitcoin ETFs may not fall within this class for taxability in the hands of investors because investors have not invested directly in the cryptocurrency. Instead, the Asset Management Companies (AMCs) may be taxed under this provision. Given that these USA AMCs are not subject to taxation in India, investors are not obligated to pay tax under Section 115BBH in this scenario. However, if the government notifies Bitcoin Spot ETF as VDA in the third class mentioned above, the resultant gains can be taxable under this provision. Until that happens, this provision may not apply to those wondering how to buy Bitcoin in India .

2. Section 50AA: Tax on capital gains from specified mutual funds

Section 50AA contains provisions for the computation capital gains arising from transferring units of a Specified Mutual Fund (“SMF”). The specified mutual fund means a mutual fund (including ETF) where not more than 35% of its total proceeds are invested in the equity shares of domestic companies.

The term “mutual fund” is defined in Regulation 2(q) of SEBI (Mutual Funds) Regulations, 1996. It means a fund established in the form of a trust to raise monies through the sale of units to the public under one or more schemes for investing in securities, money market instruments, gold or gold-related instruments, silver or silver-related instruments, real estate assets and such other assets and instruments as may be specified by the Board from time to time.

Given that the SEBI does not approve investments in Bitcoin by Mutual Funds, and the Bitcoin Spot ETFs are neither registered nor approved by SEBI, they should not be classified as mutual funds. As a result, these Bitcoin ETFs should be excluded from the purview of taxability under Section 50AA.

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3. Section 112: Tax on long-term capital gains

Section 112 is a residuary provision to tax long-term capital gains arising from transferring any capital asset. This provision applies when other special provisions are not invoked to tax long-term capital gains. According to Section 112, long-term capital gains are subject to a tax rate of 20%. Additionally, the benefit of indexation is available in computing the amount of long-term capital gain.

In the context of Bitcoin ETFs, the units should be regarded as long-term capital assets when held for a period exceeding 36 months before the date of transfer.

4. Conclusion

Section 50AA may not apply to tax gains arising from the transfer of such units, given the absence of SEBI approval for Bitcoin investments and Bitcoin Spot ETFs. The approval from SEBI serves as a crucial determinant in this context. Similarly, Section 115BBH may only apply if the CBDT issues a notification explicitly including Bitcoin ETFs within the definition of Virtual Digital Assets (VDAs).

Consequently, the taxation of long-term capital gains from transferring units of Bitcoin Spot ETFs should be covered under the residuary provisions of Section 112. Regarding short-term capital gains resulting from the transfer of units within 36 months or less, taxation should follow the applicable tax rates for the assessee.

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bitcoin business plan in india

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Income tax on Bitcoin And its legality in India

Updated on : Jun 6th, 2023

11 min read

Budget 2022 will be announced on 1st February 2022 addressed by FM Nirmala Sitharaman.

In this article we cover the following topics:

Latest updates – Clarification on proposed Section 115BBH in Budget 2022 1. Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency. 2. Infrastructure cost incurred on mining crypto assets will not be treated as cost of acquisition. Union Budget 2022 Outcome: 1. Income from transfer of virtual digital assets such as crypto, NFTs will be taxed at 30%. 2. No deduction, except the cost of acquisition, will be allowed while reporting income from transfer of digital assets. 3. Loss from digital assets cannot be set-off against any other income. 4. Gifting of digital assets will attract tax in the hands of receiver.Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency.

What is bitcoin?

Bitcoin is one of the earliest forms of cryptocurrency , forming part of the worldwide peer-to-peer payment system. 

Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. Cryptocurrencies are classified as a subset of digital currencies, alternative currencies and virtual currencies.

Bitcoin was the first ever cryptocurrency created in the year 2009. Subsequently, there has been a rapid increase in the number of cryptocurrencies that have been created some of which are Litecoin, Ethereum, Zcash, Dash, Ripple etc. Bitcoins, in India, have slowly started gaining popularity, given the efforts of the government to move towards a cashless economy.

However, one should know that bitcoins, as of today, are not centrally administered or regulated by any specific body like the RBI which administers physical currency in India. In fact, peer-to-peer transactions with bitcoins are managed using something known as the blockchain technology which serves as a public ledger for all transactions.

Where does bitcoin come from or how is it generated?

One can obtain bitcoins either by :

Mining is an activity where an individual (called the “miner”) uses his computer prowess to crack computationally difficult puzzles. The process of cracking such puzzles which are integral to the blockchain technology, help in maintaining them. As a reward for this, the miner gets new bitcoins which is nothing but creation of a bitcoin or mining.

Purchasing them from a bitcoin exchange against real currency

Everyone cannot be a bitcoin miner. Hence, you can consider buying bitcoins from bitcoin exchanges and store them in an online bitcoin wallet in digital form. Unicorn, Bitxoxo, Zebpay, Coinbase etc., are some of the bitcoin exchanges presently in India. Such bitcoins would be purchased in consideration for real currency.

It would be interesting to note that currently, the value of 1 bitcoin is approximately about INR 31,99,620.

