The country may not have separate comprehensive rules and regulations regarding cryptocurrencies or virtual currencies, but the government has made it mandatory to disclose investment information on them under the existing rules. This information was given by the Minister of State in the Ministry of Corporate Affairs, Rao Inderjit Singh in the Lok Sabha. It has been told by the government that from April 1, 2021, companies will have to give investment information in this.
In response to a question in the Lok Sabha, he said that the Ministry of Corporate Affairs has amended Schedule III of the Companies Act 2013 through a notification dated 24 May 2021. In this, companies have been instructed to give information about transactions done in virtual currency or crypto currency during the financial year. In this information, the advantages and disadvantages of virtual currency transactions will also have to be told. Apart from this, the information of the cryptocurrency kept during the date of reporting will also have to be given. At the same time, the deposit or advance amount received from the people associated with this business will also have to be told.
Government monitoring transactions
According to experts, the government is monitoring transactions in cryptocurrencies by using existing laws more effectively. Tax experts Yogendra Kapoor told India that this is a step in the right direction. This will enable investigative agencies like Enforcement Directorate, Income Tax Department and SEBI to make businessmen and banks responsible for money laundering if found wrong. Banks have already been instructed by the Reserve Bank to strictly follow all the rules, including KYC, so that money laundering under the guise of cryptocurrencies is not encouraged.
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