Crackdown At Bitcoin Exchanges Start: Five Things To Know

Are Bitcoin exchanges turning into haven for tax evaders

Indian tax authorities Wednesday raided a number of Bitcoin exchanges across the country on suspicion of tax evasion, sources said.

A team led by the Bengaluru investigation wing visited the premises of nine exchanges in which Bitcoin are traded.

"We are looking at collecting information about modus operandi of bitcoin exchanges, investors, their source of investment and possibility of collecting tax", Ahluwalia told Reuters.

The surveys, under section 133A of the Income Tax Act, are being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counter-parties, related bank accounts used, among others", the officials said.

The survey teams have for their perusal, various financial data and knowledge about the working of these exchanges.

The tax official declined to comment on the central bank's concerns, saying the tax department was looking only into the tax implications. "However, the operations are still on and final findings will emerge later".

"Though Bitcoin is a grey area in India (the RBI has not termed it as an illegal tender yet), the transactions in the currency have gone through the roof, from Rs 1,200 crore in the last financial year to '10,000 crore in the current financial year". The bank has warned people of investing in these currencies.

The regulators said they were also investigating cases from a year ago when large amounts of "black money" had been laundered using bitcoin during the demonetization process in the country.

Bitcoin and other cryptocurrencies are still not regulated in India. During this time, the major exchanges have reported record high new-users registrations.

Read what other central banks are saying about digital currencies hereThe federal government has set up a panel headed by Economic Affairs Secretary Subhash Chandra Garg to decide on India's stand on virtual currencies, people with knowledge of the matter said on December 12. Soon after this, India's finance minister Arun Jaitley said: "Recommendations are being worked at".

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

Related News:

  • Mother of Bullied Child Speaks Out Amid Confederate Flag Controversy

    Mother of Bullied Child Speaks Out Amid Confederate Flag Controversy

    In this society, parents are telling their kids all sorts of complicated things regarding bullying that most can't comprehend. But internet sleuths found the photo of his mother with the Confederate flag, which lead some to question her intentions.
    FIRST ALERT FORECAST: Not as cold tonight; cloudy skies through the weekend

    FIRST ALERT FORECAST: Not as cold tonight; cloudy skies through the weekend

    The greater chance of seeing these higher wind gusts will increase from the southeast to the northwest through our area. A weak front brings down cooler air at the end of the week, dropping the high Friday back into the lower and mid 50s.
    Iranian president Considers US Decision on Al Quds a Plot

    Iranian president Considers US Decision on Al Quds a Plot

    "It seems some countries are very timid of the United States". "Iran is ready to cooperate without preconditions with all Islamic countries to defend Jerusalem ".
  • CBOE launches bitcoin futures index

    CBOE launches bitcoin futures index

    But while volatile compared with traditional currencies or assets, the rise on Monday was relatively tame for bitcoin. Bitcoin futures listed on CBOE are based on the cryptocurrency's prices listed on the Gemini bitcoin exchange.
    Celtic are still sharp, says striker Dembele

    Celtic are still sharp, says striker Dembele

    Dembele is confident Celtic can shrug off any despondency from the weekend and return to winning ways. "He has an honest group of players who work very hard and make it difficult for you".
    Facebook fires back at former exec who says it's 'ripping apart' society

    Facebook fires back at former exec who says it's 'ripping apart' society

    He claimed that its creators purposely made Facebook addictive , as it exploits vulnerabilities in the human psychology. Palihapitiya joins other former Facebookers who are voicing concern about the impact the social network is having.
  • Tidal is reportedly having money problems

    Tidal is reportedly having money problems

    Stakeholders have lost about $500 million since Carter purchased TIDAL from its Norwegian owners for about $58 million in 2015. During negotiations, Schibsted claimed it had around 540,000 users, though the actual number appeared to be much lower.
    Fossil reveals human-sized penguin once roamed New Zealand

    Fossil reveals human-sized penguin once roamed New Zealand

    An ancient penguin which lived 60 million years ago was far more intimidating than today's charismatic tuxedoed birds. One Antarctic species, Palaeeudyptes klekowskii , could have been tall enough to peck Michael Jordan in the face.
    Custer State Park fire forces evacuations in South Dakota

    Custer State Park fire forces evacuations in South Dakota

    Wind has greatly increased fire activity at Custer State Park overnight, making conditions extremely hard for firefighters. But he says officials have identified a greater need: neighbors and private landowners hurt by the fire.
  • Three charged over viral shark-dragging video

    Three charged over viral shark-dragging video

    Benac and Wenzel face an additional misdemeanor charge of illegal take. He then shot at it three more times, and then they pulled it on board.
    Wind advisory in effect until 9 pm today

