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sahil654
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May 16, 2018, 02:08:25 AM
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I received a mail this morning from coin secure informing that they have started the refund process. But to claim refund they are asking for my ITR return along with KYC documents. Now I don't file ITR. How would I claim my money?
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drmilind2004
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May 16, 2018, 02:32:17 AM
Merited by edgycorner (5)
 #2

I received a mail this morning from coin secure informing that they have started the refund process. But to claim refund they are asking for my ITR return along with KYC documents. Now I don't file ITR. How would I claim my money?

If you are not filing an ITR because your earnings are meagre or nil, even then you can now file online using the Saral form.  Since it's already that time of the year when we file and pay taxes, this wouldn't be too difficult.  The Saral form is easy and simple to fill. You will get the acknowledgement immediately. Hopefully, you've got a PANcard, and perhaps Aadhaar.

That should solve your refund worries!
sahil654
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May 16, 2018, 02:42:25 AM
 #3

I have PAN and Adhaar card. I'll talk to the coin secure cc and if they dont refund without the ITR then I will file it.
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May 16, 2018, 08:30:15 PM
 #4

I received a mail this morning from coin secure informing that they have started the refund process. But to claim refund they are asking for my ITR return along with KYC documents. Now I don't file ITR. How would I claim my money?

This does seem very strange. Asking for KYC documents is fine, because they feel the need to prevent money laundering.
But what use would they have for ITR? And can they insist you provide it?
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May 17, 2018, 09:45:56 AM
 #5

I received a mail this morning from coin secure informing that they have started the refund process. But to claim refund they are asking for my ITR return along with KYC documents. Now I don't file ITR. How would I claim my money?

This does seem very strange. Asking for KYC documents is fine, because they feel the need to prevent money laundering.
But what use would they have for ITR? And can they insist you provide it?

It's strange as till today no company has asked for an ITR form. KYC documents definitely have to be submitted. 




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sahil654
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May 18, 2018, 02:29:22 AM
 #6

Yeah it is strange. I mailed the coinsecure cc in this regard. Here is there reply.

"Kavitha (Secure Bitcoin Traders Pvt. Ltd.)
May 17, 4:26 PM IST

Hi,

Please wait we will be updating a declaration for the users who have not filed ITR so far. You are requested to print the declaration, sign and send it with your self-attested KYC document and agreement.

If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure"

PS: Don't know why but the image is not getting posted so I have pasted the email contents here.
botany
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May 18, 2018, 07:01:11 PM
 #7

Yeah it is strange. I mailed the coinsecure cc in this regard. Here is there reply.

"Kavitha (Secure Bitcoin Traders Pvt. Ltd.)
May 17, 4:26 PM IST

Hi,

Please wait we will be updating a declaration for the users who have not filed ITR so far. You are requested to print the declaration, sign and send it with your self-attested KYC document and agreement.

If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure"

PS: Don't know why but the image is not getting posted so I have pasted the email contents here.

Why should any Company, least of all unregulated bitcoin exchanges demand ITR? Even banks where you have crores of money deposited do not ask for ITR details.
And what would the objective be of having your IT return? It really doesn't make sense.
Blackshadow007
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May 19, 2018, 04:52:10 PM
 #8

Yeah it is strange. I mailed the coinsecure cc in this regard. Here is there reply.

"Kavitha (Secure Bitcoin Traders Pvt. Ltd.)
May 17, 4:26 PM IST

Hi,

Please wait we will be updating a declaration for the users who have not filed ITR so far. You are requested to print the declaration, sign and send it with your self-attested KYC document and agreement.

If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure"

PS: Don't know why but the image is not getting posted so I have pasted the email contents here.

Why should any Company, least of all unregulated bitcoin exchanges demand ITR? Even banks where you have crores of money deposited do not ask for ITR details.
And what would the objective be of having your IT return? It really doesn't make sense.

May be IT dept. asked them to do so , this is about huge money refund process .

deadley
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May 19, 2018, 07:26:46 PM
 #9

Yeah it is strange. I mailed the coinsecure cc in this regard. Here is there reply.

