mynameisdon (OP)
Sr. Member
 Offline
Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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April 26, 2016, 10:19:51 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
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bitcoinisfurture
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April 26, 2016, 11:26:37 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
Quite interesting. Well firstly do you have created account or submitted the details to any the exchanges mentioned above? |
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skang
Sr. Member
Offline
Activity: 452
Merit: 252
from democracy to self-rule.
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April 26, 2016, 12:47:16 PM |
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In future, when regulation on cryptocurrencies comes out, if bitcoin is recognized as either
a. money or
b. forex or
c. ppi
OR
if these businesses are recognized as either
a. banks
b. foreign exchanges,
then it is a rule by RBI to collect KYC.
(Note: There are minute exceptions to this where a person can open a bank account without kyc)
btw, which company is asking for bank passbook? weird.
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"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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searchtrade
Newbie
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Activity: 37
Merit: 0
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April 26, 2016, 02:02:00 PM |
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The process is similar to submitting documents to banks or insurance companies. There is no law which binds any two parties to exchange information until both parties are consenting to exchange of information.
Essentially they offer a service and they set their rules and the choice is your's if you would like to subscribe or not.
Government or laws have no role to play in this. It is an agreement between two consenting entities.
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mynameisdon (OP)
Sr. Member
Offline
Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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April 26, 2016, 03:27:26 PM |
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The process is similar to submitting documents to banks or insurance companies. There is no law which binds any two parties to exchange information until both parties are consenting to exchange of information.
Essentially they offer a service and they set their rules and the choice is your's if you would like to subscribe or not.
Government or laws have no role to play in this. It is an agreement between two consenting entities.
I became extremely happy after listening your answer. I really didn't knew this. You said absolutely right that two persons or two parties can do any agreement in between them and exchange each other's details. It's our self-responsibility to check which detail are we providing to whom. And there's no involvement of government in all this. Thank you |
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btvGainer
Legendary
Offline
Activity: 854
Merit: 1000
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April 26, 2016, 10:13:01 PM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. |
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polynesia
Legendary
Offline
Activity: 1358
Merit: 1000
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April 27, 2016, 12:33:07 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
Usually self-attested copies of documents are required for all purposes - whether it is opening a bank account or getting a phone connection. So when you attest a copy, make sure you put the date and purpose on it (For eg - "Vodafone, 27-Apr-16"). This reduces the chance of misuse. Most cases of misuse happen when third parties are engaged to collect documents, not when you deal directly with banks or exchanges. The penalties for misuse are high and institutions in general would have safeguards to prevent that. |
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mynameisdon (OP)
Sr. Member
Offline
Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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April 28, 2016, 02:41:37 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. So, according to you it's risky to share documents with someone? I'm not they will use it for illegal purpose, and they won't do it in reality too, but if they want they can create an account with our documents on some other btc exchange. But, they will get caught easily if we file a case against them |
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btvGainer
Legendary
Offline
Activity: 854
Merit: 1000
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April 30, 2016, 10:47:17 PM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. So, according to you it's risky to share documents with someone? I'm not they will use it for illegal purpose, and they won't do it in reality too, but if they want they can create an account with our documents on some other btc exchange. But, they will get caught easily if we file a case against them You know someone can get these documents copy from your mobile sim vendor too?I think chances of your documents getting misused by these vendors are higher than by these reputed exchanges |
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dashingriddler
Legendary
Offline
Activity: 1258
Merit: 1001
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May 04, 2016, 07:28:43 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. So, according to you it's risky to share documents with someone? I'm not they will use it for illegal purpose, and they won't do it in reality too, but if they want they can create an account with our documents on some other btc exchange. But, they will get caught easily if we file a case against them You know someone can get these documents copy from your mobile sim vendor too?I think chances of your documents getting misused by these vendors are higher than by these reputed exchanges +1 |
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lordquanta
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March 16, 2017, 06:30:53 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. So, according to you it's risky to share documents with someone? I'm not they will use it for illegal purpose, and they won't do it in reality too, but if they want they can create an account with our documents on some other btc exchange. But, they will get caught easily if we file a case against them You know someone can get these documents copy from your mobile sim vendor too?I think chances of your documents getting misused by these vendors are higher than by these reputed exchanges In addition to the above, the documents you send to the banks or their subsidiaries are also at same risk. What makes you think. The subsidiaries are the one who sells services like credit card or insurance or other financial tools to the customer. Banks can not sell these directly to the customer. Even if someone makes fake account in any exchange but the money needs to be sent from the some bank account. It is not that easy to do it (though if target person is careless then it is not that difficult as well). Thus there is risk but when something goes wrong in business bitcoin exchanges will have a proof about the identity of person they allowed to trade. Think about money laundering investigators will do when they find out exchanges allowed unverified person. This is the same reason PBoC (china) has sanctioned chinese exchanges to things straight. |
