Government's big decision regarding crypto currency? Companies will have to disclose the transaction

Government's big decision regarding crypto currency? Companies will have to disclose the transaction

Discussions of bitcoin like Bitcoin are in full swing nowadays. In India too, the government is being sought to issue clear guidelines on this.

New Delhi. Discussions of bitcoin like Bitcoin are in full swing nowadays. In India too, the government is being sought to issue clear guidelines on this. Meanwhile, the government has said that companies will now have to disclose transactions in their crypto currency. The government has implemented stringent disclosure requirements to improve transparency.

The Ministry of Corporate Affairs has amended various rules relating to audits, auditors and accounts in company law. Apart from the change in schedule three of the Companies Act-2013, the disclosure requirements have been enhanced. 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 April 1. 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.