Even the vodafone case was decided in favor of Vodafone. Secondly, even if VAT or any other tax is imposed restrospectively (very remote chance) even then the issue of incarceration will not come into effect. Also, if these kind of regulation comes further a timeline will be provided to the traders to pay the taxes without any interest or penalty.
Hope the answer clarifies the doubts in your mind.
I think we are talking about 2 different things. The retrospective law was passed after an existing case was decided in favour of Vodafone. People may not be worried about incarceration, but they could still be concerned about excessive taxes. Excessive taxes (imposed retrospectively) would effectively result in the government seizing your bitcoins (as taxes).  |
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Now the second party of fear which every normal trader has "What if authorities take an action against us" -: As a lawyer I should save it for telling in my opinions for legal fee but since community as a whole has this issue I would like to tell that no government agency can arrest you for trading in bitcoin. Any regulation which may come in future cannot be in effect with retrospective effect (back dated). So if government bans it on 1.4.2016 (Example only) then any person who traded before 1.4.2016 cannot be incarcerated. Hope this information encourages people to trade in bitcoin without a sword hanging on their head.
Yes, that seems to be point about incarceration. From the Constitution , (20) Protection in respect of conviction for offences. —(1) No person shall be convicted of any offence except for violation of a law in force at the time of the commission of the Act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence. (Electronic Page 5 of this file http://lawmin.nic.in/olwing/coi/coi-english/Const.Pock%202Pg.Rom8Fsss%286%29.pdf) So you may not be convicted for trading in bitcoins now, by the Government bringing in a retrospective law. But can they tax you with retrospective effect? What if they suddenly decide to pass a retrospective law stating that Bitcoin transactions are subject to 100% VAT. Aren't they well within their powers to do this? (I am thinking about the Vodafone case). |
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At first, I must admit that I am a bit technologically challenged.
Can we try this on any OS on a smartphone as well as on a computer?
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Good coverage in ET. First article in ET Panache (the supplement). Five most unusual facts about bitcoinshttp://economictimes.indiatimes.com/magazines/panache/five-most-unusual-facts-about-bitcoins/articleshow/45279439.cmsHow many of you were aware that a bitcoin -presently valued at around Rs 23,000 -can be fragmented to the power of eight, so that you can even buy a stick of gum with it? Did you know that every fragmented unit of the popular cryptocurrency, equivalent to the cents or paise of physical currency, is called a Satoshi and is named after the founder of bitcoin, Satoshi Nakamoto?
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News about new campaign coming soon! It'll be a lot more cleverly organised to ensure the forum is not spammed. We will not allow obvious signature spamming accounts to join and all posts by people who sign up will be moderated by Primedice and not just the forum staff. We hated what we did to this awesome forum when our campaign got out of hand, and there is no way we're doing that again.
This is awesome news!! |
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With the sudden increase in bitcoin prices over the last few days, you will have to check whether these cloudmining sites have lowered their prices or not.
Almost none of the prominent cloud mining players like PB mining, cloudmining.website or CEX.io have lowered their price against the recent price fluctuation. That is probably because, they also suffer losses on the same, and the price hardly matters for mining. The price of mining equipment is denominated in fiat. So if they are buying new equipment to fill your orders, they can definitely get it for a cheaper price (in bitcoin) to fill your order. Hence it makes sense if they reduce prices as well. But doesn't the amount of bitcoin that is mined, is the deciding factor on how much they earn? I guess, that is why they have fixed prices. That is true, but since they are selling hashing power, I guess the price should be linked to the cost of mining equipment. The payout can be linked to bitcoins, because that is what they earn. |
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For a quick view this is what I can share at the moment : https://docs.google.com/spreadsheet/ccc?key=0AmX_0duDjH75dEo5SWtsbHg5YUhMdngya0taVHpIRHc&usp=sharingThis sheet contains data of buysellbitco.in visitors spread across Cities in the konth of December 2013 when we suspended operations. I will try to release few more metrics as I get time. Note : Sharing data is good thing and can help community to understand how things are going. But still if anyone thinks I should not post this let me know. Regards Mahin Very insightful. As expected the metros dominate, but I am pleasantly surprised to see a lot of sessions from small towns as well. Personally, I don't think that sharing aggregated data is a problem. |
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Does the Indian Government legally recognize "BTC" within its "currency" gauge?
If it doesn't then is this RBI policy applicable? Can Bitcoin ATM's be thought as vending machines?
I believe there would be no policies guarding that.
RBI hasn't explicitly come out with regulations on crypto-currencies, but in December 2013 they did come out with a press release cautioning investors. http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247Since the policy talks about virtual currencies, I guess you can't think of it as a bitcoin vending machine. Moreover, if it is a 2 way machine (Cash --> bitcoin and bitcoin --> cash), I guess compliance with KYC/AML clauses would have to be even more stringent. We already had Enforcement Directorate raids on exchanges last year, to check whether they were violating foreign exchange / anti money laundering laws. So I guess people will be more cautious about setting up bitcoin ATMs in India. |
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everything has limits and none of the bitcoin sport getting sites can handle mayapans bets(ranging from 20M-30M$). I dont think any site in the world will allow these bets.
One of the real world bookies (or maybe Meyyappan himself) should start a site.  |
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He would probably get nuked, given that he has made only 2 posts and both of them are links.
