Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs).

• As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs) under the Prevention of Money Laundering Act, 2002 (PMLA).
• It was set up by the Government of India in 2004.
• It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
• It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.
• According to the Income Tax Act, 'virtual digital asset' refers to any information, code, number, or token (not being Indian currency or foreign currency) generated through cryptographic means and blockchain technologies.
• It can be transferred, stored, or traded electronically and its definition specifically includes a non-fungible token (NFT) or any other token of similar nature, by whatever name is called. 

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Published date : 30 Dec 2023 05:10PM