Finance Ministry

Inter-Disciplinary Committee to examine Virtual Currencies including Bitcoins related existing framework.

Inter-Disciplinary Committee to examine Virtual Currencies including Bitcoins related existing framework. 

Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies.

The Committee to submit its report within three months

The circulation of Virtual Currencies which are also known as Digital/Crypto Currencies has been a cause of concern. This has been expressed in various fora from time to time. Reserve Bank of India had also cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to vide it’s press releases dated 24th December, 2013 and February 1, 2017.
 
In order to examine the existing framework, Department of Economic Affairs, Ministry of Finance has constituted an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) and representatives from Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, Ministry of Electronics and Information Technology , Reserve Bank of India ,NITI Aayog and State Bank of India. 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.
 
The Committee has been tasked to submit it’s report within three months.
  
*****
Share
Leave a Comment

Recent Posts

  • Income Tax

Even in case of bogus purchases, entire purchases cannot be disallowed – ITAT

Even if, the assessee is engaged in the bogus purchases, the entire purchases cannot be disallowed - ITAT In a…

22 hours ago
  • SEBI

Order to stock broker by WhatsApp are legally verifiable record – SEBI

Order to stock broker through WhatsApp may be considered as legally verifiable record - SEBI SEBI in an informal guidance…

1 day ago
  • ICAI

ICAI Guidance Note on Audit of Banks, 2025 Edition

ICAI Guidance Note on Audit of Banks 2026 Edition ICAI has issued 2025 edition of the Guidance Note on Audit…

1 day ago
  • Empanelment

NHIDCL is hiring CA/CMA and others as Young Professionals. Last date – 14.04.2026

NHIDCL is hiring CA/CMA and others as Young Professionals – Last date to apply is 14.04.2026 The National Highways and…

2 days ago
  • Income Tax

Income Tax Rules 2026 notified by CBDT

Income Tax Rules 2026 notified by CBDT. CBDT has issued Notification No. 22/2026 dated 20.03.2026 to notify the Income-tax Rules,…

2 days ago
  • Income Tax

Absence of irrevocability clause no ground for rejecting registration u/s 12AB

Absence of an explicit irrevocability clause in trust deed no ground for rejecting application for registration or renewal under section…

2 days ago