Receiving bitcoins in consideration of selling goods and services:

Though this may not be a common phenomenon in India currently, there are few savvy businessmen who accept bitcoins (instead of real currency) on sale of goods or services, they deal in.

Is bitcoin legal in India?

As earlier discussed, bitcoin, as a medium of payment, has neither been authorized nor been regulated by any central authority in India. Further, no set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks.

However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India. The Supreme Court of India has in its ruling pronounced on 25 February 2019 required the Government to come up with Cryptocurrency regulation policies. The matter had been adjourned in the hearing on 29 March 2019 and has been rescheduled for hearing in the second week of July 2019.

How are bitcoins taxed in India?

The concept of bitcoins being quite new to the Indian market, apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, the levy of tax on bitcoins cannot be ruled out because the Indian income tax laws have always sought to tax income received irrespective of the form in which it is received.

Therefore, the possibility of tax on bitcoins can be looked at under the following circumstances:

Scenario A: Bitcoin Mining

Bitcoins created by mining are self-generated capital assets. Subsequent sale of such bitcoins would, in the ordinary course, give rise to capital gains.

However, one may note that the cost of acquisition of a bitcoin cannot be determined as it is a self-generated asset. Furthermore, it does not fall under the provisions of Section 55 of the Income-tax Act, 1961 which specifically defines the cost of acquisition of certain self-generated assets.

Therefore, the capital gains computation mechanism fails following the Supreme Court decision in the case of B.C.Srinivasa Shetty. Hence, no capital gains tax would arise on the mining of bitcoins.

This position would hold till such time the government thinks of coming up with an amendment to Section 55 of the Act.

At this juncture, given that the Indian tax laws are silent on the taxability of bitcoins completely, we thought it right to comment on a probable contrary view by the income tax authorities. There is a possibility that the department may not consider bitcoins as capital assets at all.

Hence, the provisions of capital gains would not apply at all. Accordingly, the income tax authorities may choose to tax the value of bitcoins received from mining under the head “Income from other sources”   

Scenario B: Bitcoins held as an investment being transferred in exchange for real currency

If bitcoins, which are capital assets, have been held as an investment and are transferred in exchange for real currency, the appreciation in value would give rise to a long term capital gain or a short term capital gain depending on the period of holding of the bitcoin.

Further, long term gains would be taxed at a flat rate of 20% while short term gains would be taxed at the individual slab rate. The cost of acquisition for arriving at long term capital gains will be determined after giving the benefit of indexation. A simple example is given below to understand this :

Reiterating the probable contrary view of the income tax authorities discussed under Point 1 above, the IT authorities may not consider Bitcoins as a capital asset and hence the provisions of capital gains would not apply.

Accordingly, the income tax authorities may choose to tax the gains from bitcoins under the head “Income from other sources”.

Further, if the income gets taxed under “Income from other sources”, the taxpayer would have to pay taxes at a rate as applicable to the tax slab he falls under.

For eg, if his taxable income exceeds Rs 10 lakh, he would be liable to a tax @ 30% as against the flat rate of tax of 20% he would be liable to pay if charged to tax under long-term capital gains. The benefit of indexation as would be available if taxed under capital gains, would also not be available if taxed under Income from other sources.

Scenario C: Bitcoins held as stock-in-trade being transferred in exchange for real currency

The income arising out of bitcoins trading activity would give rise to income from business and accordingly, the profits arising out of such business would be subject to tax as per the individual slab rates.

Scenario D: Bitcoins being received as consideration on sale of goods and services

Bitcoins being received so shall be treated on par with receipt of money. It would constitute income in the hands of the recipient. Further, since the recipient received this income out of a business or profession, he would be taxed, normally, under the head profits or gains from business or profession.

As regards the disclosure requirement of bitcoins in the income tax return forms, there continues to be a lack of clarity. In the budget 2018, our Finance Minister, Mr Arun Jaitley, has stated in the budget speech, “112. Distributed ledger system or the blockchain technology allows the organisation of any chain of records or transactions without the need for intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system. The Government will explore use of blockchain technology proactively for ushering in digital economy.”Further, the Central Bank also has chosen to reinforce its earlier message to “users, holders and traders of Virtual Currencies (“VCs”) including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”

Therefore, considering that bitcoin transactions are gradually picking up in India, while, laws regulating them are significantly absent, we are hopeful that the government will come up with a notification soon to dispel the ambiguity around the legality of bitcoins, their taxability and disclosure requirement of bitcoins.

While this article aims at discussing the taxability of Bitcoins only, the tax treatment on transacting with other cryptocurrencies would also be similar to that in the case of Bitcoins.

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Bitcoin mining in India: A profitable venture?

Bitcoin mining may sound like a lucrative activity but it’s not for everyone. be sure to do your research before you dive in..

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By Shubham Srivastav   Jul 14, 2021 10:46:28 AM IST (Updated)

Bitcoin mining in India: A profitable venture?

Hash rate: This refers to the number of complex calculations mining hardware can do. For instance, the ASIC referred to above has a hash rate of 13.5 TH/s.

