Category: Regulatory

SEBI establishes advisory committee on Blockchain

The Securities and Exchange Board of India (SEBI) has established an advisory committee that will research the blockchain technology. The committee will be chaired by Mr. T.V. Mohandas Pai, a former board member of Infosys. SEBI said in its release: “[The committee will study] technological solutions for regulatory functions of SEBI viz. information management and data mining, risk management including cyber security, intermediary supervision, consumer protection, etc. through application of new technological solutions like application of distributed ledger technology, big data, data analytics, artificial intelligence, machine Learning etc.” The application of Blockchain technology is still not clear and SEBI...

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Committee submits report on Bitcoin to Finance Ministry

Most of you wold remember from our earlier posts, that the Finance Ministry had set-up an intergovernmental committee in March this year to research and propose a framework for digital currencies in India including Bitcoins. The primary task of the committee was to study the legal status of the cryptocurrency market globally in addition to studying existing regulatory and legal framework. Basis this, the committee was to suggest measures to ensure consumer protection and avoid money laundering. While the committee was still in discussions, regulation were introduced in Japan and South Korea. The inter-disciplinary committee has submitted its report...

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Tax Return filing timeline extended to 5 August – Last chance to ensure Bitcoin related tax compliance

The last date for filing of income tax returns (ITRs) for FY 2016-17 has been extended to 5 August 2017. The income tax return filing online portal was showing several errors as per taxpayers since the last 203 days, and was completely down since morning. The official Income Tax twitter handle posted the following – In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017. — Income Tax India (@IncomeTaxIndia) July 31, 2017 The linking of Aadhaar number with the PAN (Permanent Account Number)...

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Taxes on Bitcoins and other Cryptos – Explained

Daily 2500 new users register to trade in the Indian Bitcoins market. Many of them end up making some profits while others are not too lucky. In either case, it is important to make adequate disclosures to Income tax Department via your income tax return. The last date to file income tax return for individuals is 31 July 2017. While some may think that no tax should apply to Bitcoin trade as the Central Board of Direct Taxes (CBDT) has not yet issued any guidance in this regard. However, any gain from any asset class (including crypto-currencies) attracts taxation....

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Bitcoin – Legal Status in India

Several sources from within the government have stated that Bitcoin and other crypto-currencies are likely to be declared legal in India. the question remain that which body (RBI or SEBI or both) will have regulatory oversight over cryptocurrencies. Information coming out till now suggests that bitcoin will most likely fall under the ambit of the RBI. However, as per the discussion going on in legal circuits, Bitcoin can be viewed more as a good or commodity (like gold) and hence should be regulated by SEBI. Couple of months back, the government had set up a committee to examine the existing framework...

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