India

Depuis

mai 2026

Catégorie

Restrictions sur les actifs réels

Sévérité

2 sur 3

Ajoute 2,4 points à l’indice

In May 2026 the government raised basic customs duty on gold from 5% to 10% and the Agriculture Infrastructure and Development Cess from 1% to 5%, lifting the import duty from 6% to 15%. With 3% IGST the total effective tax on imported gold is about 18.4%.

Pourquoi cette mesure compte : Making gold, a traditional household store of value, much more expensive steers savings toward domestic financial assets and conserves foreign exchange.

Aucun instrument juridique : accord volontaire ou informel.

Depuis

1 avr. 2026

Catégorie

Contrôle des capitaux

Sévérité

2 sur 3

Ajoute 2,5 points à l’indice

Under section 394 of the Income-tax Act, 2025 (formerly section 206C(1G) of the 1961 Act), banks must collect tax at source of 20% on LRS remittances for investment and other non-specified purposes above Rs 10 lakh per person per year. From 1 April 2026 the rate for education and medical remittances above Rs 10 lakh is 2%.

Pourquoi cette mesure compte : Tying up a fifth of every large outbound investment remittance until the tax is reclaimed raises the cost of moving savings abroad and favors domestic assets.

Depuis

1 avr. 2026

Catégorie

Contrôle des capitaux

Sévérité

2 sur 3

Ajoute 2,5 points à l’indice

Section 509 of the Income-tax Act, 2025 (carried over from section 285BAA, inserted into the 1961 Act by the Finance Act 2025 with effect from 1 April 2026) obliges prescribed reporting entities to file statements on crypto-asset transactions with the tax authority. The Finance Act 2026 (section 101, substituting section 446) sets penalties of Rs 200 a day for failing to file and Rs 50,000 for inaccurate information or failed due diligence. According to a law-firm summary of the CBDT guidance note of 24 July 2026 (the official note could not be opened), India implements the OECD Crypto-Asset Reporting Framework through Rules 241-244 and Form 167 of the Income-tax Rules, 2026: reporting covers calendar years from 2026, with the first filing due by 31 May 2027, and Indian providers report users who are tax-resident outside India, while India receives data on its own residents from partner jurisdictions.

Pourquoi cette mesure compte : Automatic exchange of crypto-platform data with partner jurisdictions removes the anonymity of holding crypto offshore, so residents who move savings onto foreign platforms to escape the 30% tax and TDS can be identified.

Depuis

1 avr. 2025

Catégorie

Crédit dirigé

Sévérité

3 sur 3

Ajoute 6,4 points à l’indice

Under the RBI's 2025 Priority Sector Lending Directions, effective 1 April 2025, domestic commercial banks (other than regional rural banks and small finance banks, which face a 75% target) must direct 40% of adjusted net bank credit (ANBC) or credit equivalent of off-balance sheet exposures, whichever is higher, to priority sectors, including 18% to agriculture.

Pourquoi cette mesure compte : A large share of bank lending is allocated by state priorities rather than by price, which can lower returns on bank assets and, with them, the rates banks can pay depositors.

Depuis

avr. 2025

Catégorie

Financement par la banque centrale

Sévérité

2 sur 3

Ajoute 6,4 points à l’indice

Between 4 April 2025 and 13 February 2026 the RBI bought Rs 6,39,203 crore of government securities through OMO purchase auctions, equal to 47% of the Rs 13,65,000 crore the Centre raised in that period. It announced a further Rs 1,00,000 crore of purchases in two tranches on 9 and 13 March 2026.

Pourquoi cette mesure compte : Heavy central bank buying absorbs a large share of new government bond supply and holds down yields, lowering the government's borrowing cost and the return on bonds held by savers.

Depuis

23 juil. 2024

Catégorie

Incitations fiscales

Sévérité

1 sur 3

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For transfers from 23 July 2024, long-term capital gains are taxed at a uniform 12.5% without the indexation benefit that previously adjusted the purchase cost for inflation; resident individuals and HUFs selling land or buildings acquired before that date pay no more than under the old 20%-with-indexation rule. Short-term gains on listed shares and equity funds rose from 15% to 20%, while the annual exemption for listed equity gains rose to Rs 1.25 lakh.

Pourquoi cette mesure compte : Taxing nominal rather than inflation-adjusted gains means savers in bonds, gold and property can pay tax on gains that are partly or wholly inflation, lowering real after-tax returns.

Depuis

17 mai 2024

Catégorie

Demande captive

Sévérité

2 sur 3

Ajoute 2,8 points à l’indice

The Insurance Act, 1938 requires life insurers to hold not less than 50% of their controlled funds, and general insurers a minimum of 30%, in approved securities, which include Government of India securities. IRDAI's 2024 investment regulations and its master circular of 17 May 2024 restate the rule and list central government bonds, Treasury Bills, state government bonds and guaranteed loans as the qualifying categories.

Pourquoi cette mesure compte : Half of life insurance policyholder funds must sit in government and similar paper, giving the state a captive long-duration buyer for its bonds.