Electricity cost: A mining rig consumes a lot of power as it has several other components besides the core computational hardware such as cooling mechanisms etc. A basic ASIC itself will consume about 1500 watts, or 1.5 hW of electricity per hour. On average, electricity rates in India tend to be about Rs 7 per kW.

Mining pool fees: A mining pool is a collection of miners who pool their hardware resources to increase the number of calculations. The synergy created by pooled hardware will always be more powerful than a single device. The rewards will also be divvied up with all the miners in the pool. This could decrease your profit though.

Price of the cryptocurrency: This is the most important factor when it comes to mining. The cost of cryptocurrency is highly volatile. And over the last year, the price has fluctuated dramatically.

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Is Bitcoin Legal in India?

Yes, Bitcoin is legal in India. But, there’s a catch. Read on.

In this article, we’ll try and get an answer to whether Bitcoin is legal in India or not.

The Indian government has legalized digital currencies by issuing a press release. An excerpt from the statement, dated February 1st, 2017, issued under the PIB shows just how open the Indian market is becoming to crypto-currencies:

“Consequent upon the Union Cabinet proposal to amend the Payment and Settlement Systems Act 2007, Government of India have constituted an Inter-Disciplinary Committee chaired by Special Secretary (Economic Affairs) with representatives from Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, NITI Aayog and State Bank Of India.”

“The Committee will (i) take of the present status of Virtual Currencies both in India and globally; (ii) examine the existing global regulatory and legal structures governing Virtual Currencies; (iii) suggest measures for dealing with such Virtual Currencies including issues relating to consumer protection, money laundering, etc; and (iv) examine any other matter related to Virtual Currencies which may be relevant.”

Also read: Best Apps to Buy Bitcoin in India

The press release goes on to state that “it has been decided to rope in Bitcoin in the proposed committee”, thus making bitcoin one of very few digital currencies currently being regulated by Indian law.

The statement then goes on to say that “the Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegal activities or as part of the payment system.”

“Further, Reserve Bank has also advised that it has not given any license/authorization to any entity/company to operate such schemes or deal with Bitcoin or any other virtual currency.”

Earlier, the Finance Minister told the Lok Sabha that the government does not gather data on Bitcoin transactions.

So, is Bitcoin legal in India?

And so bitcoin remains very much unregulated in India. But what precisely does this mean for Indian bitcoin investors? Is the future looking even brighter than ever before?

Not necessarily. Digital currencies are still currently unregulated in India, which means that while bitcoin is now legal, there’s no protection against fraud nor guaranteed reimbursement in the case of a hack.

In addition, none of this is specifically positive news. For instance, while bitcoin has been legalized, there is no regulation on it yet. In consequence, any illicit activity conducted with bitcoin could lead to criminal charges against the participants.

The usage of cryptocurrency is still unregulated in the nation. The Supreme Court of India overruled the Reserve Bank of India’s (RBI) ruling forbidding banks from enabling crypto transactions.

So, can you make money investing in Bitcoins in India?

Yes, you can start investing in Bitcoin wallets and enjoy the valuations.

But, Bitcoin isn’t legal tender in India yet. This means you cannot withdraw your “cash” or use it to buy things at the moment (or withdraw to your bank account for that matter.

Reference – Wikipedia

How to Invest in Bitcoin in India?

So, if you wanted to go ahead and invest in Bitcoin in India, despite the risks involved, here are the steps.

1) Create a bitcoin wallet to start off with.

For this, you can use any of the popular bitcoin wallets available for Android and iOS. One popular example is Zebpay, which I have been using myself for a couple of years now. You can create an account on Zebpay from your smartphone by scanning a QR code or entering a Bitcoin address , just like in PayPal. Once you have created an account, follow the instructions below to deposit money into it:

2) How to transfer money into your Bitcoin wallet?

You can do that through bank transfers or through services such as NEFT/IMPS/RTGS. In addition, you will also need to add your bank’s address in order to link your Bitcoin wallet to your bank account.

3) How to buy Bitcoin in India?

Once you have linked your bank account with a Bitcoin wallet, you can transfer money from there to buy Bitcoin. Currently, the price of Bitcoin in INR is hovering somewhere around 60k or so, but it keeps drastically changing every day. You can purchase Bitcoin by following the instructions below:

Once Bitcoin has been transferred into your Zebpay wallet, you can either keep it there and wait for prices to go up further before selling them off, or you can sell it immediately through services such as LocalBitcoins. This way, you can convert Bitcoin into real cash that is used for making purchases online! However, if transferring money back into your bank account is a problem for you, then you can use the Zebpay voucher system. How does that work?

Future of Cryptocurrency in India

What I feel is that cryptos are the ultimate future of money since they have a finite supply. What would happen if everyone starts using cryptos? What will happen to fiat currencies then??

Cryptocurrencies will become the new norm for online transactions from business deals, to our day-to-day purchases. It will be beneficial for both the consumer and business.

As of now, there is no official regulation for cryptocurrencies in India. What the present government has been undertaking is to establish a committee to analyze and give suggestions on how to regulate the market based on Blockchain technology.

