These restrictions will be more common among developing countries. This is legitimate financial regulation and has nothing to do with bombastic statements by some media accusing the Indian govt of overreach
Most developing countries are at a high risk of capital flight by the rich and hence they regulate foreign exchange with Capital controls.
India already has a cap of USD 250k limit on capital flight by individuals.
Nowadays bitcoin is a common method to escape capital controls.
This law will prevent capital flight by the rich which they earned with the patronage of Indian citizens and escape reinvestment locally
Most developing countries are at a high risk of capital flight by the rich and hence they regulate foreign exchange with Capital controls. India already has a cap of USD 250k limit on capital flight by individuals.
Nowadays bitcoin is a common method to escape capital controls.
This law will prevent capital flight by the rich which they earned with the patronage of Indian citizens and escape reinvestment locally