Bitcoin exchanges are raided by IT department.
Bitcoin exchanges are raided by IT Department. Finally government come into action and IT Department raided many places in the country at Bitcoin exchange centers.
It will be The Income Tax Department has come down heavily on major Bitcoin exchanges in India
According to PTI, various officials of the IT department under the command of the Bengaluru investigation wing visited the premises of nine Bitcoin exchanges in the country across Delhi, Bengaluru, Hyderabad, Kochi, and Gurugram, since early this morning.
But Income Tax department called it survey operation at various cities of the country. But as per IT department officials, at Bitcoin Exchange centers, a heavy tax evasion fraudulent practices are happening.
As a part of the survey conducted under Section 133A of the Income Tax Act, the IT department is gathering evidence of the identity of investors and traders, transaction undertaken by them, as well as identity of counterparties, related bank accounts used, among others.
In just the past week, sources said there have been several banks, including ICICI Bank and HDFC Bank which have removed payment options for transacting on these exchanges.
Due to lack of this option, customers transacting on these exchanges had to send money directly to the exchange’s current account through NEFT transactions.
Not being powered by any payment gateways, this way these Bitcoin exchanges save on the switching charges as well as earn interest on the money sent by customers until they use to buy more Bitcoins.
So free trade of bitcoins may soon end any tim
e of cryptocurrencies. As per sources government may introduce a law regarding these cryptocurrencies. That law will be regulate these cryptocurrencies in country. By the law these cryptocurrencies will also come under the scanner of IT department.
Sources: My Story