Union Budget 2022: E-Passports With Embedded Chip to Be Rolled Out

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

“The issuance of e-passports 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.

“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.