According to Aditya Singh, the co-founder of Crypto India, the Indian exchanges saw volume drop after new Crypto tax rules became applicable on April 1. Finance Minister Nirmala Sitharaman had announced a 30% flat tax on Crypto income or digital asset investments. Later, along with the capital gains charge, the finance ministry also announced a 1% TDS on all digital-asset transfers above a certain size, starting July 1.