In the midst of mounting concerns over crypto tax regulations in India, a groundbreaking exchange, Pi42, is offering a solution by introducing zero Tax Deducted at Source (TDS) and no conversion fees for crypto traders.
Revolutionizing Crypto Trading in India
Pi42, founded by former ZebPay CEO Avinash Shekhar and WazirX co-founder Nischal Shetty, has emerged as a ray of hope for the Indian crypto community. The platform specializes in crypto-INR perpetual futures trading, catering specifically to Indian investors amidst regulatory uncertainties.
Zero TDS and Transparent Fees
One of the key highlights of Pi42 is its exemption from TDS and conversion fees. Unlike traditional virtual digital assets (VDAs), crypto derivatives traded on Pi42 fall outside the purview of tax deduction as per Section 2(47A) of the Income Tax Act. This unique feature alleviates tax burdens for traders, making it an appealing option in the Indian market.
Pi42 boasts a user-friendly fee structure, offering free INR deposits through manual bank transfers. Additionally, it imposes a nominal 0.1% fee for instant bank transfers and a flat Rs 15 withdrawal fee per transaction. The platform’s trading fees are highly competitive, with a 0.05% maker fee and 0.10% taker fee, enhancing its attractiveness among Indian investors.
Collaboration for Growth: WazirX Founder & Ex-ZebPay CEO
The collaboration between Nischal Shetty and Avinash Shekhar signals a new era in India’s crypto landscape. By joining forces, they aim to address the increasing demand for crypto futures trading in the country. Moreover, Pi42 is committed to transparency and compliance, as evidenced by its registration with the Financial Intelligence Unit and adherence to anti-money laundering regulations.
Shetty and Shekhar envision Pi42 not only as a trading platform but also as a catalyst for innovation and expansion in India’s digital currency ecosystem. With plans to onboard millions of Indian crypto investors and uphold compliance standards, Pi42 is poised to make a significant impact on the Indian crypto market.