I guess you missed the Wikipedia lol
In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.
On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public not to indulge in buying or selling of virtual currencies, including bitcoin. Following the announcement Bitcoin operators in the country began suspending operations.
The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).
On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate Bitcoins.
The consolidated legal position in the month of August 2014 is that the legality of bitcoin is in doubt in India. The Reserve Bank of India has cautioned users of virtual currencies of various legal risks. Indian law enforcement agency Enforcement Directorate also searched the office and website of a bitcoin entrepreneur to analyse any possible legal violation. ED believes that Bitcoins money can be used for hawala transactions and funding terror operations.
Perhaps you neglected to check the bitcoin website and wiki.
Ref:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#IndiaWikipedia did not even count as a reference when i was doing a project in my masters haha. So did not bother to show it.
Everything else you mentioned is true and I have shown these articles. The links to these are there in my OP. But what is your point?
Just so you know - apart from that Dec 24th advisory, everything else was discarded. The way i could convince about being unregulated is because there is no notice saying it is getting regulated. Not because chakrbarthy said he has no plans of regulation.
These guys want in form of notice by govt or regulatory bodies. Quotes and comments on quotes or articles on quotes did not count. Even the regulatory landscape
in other countries did not count.
Again I think you are Mis-understanding the point as you have with everything anyone else on here has put. Maybe you need to take the time to actually READ something before posting and give some good thought!! ANYTHING everyone else has stated you have twisted or "Mis-Understood".
POINT BEING: According to MANY articles not just what was declared on the wiki, the INDIAN Government is already well informed about Bitcoin and its purpose MEANING they would never need to approach a small bitcoin company about anything. They already have there facts together when it comes to bitcoin meaning if they needed to proceed with charges they sure as hell do NOT need any researched material. So any "Authority" figure you are referring to obviously is not of any importance so why you had to make a big deal about it and argue with people on here about it is beyond me.Next time if some supposed "Authority" comes to you with anything how about you turn the tables on them and ask them why they "Apparently" know nothing about bitcoin!
Oh and PS: There's no need for any more opinions, my point has always been that this post is just for attention and the more you post it just goes to show I was right and anyone that is truly part of the community would acknowledge that. It doesn't take a rocket science to figure out what Bitcoin is, hell the 68 Year old Woman at the licensing department down here knows what it is and she don't even know much about computers she said when I went to have my Bitcoin business licensed.
That just shows you have no knowledge about authorities in India and how the systems works here.
If there is a crime, the authorities first arrest the person who committed it. then the next set of people who helped indirectly will get interogated and convicted if found guilty. then the next circles around them who are in any way related to these people will get questioned.
in india the first thing people getting interogated or questioned hear from the authoities is "you did a mistake and know about this when you are doing it". then depending upon your answers, the conversation grows. unless they are convinced that there was no wrong done, these people getting questioned need to get to their office and answer new questions. the officers keep calling once or twice a month and get the answers. then finally when they believe they have all the info, they will get the FIR done. till the case is obviously referred to the court.
this is not the first time i am explaining about bitcoin to an authority
http://www.coindesk.com/indian-tax-authorities-seek-clarification-bitcoin/it is never as simple as - ok you did the crime, get into jail. or - oh you did not do anything wrong, please walk out now.
as i explained, we are summoned to explain a set of transaction by an user. so they would obviously continue questioning us to know fully about how bitcoin got used in the incident and how such thing can be avoided in future. the officers i am talking to, did not know much about bitcoin before our attempt to explain how it works. today i am explaining to his senior and he do not know much about bitcoin as well and he is not a technology guy.
the office i am visiting right now is related to the place where unocoin customer resided when the incident involving those transaction happened. unfortunately it is not the head quarters of the authority or have a set of people who researches about technology. this is the first incident involving bitcoins the office is seeing - they want to know more about it as to know what exactly about bitcoin is making their job tougher.
i wish people or officers in india know about bitcoin as much as that 68 year old lady did.