Depuis

7 mars 2023

Catégorie

Contrôle des capitaux

Sévérité

2 sur 3

Ajoute 2,5 points à l’indice

Since 7 March 2023, exchanging, transferring or safekeeping virtual digital assets for others is a regulated activity under the Prevention of Money-laundering Act, so every VDA service provider serving Indian users, onshore or offshore, must register with FIU-IND as a reporting entity. FIU-IND has issued non-compliance notices to unregistered platforms (9 offshore ones including Binance and Kraken in December 2023, 25 offshore ones in October 2025 and 15 more in September 2026) and sought to make their apps and URLs unavailable: in 2023 by asking MeitY to block them, and since October 2025 by issuing its own takedown notices under section 79(3)(b) of the IT Act.

Pourquoi cette mesure compte : Residents can only use exchanges that register in India and so fall under Indian KYC, reporting and 1% TDS collection, while unregistered foreign platforms are made unreachable. This closes off the main way to hold crypto outside the domestic tax and surveillance net.

Depuis

18 avr. 2022

Catégorie

Biais prudentiel en faveur de la dette souveraine

Sévérité

2 sur 3

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Under the RBI's Basel III liquidity coverage ratio rules, government securities count as Level 1 high-quality liquid assets. Commercial banks (other than regional rural, local area and payments banks) may also count government securities held within their mandatory SLR as Level 1 assets up to 16% of NDTL under FALLCR, taking the total carve-out from mandatory SLR to 18% of NDTL (2% MSF plus 16% FALLCR).

Pourquoi cette mesure compte : The same government bonds banks are forced to hold for SLR also satisfy their liquidity coverage requirement, so government debt is the cheapest way to meet both rules.

Depuis

avr. 2022

Catégorie

Incitations fiscales

Sévérité

3 sur 3

Ajoute 3,7 points à l’indice

Income from transferring any virtual digital asset (VDA) is taxed at a flat 30%, with no deduction except cost of acquisition, no set-off of VDA losses against any other income and no carry-forward. Buyers must deduct 1% tax at source on the consideration paid for a VDA (no deduction where the year's consideration does not exceed Rs 50,000 for individual/HUF payers with no business income or turnover within the audit limits, or Rs 10,000 for other payers), and must ensure the tax is paid before releasing crypto-for-crypto consideration. Introduced by the Finance Act 2022 as sections 115BBH and 194S of the 1961 Act, the rules now sit in section 194(1) (Table Sl. No. 4) and section 393(1) (Table Sl. No. 8(vi)) / 393(4) (Table Sl. No. 12) of the Income-tax Act, 2025, in force from 1 April 2026. Failing to pay over VDA TDS is a criminal offence under section 476: the Finance Act 2026 replaced the original 3 months to 7 years of rigorous imprisonment with simple imprisonment of up to two years where the unpaid tax exceeds Rs 50 lakh, up to six months for Rs 10-50 lakh, and a fine otherwise.

Pourquoi cette mesure compte : The 30% rate applies regardless of holding period and losses are ring-fenced and lost, so crypto is taxed far more heavily than equities or exempt government savings, while the 1% TDS on gross turnover drains liquidity from active trading and makes every on-shore trade visible to the tax authority.

Depuis

5 nov. 2020

Catégorie

Contrôle des capitaux

Sévérité

2 sur 3

Ajoute 2,5 points à l’indice

SEBI limits overseas investment by the whole Indian mutual fund industry to USD 7 billion, with a separate USD 1 billion limit for overseas ETFs. In early 2026 only about 28 international mutual funds and 6 international ETFs were open to fresh money because the cap was nearly used up.

Pourquoi cette mesure compte : Retail savers cannot freely diversify abroad through domestic funds, so their savings stay in Indian assets, including government bonds.

Depuis

11 avr. 2020

Catégorie

Demande captive

Sévérité

3 sur 3

Ajoute 6,5 points à l’indice

Banks must keep at least 18% of their net demand and time liabilities (NDTL) in cash, gold or unencumbered approved securities, mainly central government dated securities, Treasury Bills and State Development Loans. The ratio was cut in 25 basis point steps from 19.50% to 18% on 11 April 2020 and is now set out in the RBI's 2025 CRR and SLR Directions for commercial banks.

Pourquoi cette mesure compte : Nearly a fifth of the deposit base of the banking system must be parked in government paper regardless of yield, creating a large, price-insensitive buyer of central and state government debt.

Depuis

2016

Catégorie

Plafonnement des taux

Sévérité

2 sur 3

Ajoute 5,6 points à l’indice

The Ministry of Finance sets interest rates on post office and small-savings schemes each quarter; for October-December 2026 they were left unchanged, with PPF at 7.1%, NSC at 7.7% and the Senior Citizen Savings Scheme and Sukanya Samriddhi Yojana at 8.2%. Net collections go to the National Small Savings Fund, which invests them in special state and central government securities.

