Indian Government Outlaws Rs. 500/1000 Notes, Millions Worth of Rupees Worthless
In a shock move, the Government of India has demonetized Rs. 500 and Rs 1000 banknotes. In India these are considered higher denomination banknotes, with the banknotes becoming obsolete starting from midnight on Nov. 9. The government has also announced the introduction of two new banknotes, Rs. 500 and Rs. 2000, to replace the demonetised money. Targeting so called ‘Black Money’. The government of India has taken this measure to effectively target people who conduct transactions primarily in cash and bypass the tax net. There is a belief within the government that most of this so called....
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Indian Bitcoin platform, ZebPay gains 50,000 new users in the past one month. There is a huge difference between fiat and cryptocurrencies like Bitcoin. The decentralized nature of Bitcoin makes it immune to whims and fancies of governments, while fiat currencies fall victim to it. Whenever a government decides to make reforms to its monetary system, for better or worse, people are the ones who bear the burnt. The Indian government has proven itself to be a great example in recent days. The recent move to declare existing high-value currency notes of INR 1000 and INR 500 denominations as....
Following the controversial demonetization drive enforced in early November by the Indian government, citizens holding “a large number” of now-outlawed cash notes beyond December 30 could be punished with fines and, according to some reports, even imprisonment. The Union Cabinet of Indian ministers, chaired by Indian prime minister Narendra Modi who led the demonetization effort, convened on Wednesday to discuss penalties for holding old cash notes. An ordinance was passed, making possession, transferring and distribution of old 500 and 1000-rupee cash notes, a punishable offence,....
The recent move by the Indian government to demonetize high value currency notes has resulted in higher demand for alternative assets. The premium that Bitcoin commands in the Indian market, as compared to international markets, has widened. Demonetization claimed to curb black money. In a move to tackle the twin problems of counterfeit money and undisclosed income, the Indian Government declared on Nov. 8 that currency notes of Rs 1000 ($15) and Rs 500 ($7.5) would cease to be legal tender. These notes will be replaced by new ones with additional security features. Indians were asked to....
The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.
11 Crypto Exchanges Investigated for Tax Evasion
The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.
Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and....
India is now the second biggest user of Purse.io’s ‘Bitcoin Amazon’ as sweeping changes take effect over the country’s currency, the rupee. Cash Removals ‘Strengthening the Common Man’. In a televised speech, Prime inister Narendra Modi declared this week that larger-denomination rupee bills, specifically 500 ($7.50) and 1000 ($15) rupees, would no....