Rule 241: For the purposes of rules 242, 243 and 244,—

Bare law

Rule 241 - For the purposes of rules 242, 243 and 244,—

241. For the purposes of rules 242, 243 and 244,— (1) "Anti Money Laundering or Know Your Customer Procedures" means the customer due diligence procedures of a reporting crypto-asset service provider as provided under the Prevention of Money-Laundering Act, 2002 (15 of 2003); (2) "branch" means a unit, business or office of a reporting crypto-asset service provider that is treated as a branch under the regulatory regime of a country or territory, or that is otherwise regulated under the laws of

(B) the entity's net earnings are credited to its own account or to the accounts of one or more governmental entities, with no portion of its income enuring to the benefit of any private person; and (C) the entity's assets vest in one or more governmental entities upon dissolution; (iii) income does not enure to the benefit of private persons if such persons are the intended beneficiaries of a governmental programme, and the programme activities are performed for the general public with respect

(iii) for which the reporting crypto-asset service provider has adequately determined that it cannot be used for payment or investment purposes; (10) for the purposes of clause (9),— (a) "crypto-asset" shall have the meaning assigned to it in section 2(111)(d); (b) "digital representation of value" means that a crypto-asset shall represent a right to value, and that the ownership of, or right to, such value can be traded or transferred to other individuals or entities in a digital manner; (c) "C

(e) "entity crypto-asset user" means a crypto-asset user that is an entity; (f) "pre-existing entity crypto-asset user" means an entity crypto-asset user that has established a relationship with the reporting crypto-asset service provider as of the 31st December, 2025; (g) "reportable person" means— (i) an entity or an individual that is resident in a country or territory outside India under the tax laws of such country or territory; or (ii) an estate of a decedent that was a resident of a count

(17) "telegraphic transfer buying rate", in relation to a fiat currency (other than Indian Rupee), means the rate or rates of exchange adopted by the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), for buying such currency, having regard to the guidelines specified from time to time by the Reserve Bank of India for buying such currency, where such currency is made available to that bank through a telegraphic transfer; and (18) "TIN" means Taxpayer Identifica

Obligation for reporting transaction of crypto-asset under section 509.

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