06 December 2015
RBI has not yet marked bitcoins as illegal, but it has issued advisories against the use of the same for transaction purposes. With regards to Income-tax, they don't bother as long as you properly convert and reflect your transactions in Rupee terms based on SBI TT rates which would again entail getting Bitcoin to dollar conversion rates.
You may refer to articles like this for overall environment http://blogs.reuters.com/india/2014/01/17/rbi-puts-the-brakes-on-the-bitcoin-train-in-india/
06 December 2015
RBI has not yet marked bitcoins as illegal, but it has issued advisories against the use of the same for transaction purposes. With regards to Income-tax, they don't bother as long as you properly convert and reflect your transactions in Rupee terms based on SBI TT rates which would again entail getting Bitcoin to dollar conversion rates.
You may refer to articles like this for overall environment http://blogs.reuters.com/india/2014/01/17/rbi-puts-the-brakes-on-the-bitcoin-train-in-india/
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