Important Details from Trade Exchange Dealers, Required by the India Tax Department

The Government and Bitcoin Trade Exchange Dealers in India


The officials of the Indian Income Tax Department have decided to identify every investor or groups of investors that trade digital currencies. Some personal details such as the e-mails of the individuals and bank account details have been required by the survey team.


This investigation has been launched because it has been suspected that some people are avpoiding tax payment. Some of the cities where the members of the team visited include Delhi, Bengaluru, Hyderabad, Pune, and Kochi.


Cloning and mirror imaging are some of the techniques and tools adopted to identify the details and accounts of the investors by capturing their exchange data and other useful methods. The officials of the Reserve Bank of India investors also reminded investors and every other interested buyer that there may be high risks associated with the cryptocurrency exchange market.


According to the finance minister, Arun Jaitley, the government of India has not really recognized the Bitcoin currency as a legal tender.

He stated thus:

“The government’s position is clear, we don’t recognize this as a legal currency as of now”


The Economic Times noted that although there has not been any present issued license by the country’s central bank to identify the currency as a legal tender, efforts have been made by several committee members of the Reserve Bank, the Department of Economic affairs, the Department of Financial Services and Ministry  of Revenue to regulate the market.

In the press release statement, the government noted that:

“The committee will  (i) take stock of the present status of virtual currencies both in India and globally (ii) examine the existing global regulatory and legal structures governing virtual currencies  (iii) suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering, etc. and (iv) examine any other matter related to virtual currencies which may be relevant.”


Until the government legally approves the currency, domestic consumers have been warned about the risks involved in the trade and are advised to carry out proper research before engaging in any transaction


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