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.

*****

CBDT condones delay in filing Form No. 10AB

CBDT condones delay in filing Form No. 10AB furnished electronically between 01.10.2025 to 31.03.2026. CBDT has condoned the delay in…

10 hours ago

bankruptcy

SC express concern over AI generated judgments/paragraphs escaping scrutiny by NCLT/NCLAT

Supreme Court expresses serious concerns over AI generated judgments/paragraphs relied upon by the NCLT/NCLAT In a recent judgment, the Hon'ble…

21 hours ago

ICAI

ICAI to take disciplinary action for quoting very low & incommensurate fee by Chartered Accountants

ICAI to take disciplinary action for quoting very low and incommensurate fee by Chartered Accountants As per the announcement made…

22 hours ago

Income Tax

NSDL latest e-TDS TCS RPU Version 6.00 and FVU 9.5 RPU V 1.0 from Tax Year 2026-27 – Download

NSDL latest e-TDS TCS RPU Version 6.0 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing…

1 day ago

Income Tax

Requirement for filing Form 67 for claiming FTC only directory not mandatory – ITAT

Requirement for filing Form 67 for claiming Foreign Tax Credit (FTC) is only directory and not mandatory - ITAT In…

1 day ago

Income Tax

Limitation to invoke power u/s 263 for issues not covered in re-assessment start from original assessment – ITAT

Limitation for invoking revisional jurisdiction u/s 263 with respect to issues not covered in re-assessment would start from the original…

2 days ago