Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. Check the status of any case in Supreme court on the official website. How to check if the case is being heard on the listing day! A total of Five cases tagged together for Cryptocurrency Matter. Next date of hearing set to March 29, 2019 Crypto Community always insists “Do your Own Research”. We at…
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Last hearing was roughly two months ago on November 20, 2018. Supreme Court ordered to list the matter on January 15, 2019. The Government of India submitted affidavit stating they are close to submitting draft of regulations on cryptocurrency. But there have been no clear reports. Multiple News agencies have mixed reports on regulations or ban of cryptocurrencies. Perhaps the court hearing shall shed some light, or will it be…
On October 20, After a short hearing on the crypto matter, SC set Nov 20 as the next hearing date. Court ordered the government to submit an affidavit detailing the progress of deliberations over cryptocurrency regulations, in two weeks. According to Supreme Court website, no such affidavit has been submitted to court yet. One more of those anticipatory days are here. We stay glued to the Supreme Court website to…
On Sep 8, RBI filed a counter affidavit in Supreme court against IAMAI, one of the petitioners who approached the apex court for an intervention on RBI’s Banking Ban under which all the regulated entities such as banks and NBFCs have been asked to stop dealing with businesses and individuals trading cryptocurrency. Usually, court documents such as Counter Affidavits are inaccessible to the general public. When CoinCrunch approached RBI’s counsel,…
Update: After being forced to adjourn the matter due to other cases taking longer, the new date set for the Cryptocurrency Matter’s hearing is Oct 03, 2018 The Supreme Court of India has pushed the hearing of the case against RBI Diktat to tomorrow, i.e September 12, 2018, as the court got caught up in another case. Case 1076/ 2017 clubbed with others, was listed to be heard by Justice…
Update 2: Sohail Merchant, founder of Pocketbits exchange have shared a response from RBI they received. RBI Update: IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars. They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is “Investor Protection”. Update: Today, July 10 is the deadline for…
We are awaiting the official court order on today’s petition for a stay against RBI’s virtual trading ban. We already know that the stay was not granted and hence the effective dates for banks to end their relationship with crypto trading exchanges is July 5, 2018. But, the founders of some exchanges or the exchanges themselves have take it to twitter to explain their stance on the decision. Zebpay Zebpay’s…
The Supreme court of India has refused to grant a temporary stay against RBI’s banking ban. This means on July 5, the banks may end their relationship with exchanges in India. Almost all exchanges have assured users that their INR and crypto balance is safe and some have even developed methods to circumvent the ban On April 5, RBI released a notification banning all banks from working with individuals or companies…
The Apex court will hear a petition from Internet and Mobile Association of India (IAMAI) in court today for a stay order against RBI’s virtual ban on cryptocurrency trading in India. Quick Recap of How we got here in Supreme Court On April 5, RBI announced a ring fencing on banks in the first bi-monthly Monetary policy press conference. The announcement banned all banks and other regulated entities from working…
May 20, 2018: Petition of Ahmedabad based CoinRecoil against RBI’s crypto ban is shifted to the Supreme Court. The Supreme Court of India via its order dated May 17 has transferred petition of CoinRecoil and others challenging RBI circular dated April 6, 2018 “Withdrawing Banking Support to Virtual Currency Exchanges”. The Apex court has directed two pending petitions in Delhi High Court and one in Calcutta High Court in this…
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