Finance Minister Nirmala Sitharaman on Saturday (Feb 1) proposed updating the definition of undisclosed income to include "virtual digital assets", as part of the government's efforts to increase regulation of cryptocurrencies.
This move comes amid several reports of unregulated cryptocurrency being used to hide illegal transactions.
"It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said.
"The time limit for completion of a block assessment is proposed to be made as twelve months from the end of the quarter in which the last of the authorisations for search or requisition has been executed," it added.
India has extended anti-money laundering laws to cryptocurrency trading, storage, and financial services, building on regulations introduced two years ago.
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AI centre for education
Sitharaman also announced that a new Centre of Excellence for Artificial Intelligence (AI) in education will be set up with an outlay of $ 57,671,997 (Rs 500 crore).
She recalled that three AI centres for agriculture, health, and sustainable cities were announced in 2023 and said this new centre will further strengthen AI-driven advancements in education.
“I had announced three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023. Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore,” Sitharaman said.
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National centres of excellence for skilling
The Union Budget also proposed setting up five National Centres of Excellence for Skilling. These centres will be developed with global partnerships to support Make for India and Make for the World manufacturing. The initiative will focus on curriculum design, training of trainers, a skill certification framework, and regular assessments to ensure industry-relevant expertise for youth.
(With inputs from agencies)