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IAMAI Counsel to Argue RBI’s Banking Ban violates “Right to practice any profession”

Article 19(1)(g) of the Indian Constitution guarantees that all citizens shall have the right to practice any profession, or to carry on occupation, trade or business. In the last hearing for Crypto Vs RBI, the counsel representing IAMAI said they will take up how RBI’s Diktat violates the right of Crypto Community in India.

The Apex court of India is currently hearing a case of IAMAI Vs RBI. The former represents multiple Cryptocurrency exchanges in India, and stands against RBI’s circular from April 2018 that banned the banks from opening accounts for Crypto businesses and traders. Several other petitions against the RBI regarding the diktat are all clubbed together.

The hearing will begin in the morning of August 20, 2019 in court number 5, in front of Justice Rohinton Fali Nariman and Justice Surya Kant. It will continue from where it was left off last week where the counsel for IAMAI Ashim Sood argued RBI has gone beyond its power to issue such a notice.

Sood also briefly stated that the diktat has directly affected businesses which are legal under the Article 19(1)(g) of Indian constitution. Article 19(1)(g) of the Indian Constitution guarantees that all citizens shall have the right to practice any profession, or to carry on occupation, trade or business.

The judge argued that RBI may not be in violation of Article 19(1)(g) as there are alternatives to banks for pursuing the business. Counsel then stated that he will argue on it later, and that later will very likely be this Tuesday.

IAMAI to Start with Arguments

According to the sources familiar with the matter, IAMAI will begin the arguments once court is in session. Whether or not RBI’s counsel will present their case in this hearing, is unclear.

In the past two hearings, IAMAI counsel Ashim Sood have laid out a representation of RBI’s Banking ban as an unjust colourable exercise of power by the central bank. Sood has referenced RBI’s affidavit submitted in court and countered it on several occasions.

It will not be a stretch if we say, RBI’s counsel will come back with big guns. But whether it will be in this hearing, we don’t know yet. It is likely that the case it will be few more weeks before a formal judgment from the court.

We will be following the case closely and posting updates on our telegram channel as well as twitter handle. Be sure to follow us.

What do you think will happen in court in the next hearing? Let us know in the comments below.