2013-12-28 zdnet.com- Bitcoin exchanges suspend operations in India indefinitely

[Athom]

Bitcoin exchanges suspend operations in India amid govt warning
Summary: India's Bitcoin trading platforms, including the largest, have suspended services following a recent public warning by the central bank over the risks of virtual currencies.

India's largest bitcoin trading platform has suspended its operations, citing a recent public advisory by the central bank highlighting the risks of virtual currencies, according to The Hindu.

The closure of BuySellBitCo.in, which sees about 12 million rupees of Bitcoin transactions monthly, has spooked a number of other trading platforms including INRBTC to stop services indefinitely.

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http://www.zdnet.com/in/bitcoin-exchanges-suspend-operations-in-india-amid-govt-warning-7000024648/

[bryant.coleman]

Buysellbitco.in owner was arrested yesterday. He is still being held and might have to pay millions of USD in tax penalties. Also, I heard that a 12.36% VAT might be applicable for all BTC purchases from now onward, but can't confirm this news.

[LiteCoinGuy]

bad times in india but lets wait and see. there will be more professional exchanges that comply with the laws.

[bryant.coleman]

bad times in india but lets wait and see. there will be more professional exchanges that comply with the laws.

There aren't any laws relating to Bitcoin in India. So the compliance part doesn't arise.