Bitcoin Forum

recent news articles suggest that Indian Police specially Delhi Police suggests that Bitcoin trading is illegal in India. What are your views guy?

It is still not clear that Bitcoin is legal or illegal, but what ever you are doing in bitcoin and if you are showing the transaction in tax that can evade you problem. This news are only for the person who are using bitcoin for illegal activities but not for legal doing.

Am not finding this in that article anymore. But I do remember reading it.
Anyone have any other link that still has that statement?

It is very much there.

Source: http://timesofindia.indiatimes.com/city/delhi/Card-frauds-used-bitcoins-to-trade-money/articleshow/50922983.cms

Search: The police claim that the Reserve Bank of India has decreed illegal all trade and use of virtual currencies as a medium for payment.

Thanks, was looking elsewhere.

So, as this states, the police claim that the RBI has decreed it illegal.
This is not the case as we have been tracking RBI announcements very closely in this regard.
Therefore, this statement cannot be true.

Until the government dont give any clear picture about Bitcoin , each and everyone will be taking it as they want , like in this case Delhi Police considers Bitcoin as Illegal why because it was used in the Illegal Activities that is why they consider it Illegal, but once the bitcoin is declared by government whether it is legal or illegal . each and everyone will take with their own way.

Yep its still not clear if its legal or not.. but better to avoid showing bitcoin transactions.. when filing for income tax

No ITR form accepts Tx hash as an input. But, you should definitely report if you earn INR by selling BTC and pay proper tax on that. DO NOT "avoid showing bitcoin transactions.. when filing for income tax".

In absence of any clear notification by RBI related to bitcoin, Delhi Police stand can be challenged in court of law if someone is booked for using bitcoin.Police can interpret law as they want but there interpretation may be wrong

Recall reading a push for Indians to put money into bank accounts. Same time I do not see them making a big push to crackdown on bitcoin.

I don't think that bitcoin is illegal in INDIA as there is no clear law about it.

However, Delhi police have arrested the operation manager of a bitcoin trading firm, because that person was involved in the fraud it seems. But there is no clear indication that bitcoin is illegal because of this matter only.

I think one day INDIA will have to come forward to frame a particular law about the crypto currencies sooner or later. But restraining people from using bitcoin will be impossible.

its not cleared yet that bitcoin is legal or illegal yet.and for trading i will say bitcoin trading is not illegal in any way because every thinks rate depend on its demand and supply like gold.so buying gold and selling at high price is also illegal?

Bitcoin is not consider illegal because of it unstable price but because it is a parallel currency.No government can allow a currency not under its direct control and that is the reason why many consider bitcoin illegal

How is your post related to this thread is beyond my understanding.Please make sure you post relevant message

can a reseller use product purchase through bitcoins and sell in India?

Is it legal or illegal?

well...using of bitcoin is too simple so its on demand and price are going high.
now,everyone is using it.everyone can easily create wallet,send receive money without putting their PAN,ADHAR CARD,BANK PASSBOOK.so that people started to use this for illegal thinks.like kidnapping, blackmailing and ask them for money by bitcoin.this is main problem in not only india but in world.so in this case using of bitcoin may be illegal.
but still there are no rules in india.so bitcoin is legal in india.
but for security and catch the criminals creation bitcoin wallet must required pan,adhar card and selfie with adhar card.