Indian Union Minister Declares Crypto Holdings for 2nd Year

TheCryptoTimesОпубліковано о 2025-09-09Востаннє оновлено о 2025-09-09

Indian Union Minister Jayant Chaudhary and his wife, Charu Singh, have declared their cryptocurrency investments in their required asset reports. The minister has declared his cryptocurrency investments for the second consecutive year. 

According to The Indian Express, Chaudhary, who oversees Skill Development & Entrepreneurship, reported Rs 21,31,630 (approximately $24173.47) in crypto assets as of March 31, 2025, while his spouse, Charu Singh, has reported Rs 22,41,951 (approximately $25424.55) of crypto holdings. They funded these with personal savings but didn’t name the specific cryptocurrencies.

These details, shared on the Prime Minister’s Office (PMO) website, are part of the annual asset and liability disclosures for ministers. In June 2024, their crypto holdings were Rs 17.9 lakh ($20300.57) for Chaudhary and Rs 19 lakh ($21547.44) for Singh, showing 19% and 18% growth, respectively. 

Chaudhary had joined the Modi government in June 2024; further, he also served in the Education Ministry. Speaking to The Indian Express, he stated that these are “old investments which have just been carried over.” Chaudhary further added that “At the time of investment, it was… 2-3% of my portfolio as highly speculative… Also fits my wide range in portfolio with large investment in art as well.”

Chaudhary has declared that he owns Rs 33.23 crore in immovable assets like land and Rs 14.51 crore in movable assets like investments, while his wife, Charu Singh, has Rs 2.15 crore in immovable assets and Rs 9.54 crore in movable assets. 

India’s Crypto Faces RBI Warnings and Tax Scrutiny

Unlike traditional assets such as land or stocks, cryptocurrencies are not regulated in India. The Reserve Bank of India (RBI) has warned about financial, legal, and security risks of virtual digital assets (VDAs).

During the Monsoon Session, Finance Minister Pankaj Chaudhary told the Lok Sabha that the Indian government doesn’t collect crypto data, but it taxes income from VDAs under the Income Tax Act.

He also stated that the government wants companies to report their crypto holdings. Since March 2023, VDA transactions have been covered by the Prevention of Money Laundering Act (MLA), and further, the RBI has instructed banks to enforce strict know-your-customer and anti-money laundering rules.

Also Read: Indian Crypto Exchanges on IT Radar For Misusing Client Funds

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