Government is ready to regulate Bitcoin in India legally, According to the information the government wants to impose tax under the law,
- What other terms will be applied?
- What kind of law is going to be prepared for virtual currency?
- Although we are doing Transactions via BITCOIN Today but Bitcoin didn't yet have the Legal Authenticity. We are expecting the same to be done soon.
By which it would meant to be legally approved as will be brought under the RBI Act (Reserve Bank of India), and the reserve for its transactions and investments. Reserve bank will issue a guideline on virtual currency and its transactions where the legal tax will be imposed on its investment.
In Abroad, if you make any payments via virtual currency, the FEMA (foreign exchange management act), will be applicable here and, the received amount will not be Tax Free. One has to Pay Tax on the investment of Virtual currencies and also has to follow strict rules and Regulations.
These points came into consideration on the basis of KYC (know your customer). Although "A view Inter-minister Committee" was created, in the first Committee meeting most of the members were in favor to Regulate for virtual currency, while some Opposes, which were too less to Count. Nevertheless, Committee will take a Final Decision in between 15th to 20th May, 2017.
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