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Bitcoins and fema

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(Querist)
06 December 2015 we are running a company in UK and buy bitcoins in India ... what are the objections by rbi and the taxman to this if any ??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
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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Nikhil Kaushik

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Nikhil Kaushik (Expert)
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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