India, Feb. 1 -- Finance Minister Nirmala Sitharaman in her budget speech has proposed that "virtual digital asset" should be included in defining undisclosed income, the latest step by the government to tighten oversight of cryptocurrencies. This move comes amid several reports of unregulated cryptocurrency being used to hide illegal transactions.

"It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said.

"The time-limit for completion of block assessment is proposed to be made as twelve months from end of the quarter in which the last of the authorisations for search or requisition has been executed," it added.

The move comes 2 years after India...