Bitcoins and black money
Bit coins could be used for converting unaccounted cash into black money. This could easily prevent efforts of the government to prevent unaccounted transactions. Also it is a speculative trade that could be manipulated by the originators or third party. If we cannot ban this trade , at least should bring all such transactions through banks. It could also be made mandatory to keep receipts. more
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Bitcoins and such currencies will stay even if banned. It is better that the mechanism is understood and the transactions are at least regulated, if not legalized. more
Jan 23
Greetings from Ravinder Murthy Sir. Could you please explain what bitcoins are in a simple language? We have heard about it recently but have no idea of what it is and how does it work? No one has made an attempt to explain it. Could you please tell us the basics of it? more
Jan 23
It is a virtual currency with no legal value mostly use for unofficial purpose. more
Feb 02
The point here in the absence of a Govt authority a group of people can take the mass for a ride looting all of their hard earned wealth. Independent mechanism without a reliable representation is not justified. On the black money front all realty transactions are still registered at a minimum possible valuation to save stamp duty and difference between the value shown in the stamp paper and the actual valure agreed upon are Paid in cash. Even the stamp duty amount must be paid in cash. This is actually reduculous. Govt should introspect and look itself first. more
Jan 23
What is stated is quite correct. If Bitcoin can be used for investing BLACK money, then for sure this must be banned, OR, anyone investing in Bitcoin should declare his assets in this form at every time of fining Income Tax Return. Surely... Lakhs of persons are not fools as pointed out by Mr. S K Sethi, but Mr. Sethi, Lakhs of people are indeed Black Money hoarders and are therefore wise enough to invest in Bitcoins, so they do not pay taxes on legitimate incomes. A clever way of avoiding tax rules. more
Jan 22
