THELOGICALINDIAN - Kolkata Jan 5
The absorption of the Commerce Ministry and Tea Board has been fatigued to a area of baby and specialised tea growers and exporters opting for US-based online trading platforms to use agenda bill Bitcoin as a agency of accretion their all-embracing business, bypassing the accustomed cyberbanking channels and appropriately depriving the Exchequer of revenue.
The amount this affectionate of addition fetches is fantastic, about $11 per 15 gm of tea. Any assignment of up to 4 kg, if beatific out of India by an all-embracing courier, will allure no binding surveillance or monitoring.
In the winter session, several Members of Parliament aloft questions about the use of the Bitcoin apparatus by a area of baby and specialised tea growers to advertise their aftermath abroad. They capital to apperceive if the Government was acquainted of such practices, and if so, was it advertent any action.
The Bitcoin apparatus helps the exporter and the importer of tea assure a accord anon after any middleman, appropriately acid out the middleman’s fees. The transaction can be completed aural a few account and account holidays, coffer holidays or strikes do not angle in the way of absolute the deal. Also, payments can be accustomed from anywhere in the apple after any coffer alteration or the use of debit or acclaim cards.
The modus operandi is this: Bitcoin agents accomplice with a acquittal processor such as Bitpay (www.bitpay.com) who accuse alone one per cent of the transaction value. Bitpay has chip itself with over 12,000 merchants in 30 countries. Bitpay is adjustable in its approach, depending on the types of casework it offers its customers.
Bitpay integrators/partners advice bodies acquire Bitcoins for commodity and in about-face cash the Bitcoins for them and drop Indian rupees in their corresponding coffer accounts. There are no hidden charges, nor bottomward payments or investments to accommodate with Bitpay. It is a chargeless service, which abounding of our tea exporters are believed to be adopting and using.
Similarly, according to tea industry sources, if one accesses www.madovercoins.com, one will acquisition that all articles are awash for Bitcoins to accredit bodies to buy articles sitting anywhere in the world
Source: TheHinduBusinessLines
Update #1: On Reddit we begin a animadversion from the aggregation owner. The aggregation is alleged Tealet and you can acquisition out added about their business on their website! http://tealet.com/bitcoin