We have a lot of hope from our Honorable Prime Minister Mr. Narendra Modi that he will take a firm step towards regulating cryptocurrencies in India. What I feel is that the market should be left open without any regulations since it’s an emerging technology. What will happen to e-commerce in India if we impose such policies??

India has a low GDP and very few countries support cryptocurrencies as of now. What will happen when bitcoins’ price increases? What about cryptocurrencies? Are they going to be legal tender in India? What about the upcoming cryptocurrencies?

What I feel is that it should all be left open until we have enough knowledge and research on them. What will happen if cryptocurrencies are banned?? What will happen to the crypto exchanges?? What will happen to the future of cryptocurrencies then?

Let us wait and watch.

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What is Bitcoin in India: Meaning, Types, Advantages & How to Buy

Bitcoin is the world’s most popular cryptocurrency. It has created a whole new industry of digital currencies, also called cryptocurrencies. In India, buying bitcoin has become increasingly popular in recent years. Have you tried buying it? If not, we will tell you how to get Bitcoins in India.

Bitcoins colloquially represent the entire cryptocurrency industry. So, it’s not surprising some people may ask how many bitcoins are there in India while they might mean other cryptocurrencies such as Bitcoin Cash or Bitcoin Gold.

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About Bitcoin

Before we delve into the specifics of purchasing Bitcoin in India, it is essential to understand what Bitcoin is. First, you can find different types of bitcoins in India, and we’ll discuss them in subsequent paragraphs.

Bitcoin is a digital currency, like the Indian rupee, US dollar, or British pound, but it exists only in digital form. It is decentralised, meaning that no one person or organisation controls it. Any government or bank does not run it and can be used to buy goods and services online or to store value like an investment.

How to Buy Bitcoin in India 

Buying Bitcoin in India can be done in various ways. The most popular way is to buy Bitcoin through an exchange. An exchange is a platform that allows users to buy and sell cryptocurrencies. To purchase Bitcoin, users need to create an account on the exchange and then follow the steps to complete the transaction.

The second way to buy Bitcoin in India is through peer-to-peer (P2P) platforms, which are online marketplaces where individuals can buy and sell cryptocurrencies directly with each other. The process requires users to create an account and search for sellers offering Bitcoin. Once a suitable seller is found, the buyer can initiate the transaction and complete the purchase.

A third way to purchase Bitcoin in India is through ATMs. There are several Bitcoin ATMs located in various cities in India. The process is relatively simple. All that is required is for the user to insert cash into the machine and then follow the instructions to complete the transaction.

Also Read: Top 10 Cryptocurrencies to Invest in India

Advantages and Disadvantages of Buying Bitcoin in India 

The most popular form of digital currency today is Bitcoin. With its popularity rising in India, many people are considering buying Bitcoin in India. Though there are several advantages to buying Bitcoin in India, it also comes with some disadvantages.

  • The major advantage of buying Bitcoin in India is that it is easy to access and purchase. 
  • There are various ways to get bitcoins in India, such as using a broker, buying from a Bitcoin ATM, and exchanging it with another person.
  • It also allows users to make payments anonymously without revealing their identity.

However, there are some drawbacks to buying Bitcoin in India:

  • The current number of bitcoins in India is limited, which means the price of bitcoins can be volatile.
  • The government still needs to make regulations or laws regarding the use of cryptocurrencies, making it challenging to regulate the market.
  • There is the risk of scams and fraud, as the government does not regulate them.

How to Store Bitcoin in India 

India is rapidly becoming one of the leading countries regarding Bitcoin adoption. If you are in India and are looking to store your bitcoin, there are several ways to get it done. One of the simplest ways to get Bitcoin in India is to purchase it from an exchange. Several reputable exchanges in India allow users to buy, sell and store Bitcoin. You can also use an online wallet to store your Bitcoin. There are several online wallets available that allow users to store their Bitcoin securely.

Finally, if you want to store your Bitcoin offline, you can opt for a hardware wallet. A hardware wallet is a device that allows users to store their Bitcoin securely offline.

Types of Bitcoins in India

As of 2023, there are several types of Bitcoins in India, each with its unique characteristics and uses. 

  • Bitcoin (BTC) is the first and most well-known type of cryptocurrency used for storing value and exchanging.
  • Other types of Bitcoins exist in addition to BTC, including Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin SV (BSV).
  • Each type of Bitcoin has its own differences and applications.
  • The exact number of Bitcoins in circulation in India is difficult to determine, but it is estimated to be around 1 million.
  • The number of Bitcoins in circulation in India is subject to change as the popularity and usage of Bitcoin continues to grow.
  • Different types of Bitcoins in India offer unique opportunities and risks for investors and users.

Understanding the differences between each type of Bitcoin and carefully considering their potential benefits and drawbacks before investing or using them is crucial.

Indian Exchanges for Buying Bitcoin 

Multiple Indian exchanges offer to buy and sell Bitcoin. Although the Indian government has not yet regulated cryptocurrencies, buying and selling Bitcoin in India is still possible. However, the Indian exchanges are not as advanced as the global exchanges.

