Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
April 26, Thursday 2018 4:42 PM       

       HEADLINES: Artiste collapses, dies during Thrissur pooram                                              DNA test result confirms body to be of Liga                                              Lapse in cadre system, there exists factionalism: CPI organisational report                                              Liga’s death: Yoga teacher being questioned                                              Keerthana’s death under suspicion: Police to find Sowmya’s husband                                              Indu Malhotra to be SC judge, KM Joseph's elevation to be held back                                              13 kids killed as train hits school van in UP                                              PM Modi to leave for China Thursday                                              Macron slams Trump's import tariffs                                              Ex-US president George H W Bush recovering                                              No specific agendas for upcoming Indo-China 'informal' summit                                              Kohli recommended for Khel Ratna Award                                              BCB's new stadium may give competition to Eden Gardens                                              Kaumudi Facebook
       BUSINESS Next Article: India's forex reserves hit life-time high  
       Blackmoney SIT reviews cryptocurrencies; directs clampdown
 
         Posted on :22:51:56 Apr 8, 2018
   
A A
       Last edited on:22:51:56 Apr 8, 2018
         Tags: Blackmoney, SIT, cryptocurrencies, clampdown
 

NEW DELHI: The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions.

Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country.

The SIT, official sources said, called cryptrocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications.

The panel, they said, would also prepare a report that would be submitted to the government in sometime.

"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," a senior official said.

During the meeting, the NCB informed the SIT that about four cryptocurrency-fuelled drugs smuggling transactions have been unearthed in the country in the last over two years time while the tax department informed the panel about the searches it conducted on bitcoin exchanges across the country last year.

A reported prepared by the banking regulator --the Reserve Bank of India (RBI) -- was also taken up during the meeting, they said.

Finance Minister Arun Jaitley, in his speech on February 1, had said that cryptocurrencies were not legal and affirmed to eliminate their usage.

The RBI, in the past, has come out with three specific warnings to discourage public from investing in the virtual currencies.

A government-appointed panel constituted to study the subject and suggest measures to tackle it had submitted its report to the Union Finance Ministry early this year.

The Supreme Court-appointed SIT on black money was notified by the government in 2014 and is headed by Justice (retd) M B Shah and has multiple central probe, enforcement and regulatory agencies as its member.

A A
       BUSINESS
Next Article: India's forex reserves hit life-time high
 
 
BUSINESS HEADLINES
Cabinet approves MSP hike for raw jute  
Kazakhstan introduces 72-hour free transit visa for Indian citizens  
Maharana of Udaipur witnesses "Treasure from the Al Thani Collections" at Beijing  
CBDT notifies introduction of section 112A in the Act  
'Diesel price hike affecting garment industries'  
Sensex gains for 2nd day, Nifty tops 10,600-level  
E-way bill rollout on Wednesday in four states: Centre  
Nifty ends above 10,550, up 20.65 points  
Millennials switching jobs fast, techies lead the way: Study  
Deposits in Jan Dhan accounts cross Rs. 80,000 crore  
Is cash crunch affecting printing machinery biz?  
Recruitment growth eases to 3% in March '18  
India's role to expand in Indo-Pacific region: IMF  
Forex reserves at life-time high of $426.082 bn  
Sensex ends flat; tech stocks surge  
Passengers could be compensated up to Rs. 20,000 for flight delays, cancellations: draft rules  
Rlys' operating ratio could be its worst ever in FY 18  
Chai villa: Engineering couple who gave up cushy jobs to sell tea  
Sensex spurts 96 pts in see-saw trade; metals shine  
Cash crunch: Now bank unions threaten agitation  
Sensex rises over 100 pts, Nifty above 10,500  
Reports of cash shortage defy logic: SBI  
Lenders need to be proactive in monitoring borrowers: RBI  
Loan default: DPIL directors presented before CBI court  
Parliamentary Committee summons RBI Governor amid banking scams  
 
Do you agree with setting age limits for giving death penalty to rapists?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy