In a shocking move, the Indian income tax department has decided to send a notice to the lakhs of Indians who are trading Bitcoins currently. The IT department expressed that, notices will be sent to 4-5 lakhs Indians who are trading with Bitcoins, and they'll have to answer the questions in the notice pertaining to the business value and their income sources.
It has been believed that this move comes in the wake of the alert that many in India are using Bitcoin as a way of money laundering and conversion of black money to legal. It must be noted that RBI had made it very clear long back that it won't be responsible for losses incurred by Indians in Bitcoin trading.
None of the company in India has been given the license to conduct Bitcoin trading, but since there's no legal ban on Bitcoins, the trading is going on in full swing in Countries like India, China, Bangladesh.
There's widespread complaint that Bitcoin facilitates illegal drug mafia and many other illegal, Antisocial activities. Bitcoin is a digital currency, that doesn't have any governing laws to control it which is the primary reason why governments are against it, though, on another end, Japan, the founding nation of Bitcoin trading is flourishing well in this huge trading.
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