FinMin may form panel to keep a tab on Bitcoin transactions

The move comes after the Income Tax department team carried out a survey at major Bitcoin exchanges across the country on suspicion of alleged tax evasion.

FinMin may form panel to keep a tab on Bitcoin transactions
Union Finance Minister Arun Jaitley addresses a press conference in New Delhi. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Fri, Dec 15, 2017
02:50 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Bitcoin plummets as cryptocurrencies suffer in market turmoil Bitcoin plummets as cryptocurrencies suffer in market turmoil
Cryptocurrency ALERT!! Ban on Bitcoin, others over, but beware, you can lose your money; read warning Cryptocurrency ALERT!! Ban on Bitcoin, others over, but beware, you can lose your money; read warning
Bitcoin plummets to a six-month low on China crackdown Bitcoin plummets to a six-month low on China crackdown
Cryptocurrency ban: RBI has no authority to ban virtual currencies, says IAMAI Cryptocurrency ban: RBI has no authority to ban virtual currencies, says IAMAI
Gold or Bitcoin? See what fear-ridden investors have gone and done now Gold or Bitcoin? See what fear-ridden investors have gone and done now

In a bid to check surreptitious transactions in Bitcoin, Union Finance Ministry is likely to set up a panel for scanning the deals in the digital currency.
 
CNBC on its official twitter account has stated that the ministry would form a panel to frame a response to Bitcoin dealing in India.

 
The new panel will reportedly be headed by Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg, while RBI Deputy Guv Kanungo, Sebi Chairman Ajay Tyagi and Income Tax Secretary are expected to be other members.
 
It has also been suggested to declare Bitcoin illegal if measures to curb the cryptocurrency are ineffective.
 
Besides, the suggestion has also come that agencies dealing with Bitcoin in India should shut their shop.
 
The move comes after the Income Tax department team carried out a survey at major Bitcoin exchanges across the country on suspicion of alleged tax evasion.
 
Under Section 133A of the IT Act, the survey was conducted for gathering evidence to establish the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others.
 
Earlier, the Reserve Bank of India has also cautioned users, holders and traders of virtual currencies including Bitcoin.
 
Currently, Bitcoin is trading at $17,174.31 higher by 3.89%, after touching a high of $17,583.20 on December 15, as per CoinDesk data.
 
In India, one bitcoin is priced at over Rs 11.05 lakh presently.
 
Bitcoin is the first decentralised digital currency wherein the system works without a central repository or single administrator.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.