Pourquoi cette mesure compte : A large pool of household savings is collected at rates fixed by the borrower itself and lent directly to central and state governments outside the market, so the government, not the market, decides what these savers earn.

Depuis

26 mai 2015

Catégorie

Contrôle des capitaux

Sévérité

2 sur 3

Ajoute 2,5 points à l’indice

Resident individuals may send abroad up to USD 2,50,000 per financial year under the scheme for permitted current and capital account transactions combined; larger amounts need RBI approval, except documented medical, education and emigration costs. Remittances for margin or margin calls to overseas exchanges are not allowed, and banks may not lend to residents to fund capital account remittances under the scheme.

Pourquoi cette mesure compte : The cap keeps most household wealth inside India's financial system, where banks and institutions are required to hold government debt.

Depuis

avr. 2015

Catégorie

Demande captive

Sévérité

2 sur 3

Ajoute 2,8 points à l’indice

The investment pattern notified by the Labour Ministry requires the Employees' Provident Fund Organisation to invest at least 45% of fresh accruals in central and state government securities, with equity capped at 15% and invested only through ETFs or index funds.

Pourquoi cette mesure compte : Mandatory retirement savings of formal-sector workers are steered mainly into government bonds, with only a small share allowed into equities.

Aucun instrument juridique : accord volontaire ou informel.

Depuis

2004

Catégorie

Taxes sur les transactions

Sévérité

1 sur 3

Ajoute 1,0 points à l’indice

Securities transaction tax, introduced in 2004, is charged at 0.1% of value on both purchase and sale of shares traded for delivery. From 1 April 2026 the rate on futures rose to 0.05% from 0.02%, on option premiums to 0.15% from 0.1%, and on exercised options to 0.15% from 0.125%.

Pourquoi cette mesure compte : The levy adds a cost to every trade in shares and derivatives, trimming returns on market investments that compete with bank deposits and government-run savings.

Depuis

1968

Catégorie

Incitations fiscales

Sévérité

1 sur 3

Ajoute 0,7 points à l’indice

Contributions to the Public Provident Fund qualify for a deduction of up to Rs 1.5 lakh a year in the old tax regime (section 80C of the Income-tax Act, 1961, which the Income-tax Act, 2025 replaced from tax year 2026-27), and interest and maturity proceeds are exempt. Sukanya Samriddhi Yojana and the Employees' Provident Fund enjoy similar exempt-exempt-exempt treatment.

Pourquoi cette mesure compte : Full tax exemption makes government-run savings schemes, whose proceeds fund government borrowing, more attractive than taxable market alternatives.

Depuis

12 déc. 2025

Catégorie

Contrôle des capitaux

Sévérité

1 sur 3

Non pris en compte dans l’indice

The RBI argues against bringing stablecoins into the financial system, saying foreign-currency stablecoins would make capital controls harder to enforce and threaten monetary sovereignty, and that India's existing payment systems leave 'little justification' for them. It promotes the e-rupee (e₹) CBDC instead: retail e-rupee has been live in a pilot since December 2022 through wallets from banks and non-banks, normally linked to the user's savings account, alongside a wholesale pilot and programmable, purpose-bound versions. The e-rupee pays no interest; the RBI's 2022 concept note chose a non-interest-bearing design partly to avoid banks losing deposits.

Pourquoi cette mesure compte : Keeping dollar stablecoins out of the regulated system preserves the effectiveness of capital controls such as the LRS cap, and the official digital substitute is a zero-interest RBI liability held through domestic banks rather than a yield-bearing or foreign-currency asset.

Depuis

22 juil. 2019

Catégorie

Restrictions sur les actifs réels

Sévérité

2 sur 3

Non pris en compte dans l’indice

In July 2019 an Inter-Ministerial Committee chaired by the Economic Affairs Secretary recommended banning private cryptocurrencies, with fines and penalties, and published a draft 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019'. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which would prohibit all private cryptocurrencies with some exceptions for the technology and set up an RBI digital currency, was listed for introduction in the 2021 winter session; no record of its introduction was found. Since 2022 the government has taxed crypto rather than banned it, and a Department of Economic Affairs crypto consultation paper, reported in January 2025 as due by March 2025, had not been found published as of this check.

Pourquoi cette mesure compte : An outright ban on holding and trading private crypto would remove it entirely as an alternative store of value outside rupee deposits and government-backed savings.

Depuis

6 avr. 2018

Catégorie

Restrictions sur les actifs réels

Sévérité

3 sur 3

Non pris en compte dans l’indice

An RBI circular of 6 April 2018 barred all RBI-regulated entities (banks, NBFCs, payment system providers) from dealing in virtual currencies or providing services to anyone dealing in them, including accounts for exchanges and payments for crypto purchases, and gave them three months to exit such relationships. The Supreme Court set the circular aside as disproportionate on 4 March 2020, and on 31 May 2021 the RBI told banks they could no longer cite it.

Pourquoi cette mesure compte : Cutting the fiat on- and off-ramps made it practically impossible for residents to move rupee savings into crypto through the banking system.