India’s Narcotics Control Department (NCB) is effectively checking digital currency installments on the darknet as a feature of its continuous endeavors to battle drug dealing with the country.
During a Parliamentary conversation on July 24, Nityanand Rai, the priest of state for home issues, uncovered India’s ongoing procedure to decrease the import and between state development of opiate drugs.
Countering drug dealing on the darknet
As per information from NCB, the nodal drug policing knowledge organization of India, the utilization of cryptographic forms of money in drug wrongdoings has been conflicting throughout the course of recent years. Be that as it may, the quantity of instances of medication seizure including darknet and cryptographic forms of money has seen a consistent increment beginning around 2022.
Total number of cases of drug seizure in India since 2020. Source: Ministry of Home Affairs, India
“A Special Task Force on Darknet and Crypto Currency has been constituted to monitor suspicious transactions related to drugs on Darknet.”
Efforts to monitor crypto transactions
Additionally, the NCB is currently facilitating various training programs on digital forensics, darknet and cryptocurrency.
State-wise details of cases registered for drug trafficking: Source: National Crime Records Bureau, India
As per the National Crime Record Bureau (NCRB) information, Punjab recorded the most number of medication dealing with cases India between 2020 to 2022.
Indian Finance Minister Nirmala Sitharaman’s 2024 Union Budget speech on July 23 failed to mention cryptocurrencies, leaving the existing tax regulations unchanged for another year.
However, the Indian government gave the exchange an opportunity to resume its services, provided it paid a $2 million fine for noncompliance.
Binance reportedly accounted for more than 90% of Indian crypto trading volume before its ban but now plans to reenter the Indian market after obtaining approval from the Indian financial regulator.
