Union Budget 2022 3z284g E-ports With Embedded Chip to Be Rolled Out in 2022-23

E-ports said to assist citizens during overseas travel. 4632z

By Gadgets 360 Staff | Updated: 1 February 2022 11:58 IST

Union Budget 2022: E-ports With Embedded Chip to Be Rolled Out in 2022-23

E-ports to be issued with embedded chips starting this year 5j1v3h

Highlights

Nirmala Sitharaman presented the Union Budget 2022 on February 1
e-ports should be rolled out soon
They will come with embedded chips

ment

At the Union Budget 2022 session, Minister of Finance Nirmala Sitharaman said that e-ports with embedded chip and futuristic technology will be rolled out in 2022-23 to help citizens in their overseas travel.

"The issuance of e-ports using embedded chip and futuristic technology will be rolled out in 2022-23 to enhance convenience for the citizens in their overseas travel," Sitharaman said.

Among other announcements made during the Union Budget session, a cryptocurrency tax of 30 percent was also introduced. "There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions are made it imperative to provide for a specified tax regime accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent," said Sitharaman.

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"No deduction in respect of any expenditure or elements shall be allowed while computing such income except the cost of acquisition for loss from the transfer of virtual digital assets cannot be set off against any other income," she added.

Sitharaman announced that India will get its Central Bank Digital Currency (CBDC) this year, which will be regulated by the Reserve Bank of India (RBI).

Additionally, a Drone Shakti initiative was also announced. It will help commercialise the use of drones in different industries and will be promoted with the help of startups.

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Why is 5G taking so long? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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