Exclusive: Cryptocurrency makes its way into Union Ministers’ asset declarations, Jayant Chaudhary, spouse report Rs 43 Lakh holdings

The latest disclosure, published on the Prime Minister’s Office website, is part of the annual “Assets and Liabilities of the Union Council of Ministers” released at the end of each financial year. In their June 2024 filings, Chaudhary and Singh had reported crypto investments worth Rs 17.9 lakh and Rs 19 lakh respectively, which have since grown by 19% and 18%.

Chaudhary, a Rajya Sabha member and National President of the Rashtriya Lok Dal (RLD), joined the Modi government in June 2024. He also holds the portfolio of Minister of State in the Ministry of Education. His declaration stands out against the typical asset mix of Union ministers, which usually comprises land, houses, fixed deposits, shares, mutual funds, jewellery, vehicles — and in some cases firearms.

Responding to a query from The Indian Express, Chaudhary said these are “old investments which have just been carried over.”

“At the time of investment it was… 2-3 percent of my portfolio as highly speculative…Also fits my wide range in portfolio with large investment in art as well,” he told the newspaper.

In all, Chaudhary has declared immovable assets worth Rs 33.23 crore (current market value) and movable properties of Rs 14.51 crore as on March 31, 2025, while his wife declared immovable assets Rs 2.15 crore (current market value) and movable properties of Rs 9.54 crore.

Cryptocurrency, unlike these conventional holdings, remains unregulated in India. The Reserve Bank of India has repeatedly cautioned investors about the financial, legal and security risks of virtual currencies, while the government has stressed the need for international consensus before framing model rules.

In the Monsoon Session of Parliament, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that the government does not collect data on cryptocurrencies. “Crypto assets are unregulated in India and the government does not collect data on these assets,” he said in a written reply on July 28, 2025.

He pointed out, however, that income from such assets is taxed under the Income-tax Act, companies must disclose crypto exposure in financial statements, and transactions in Virtual Digital Assets (VDAs) have been brought under the Prevention of Money Laundering Act (PMLA) since March 2023.

“The Reserve Bank of India (RBI) has issued advisories warning users, holders, and traders of virtual currencies or crypto assets about the potential risks… RBI has also advised its regulated entities to continue due diligence processes for transactions in VCs, in line with KYC, AML and CFT obligations under PMLA,” the Minister added.

Harikishan Sharma, Senior Assistant Editor at The Indian Express' National Bureau, specializes in reporting on governance, policy, and data. He covers the Prime Minister’s Office and pivotal central ministries, such as the Ministry of Agriculture & Farmers’ Welfare, Ministry of Cooperation, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Rural Development, and Ministry of Jal Shakti. His work primarily revolves around reporting and policy analysis. In addition to this, he authors a weekly column titled "STATE-ISTICALLY SPEAKING," which is prominently featured on The Indian Express website. In this column, he immerses readers in narratives deeply rooted in socio-economic, political, and electoral data, providing insightful perspectives on these critical aspects of governance and society. ... Read More

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