Companies Must Disclose Transactions in Cryptocurrency Says Government

Companies will now have to disclose their transactions in cryptocurrency. The Government has executed stringent disclosure requirements, to be effective from April 1. The Ministry of Corporate Affairs notified these changes.

Companies will now have to disclose their transactions in cryptocurrency. The government has executed stringent disclosure requirements to improve transparency. These changes will be effective from 1 April.

The government has become tough on cryptocurrencies like Bitcoin. Companies will now have to disclose their transactions in cryptocurrency. The government has enforced stringent disclosure requirements to improve transparency. The Ministry of Corporate Affairs has amended various rules relating to audits, auditors and accounts in company law. The disclosure imperatives have been extended in addition to the change in schedule three of the Companies Act-2013. It also includes details of the company's transactions in crypto currency.

The Ministry of Corporate Affairs implementing company law notified these changes on Wednesday. These changes will be effective from 1 April. A senior official said that if companies trade in crypto currency, there should be transparency in the matter. It should be informed how much money is made from such business activities.

The government is working on banning cryptocurrencies in the country. Its trading, mining, transfer and holding can be made a criminal offense. The government is working on such a bill. This has been on the government's plan since January, with the government considering a ban on private virtual currencies such as bitcoin, while the government will bring in its own digital currency. The bill will give cryptocurrencies holders up to six months to wind up it, followed by a penalty. It is hoped that this bill will not have much problem in making laws, because the government has an absolute majority in Parliament.