Copy of the IMC report on Crypto currencies

Here is a copy of the report by the Inter ministerial committee on Crypto currencies.

Copy

The report contains the copy of the bill proposed to be introduced for banning Crypto currencies in India.

According to the Bill,

1.No person shall directly or indirectly use Crypto currency in any manner including as medium of exchange, and/or a store of value and/or a unit of account, nor as a legal tender or currency in any place in India.

P.S: Cryptocurrency, by whatever name called, means any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value which is exchanged with or without consideration, with the promise or representation of having inherent value in any business activity which may involve risk of loss or an expectation of profits or income, or functions as a store of value or a unit of account and includes its use in any financial transaction or investment, but not limited to, investment  schemes;

2. Mining, holding, trading etc will be offences punishable with one to 10 years of imprisonment and fine.

3. Advertising and promotion of crypto currencies is punishable with fine and/or imprisonment upto 7 years.

4. Even an attempt to commit any offences under the Act shall be punishable with half the term meant for the offence.

5. A separate investigating authority will investigate and prosecute offences under the act and actions in Courts can be initiated only by the Government.

6. Offences will be non cognizable and bailable.

7. Companies will have liability on the Officer in charge  for offences attributable to them subject to usual defenses of due diligence.

8.Fines under the Act can range from Rs 1 lakh to R 50 crores under different sections

Naavi

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1 Response to Copy of the IMC report on Crypto currencies

  1. 98410spice says:

    Please also refer this article:
    Transfer of Cryptocurrency on Wallets of Other Persons and the Trap of Benami Law at https://www.lexology.com/library/detail.aspx?g=9238c6b8-b2d8-4494-b2ff-297bfe454b36

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