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Indian TAX authorities investigating Bitcoin exchanges across India

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  1. #1
    Savera's Avatar
    Savera
    Savera is offline eTI Aluminium

    Indian TAX authorities investigating Bitcoin exchanges across India

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    Bitcoin is hot topic these days, although Indian Govt. is denying any direct approval to Crypto currency but it seems they are concerned about it.

    Officials are investigating several bitcoin exchanges across the country, including in Mumbai, Bengaluru, Pune, Hyderabad, and New Delhi, Surabhi Ahluwalia, spokesperson for the tax department, told Reuters on Dec. 13. “We are looking at collecting information about (the) modus operandi of bitcoin exchanges, investors, their source of investment and possibility of collecting tax,” Ahluwalia said.

    Soaring bitcoin prices in recent months have had regulators worried. The price of a bitcoin, which on Nov. 01 stood at around Rs4.55lakh ($7,070), has skyrocketed to Rs13.80 lakh by Dec. 14. This has sparked investor interest, with several cryptocurrency exchanges seeing their buying volumes double within a month.

    In turn, the RBI issued a cautionary note again, reiterating its previous warnings. “In the wake of (a) significant spurt in the valuation of many VCs (virtual currencies) and rapid growth in initial coin offerings, RBI reiterates the concerns conveyed in the earlier press releases,” it said in a circular issued on Dec. 05, underlining the potential risks of dealing in such currencies.

    Savera......

  2. #2
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    Savera
    Savera is offline eTI Aluminium
    So should be consider this as indirect acceptance from Indian Govt. for virtual currencies because if you want to tax it then it means you are giving it approval. Otherwise simply ban it, isn't ?

    I think out Govt. is following wait and watch strategy, meanwhile they don't want to miss chances of tax collection on profits people are making on these currency. If we compare it with Stock Trading where every transaction (buy / sell) attract taxes, while on these virtual currency exchanges, there are no taxes at all inside exchanges, rather people have to deal with taxes if they withdraw money in fiat currency . For that these Indian exchanges are already asking for pan details etc.

    Savera......

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