628+ Lawyers are online 
Want to buy Bitcoins through debit card wants to its legality
03-Jan-2023 (In Banking / Finance Law)
I'm buying bitcoins online via debit card thru sellers based in the US, UK, and France I'm given a valid invoice by them in terms of Euro and USD, then I'm selling those bitcoins into Indian exchanges and in turn I receive Indian Rupees into my bank account, is this a FEMA violation? if yes what is the max penalty?
There is already confusion on this issue. RBI has not taken any stand on bitcoins. In my opinion it is unlikely in near term that RBI declare it as a currency or legal tender. Therefore, given the other scenario i.e. whether bitcoins are akin to goods. I seriously cannot risk commenting at the moment on whether it will be treated as FEMA violation if it is treated as capital account conversion. Presuming if it is treated as FEMA violation then penalty thrice the amount of violation involved.
Helpful?
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