"Kavitha (Secure Bitcoin Traders Pvt. Ltd.)
May 17, 4:26 PM IST

Hi,

Please wait we will be updating a declaration for the users who have not filed ITR so far. You are requested to print the declaration, sign and send it with your self-attested KYC document and agreement.

If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure"

PS: Don't know why but the image is not getting posted so I have pasted the email contents here.

Why should any Company, least of all unregulated bitcoin exchanges demand ITR? Even banks where you have crores of money deposited do not ask for ITR details.
And what would the objective be of having your IT return? It really doesn't make sense.

May be IT dept. asked them to do so , this is about huge money refund process .

No way, Neither Coinsecure nor IT dept have any right to ask ITR through Coinsecure. IT dept can check easily anything through PAN, so why they will ask Coinsecure to ask ITR for refund process. If IT dept want they can ask KYC details of user and directly contact user. IT dept never ask through 3rd party because they have all access of data.
botany
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May 19, 2018, 08:33:32 PM
 #10

No way, Neither Coinsecure nor IT dept have any right to ask ITR through Coinsecure. IT dept can check easily anything through PAN, so why they will ask Coinsecure to ask ITR for refund process. If IT dept want they can ask KYC details of user and directly contact user. IT dept never ask through 3rd party because they have all access of data.

That is true. Are they going to act on those IT returns? What if I have shown income of 10,000 Rs? What if I have shown income of Rs 1 Crore? What business is it of theirs?
In both cases, they have no choice but to process the refund. Hell, even if you have not filed IT returns, they are going to process the refund after taking a declaration. 
Blackshadow007
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May 20, 2018, 02:52:48 AM
 #11

Yeah it is strange. I mailed the coinsecure cc in this regard. Here is there reply.

"Kavitha (Secure Bitcoin Traders Pvt. Ltd.)
May 17, 4:26 PM IST

Hi,

Please wait we will be updating a declaration for the users who have not filed ITR so far. You are requested to print the declaration, sign and send it with your self-attested KYC document and agreement.

If you have any other queries please email us at support@coinsecure.in or Call us on +91 98711 15455. (11am - 8pm, Monday – Saturday)

Warm Regards,
Kavitha
Team Coinsecure"

PS: Don't know why but the image is not getting posted so I have pasted the email contents here.

Why should any Company, least of all unregulated bitcoin exchanges demand ITR? Even banks where you have crores of money deposited do not ask for ITR details.
And what would the objective be of having your IT return? It really doesn't make sense.

May be IT dept. asked them to do so , this is about huge money refund process .

No way, Neither Coinsecure nor IT dept have any right to ask ITR through Coinsecure. IT dept can check easily anything through PAN, so why they will ask Coinsecure to ask ITR for refund process. If IT dept want they can ask KYC details of user and directly contact user. IT dept never ask through 3rd party because they have all access of data.


Hmm then why would CS request ITR , That's way too personal to share with any 3rd Party unknown persons . Pretty messed up situation it seems , KYC should be enough to give users money back what's theirs .

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May 29, 2018, 11:25:34 PM
 #12

Hmm then why would CS request ITR , That's way too personal to share with any 3rd Party unknown persons . Pretty messed up situation it seems , KYC should be enough to give users money back what's theirs .
I am not sure why they wanted to collect all those things, may be they want to impress the authorities how strict their policies are  Grin, i am really glad that i use the site when ever i want to sell the coins and i wont hold my coins in any exchange, if so i would have had a hard time to get my money out. I just have a few hundred rupees in the site and i would rather give it a pass.
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June 04, 2018, 06:25:56 AM
 #13

Seems like Benson also totally vanished from forum :/

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June 05, 2018, 04:04:05 AM
 #14

Hmm then why would CS request ITR , That's way too personal to share with any 3rd Party unknown persons . Pretty messed up situation it seems , KYC should be enough to give users money back what's theirs .
I am not sure why they wanted to collect all those things, may be they want to impress the authorities how strict their policies are  Grin, i am really glad that i use the site when ever i want to sell the coins and i wont hold my coins in any exchange, if so i would have had a hard time to get my money out. I just have a few hundred rupees in the site and i would rather give it a pass.

No, It shows there intention of not giving money to their users. First of all This exchange is about to dead or we can say already dead. When you compare it with Koinex and Zebpay, coinsecure was just a shit. very slow and pathetic exchange. They can never compete with such high quality exchange like Koinex.

