SIT India on Blackmoney : Curb Cryptocurrencies

The Special Investigation Team (SIT) in India has been thoroughly reviewing the black money passage and as a result it has asked several agencies to dig deeper into the use of cryptocurrencies in India. According to SIT, the cryptocurrencies in India should be curbed as these virtual currencies do not have any centralized authority and promote shady offshore transactions.

The SIT has now called cryptocurrency entities like bitcoins illegal for use and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to do their best to put a stop to use of cryptocurrencies in India. The SIT meeting was held in New Delhi, the national capital during which the team laid down all the important points regarding cryptocurrencies which are making black money circulation easier, both in and out of the country.

A senior from SIT said,

“The government is the final authority to frame rules and law to regulate these virtual currencies and the SIT would provide its report to it on the subject,”

NCB informed the SIT that they have already targeted about four cryptocurrency-fueled drugs smuggling transactions have been eradicated from its roots in the country in the last over two years time. At the same time tax department informed the panel about the rigorous searches it conducted on bitcoin exchanges across the country last year.

Talking of RBI, the ban of cryptocurrencies in India for sale and purchase via banks has already been officially announced by the central bank of India

This was after Finance Minister Arun Jaitley, in his budget speech on February 1, had said that cryptocurrencies in India were not legal and should be discontinued as soon as possible.

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