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.

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.


Sports Direct sees United Kingdom sales fall amid focus on smarter flagship stores
Mike Ashley, Sports Direct's chief executive and 61 percent shareholder, and the rest of the board had abstained from the vote. Sports Direct has enjoyed a strong half-year after posting a rise in both revenue and underlying pre-tax profits.


Klopp: Liverpool must accept West Brom frustration
One thing which strikes me is we're the seventh strongest running team in last 30 minutes - that suggests to me it's not fitness. We were ready to work hard for this one moment, but it didn't happen so that's what we now have to accept.


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

Jurgen Klopp's 'incomprehensible gesture' increasingly big story after Everton match
It is going in one direction and you have to react on it. "We will see how it is in the next few games". We had seven games in 21 games before Everton and now it's six games in 18 days.

Growing size of wine glasses contributing to rising levels of drinking
Research showed the " Glass Excise" tax, levied in the mid-18th century, led to the manufacture of smaller glass products. If wine sales increased when it was sold in larger glasses , this may have incentivised vendors to use them more".

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.

Flight with Aviation Minister delayed; Air India Chief calls for a meeting
Sources said Kharola has taken a serious note of the incident, which was mainly a result of co-ordination issues. The Air India flight was scheduled to leave at 6 am but had to wait for better visibility.

Louisville files counterclaim to Rick Pitino lawsuit
Pitino was one of the most high-profile figures ensnared in the FBI investigation into bribery and corruption in college basketball.

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.

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.

Texas mother arrested for son's 323 hospital visits, 13 surgeries
Kaylene Bowen-Wright is charged with injury to a child with serious bodily harm, according to the Dallas County Sheriff's Office. Police say Christopher has suffered three life-threatening blood infections due to Bowen's actions over the years.

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.

Anushka Sharma And Virat Kohli's Reception Invite Will Inspire Many - See Pic
The couple is also expected to host another wedding reception in Mumbai on December 26 for film industry friends and colleagues. Reports also claim that a SoBo (South Mumbai ) five-star hotel has been booked for their reception on December 21.