So I think they planned all this thing after all who is going to check where those bitcoin are stored. Making these unnecessary document thing will disqualify many of there users to get their money back. So it is like greed is growing so that they can eat more and more money.

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June 05, 2018, 05:39:31 AM
 #15

Hmm then why would CS request ITR , That's way too personal to share with any 3rd Party unknown persons . Pretty messed up situation it seems , KYC should be enough to give users money back what's theirs .
I am not sure why they wanted to collect all those things, may be they want to impress the authorities how strict their policies are  Grin, i am really glad that i use the site when ever i want to sell the coins and i wont hold my coins in any exchange, if so i would have had a hard time to get my money out. I just have a few hundred rupees in the site and i would rather give it a pass.

No, It shows there intention of not giving money to their users. First of all This exchange is about to dead or we can say already dead. When you compare it with Koinex and Zebpay, coinsecure was just a shit. very slow and pathetic exchange. They can never compete with such high quality exchange like Koinex.

So I think they planned all this thing after all who is going to check where those bitcoin are stored. Making these unnecessary document thing will disqualify many of there users to get their money back. So it is like greed is growing so that they can eat more and more money.



What you said is the perfect answer. Their is not such rights to show the ITR , they can only ask the KYC document and not more then that . If they are asking ITR then it is crystal clear that they are starting to scam the users with their funds. I opened the account in coinsecure and even gave them KYC document and still more then 18 months they have not even cleared by KYC document. They are really scam exchange and not more then that. Very soon they are going to run away with the users amount.
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June 05, 2018, 06:35:38 PM
 #16



What you said is the perfect answer. Their is not such rights to show the ITR , they can only ask the KYC document and not more then that . If they are asking ITR then it is crystal clear that they are starting to scam the users with their funds. I opened the account in coinsecure and even gave them KYC document and still more then 18 months they have not even cleared by KYC document. They are really scam exchange and not more then that. Very soon they are going to run away with the users amount.
[/quote]

You are lucky that they didn't cleared your KYC Wink. Well after the last reply from their cc they never got back to me again nor they updated anything on their website about the procedure for people who do not file ITR. I mailed them again and they sent me the form which I had to sign and mail them with other things to get my money back from them.
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June 16, 2018, 04:30:11 PM
Merited by tmfp (1)
 #17



At this point, the whole refund process looks like a joke. They are forcing the refund in INR, they are setting deadline to accept refund request, they need customers to explicitly release them from any future litigation, they want customer's ITR data but there is no mention of deadline regarding when the actual refund will take place. And there is literally no furor regarding this. Looks like CoinSecure customers are basically a herd of lamb. They dont even know how to get united and file a class action lawsuit against SECURE BITCOIN TRADERS PRIVATE LIMITED aka CoinSecure. Angry
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June 17, 2018, 02:24:18 AM
 #18



At this point, the whole refund process looks like a joke. They are forcing the refund in INR, they are setting deadline to accept refund request, they need customers to explicitly release them from any future litigation, they want customer's ITR data but there is no mention of deadline regarding when the actual refund will take place. And there is literally no furor regarding this. Looks like CoinSecure customers are basically a herd of lamb. They dont even know how to get united and file a class action lawsuit against SECURE BITCOIN TRADERS PRIVATE LIMITED aka CoinSecure. Angry

Perhaps, you could try the Consumer Forum first/ as well.

It's important to have a baseline decency in monetary dealings. If they are failing at that, then apart from criminal charges, approaching the Consumer Forum is the best bet.

Remember, in criminal courts the system favours disposing off the case in favour of the accused unless there's compelling evidence, which is a subjective decision arrived at by the judge. On the other hand, Consumer Forum cases, being civil suits, are more balanced and will be more likely to rule in your favour, with monetary reimbursement, interest, and damages.
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June 18, 2018, 07:43:22 AM
 #19

Anyone received fund through this process. Their KYC and other documentation is very hard.
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June 20, 2018, 01:51:59 AM
 #20

They are also asking for Aadhar. What if someone is from Northeast. Aadhar has not been issued in places like Assam. So is it mandatory for this refund process?
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