Indian Tax Authorities Visit Bitcoin Exchanges Across the Country

14 December, 2017, 12:58 | Author: Regina Silva
  • Bitcoin Value Jumps 15 Times In A Year For Which Bank FD May Take 40 Years Mutual Funds 20

Bitcoin's explosive growth in the past couple of days has grabbed the attention of Indian Income Tax Department, which carried out "surveys" at nine major bitcoin exchanges across the country on Wednesday in a major crackdown.

The survey, under section 133A of the Income Tax Act, is being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others", they said.

It'll be interesting to see how India navigates this: as one of the largest developing and fast-growing economies in the world, other countries will likely look to it to learn how they should regulate, and maybe even tax cryptocurrency transactions within their borders.

The survey teams, sources said, were armed with various financial data and inputs about the working of these exchanges and this is the first big action against them in the country.

Bitcoin, though illegal in India, has jumped about 16-fold this year as investors continue to flock to this cryptocurrency as a safe investment option.

The income tax officials have reportedly sought information on the records maintained by the exchanges and earlier reports suggested that some tax evaders may be parking illicit money in Bitcoin.

Technical Scrutiny: Simon Property Group, Inc. (SPG), Cousins Properties Incorporated (CUZ)
Several other institutional investors have also sold shares of the company. 131 funds opened positions while 449 raised stakes. The Edgewood Management Llc holds 12.31 million shares with $726.23 million value, up from 11.87M last quarter.


Noteworthy Stocks to Watch For: Chesapeake Energy Corporation (CHK), Comcast Corporation (CMCSA)
Cytori Therapeutics, Inc. (CYTX) exchanged hands at an unexpectedly low level of 0.53 million shares over the course of the day. Tiedemann Wealth Management LLC raised its position in shares of Chesapeake Energy Corporation by 21.0% in the first quarter.


Samsung updates its Notebook 9 ultrabooks with even bigger batteries
It is worth adding that Samsung refreshed its Notebook 9 series in January this year and launched the Notebook 9 Pro in May. Samsung is equipping each variant with two USB 3.0 ports , a HDMI port, microSD storage , and a single USB-C port.


He further said that the creation of virtual currencies like Bitcoins as a medium of payments is not authorised by any central bank or monetary authority. "However, the operations are still on and final findings will emerge later".

The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank had not given a licence or authorisation for any company to deal in such cryptocurrencies.

It's a finite virtual commodity with only 21 million Bitcoins existing, of which around 17 million have already been mined. Bitcoin hit another all-time peak on Tuesday, two days after the launch of the first ever bitcoin futures on a USA exchange as investors grew optimistic that the $20,000-mark is within reach.

"The government's position is clear, we don't recognize this as legal currency as of now", he said at the time.

Crypto-currency Bitcoin is in news for the past one week as it hit new highs nearly every day.

Recommended:



Popular

World Bank to stop funding oil and gas projects
They've still opened the door for "exceptional circumstances" where this would be "a clear benefit in terms of energy access". The bank also announced it was "On track to meet its target of 28 percent of its lending going to climate action by 2020".

New Samsung Patent Reveals Phone with a double-sided Display
It's somewhat like the edge-to-edge display spilling beyond the edge on one side, and acting as a secondary display at the back. As shown in the figure, display would wrap around the side of the phone and cover part of the rear.

Jio and Airtel effect
Since it's a limited period offer, interested customers need to go to the MyVodafone app and opt for Vodafone Rs 348 plan . Overall, under the Rs 348 plan , Vodafone is offering a total of 56GB of data for the validity period of 28 days.

BP given thumbs down on Woolies petrol buyout
Today's decision appears to be a win for both consumers and Caltex which supplies numerous Woolworths service stations. Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell was quick to welcome the decision.

Gateway Investment Advisers LLC Raised Its Honeywell Intl INC (HON) Position
Following the transaction, the vice president now directly owns 104,998 shares of the company's stock, valued at $15,237,309.76. Following the transaction, the chief financial officer now owns 2,160 shares of the company's stock, valued at $283,305.60.

The Rock Receives Star on Hollywood Walk of Fame
He became a professional wrestler in 1996, following his father, Rocky Johnson, and grandfather, High Chief Peter Maivia. He thanked his friends, family and fans, for whom he said he was "grateful to the core of his bones".

Nintendo Switch reaches 10 million sales less than nine months after launch
It was perhaps inevitable, then, that such a popular franchise would get ported to the staggeringly successful Nintendo Switch . A big part of Payday 2 is its online play which could become a minor problem for Switch owners preferring to take it on the go.

Trailer released for 'The 15:17 to Paris'
Audiences can make up their own minds about the wisdom of Eastwood's decision when The 15:17 to Paris is released on February 9. Bruce Berman executive produces, and Eastwood, Tim Moore, Kristina Rivera and Jessica Meier produce.

Microsoft updates Bing search to highlight reputable results
Bing will be the place to go to search for Reddit AMAs, Q&As with celebrities and every day heroes hosted by the Reddit community. Additionally, Bing and Reddit have teamed up to bring the information contained in Reddit threads to Bing's search page.

Aung San Suu Kyi has Dublin honour revoked
The government does not recognise them as citizens, effectively rendering them stateless. The Rohingya are Muslims who live in majority-Buddhist Myanmar .