The Income Tax Department today conducted surveillance operations on large wikipedia exchanges nationwide, based on the suspicion of alleged tax evasion.
He said that according to the orders of Bengal's investigative wing, various teams of department sources said today that the visit of nine such exchanges, including Delhi, Bangalore, Hyderabad, Kochi and Gurgaam, was started early in the morning.
Sources said that surveys teams are equipped with various financial data and inputs on the functioning of these exchanges and this is the first step in this case against them in this country.
Bitcoin, virtual currency, is not regulated in the country and its center of rotation has long been a cause for concern among central banks around the world.
The Reserve Bank of India has warned consumers, holders and traders of virtual currency including BattyCoins.
Under the Section 133A of the Income Tax Act, "Investors and merchants are being conducted to collect evidence, use of their practices, identity of the counterparties, and other related bank accounts to use."
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