1. Indian Coinage
  2. Indian Coinage Book
  3. Indian Coins Value List
India is weighing up whether to impose goods and service tax on cryptocurrency trades, a report suggests.
According to Bloomberg, people close to the matter said that the government might levy GST of 18 percent on digital currency trades, despite the Reserve Bank of India's recent ban restricting banks from dealing with cryptocurrencies or trading platforms.

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The proposal outlines that purchases and sales of cryptocurrencies are subject to taxes, as they are considered a supply of goods, the report suggests.

Indian Coinage


The value of a cryptocurrency transaction would be based on the value in rupees or the equivalent in freely convertible foreign currency.
Transactions involving parties outside India would be liable for integrated GST, and would be considered an import or export of goods.
Cryptocurrency transactions made for reasons such as 'Supply, transfer, storage and accounting' would be considered services, as would crypto mining, Bloomberg says.India
Cryptocurrency exchanges and digital wallets would have to pay GST under the proposal, while foreign exchanges would be liable for IGST. The sources further said that, although no decision has been made so far, the government could levy the new tax regime as soon as July 1.
India's tax department has in recent months been cracking down on tax avoidance by crypto traders.
It issued notices to around 100,000 traders and investors in February after surveys of exchanges found that $3.5 billion in cryptocurrency transactions may have been performed by citizens over the previous 17 months.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
India Government Mintभारत सरकार टकसाल
TypeGovernment of India
IndustryCoin and medallion production
Headquarters
Area served
India
Websitewww.spmcil.com

The India Government Mint operates four mints in the country for the production of coins: Jumong download mega.

  • Mumbai, Maharashtra
  • Kolkata, West Bengal
  • Hyderabad, Telangana
  • Noida, Uttar Pradesh

Under The Coinage Act, 1906, the Government of India is charged with the production and supply of coins to the Reserve Bank of India (RBI). The RBI places an annual indent for this purpose and the Government of India draws up the production programme for the India Government Mints on the basis of the indent.

Besides minting coins, the mints at Mumbai, Kolkata and Hyderabad also make coin blanks. Hyderabad, Mumbai and Kolkata mints have gold assaying facilities and the Mumbai mint produces standardized weights and measures. Mumbai Mint has a state-of-the-art gold refining facility up to 999.9. Hyderabad Mint has electrolytic silver refining facility up to 999.9.

Commemorative coins are made at Mumbai and Kolkata. Kolkata and Hyderabad have facilities for making medallions, too. The Noida mint was the first in the country to mint coins of stainless steel.

Marks on mint[edit]

Each currency coin minted in India (and anywhere in the world) has a special mint mark on it to identify the mint.

A postcard depicting the mint.

Bombay (Mumbai) Mint[edit]

Bombay (Mumbai) Mint has a diamond under the date of the coin (year of issue). The proof coins from this mint have a mint mark ‘B’ or ‘M'.

Calcutta (Kolkata) Mint[edit]

Calcutta mint has no mark under the date of the coin (year of issue). Or it has a 'c' mark. It was unique because it had not chosen any mark because this mint is the first mint in India.

Indian Coinage Book

Hyderabad Mint[edit]

Hyderabad Mint has a star under the date of the coin (year of issue). The other mint marks from Hyderabad include a split diamond and a dot in the diamond.

Noida Mint[edit]

Noida mint has a dot under the year of issue (coin date).

See also[edit]

Indian Coins Value List

References[edit]

Retrieved from 'https://en.wikipedia.org/w/index.php?title=India_Government_Mint&oldid=990602881'
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