Article authored by Shipra Walia, W S & Associates LLP.

RBI on 6 April 2018 issued circular that barred the RBI regulated entities to provide any services in relation to virtual currencies or any transaction related to the buying or selling of virtual currencies.

The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018.

This will result in trading in virtual currency or crypto currency in India. The concept of bitcoins being quite new to the Indian market, apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, the levy of tax on bitcoins cannot be ruled out because the Indian income tax laws have always sought to tax income received irrespective of the form in which it is received.

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