Latest news with #PurushottamAnand
Economic Times
8 hours ago
- Business
- Economic Times
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new 'Payment Token Services Regulation' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar)."This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Time of India
9 hours ago
- Business
- Time of India
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto Legal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unlock full 2025 solar power in Bangladesh — install, maintain, upgrade Solar Panels | Search Ads Learn More Undo After raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. Live Events According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new ' Payment Token Services Regulation ' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar). "This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates LLP. Crypto dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Time of India
22-04-2025
- Business
- Time of India
Google settles Android TV antitrust case in India with Rs 20 crore penalty, read the company's statement here
Representative Image Google has agreed to pay a penalty of Rs 20.2 crore to settle an Android TV matter with the Competition Commission of India (CCI). This comes after the competition watchdog found a prima facie case of abuse of dominant position by the tech giant. As part of the settlement (that Google applied under Section 48A of the Competition Act), the company has agreed to a 'New India Agreement'. This will allow Google to offer separate licences for the Play Store and Play Services on Android smart TVs in India. The latest agreement will even remove the need for TV manufacturers to bundle these licences or set default placement rules. The latest settlement follows previous penalties imposed on the company by the CCI in cases related to its Play Store policies and dominance in the Android mobile ecosystem. What Google said about the CCI settlement Confirming its decision to settle with the CCI, the company said: 'Google is committed to abiding by applicable local laws in every country where we operate and are grateful to the CCI for the opportunity to engage and present our case. We also thank the CCI for instituting processes which enable constructive engagements between companies and the market, allowing for continued investment and growth.' The case began with a complaint filed by Kshitiz Arya and Purushottam Anand under Section 19(1)(a) of the Competition Act, 2002. It was directed against Google LLC, Google India Pvt Ltd, Xiaomi Technology India, and TCL India Holding, alleging that Google had violated provisions of the Act by using its dominant position to impose restrictive agreements on TV manufacturers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo The CCI also noted that Google will waive the need for a valid Android Compatibility Commitment (ACC) for devices shipped without Google apps. This will enable TV manufacturers to build and sell non-compatible Android devices in India without breaching the Television App Distribution Agreement (TADA). ".. considering the material on record and the assessment of the settlement proposal after taking into consideration the nature, gravity, and impact of the contraventions, the commission agrees to the proposal for settlement in terms of Section 48A (3) of the Act and the settlement regulations. The final settlement amount, after applying a settlement discount of 15%, is Rs 20.2 crore," CCI said in a statement.
India Today
22-04-2025
- Business
- India Today
Android TV makers in India no longer forced to bundle Google Play Store, says CCI
Google has recently been facing several antitrust lawsuits, highlighting its wrongful monopoly in the market. One such case has also been filed in India. Filed by two Indian antitrust lawyers, the case now comes to an end. The Competition Commission of India (CCI) has finally stated that Google has been 'misusing its dominant position' to cut out the competition to stand a chance. advertisementAfter the CCI's ruling, Android TV makers in India are no longer mandated to bundle Google's OS, Google Play Store or any other pre-installed apps. Google to follow new laws in India Google has submitted a settlement application under Section 48A of the Competition Act, signalling its agreement with what is being called the "New India Agreement". As part of this arrangement, the tech giant will now offer separate licences for its Play Store and Play Services specifically for Android-based smart televisions in India. According to the Competition Commission of India (CCI), this move eliminates the prior obligation to bundle these services together or to enforce conditions such as default app placement. Furthermore, Google has agreed to forgo the requirement for a valid Android Compatibility Commitment (ACC) for smart TVs shipped to India that do not come pre-installed with Google applications. This shift means television manufacturers can now develop and market Android devices that do not meet traditional compatibility standards without breaching Google's Television App Distribution Agreement (TADA), the CCI its statement, the Commission remarked, "considering the material on record and the assessment of the settlement proposal after taking into consideration the nature, gravity, and impact of the contraventions, the commission agrees to the proposal for settlement in terms of Section 48A (3) of the Act and the settlement regulations.' Google to pay Rs 20.2 crore as penaltyFollowing the application of a 15 per cent discount on the penalty, the final settlement amount payable stands at Rs 20.2 development stems from a case initiated by two individuals, Kshitiz Arya and Purushottam Anand, who lodged a complaint under Section 19(1)(a) of the Competition Act, 2002. The complaint was directed against Google LLC, Google India Pvt Ltd, Xiaomi Technology India, and TCL India Holding, alleging violations of multiple provisions of the called out for online advertising dominanceIn a significant decision handed down this week, a US judge has ruled that Google unlawfully sustained its dominance within the digital advertising sector. The court determined that Google had 'willfully acquired and maintained monopoly power' across two critical components: publisher ad servers and ad exchanges. These platforms form the backbone of how online adverts are bought and sold — a vital income stream for news organisations and digital content creators exclusionary behaviour not only blocked rivals from competing fairly, but also caused considerable harm to Google's publishing clients, disrupted fair competition, and adversely affected users accessing information across the open internet,' the judge stated, as reported by ruling found that Google had actively distorted the advertising landscape to sideline competitors, ultimately restricting options for publishers and driving up costs for In
Time of India
21-04-2025
- Business
- Time of India
Google to pay Rs 20 crore to settle Android TV case
NEW DELHI: Google has opted for a settlement with the Competition Commission of India (CCI) and payment of a penalty of Rs 20.2 crore in the Android TV issue, where the fairplay regulator found a prima facie case of abuse of dominant position by the global tech giant. This follows the two penalties that CCI previously slapped on Google, regarding its Play Store policies and its dominance in the Android operating system. In the TV case, Google filed a settlement application under Section 48A of the Competition Act, giving consent for a 'New India Agreement', under which it will provide a standalone licence for the Play Store and Play Services for Android smart TVs in India. This will remove the requirement to bundle these services or impose default placement conditions, CCI said. Additionally, by waiving the need for a valid Android Compatibility Commitment (ACC) for devices shipped into India that do not include Google apps, TV companies can now sell and develop incompatible Android devices, without violating Google's Television App Distribution Agreement (TADA), it added. "... considering the material on record and the assessment of the settlement proposal after taking into consideration the nature, gravity, and impact of the contraventions, the commission agrees to the proposal for settlement in terms of Section 48A (3) of the Act and the settlement regulations. The final settlement amount, after applying a settlement discount of 15%, is Rs 20.2 crore," CCI said. The case originated from the information filed by two individuals, Kshitiz Arya and Purushottam Anand , under Section 19(1)(a) of the Act, 2002 against Google LLC, Google India Pvt Ltd, Xiaomi Technology India, and TCL India Holding for alleged contravention of various provisions of the Act. The gist of the allegation was that Google misused its dominant position by enforcing restrictive agreements on TV makers. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
