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In which of the following scenarios companies have to disclose in their statutory financial filings to the Registrar of Companies (RoC)?
1. any profit or loss on transactions involving cryptocurrency.
2. the amount of cryptocurrency held on the reporting date.
3. any deposits or advances received from anyone for the purpose of investing in cryptocurrencies or virtual currencies.
Select the correct answer using the code given below:
  • a)
    1 only
  • b)
    1 and 2 only
  • c)
    2 and 3 only
  • d)
    1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
In which of the following scenarios companies have to disclose in thei...
The corporate affairs ministry has announced companies will have to disclose any holding or dealings in cryptocurrencies or virtual currencies in their financial statements filed with the Registrar of Companies (RoC).
  • All companies will now have to disclose in their statutory financial filings to the RoC
    • any profit or loss on transactions involving cryptocurrency,
    • the amount of cryptocurrency held on the reporting date, and
    • any deposits or advances received from anyone for the purpose of investing in cryptocurrencies or virtual currencies.
  • Some experts have said these disclosure requirements indicated the government is open to regulating cryptocurrencies instead of banning them.
View of Government on Cryptocurrency
  • The government’s new bill – Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 — aims to prohibit all private cryptocurrencies while setting the stage to roll out the legal framework for an “official digital currency”.
  • However, Union Finance Minister Nirmala Sitharaman has said the Centre will take a calibrated approach to cryptocurrencies and will not close the window on experimentation with cryptocurrencies.
Hence, option (d) is the correct answer.
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In which of the following scenarios companies have to disclose in their statutory financial filings to the Registrar of Companies (RoC)?1. any profit or loss on transactions involving cryptocurrency.2. the amount of cryptocurrency held on the reporting date.3. any deposits or advances received from anyone for the purpose of investing in cryptocurrencies or virtual currencies.Select the correct answer using the code given below:a)1 onlyb)1 and 2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
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