Amid growing concerns over cryptocurrency tax regulations in India, groundbreaking exchange Pi42 is providing a solution by introducing zero tax deductions (TDS) and no conversion fees for cryptocurrency traders.
Revolutionizing Cryptocurrency Trading in India
Pi42Founded by former ZebPay CEO Avinash Shekhar WazirX Co-founder Nischal Shetty has emerged as a ray of hope for the Indian cryptocurrency community. The platform specializes in trading cryptocurrency INR perpetual futures and targets Indian investors amidst regulatory uncertainty.
Zero TDS and transparent fees
One of the key features of Pi42 is exemption from TDS and conversion fees. Unlike traditional virtual digital assets (VDAs), cryptocurrency derivatives traded on Pi42 are outside the scope of tax deductions under Section 2(47A) of the Income Tax Act. This unique feature eases the tax burden on traders, making it an attractive option in the Indian market.
Pi42 boasts a user-friendly fee structure that offers free INR deposits through manual bank transfers. It also charges a nominal 0.1% fee for instant bank transfers and a withdrawal fee of Rs 15 per transaction. The platform’s trading fees are very competitive with a maker fee of 0.05% and a taker fee of 0.10%, increasing its appeal among Indian investors.
Collaborating for Growth: WazirX Founder and Former ZebPay CEO
Nischal Shetty and Avinash Shekhar’s collaboration signals a new era in the Indian cryptocurrency landscape. By joining forces, they aim to address the growing demand for cryptocurrency futures trading in the country. Pi42 is also committed to transparency and compliance, as evidenced by its registration with the Financial Intelligence Unit and compliance with anti-money laundering regulations.
Shetty and Shekhar envision Pi42 not only as a trading platform but also as a catalyst for innovation and expansion of the Indian digital currency ecosystem. With plans to recruit millions of Indian cryptocurrency investors and maintain compliance standards, Pi42 is poised to make a significant impact on the Indian cryptocurrency market.