Indian Tax Authorities Visit Bitcoin Exchanges Across the Country

December 13, 2017 11:36 AM UTC

The Income Tax Department of the Indian government has reportedly swooped in on nine bitcoin exchanges to look into alleged tax evasion.

According to a report from the Press Trust of India (PTI), the country’s largest news agency, multiple investigative teams from the Income Tax (IT) department in India jointly visited the premises of nine bitcoin exchanges today to conduct ‘survey operations’ on suspicion of alleged tax evasion.

Under section 133A of the Income Tax Act, the survey enables the tax sleuths to gather “evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” the report cites official tax authority sources as stating.

The coordinated operation saw multiple teams visit nine unnamed exchanges in a number of cities including Delhi, Bangalore, Hyderabad and Kochi, according to the report. The swoop is seen as the first major operation by Indian tax authorities against bitcoin exchanges, coming at a time when bitcoin prices continue to break record highs – up over 1,700% since the turn of the year.

Earlier this year, major Indian bitcoin exchanges launched a self-regulatory body to standardize AML and KYC norms for users and adopters as authorities and regulators continue to remain ambiguous over clear guidelines or a regulatory future for the industry. In November, India’s Supreme Court called on authorities and various ministries to draft legislation to “regulate the flow of Bitcoin” in India’s nascent but surging bitcoin ecosystem. has reached out to multiple bitcoin exchanges in India for comment.

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Last modified: May 20, 2020 9:16 PM UTC

Samburaj Das @sambdas

Samburaj is the Chief Editor of, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for Reach him at Visit his LinkedIn profile here or his Muck Rack profile here. Samburaj Das is a Trusted Journalist.