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BTW he was not Dara Singh , He was Dara Singh's stupid son "Bindu" Dara Singh.. Dara Singh was a noble man , atleast for the amount of time I saw him on onscreen.
Oops! My mistake.  I am unnecessarily slandering Dara Singh's name. |
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"Systemic Risk" is very subjective which engulfs number of other risks collectively. It would be much better you can point of some specific risk management rather than dragging me into debate of 'systemic risk' and RBI responsibilities are something I've well aware of. I try to stay updated, but there is always knowledge lag.
I think you are confusing systemic risk and systematic risk. Wikipedia isn't usually the most reliable source of information, but in this case it will suffice. http://en.wikipedia.org/wiki/Systematic_riskhttp://en.wikipedia.org/wiki/Systemic_riskSystemic risk is what differentiates the risks (to the broader economy) of a bank going bankrupt and the risks of a normal company going bankrupt. My limited point was that the RBI has the power to dismiss the board of any bank. In case a bank goes down (due to whatever reason - corruption, political interference, etc), it has implications for the broader economy. |
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And Cooperative Bank are not bank exactly. ...C.O.O.P.E.R.A.T.I.V.E B.A.N.K.S there is hell lot of difference between 'bank' and 'cooperative bank'. OMG! I didn't say cooperative banks are not banks. Okay. I think I didn't get through to you. Let me try to show you how your different statements sound 1) And cats are not animals exactly 2) There is hell lot of difference between cat and animal 3) OMG! I didn't say cats are not animals. As you can see, there are inconsistencies and that is why I tried to correct your terminology. Okay? Please take time to read those message carefully again. If you've trbouble comprehending sentences then bellow pictures will clearly explain you.
I am sorry, but no matter how much time I spend reading your messages, it is going to look the same to me. I suggest you spend more time framing your sentences.  This shows that your understanding is not all that off. Congratulations. The biggest problem facing co-operative banks is the they have more than one master — in the case of UCBs, you have the RBI and the Registrar of Co-operative Societies (RCS) of the respective state and in the case of the district and state co-operative banks, you have Nabard, the RBI and the RCS.Given the close links between politicians and co-operatives and the fact that the RCS functions under the state government, in practice this dual or triple custody of the health of co-operative banks has, in practice, led to poor supervision and control. Also most co-operative banks are lacking in skill/expertise.
Recruitments are politicised as are appointments at most levels. Income recognition and prudential norms that were introduced for commercial banks in the early 90s were also not extended to the co-operative sector. Of course, which is why problems are more in cooperative banks. So your point is....? How is the year of the article even relevant? If you had the time to read that article, you would have realized that the RBI had dismissed the Board of a bank controlled by the sitting Deputy CM, Ajit Pawar. It did this when the Congress-NCP coalition was in power both in the state of Maharashtra and in the Union Government. This shows that they did act fearlessly and I lauded them for their actions. Of course, I agree that the link you posted about Amanath Co-operative Bank is more recent. I solemnly accept that blood banks are banks. We should definitely apply conventional banking definition on these banks too. There you go again. Making unrelated statements. Personally, I think going off on tangents and making unrelated comments reflects inability to come up with logical and cogent arguments. |
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India to Overcome United States as Second-Largest Internet Market by Decemberhttps://www.cryptocoinsnews.com/india-overcome-united-states-second-largest-internet-market-december/
According to a report by the Internet and Mobile Association of India (IAMAI) along with IMRB International, the two organizations forecast that Internet users in India are expected to reach 302 million by the end of the year. The forecast is a 32 percent increase from the 213 million Indian Internet users at the end of 2013.
Further projections in the IAMAI-IMRB report forecasted India to reach 354 million internet users by June 2015, a critical progression necessary for bitcoin and other digital currencies to become a viable means of payment in the country.I personally think directly connecting the number of internet users to bitcoin adoption is stretching it a bit too far.
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Because of your blog and that picture thousands of enthusiast are believing Bitcoin is being accepted by Panwala and therefore spreading same to other thousands who will spend to other ten thousand. I think, you've started this vicious cycle of false publicity which might actaully make some panwala accept Bitcoin. If you've verified its authenticity then prove else apologize to community because we believe whatever you say.
God.... You think any tasteless comment made by you can be glossed over by calling it sarcasm, whereas a really humorous picture which is obviously photoshopped needs an explanation / apology. I would hate to disappoint you, but the world in general is smart and does not accept information from the net at face value. You would be hard pressed to find the "thousands" spreading misinformation to "other ten thousand". |
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And Cooperative Bank are not bank exactly.
...C.O.O.P.E.R.A.T.I.V.E B.A.N.K.S there is hell lot of difference between 'bank' and 'cooperative bank'.
I think you should get your terminology straight. Cooperative banks are definitely banks. A cooperative bank is a type of bank, where the owners and the customers are the same. So the motives might not be the same as that of a commercial bank (i.e. maximise profits). That doesn't mean that cooperative banks are not banks. |
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I'll definitely talk to Raghuram Rajan about his forgotten responsibility. Thanks!
You should definitely do that!! But then again, he might decide not to humour you. Many ATM's are plundered and stolen does that mean-RBI should have displayed more spine and been proactive in such cases. They should have been! After all ATM's are established with sole permission from RBI.  Amazing reasoning. You compare ATM theft with failed banks? Even for an exaggerated comparison, that makes absolutely no sense. Ever heard of systemic risk and what the RBI's actual responsibilities are? |
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