The Govt of India fianlly goin to decide as BitCoin to be legal currency in India. As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.
As per source if Bitcoins are legalised in India, the following would happen:
- Bitcoins would fall under the purview of RBI’s 1934 Act.
- Bitcoin investors would be taxed.
- RBI would issue guidelines regarding investment and purchase of Bitcoins.
- If any foreign payment is made through Bitcoins, it would fall under the purview of FEMA Act.
- Returns from investment in Bitcoins would be taxed.