Cryptocurrency: Now companies have to disclose transactions in their cryptocurrency. The Ministry of Corporate Affairs has amended various rules related to audit, auditor and accounts in the company law.
Bitcoin
The government has taken a big decision on cryptocurrency. The government has implemented stringent disclosure requirements to improve transparency. Now companies have to disclose transactions in their cryptocurrencies. The Ministry of Corporate Affairs has amended various rules related to audit, auditor and accounts in the company law. Apart from changes in schedule three of the Companies Act-2013, disclosure requirements have been enhanced. It also includes details of the company’s transactions in cryptocurrency.
The rule will be applicable from 1 April
These changes were notified by the Ministry of Corporate Affairs implementing company law. These changes will be effective from April 1. A senior official said that if companies trade in cryptocurrency, then there should be transparency in this matter. It should be informed that how much money has been made from such business activities.
Concern over cryptocurrency business continues
Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the central bank has concerns about the business of cryptocurrency in the market. RBI has informed the government about this. He also said that there is no difference between the central bank and the finance ministry in this matter and both are committed to financial stability. He further said that we should wait for the final decision from the Center in this regard.
Das has said this in the midst of signs of some confusion from the government regarding cryptocurrency. The government has shown some soft stance on currencies like bitcoin, after expressing its intention to ban it completely, given the considerable volatility in these types of currencies.
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