Topic: Can Bitcoin be banned in India - A Detailed study (Read 1317 times)

No one external has shut down anyone.
They shut it down themselves.

They (RBI) have already associated bitcoins and other cryptocurrencies with money laundering. They have already shutdown one of the leading businesses buying and selling bitcoins in India. They intend to ban bitocoin in India for sure. They will have laws made / specifically crafted for this purpose. That's my opinion. Central banks do not share power. No power to the people and bitcoin seems to me is power to the people at the moment.

Exchange of Bitcoins for Indian Rupees, where the exchange is based outside India
If a person imports a computer programme into India he would have to pay the customs duty at the prevalent rates, however if this import of software is done via the internet and does not involve any physical shipments (e.g. downloading paid software from the internet) then no import duty is levied on the import of computer software in India. This would mean that any person buying a computer programme or software from a vendor abroad would not be liable to pay any customs duty or file any documentation with the customs authorities in India. This situation would also be applicable to any person buying Bitcoins from an online exchange based outside India. The only documentation that would be required for buying Bitcoins from an online exchange abroad would be that which the bank may insist upon for exchanging Indian rupees into a foreign currency and then transferring it to an overseas account. This documentation would involve filing of Form A-1 if the total value of the money being exchanged is greater than USD 5,000 however if the amount of money being exchanged is less than USD 5,000 then the person is only required to give a simple letter containing basic information viz. the name and the address of the applicant, name and address of the beneficiary, amount to be remitted and the purpose of remittance. If the transaction is done using a credit card then in most instances, banks would not be insist upon this letter since these transactions usually go through their automated channels.