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Legal to keep offramped fiat from crypto in offshore accounts?

Will this be a hawala transaction according to Indian crypto laws? If someone abroad sends me crypto and I offramp it into an offshore account to keep the value in USD. If I then Revolut it back to India, will I have to pay anything beyond regular income tax? Asking purely for educational interests and exploration.

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JadeArgent

Independent Law Practice

7 months ago

There's no such thing as "crypto laws" in India You'll be governed by FEMA mostly. I'm not a taxation specialist and taxation advice is very tricky to give but don't think of it as laws applicable to crypto off ramping but any USD Fiat you put in an off shore account. Does that make sense?
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AITookMyJob

Startup

7 months ago

Yes, I understand!
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