The most popular Indian exchanges for buying Bitcoin are WazirX, Unocoin, CoinDCX, and Zebpay. These exchanges provide a secure platform for buying and selling Bitcoin. They also offer other features, such as portfolio management and trading services.

The price of Bitcoin in India is also slightly higher than the global average. A single Bitcoin in India can range from around $7000 to $8000. Thus, if you are looking to buy Bitcoin in India, these are some of the best Indian exchanges to consider. They provide a secure and reliable platform for buying and selling Bitcoin.

Conclusion 

Bitcoin is a decentralised digital currency and it is the most popular cryptocurrency in the world. It has come to be recognised as a great investment option for those looking to diversify their portfolio and increase their returns. 

However, it is important to research and understand the risks of buying Bitcoin in India. With the emergence of new exchanges, buying Bitcoin in India has become much easier and safer. With the right knowledge and strategy, investors can make huge profits from buying Bitcoin in India. 

The investment options and stocks mentioned here are not recommendations. Please go through your own due diligence and conduct thorough research before investing. Investment in the securities market is subject to market risks. Please read the Risk Disclosure documents carefully before investing. Past performance of instruments/securities does not indicate their future performance. Due to the price fluctuation risk and the market risk, there is no guarantee that your personal investment objectives will be achieved.

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Investing in Spot Bitcoin ETFs from India: Everything you need to know

Investing in Spot Bitcoin ETFs from India: Everything you need to know

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The approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) is a landmark achievement for the cryptocurrency industry, especially for investors and crypto enthusiasts. This decision is significant as it potentially bridges the gap between traditional finance and the evolving world of cryptocurrency, making bitcoin more accessible to general investors. A bitcoin ETF, long considered a milestone for bitcoin, is expected to enhance its legitimacy and could increase its demand and value.

This blog delves into the nuances of spot bitcoin ETFs, aiming to provide a comprehensive understanding of what this development means for investors. From its implications on the cryptocurrency market to how it fits into a diversified investment portfolio, we aim to cover everything an investor needs to know about this new and exciting investment opportunity.

What is a spot bitcoin ETF?

A spot bitcoin ETF is an exchange-traded fund that tracks the current market price of bitcoin, also known as its spot price. Unlike ETFs that are based on bitcoin futures contracts, a spot bitcoin ETF invests directly in bitcoin. 

This approach provides a more regulated and straightforward way for mainstream investors to include bitcoin in their portfolios. While management fees and brokerage commissions are applicable, these costs can be more economical than the expenses and complexities involved in directly purchasing and holding bitcoin. This type of ETF simplifies the process of investing in bitcoin, making it more accessible to a broader range of investors.

The past: Initial SEC stance on spot bitcoin ETFs

For several years, the US Securities and Exchange Commission (SEC) initially resisted the approval of spot bitcoin ETFs. 

Their primary concern revolved around the regulation of bitcoin markets. The SEC argued that the bitcoin market was too unregulated and susceptible to manipulation, posing a risk of fraud to average investors. They believed that the lack of sufficient monitoring and surveillance capabilities in the bitcoin spot market compared to the more regulated bitcoin futures market made spot bitcoin ETFs a less secure option for investors.

The present: Shift in SEC’s position

The SEC’s change of heart regarding spot bitcoin ETFs came after a federal court ruling, which criticized their earlier rejections as inconsistent. 

The court pointed out the contradiction in approving bitcoin futures ETFs while denying spot bitcoin ETFs despite the close price correlation between the futures and spot markets. This ruling and evolving market circumstances led SEC Chairman Gary Gensler to acknowledge a change in conditions. 

Consequently, Gensler stated that the commission’s previous rationale no longer applied, leading to the approval of spot bitcoin ETFs. However, Gensler clarified that this decision was specific to bitcoin and did not imply a broader acceptance of other crypto-related products or a general change in the SEC’s stance on cryptocurrencies.

List of approved spot bitcoin ETFs

Below is a list of these approved spot bitcoin ETFs (see Figure 1 ), providing various options for those looking to incorporate bitcoin into their investment strategies.

Source : Bloomberg News, SEC

Note: Bitwise, ARK to waive fee for first six months and/or $1 billion in assets. Invesco to waive fee for first six months and/or $5 billion in assets. Ishares to lower fee to 0.20% for first 12months and/or $5 billion in assets.

Advantages of spot bitcoin ETFs

For investors considering spot bitcoin ETFs, these funds offer several compelling advantages:

  • Ease of Access: Spot bitcoin ETFs provide an accessible entry point into the cryptocurrency market. Investors can bypass the complexities of managing digital wallets, navigating crypto exchanges, and handling cryptographic keys. This simplification aligns well with traditional investment practices.
  • Enhanced Liquidity: Trading spot bitcoin ETFs is akin to trading stocks or traditional ETFs, offering familiar and straightforward liquidity through regular brokerage accounts.
  • SEC Secured: Unlike direct bitcoin purchases, spot bitcoin ETFs operate under established regulatory frameworks. This means enhanced transparency and investor protections that may not be as robust in the direct crypto market.
  • Tax Efficiency: Spot bitcoin ETFs offer tax advantages over direct cryptocurrency holdings in India. The tax norms for ETFs are well-established, providing clarity on potential tax obligations. Specifics are covered in the dedicated section on t ax implications of investing in spot bitcoin ETF for an Indian Investor .

