Imagine an average middle class person holding Rs.1000 worth of BTC and getting caught.
Would he pay Rs. 25 crore of fine ? I can only laugh on this real hard. I know there is a second option of imprisonment of 5 - 10 years.
But how would anybody prove that you are the person holding the coins.
You know there are ways to keep the coins anonymous and just decline the fact that they are yours.
Rest assured that if they really think that someone owns 1000 BTC, the best cyber-minds of our great institutions would pursue you to hell and back to prove the connection. They will then either resort to asking that person to "settle" the matter by sharing the anonymous currency to whoever the officer incharge of the case will be. In case a person is unable to pay due to any honest reason, they will bring the full force of law onto the person. Thus the law.
Even contemplating such a bill is insane. The Chinese have embraced it, USA has embraced it. Yet our incompetent assholes don't disappoint and come up with such "three times the harm caused or three times the gains" ideas. Our worst fears about the BJP monster are coming true. They started with defining our identities. Now they want to dictate how you do business and how you earn money. If we continue down this path, (which i am afraid we may for at least another 6-7 years), this country will have become a terrifying place to live in. The specter of "Financial terrorism" against citizens is fast approaching. What happened with Mallya will happen to each one of the citizens trying to hustle to make a living.