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darkbat
Newbie
Offline
Activity: 1
Merit: 0
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October 06, 2017, 12:11:08 PM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
I would like to know how they can misuse the above mentioned documents by just having a scanned copy? I agree they have your personal details with these documents but it is not possible to use them for any illegal purpose. So, according to you it's risky to share documents with someone? I'm not they will use it for illegal purpose, and they won't do it in reality too, but if they want they can create an account with our documents on some other btc exchange. But, they will get caught easily if we file a case against them You know someone can get these documents copy from your mobile sim vendor too?I think chances of your documents getting misused by these vendors are higher than by these reputed exchanges Hi , The query is a good one. But all the answers given are not satisfying and are wrong. I havent checked with everything but coinsecure. Coinsecure is a registered company under the name of SECURE BITCOIN TRADERS PRIVATE LIMITED. And for a company to be registered to handle money, they have to be approved from the RBI. So the first condition RBI put forward is to keep track of all the transactions carried out through coinsecure, and RBI also makes it mandatory for collecting the documents, so they can track the details of flow of money of each and every person. Imagine a person has lots of black money and when the Income tax raids him , he can easily slip of saying that he made it through bitcoin and there is no proof for the officials to prove him wrong. SO to control all this it is mandatory for RBI to keep track of all the transactions that are done through coinsecure. For the details of the company you can google up the name or search in https://mca.gov.in (Central Govt. site). So you dont have to worry about your data being misused by coin secure. Hope The query is cleared. I agree with others but still, why all these types of internet companies ask documents to upload on their server. These things could increase the possibility of identity theft if a website compromised or sell user data. There are also other companies like PayPal and Payoneer works according to the RBI guidelines, but they don't ask for documents, all they need PAN no. and your account gets easily verified. |
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cryptoisdafuture
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October 09, 2017, 12:35:40 AM |
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Do they track the source of the BTC in case I sell through Zebpay? Does anyone has any experience with this? If the BTC was received as a payment for services rather than from investment activities.
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btcdamnit
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October 18, 2017, 09:18:59 AM |
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Yes, They Do have Company registration Etc
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ahmad21
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October 18, 2017, 10:44:41 AM |
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hey all...
we all well known buying bitcoin is not too easy in india.we must have to fill kyc form and give our PAN,ADHAR CARD,BANK PASSBOOK, for account verification.
there are many exchange in india like-zebpay,coinsecure,btcxindia,unocoin they all need our documents.
now question is that who gave them permission to keep ours pan aadhar card,bank passbook?what is guaranty they will not use our documents for illegal things? is any authority gave permission them to do this?
i know no one going do this but for knowledge i need answer.
give your view please.
thanks!
Authorization here could mean two things first if they are licensed and regulated and second that they are legal. Answers are that no they are not licensed or regulated until now. But yes they are absolutely legal and work as a registered company. So yes they are authorized but not regulated. |
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glowing10
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October 18, 2017, 11:20:31 AM |
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There is nobody in India which are authorized to run or deal in bitcoin. Because govt has not given any license to run any of the exchanges or site since currently even govt has not made the bitcoin legal yet so there is no possibility of even authorization anybody in India. And unsure if they would giving any licence to this exchanges in coming time as well unless they approve it.
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goyal.dkg
Member
Offline
Activity: 336
Merit: 14
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October 19, 2017, 01:54:54 PM |
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indian govt has not approved bitcoin as legal then there is no question of authorization of these sites , no one authorized them to take our details .. it is just a contract between you and company ..
regarding safety of documents , these sites are reputed (not like other scam sites) so chances of misuse are less , bcoz they are here for business not for our documents ..
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cryptoisdafuture
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October 20, 2017, 03:22:58 AM |
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Yes, They Do have Company registration Etc
So do people need to report taxes if you use sell ETH say using Unocoin? |
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pranshu11
Newbie
Offline
Activity: 28
Merit: 0
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October 20, 2017, 08:26:03 AM |
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I think zebpay is the most famous and trustable bitcoin exchange in india,....
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ahmad21
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October 20, 2017, 09:22:39 AM
Last edit: October 20, 2017, 06:28:53 PM by ahmad21 |
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Yes, They Do have Company registration Etc
So do people need to report taxes if you use sell ETH say using Unocoin? First of all I dont know any way to sell ETH through unocoin its supports only bitcoin. But yes you have to report income taxes after selling your bitcoin if you have made any gains through transaction. KYC means that all your transactions are being keenly recorded by authorities. |
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