Parliamentary panel on Finance discusses situation concerning crypto cuurency, CBDT says fraudulent transactions being tracked

New Delhi [India], January 8 (ANI): Parliamentary Standing Committee on Finance on Wednesday heard views of officials of Financial Intelligence Unit - India (FIU-IND) and CBDT on Virtual Digital Assets with chairperson of the panel Bhratruhari Mahtab stating that discussions were held on situation concerning crypto currency and the system of regulation.
Mahtab said CBDT informed the committee that money transferred in a fraudulent way is being tracked as also assets and income being changed through crypto and parked abroad.
The agenda of the meeting was 'Study on Virtual Digital Assets (VDAs) and way forward'. Mahtab said the panel will discuss the issue in detail.
"One big thing that CBDT said was that money which is being transferred in a fraudulent way, that is also being tracked. And in foreign countries also where there is attempt to change form of income or asset that has also come to notice," Mahtab told ANI.
Reports said that CBDT has identified undisclosed income over Rs 888 crore from virtual digital assets and communications have been sent in this regard.
Mahtab told ANI that different countries are dealing with crypto in different manner - from banning to regulation to containing it.
He said it would be better for India to regulate it.
"What is the system of regulation, what is the situation now? RBI does not recognize it. The deliberations are at formative stage. It was our third meeting and we will have more meetings in the future," he said. The meeting lasted almost three hours.
A member of the panel, who belongs to an opposition party, later said that there is confusion in government over crypto currency. He said while RBI does not recognise it, trading is taxed. (ANI)