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  Business   In Other News  13 Dec 2017  I-T dept conducts surveys at Bitcoin exchanges country-wide

I-T dept conducts surveys at Bitcoin exchanges country-wide

PTI
Published : Dec 13, 2017, 12:55 pm IST
Updated : Dec 13, 2017, 12:55 pm IST

Bitcoin is not regulated in country and its circulation has been a cause of concern among central bankers.

Inter-Disciplinary Committee to take stock of  present status of VCs both in India and globally and suggest measures for dealing with such currencies.
 Inter-Disciplinary Committee to take stock of present status of VCs both in India and globally and suggest measures for dealing with such currencies.

New Delhi: The Income Tax Department on Wednesday conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, on Wednesday visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

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 counter parties, related bank accounts used, among others," they said.

The survey teams, sources said, are 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, a virtual currency, is not regulated in the country and its circulation has been a cause of concern among central bankers the world over for quite a while now.

The Reserve Bank of India has also cautioned users, holders and traders of virtual currencies, including bitcoins.

In March, the Union finance ministry had constituted an Inter-Disciplinary Committee to take stock of the present status of VCs both in India and globally and suggest measures for dealing with such currencies.  

Tags: bitcoin, income tax department, income tax act, virtual currency, bitcoin exchanges
Location: India, Delhi, New Delhi