    Wind advisory in effect until 9 pm today

    Light snow is expected to develop overnight and continue into portions of the Thursday morning commute, forecasters say. Friday: Mostly cloudy with a few flurries through the morning; partly sunny, breezy and cold in the afternoon.
    Stock's Earnings Activity: Helios and Matheson Analytics Inc. (NASDAQ:HMNY)

    Stock's Earnings Activity: Helios and Matheson Analytics Inc. (NASDAQ:HMNY)

    Parthasarathy Krishnan, an officer at ( HMNY ), bought 250000 shares to bring his total ownership in the stock to 288,312 shares. Volume gives an investor an inspiration of the price action of a security and whether he should buy or sell the security.


Most liked

Kirsten Dunst expecting first child with Jesse Plemons
There aren't many details about her pregnancy just yet, as the couple is notoriously good at keeping things under wraps. It was revealed that Dunst and Plemons were dating in May 2016, when paparazzi caught them kissing behind a fence .

Legend says West Ham should sign England global in January
West Ham even came close to grabbing a victor when substitute Javier Hernandez hit the crossbar with a shot in the last minute. We were unlucky not to equalise even after we went 2-1 down to make it two each. "Overall it's frustrating", Wenger said.

Salma Hayek tells of haunting ordeal by 'monster' Harvey Weinstein
Weinstein, who is now under investigation for sexual assault in four cities, has denied all allegations of nonconsensual sex. So again the question of "Why women, especially female artists, have to go to war to tell our stories?" is brought to mind.

Amit Shah: Where was Manmohan when Sonia called Modi maut ka saudagar?
It is wrong and unfair to question nationalism of journalists, diplomatics and public servants present at the dinner", he said. The ex-PM advised the current PM to show the "maturity and gravitas expected of his office".

WPI inflation up 0.7 pct in November 2017
The central bank's increased concern about inflation has prompted it to hold rates since a trim in August. The MPC also said that that inflation expectations, i.e., food and fuel inflation, edged up in November.

Plane carrying 25 people crashes near northern Saskatchewan airport
" The rescue effort is the priority right now ", RCMP spokesperson Paul Dederich was quoted by CBC News as telling mediapersons. Emergency services raced to the crash site along with search-and-rescue teams in a desperate bid to locate survivors.

Senator Grassley expresses reservations on two Trump judge nominees
Chuck Grassley of Iowa, the Republican chairman of the Judiciary Committee. "I would advise the White House not to proceed". Richard Shelby (R-Ala.) and Luther Strange (R-Ala.), who recommended Talley to the president, were not returned.

Trump approves federal ban on Kaspersky
On Tuesday, the company said it had "serious concerns" over the law "due to its geographic-specific approach to cybersecurity". U.S lawmakers welcomed the suggestion but said it was not sufficient, according to Reuters .

Chelsea join Arsenal and Liverpool in race to sign Thomas Lemar
The two English clubs now appear to have a third competitor for Lemar's signature with reports in France claiming that Chelsea have entered the race.

See photos from Virat Kohli and Anushka Sharma's after-wedding party
Newlyweds Virat Kohli and Anushka Sharma were clicked in the balcony of their resort in Tuscany, Italy, cuddling each other. Virat Kohli and Anushka Sharma's dreamy wedding has left everyone spellbound because it was nothing less than a fairytale.

Anushka-Virat send out eco-friendly invites for their Mumbai reception
She will also start prepping for " Sui Dhaaga " as the shooting for the same starts in February 2018 with Varun Dhawan. Now, pictures of their Mumbai reception's invite, to be held on December 26, is nothing short of visual delight.

Gigi Hadid That Wasn't Armpit Hair, Guys ... Blame It On Wardrobe!
While the 22-year-old flaunted her best boxing and volleyball moves, it was her body hair that had people talking. Hadid shared a statement as the video was released, writing: "I love seeing everyone else's videos".

Galaxy S9 Will Fight iPhone X Face ID with This
The iris camera lens will be improved to 3 megapixels from 2 megapixels of Galaxy S8 and Galaxy Note 8 to capture clearer images. Finally, The Korea Herald's report notes that some consumers are still concerned about the integrity of biometrics.

Lingering Lake Effect Snow Plus Arctic Cold
You can thank the northwest flow of air from Canada for all these little weak systems as well as the below average temperatures. We're partly to mostly cloudy again on Friday with chilly highs in the mid-30s, but at least winds are light.

Housing Minister represents Maldives in OIC extraordinary summit on Al-Quds