Lok Sabha Question No. 3964 (UNSTARRED), answered on 2022-03-28
Subject: Cryptocurrency Exchanges
Ministry: FINANCE
Asked by: S. Ramalingam

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS LOK SABHA UNSTARRED QUESTION NO.3964 TO BE ANSWERED ON 28.03.2022

## Cryptocurrency Exchanges

3964: SHRI RAMALINGAM S.:

Will the Minister of Finance be pleased to state:

- (a) whether the Government has any data regarding the number of cryptocurrency exchanges that are presently involved in cryptocurrency exchange business in the country;
- (b) if so, the details thereof;
- (c)  whether  it  is  true  that  some  cryptocurrency  exchanges  were  involved  in evasion of Goods and Services Tax (GST) and it was also detected that other cryptocurrency  exchanges  and  major  investors  in  digital  currencies  are  under investigation by the Government;
- (d) if so, the details thereof; and
- (e)  the  action  taken  or  proposed  to  be  taken  by  the  Government  against  those cryptocurrency exchanges that were detected in GST evasion, name-wise?

## ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

- (a) &  (b):  The  Government  does  not  collect  any  data  on  cryptocurrency exchanges.
- (c)  &  (d):  Few  cases  of  evasion  of  Goods and Services Tax (GST) by cryptocurrency  exchanges  have  been  detected  by  Central  GST  formations  as  given below:
- (e): The  details of Recovery  including interest and penalty from  the cryptocurrency exchanges are given below:

|   No. of Crypto Exchange Investigated |   Quantum of evasion detected (In Cr.) |   Recovery (In Cr.) (including interest& penalty) |
|---------------------------------------|----------------------------------------|---------------------------------------------------|
|                                    11 |                                  81.54 |                                             95.86 |

| Sl. No.   | Name of the Crypto exchange booked       |   Quantum of evasion detected (In Cr.) |   Recovery (In Cr.) |
|-----------|------------------------------------------|----------------------------------------|---------------------|
| 1         | Coin DCX                                 |                                  15.7  |               17.1  |
| 2         | Buy Ucoin                                |                                   1.05 |                1.1  |
| 3         | CoinSwitch Kuber                         |                                  13.76 |               16.07 |
| 4         | UnoCoin                                  |                                   2.97 |                4.44 |
| 5         | Flitpay                                  |                                   0.05 |                0.06 |
| 6         | Zeb IT Services Pvt. Ltd.                |                                   0.46 |                0.55 |
| 7         | Secure Bitcoin Traders Pvt. Ltd.         |                                   0.54 |                0.3  |
| 8         | Giottus Technologies Pvt. Ltd.           |                                   3.85 |                3.5  |
| 9         | Awlencan Innovations India Ltd. (Zebpay) |                                   2.01 |                2.5  |
| 10        | M/s. Zanmai Labs Pvt. Ltd. (WAZIRX)      |                                  40.51 |               49.18 |
| 11        | M/s. Discidium Internet Labs Pvt. Ltd.   |                                   0.64 |                1.09 |
|           | Total                                    |                                  81.54 |               95.86 |

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