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newinbtc
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January 20, 2018, 03:11:04 PM |
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yes its true news, people who not paid full tax to the government of india , they are taking strict action now. Because they transfer heavy amount daily http://www.moneycontrol.com/news/business/cryptocurrency/top-banks-including-sbi-axis-icici-suspend-some-acs-of-major-bitcoin-exchanges-in-india-report-2487505.htmlThe total revenue of top ten exchanges in India could well be worth Rs 40,000 crore and they operate at margins greater than 20 percent, the ET reported citing sources.This is the reason behind this. Why they charge 20% extra from normal rates? another reason they operate multiple accounts to transfer the funds The tax department also recently sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than USD 3.5 billion (RS 2,234 crore) worth of transactions have been conducted over a 17-month period.Its normal if you dont pay tax they will take some action. Same thing happens in south korea
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RocketSingh
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January 20, 2018, 08:25:06 PM |
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Banks suspending accounts of private limited companies appear to be serious issue. May I expect Benson, Sathvik & Mahin to comment on this regarding their respective companies?
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rawcrypt
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January 21, 2018, 04:18:31 AM |
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Banks suspending accounts of private limited companies appear to be serious issue. May I expect Benson, Sathvik & Mahin to comment on this regarding their respective companies?
Yes that surely will help a little.
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newwest
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★777Coin.com★ Fun BTC Casino!
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January 21, 2018, 06:52:17 AM |
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Banks suspending accounts of private limited companies appear to be serious issue. May I expect Benson, Sathvik & Mahin to comment on this regarding their respective companies?
Few banks have started to take action and this is not a good sign as far as cypto market is concerned in the country. Even if you see govt stand is now getting more clearer than before. All this steps is curbing the use of btc and finally after the report it will be clear that it might not be allowed in the country and close down all the exchanges by giving them notices for the closure.
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feyham
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January 22, 2018, 12:53:25 AM |
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im just corious what if all people in the world encourage to use bitcoin..what will be the effect?
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boss1dg
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January 22, 2018, 01:53:16 AM |
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suspending or banning anything without any protest by people is a bad thing .
if traders have no issue and everyone pay their tax then why such actions ??
indian govt should regulate it , but must not ban it .
bitcoin is not a organisation running by any person , it is decentralized network .
many people in india do scam with others but i can see they roam happily in foreign .
but someone do trading in crypto , they have issue with that ..
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krypto station
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January 22, 2018, 03:22:24 AM |
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please update the name of the exchanges !! whose bank accounts are stopped !! let not spread the FUD !!! YOU know this newspaper are at best to do it !! lets confirm about onground facts that did seriously exchange like zebpay !! stopped the payout !!
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bitcoinposts
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January 22, 2018, 05:58:13 AM |
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Indian bank accounts suspended created news all over world and market is reacting to this as well india is major contributor for bitcoin
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roccstar
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January 22, 2018, 09:03:10 AM |
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Hey seriously, I haven't received any news about my bank account suspension.
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agnosticpilgrim
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January 22, 2018, 10:16:52 AM |
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Well, haven't heard any such news but it might be true since many exchanges and wallets are having withdrawal and deposit issues nowadays.
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Blackshadow007
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January 22, 2018, 11:31:54 AM |
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Benson and ZebPay Representative should comment here and clear the worries but i do not think these 2 exchange effected anyway as their service same as it was before . Just got Paid from Zebpay on time as usual .
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sarojan9980
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My Identity Coin
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January 22, 2018, 03:06:56 PM |
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really it is a very bad news. i didn't hear any news about it. only SBI, AXIS,HDFC, ICICI, YES Bank's only suspended the bitcoin exchanges what about other banks. i can operate through other bank's there is any issue. any one can able to clarify my doubt please.
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shailkumari
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January 25, 2018, 05:42:52 AM |
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Bank accounts being shut down for Indian exchanges is very bad for Bitcoin in general. This can result in:
1) Fear among Indian investors that there money might get trapped when the bank accounts are locked. As a result they will take out the money even in loss.
2) New Indian investors will not invest in Bitcoins due to same fear. Demand for Bitcoins will decrease and thus prices will drop. Loss for current investors worldwide.
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realinfo.co
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January 25, 2018, 06:35:16 AM |
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Much ado about nothing
It's just formality sake
To prove that everything is going OK
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gopaljiverma
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January 25, 2018, 06:38:45 AM |
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This might be due to the pressure put by Indian government. It may be due to following reasons:
1) Government tried to prevent tax evasion by sending notices to Bitcoin investors. But a lot of people might be using KYC of other people like their servants.
2) It is hard to shut down the exchanges til proper laws are made regarding this. At such, suspending their bank accounts is only way to stop these exchanges.
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ZodiacSwiss
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January 25, 2018, 08:36:37 AM |
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Well, i was able to transfer the money from Zebpay to my ICICI bank easily on 23rd Jan. There was no issue at all. Even if the banks stop it, people can still do it for cash. India is a developed market now for Crypto.
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dvabit
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January 28, 2018, 12:33:52 PM |
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What will happen to their employees? One of my friend working in one of them.
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polynesia
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January 28, 2018, 10:04:22 PM |
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This might be due to the pressure put by Indian government. It may be due to following reasons:
1) Government tried to prevent tax evasion by sending notices to Bitcoin investors. But a lot of people might be using KYC of other people like their servants.
2) It is hard to shut down the exchanges til proper laws are made regarding this. At such, suspending their bank accounts is only way to stop these exchanges.
If you use the KYC documents of your servants, it is a case of downright fraud. There is a paper trail and if your servant gets a IT notice, you know where the trail will lead to. There are strict laws against Benami transactions. If the government decides to shut down exchanges, they can do so easily through a notification. They would not want to be hasty in passing laws, especially in a complex area like cryptocurrencies, but they still have the ability to shut down exchanges. A few years back, raids from the ED resulted in exchanges being shut down. https://www.theverge.com/2013/12/27/5248942/indian-feds-raid-bitcoin-exchange-as-other-traders-suspend-servicehttp://www.thehindu.com/business/Industry/bitcoin-exchanges-shut-shop-in-india/article5504407.eceThis bit of news is significant and as many have stated before me, I would expect Benson and representatives of other exchanges to comment on it. There is nothing on the Coinsecure blog as well...
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Rotten Egg (OP)
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March 19, 2018, 06:10:36 PM |
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Cleaning BitcoinTalk community since 2014.
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