Bitcoin will land you in jail..Income Tax raids on exchanges

New Delhi, Dec 13: The Income Tax (IT) department on Wednesday conducted "surveys" at nine bitcoin exchanges around the country to gather information about the investors and traders of the crypto-currency.

"The department has carried out surveys at nine bitcoin exchanges located in various cities including Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Ghaziabad and Gurugram," a senior IT department official told IANS here.

"These surveys were conducted to ascertain the identities of the users of bitcoins and to gather information pertaining to banking details and other financial means through which the crypto-currency was traded and invested in by the users."
IANS