PART X
 
                            CONCLUSION

From the above posts it can be concluded that under the existing laws in India,

1. Bitcoin isn't Indian currency. It is not bank notes and is consequently not legal tender in India. Plus recent comment from the executive director, S Ganesh Kumar at the FIBAC banking event made it clear that RBI is not going to accept it as Indian currency.

2. Bitcoin isn't a security or derivative. But the central government has the powers to declare it a security. In that case Bitcoins will be regulated by SEBI.

3. Bitcoin isn't a prepaid instrument. Though I am not sure whether it can be considered as a payment system or not.

4. Bitcoin isn't a negotiable instrument.

5. Bitcoin may fall under the ambit of 'Computer' & given it's nature it is most likely to be defined as a 'computer program' & by logical extension Bitcoin should be considered as 'movable property'.

6. Bitcoin can be classified as 'Goods' of intangible nature as well as a 'Commodity'.

NOTE : Although Bitcoins can currently be classified as a computer/computer program/movable property/goods/commodity, this position is not tested in a court of law.