Risks associated with spot bitcoin ETFs

Investing in spot bitcoin ETFs, like any investment vehicle, involves certain risks:

  • Market Volatility: The primary concern is the inherent volatility of bitcoin prices. While spot bitcoin ETFs simplify ownership and storage, they do not shield investors from the market’s unpredictable nature, which can result in substantial financial losses. However, this is true for any ETF
  • Security Risks: The substantial holdings of spot bitcoin ETFs make them potential targets for cyberattacks. Despite robust security measures like encryption and cold storage, the risk of theft remains, and recovering stolen digital assets is challenging.
  • Tracking Error: Discrepancies can arise between the ETF’s share price and the actual value of bitcoin. Tracking Error in spot bitcoin ETFs arises primarily due to the non-overlapping trading hours between these ETFs and the actual bitcoin market. Bitcoin is traded 24/7, while spot bitcoin ETFs are limited to standard market trading hours. This time difference can lead to discrepancies between the ETF’s share price and bitcoin’s real-time market value, potentially affecting the ETF’s accuracy in mirroring bitcoin’s price movements.

How to invest in a spot bitcoin ETF via Vested

This process is designed to be intuitive and user-friendly, making it easy to include spot bitcoin ETFs in your investment portfolio. To invest in a spot bitcoin ETF via Vested, follow these steps:

Step 1: Access your Account: Log into your Vested account and navigate to the US stocks and ETFs section (see Figure 1 ).

bitcoin business plan in india

Figure 1: Access your account

Step 2: Search for ETFs: Look up the spot bitcoin ETFs you’re interested in (see Figure 2 ).

bitcoin business plan in india

Figure 2: Search for ETFs

Step 3: Investment Options: Decide whether to ‘Buy’ for a one-time investment or set up a “Recurring Investment’ for ongoing investments (see Figure 3 ).

bitcoin business plan in india

Figure 3: Decide on your investment option

Step 4: Place Order: Enter the number of shares you wish to purchase and confirm your order (see Figure 4 ).

bitcoin business plan in india

Figure 4: Review and place order

bitcoin business plan in india

Figure 5: Order placed successfully

Tax implication of investing in spot bitcoin ETF for an Indian Investor

Investing in spot bitcoin ETFs offers certain tax advantages for Indian investors compared to directly holding Bitcoin. Here’s a breakdown of the key points:

Capital gains tax

In India, capital gains from crypto assets like bitcoin are taxed at a flat rate of 30%. Additionally, losses from one cryptocurrency cannot be offset against gains from another, and there’s no provision for carrying forward these losses to future years.

In contrast, for investments in spot bitcoin ETFs via the Liberalised Remittance Scheme (LRS), the tax rate on short-term capital gains (less than 36 months) depends on the investor’s tax slab. Long-term capital gains are taxed at 20% with indexation benefits, which is significantly lower than the flat 30% for direct crypto investments. Further, losses booked can be utilized to offset other capital gains. 

TDS and TCS considerations

A 1% Tax Deducted at Source (TDS) applies to each transfer of digital assets on domestic crypto exchanges in India. However, this TDS does not apply to bitcoin ETFs in the US, as they do not involve actual crypto purchases. 

However, note that a 20% Tax Collected at Source (TCS) applies on LRS deposits above Rs 7 lakh, which applies to investments in spot bitcoin ETFs. Unlike the TDS on Indian crypto investments, this TCS can be offset against other tax liabilities.

The potential of the spot Bitcoin ETF, projected by Bloomberg Intelligence to grow to $100 billion in the next five years, signifies a pivotal development in integrating digital assets into mainstream finance. Galaxy’s forecast of inflows escalating rapidly in the initial years further bolstered this optimistic outlook. Historical precedents, like the $1 billion inflow into ProShares Bitcoin Strategy ETF (BITO), support the high expectations surrounding spot bitcoin ETFs. For investors spot Bitcoin ETFs provide an easy way to add crypto exposure to their portfolios. 

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State of venture investments in India, according to Lightspeed

Lightspeed partners examine right-sizing vc funds in india, spectrum of startup investing and the country's prospects in the global ai race.

bitcoin business plan in india

Over 150 investors , including Singapore’s sovereign fund Temasek and Malaysia’s Khazanah, gathered at Mumbai’s five-star Trident Oberoi hotel on a recent Friday for venture firm Lightspeed India Partners’ “Lift Off” summit.

The two-day event aims to spark partnerships by enabling “in a short window, many views, ideas and investments to be shared between nC2 connections (every permutation and combination),” described Karthik Reddy, co-founder of Blume Ventures.

