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Supreme Court Hearing Against RBI for Banking Ban Pushed by One Week

On May 1, a writ petition against the Reserve Bank of India and Union of India was to be listed in court for a hearing. The Petition was filed by four exchanges and two individuals for an interim relief from RBI’s decision on Banking ban.

The case was tagged with another petition that hit the news last year, filed by lawyer Dwaipayan Bhowmick. The 43 page petition by Bhowmick is to have the government and RBI set appropriate regulations for cryptocurrency in India. Upon receiving no response from 3 of the 7 respondents, the case was finally moved from registrar court and listed in the Supreme court.

Both these petitions were to be heard in court today as per the cause list of supreme court.

Listing pushed to May 17, 2018

Coin Crunch India reached out to Mr. Dwaipayan Bhowmick for an update on the case, who revealed that the case has now been listed and the next hearing date is set to May 17. 2018.

At the time of this writing, the case status hasn’t been updated on the Hon. Supreme court’s website.

Petition: Rajdeep Singh Vs Reserve Bank of India

Four exchanges in India – CoinDCX, Coindelta, Koinex and Throughbit along with two individuals Pramod Emjay and Aditya Ahluwalia have petitioned in Supreme court for an interim relief. An interim relief is a court order for relief from the current situation while the case proceeding continue. For example, if there is a builder who is beginning construction on a disputed land, the owners of the land can file for interim relief preventing the builder from constructing anything until the dispute is settled.

In this case, the interim relief petition has been tagged with another Petition (W.P.(C)No.1076 of 2017). The 43 page W.P. 1076 filed by Dwaipayan Bhowmick and his brother is asking the regulators to setup a panel to determine the framework of regulations on Bitcoin and other cryptocurrencies.

While the case for Mr. Bhowmick’s petition runs in court, the interim relief petition asks the government to allow the Cryptocurrency businesses to run without hindrance such as the banking ban. The interim relief was not granted today. 

Now, we have to wait and see if court rules on proper regulation setup for cryptocurrency or the cryptocurrencies are banned out-rightly.

Other Petitions

The Delhi High Court has set a hearing date of May 24, for a petition by an upcoming exchange CoinRecoil, reports say.

A writ Petition Paras Lehana vs Reserve Bank of India was dismissed in the Haryana High court on May 1, the date it was supposed to be listed. The case was dismissed on the grounds that “(RBI’s) policy relating to prohibition in dealing with virtual currency is in terms of the Banking Regulations Act”

Lawyers and individuals around the country have argued the RBI policy is against the ‘Right to trade’ within article 19(1)(g) of the Indian constitution. The right allows any individual ” to practise any profession, or to carry on any occupation, trade or business”

What do you think will happen next week when the case goes to hearing?

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