Parliament Standing Committee on Finance to review Virtual Digital Assets; RBI, ICAI to take part

New Delhi [India], July 2 (ANI): The Standing Committee on Finance will hold its next sitting on Thursday 2 to study the regulatory roadmap for Virtual Digital Assets (VDAs), according to a notice issued by the Lok Sabha Secretariat on 25 June 2026. The meeting will be held in the Parliament House Annexe, New Delhi.

The sitting is dedicated entirely to the subject ‘A Study on Virtual Digital Assets (VDAs) and Way Forward’ and has been split into three sessions.

From 1100 hrs to 1230 hrs, the Committee will record oral evidence of the representatives of the Reserve Bank of India (RBI). RBI officials are expected to present the central bank’s assessment of VDAs, covering financial stability risks, impact on monetary policy, concerns around money laundering, investor protection, and the need for a regulatory framework. The RBI has previously cautioned against private cryptocurrencies while supporting a central bank digital currency.

The second session, from 1230 hrs to 1330 hrs, will involve a discussion with representatives of the Institute of Chartered Accountants of India (ICAI). The ICAI is likely to share inputs on taxation of VDAs, accounting standards for crypto holdings, audit challenges, and disclosure norms for companies and individuals dealing in digital assets. The Institute has been working on guidance notes for VDA transactions since the introduction of the 30% tax and 1% TDS in 2022.

After lunch, the Committee will reconvene at 1400 hrs onwards for internal deliberations. During this closed-door session, Members will discuss the depositions made by RBI and ICAI and examine possible recommendations on the way forward for India’s VDA ecosystem.

The notice, issued by Bharti Sanjeev Tuteja, Director, states that agenda papers will be circulated to Members through the Member’s Portal and e-mail later. Members have been requested to make it convenient to attend the sitting.

The Standing Committee on Finance examines legislation and policies related to the Ministry of Finance, RBI, SEBI, banks, insurance, and taxation. Unlike the Public Accounts Committee which audits past expenditure, this Committee looks at current policy issues and future frameworks.

India currently taxes VDAs at 30% on gains with 1% TDS on transfers, but lacks a comprehensive law governing trading, exchanges, or investor safeguards. The July 2 sitting signals Parliament’s intent to take expert inputs before shaping a potential regulatory or legislative response on crypto assets. (ANI)

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