The event builds on the success of last year’s inaugural Lift Off, which helped spur deals and networking, including paving the way for Singapore sovereign fund GIC’s investment in business-to-business marketplace Vegrow later in the year.

The upbeat atmosphere this year reflected India’s rebound in startup funding over the past three to four months. But the lavish setting couldn’t mask pressing questions still facing the industry.

Byju’s, once India’s most valuable startup at a $22 billion valuation, is seeking new capital through a rights issue that would slash its valuation by a whopping 99% . Paytm, once the poster child of India’s startup dreams that went public at a $20 billion valuation in 2021, has seen its market cap shrivel below $3 billion amid the tech market carnage and regulatory upset.

Many late-stage startups remain wedded to their peak 2021 valuations . And many highly valued 2021 seed deals are floundering without follow-on funding. At the same time, Indian VCs are currently sitting on a record $20 billion in dry powder , raising skepticism among many investors about excess fundraising.

On VC fund size

“Sitting here in early 2024, with the benefit of observing 2023 investment activity levels as well as the pace of startup creation, I think the answer is yes,” responded Lightspeed partner Bejul Somaia when asked whether Indian VC firms have over-raised, amassing more funds than they can responsibly deploy.

“The current vintage of funds were raised in 2021/2022, when activity levels and investment dollars were substantially higher than 2023. In 2021, $33 billion of venture capital (early and late stage) was invested in India. In 2023, this number was $9 billion. So we have to keep in mind that funds raised in 2021/2022 were sized for an opportunity that was reflective of that time,” he explained.

“If you look at the number of investments, the number was 2,200 in 2021 and approximately half of that in 2023. Now, that doesn’t mean the market will not accelerate again in two to three years . . . market cycles do happen. So 2023 is also not necessarily reflective of the venture market opportunity in India,” he added.

Lightspeed Venture Partners India — which had returned over $1 billion to LPs by mid-year in 2023 — was unusually restrained during 2021’s period of hyper-exuberance when deals closed in days with inflated valuations and unreasonable founder-friendly terms — a frenzy Somaia hopes the market never revisits.

“Environments like 2021 make me quite anxious. Investment opportunities move fast and at high prices . . . and growth, hype and salesmanship start mattering more than building durable companies. Even as our mark-to-market performance was looking incredible, that’s perhaps one of the few years at Lightspeed when I had the most anxiety. On one hand, these valuations were market-determined; on the other they didn’t jive with our assessment of the business,” he said.

“So how do you know who is right? Does the market know something we don’t? Fortunately we stayed with our convictions for the most part through that time.”

bitcoin business plan in india

Magicpin founder Anshoo Sharma, OneAssist founder Gagan Maini with Lightspeed’s Bejul Somaia. Image Credits: Lightspeed

Over the past three years, many India-focused venture capital firms have raised substantial new funds that dwarf their previous vehicles — Peak XV has amassed $2.5 billion for the region across recent closes, while Nexus Venture Partners pulled in $700 million, Elevation raised $670 million, and Accel garnered $650 million . Lightspeed, which began investing in India more than 15 years ago, and later formed dedicated funds for the country, unveiled a $500 million fund , its fourth for India, in 2022.

“With respect to Lightspeed India’s most recent fund, I believe that is sized at the lower end of our peers. This sizing is a deliberate choice,” said Somaia. “That said, maybe our peers see an opportunity that we don’t, or have a more expansive investment strategy — and we are always curious to learn. But we want to guard against the risk of too much capital resulting in strategy drift.”

Somaia said he anticipates many firms, including Lightspeed, to take three to four years to deploy their funds instead of the typical cycle of two and a half years to three. “We need to deliver top-tier returns to our LPs, who have become accustomed to a certain kind of return from a firm like Lightspeed. We will never compromise that to put money to work,” he said.

India in the global AI race

With AI progress surging in Western hubs, India is lagging in foundational research as very few of its startups attempt to build large language models.

Lightspeed sees parallels to the firm’s early investment in Indian Energy Exchange — building a power trading platform whose analog didn’t exist in Western markets. “My perspective is that right now we are at a phase with AI where a lot of the infrastructure, and some tooling, is being built. This is primarily happening in Silicon Valley. It has actually been a reminder that the concentration of technical talent in Silicon Valley is unparalleled,” said Somaia.

“In the time that we have been investing in India, we have observed limited core technical infrastructure innovation. Most of the opportunity tends to be at the application layer — for consumer and enterprise. There are many reasons for this, including market dynamics and the investor community, where we have few technically-strong investors . . . so it’s a bit of chicken and egg,” he added.

Hemant Mohapatra, a partner at Lightspeed, focuses on deep tech and has backed startups like Rephrase, one of the earliest generative AI startups, and large language model AI startup Sarvam .

Mohapatra agreed that access to top-tier AI talent is constrained globally. But similar to the cloud computing shakeout, he predicted consolidation around a few AI technology and business paradigms once current hype subsides. Given India’s engineering bench strength, targeted AI opportunities could still emerge locally even if Silicon Valley retains its general innovator dominance, he said.

