Quote from: polynesia on December 18, 2017, 11:11:35 PM

Quote from: Benson Samuel on September 24, 2017, 11:58:03 AM

Quote from: polynesia on September 24, 2017, 09:41:24 AM

Quote from: Benson Samuel on September 23, 2017, 11:48:44 AM

Quote from: polynesia on September 23, 2017, 11:46:06 AM

Quote from: Benson Samuel on September 23, 2017, 09:24:07 AM

Nothing like this from coinsecure..
We do get enquiries, but always for a single or group of users, where something has really gone bad, Our lawyer verifies and drafts responses and sends us data dump requests. We have never divulged blanket information, however, under duress and court stress, we are aware that blanket requests are possible.

The source does look like a guess or word of mouth or bad rumour or something. I would disregard it unless there was a legitimate alarm about the same.

In case of a blanket request, would users also be informed of what data has exactly been requested/ submitted?

Will clarify with legal and revert.
If am not wrong, during mass investigations, authorities do request non disclosure in some cases.

Will be good to know your strategy.
If there is a blanket request, governments may ask for non-disclosure to users as well. However, if you approach a court against this request, the details requested will become public knowledge as well.

Quote

Hey Benson,

You can tell them that we only respond to requests from authorities when such requests are issued under law in an authorized manner. Such requests as per current Indian laws are generally issued only for specific individuals and are not blanket requests. However, since most of these specific requests are part of ongoing investigations we do not disclose the same to the individual as that may entail a risk of jeopardising the request. However since most of these requests are issued after a criminal case has been registered therefore the client usually is aware that such data may be requested and we are mandated under law to provide it.

Warm Regards

Hope this answers Coinsecure's stance..
We are very different compared to others.. Realtime, large number of concurrent users is technologically damn touch to achieve, but safer from a legal perspective. Hence we went in that direction.

The authorities seem to have harvested a list of users from the various exchanges.
The exchanges seem to have caved in and handed over user data on a platter to the authorities.

https://timesofindia.indiatimes.com/business/india-business/it-notices-to-4-5-lakh-individuals-trading-in-bitcoins-across-the-country/articleshow/62121048.cms

I thought Coinsecure had a legal stance against such a disclosure?
At least Coinbase took the fight to the courts before being forced to hand over user data.....

It went as expected and the Department has all the necessary data for Proceedings/Prosecution of Pro users trading on Indian Exchanges. Little or more, not every person trading in this field is a saint and there may surely be potential loopholes and lapses in Pro User accounts. These lapses are good enough for facing a probe. Now the wait is for notices to arrive.

Something which really pricks me are the following questions:

1. How does the department check for Tax Evasion when there is no official Order/Judgement/Gazette/Release stating the taxation rules laid for people trading on Bitcoins.
2. How will government check for Tax Evasion if a person from India purchase coins out of India (Using Foreign Assets) and hold them in a Wallet of an Indian Exchange.
3. How will government check for Tax Evasion if someone is earning BTC revenue from Mining and selling the earned revenue on an Indian Exchange?

Looking for Inputs from Senior Members and Mods.