Track 03Module 5 of 56 sources
India: the e-rupee, GIFT City and the regulatory path
Know where India stands: the RBI's digital rupee, the GIFT City sandbox and how regulators view private tokens.
Key ideas
- The RBI favours a central bank digital currency and is cautious on private stablecoins, mainly for monetary sovereignty and capital-flow reasons.
- GIFT City, regulated by IFSCA, is where tokenised products can be tested under a lighter international regime.
- Under rules in force since 2022, crypto gains in India are taxed at a flat thirty percent, one percent is deducted at source on transfers, and losses cannot be set off. Check the current Finance Act.
- For Indian investors the practical question is access and legal standing, not technology.
Start hereWatch or read these first. They carry the core idea.
RBI Talks: From Paisa to Policy | Understanding Central Bank Digital Currency (CBDC)
Video · Reserve Bank of India · 17:17
The RBI explains the digital rupee in its own words.
The Big C | Can Tokenisation Power India’s Next Trillion-Dollar Opportunity? | CNBC TV18 Prime
Video · CNBC-TV18 · 10:10
A television panel on whether tokenisation can become a large Indian opportunity.
CoreThe standard references. Work through them once the idea is clear.
Report
Concept Note on Central Bank Digital Currency
Reserve Bank of India · 2022
The concept note that defines the design choices behind the e-rupee.
Spotlight On IFSCA, India's Intl Financial Services Regulator | IFSCA Exclusive | Newscentre
Video · CNBC-TV18 · 14:56
The GIFT City regulator on what it permits.
NEW | The Emerging Regulation of Tokenisation
Video · Trilegal · 3:41
A law firm's short brief on emerging tokenisation rules.
Site
International Financial Services Centres Authority (GIFT City regulator)
IFSCA
The regulator's site. Check circulars for the current sandbox rules.
Practice
Find the latest IFSCA circular or consultation that mentions tokenisation. Summarise in five lines what it permits and what it does not.
See it live
Where this leads
05.4 · Macro and LiquidityIndia macro: the RBI, the rupee, crude and external balancesFollow Indian monetary policy and the external accounts well enough to anticipate their effect on sectors.07.1 · Indian Market StructureSessions, settlement, indices and taxesKnow the trading day, how trades settle, how the indices are built and what trading costs after tax.