The patient capital

bitcoin business plan in india

Lightspeed’s Anuj Bhargava and Rahul Taneja with Darwinbox founder Jayant Paleti. Image Credits: Lightspeed

A concern held by many investors in India is that several late-stage startups continue pushing for up-rounds, exhausting their runways before accepting post-downturn realities.

Anuj Bhargava, Lightspeed MD and head of India Corporate Development, told TechCrunch he sees progress toward alignment with the public markets. “I think this is the year where the financing that will happen will be in more sync with the public markets. For growth companies, the private markets have been slow. But for the names that have really improved their PnLs, have cut the burns and are on sustainable unit economics, I think the public markets offer a great opportunity,” he said.

India has also attracted growing sovereign fund interest over the past three years at a scale it never has before, he said, adding he was optimistic that they will invest in many late-stage startups. “We had a lot of funds not based in India but investing in India because of the opportunity the country offered to them outside their own. A lot of companies ended up raising money that didn’t justify their scale or progress. In the last few years, some of the momentum investors have has not been invested as much in India, creating a void,” he said.

“That void has been filled by patient capital — sovereign funds were very quiet in 2020 and 2021; pension funds [that] were either quiet and probably hadn’t invested much in India earlier; and the growth arms of the private equity funds, many of which earlier weren’t investing much in tech. So these three pockets of capital are mature, long-term and patient and I anticipate we will see more activities from them going forward.”

While late-stage funding remains tightened considerably, some investors see bright spots in India’s early-stage ecosystem. Peak XV, Lightspeed, Elevation, Accel and Nexus signed over a dozen early-stage deals in the month of January alone, according to a person familiar with the matter.

“While many in the ecosystem are busy guessing when winter will be over, we however believe there is no time like now to build (and for us to invest),” said Lightspeed partner Rahul Taneja.

The skilled talent and eager capital remain accessible at early stages, he said. “Founder quality is much better — the folks who are leaving their jobs truly believe in their ideas, and are willing to take the plunge in what most would call a ‘slow year.’ Access to high-quality talent is much better, and capital allocators have been waiting to make bolder bets. Every single day, we get to meet exceptional founders at the earliest stages of venture creation — and realize how lucky we are to be in a position to support India and Southeast Asia’s digital growth.”

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During my visit to India as an NRI, my son fell ill, but my US health insurance didn't cover it. Can I buy family floater plans in India?

The right sum insured depends on factors like the city of residence, lifestyle, and the age of the insured members. but a cover of at least rs 1 crore should be adequate for a family.

Navneet Dubey 

  • Updated Feb 22, 2024, 11:36 AM IST

During my visit to India as an NRI, my son fell ill, but my US health insurance didn't cover it. Can I buy family floater plans in India?

My name is Rajat. A few years ago, I moved to Boston with my wife and teenage son. This year, when we came to attend a family wedding in India, my son fell ill due to acute diarrhoea and had to be hospitalised for around a week. My wife and I were terrified, as we did not have health insurance. I had to pay a hefty amount for the hospitalisation, medications, and overall treatment as I didn’t have health insurance in India, and my US insurance wasn’t valid here. As an NRI, please advise if I can buy a family floater plan in India. What should be the right sum insured to cover the three of us adequately?

Reply by: Amit Chhabra, Chief Business Officer - Health Insurance, Policybazaar.com

The unexpected medical emergency that you faced is rather unfortunate; however, it is not uncommon. Non-resident Indians, especially those visiting India frequently, may find themselves in situations requiring healthcare assistance. Nevertheless, your decision to seek health insurance coverage from India is a step in the right direction. First, it will ensure continuity of coverage when you visit India and help mitigate the financial implications of medical emergencies like the one you faced.

Affordability is another compelling factor. Health insurance plans in India are generally 60-70% more cost-effective than those in countries like the US. This affordability is crucial for NRIs who may find their international policies inapplicable in India. Also, the flexibility and customisation offered by Indian insurance providers allow NRIs to tailor their health insurance plans to suit specific family needs. You can choose specific add-ons for a bit of extra premium to address certain health needs. Health insurance from India proves invaluable to NRIs in various scenarios, such as cases where they confront significant health issues abroad but prefer treatment in India where their family resides. Additionally, it becomes beneficial when NRIs consider relocating back to India.

Also read:  Extreme weather leads to about 50% jump in reinsurance rates for property catastrophe insurance

Also read:  India sees 8.5% jump in the number of CFP professionals

Also read:  Irdai tells insurers to step up efforts to trace rightful recipients as unclaimed funds pile up

Regarding the right sum insured, determining factors include your city of residence, lifestyle, and the age of the insured members. However, considering the rising medical inflation, you should at least opt for a cover of Rs 1 crore and above to adequately cover you and your family. In a nutshell, securing health insurance in India is a prudent decision for NRIs, offering protection and peace of mind.

(Views expressed by the investment expert are his/her own. E-mail us your investment queries at [email protected]. We will get your queries answered by our panel of experts.)

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