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Posts tagged as “RBI”

RBI Clarifies: No Prohibition on Banks to Open Accounts for Crypto Firms

Despite the Supreme Court Judgment in March quashing the RBI restrictions on banks to serve Crypto firms, some banks have refused to provide services to exchanges and traders. Harish BV, co-founder on one of India’s oldest cryptocurrency exchange Unocoin, filed an RTI request with the Reserve Bank of India asking if RBI prohibits banks from dealing with businesses and individuals who trade/offer cryptocurrencies. RBI replied, “As on date (May 22,…

“Private” Cryptocurrencies have no chance of Survival says Subhash Chandra Garg Advocating Digital Rupee

“Crypto-currencies created have fallen by the side as currencies. Most guys who launched crypto-currencies have shuttered their businesses. Bitcoin is the only real survivor.” – Former Finance Secretary Subhash Chandra Garg In his latest blog, former Finance secretary Subhash Chandra Garg writes about the need for Digital Rupee as the new generation of Money. He explains the history of Indian Rupee, how digital currencies came into existence, why (private) crypto-currencies…

RTI Reply: RBI silent on SC Judgment, CBDC and policy on Virtual currencies

Reserve Bank of India’s circular restricting banks from serving crypto exchanges and traders was quashed by the Supreme Court of India on March 04, 2020. However, RBI has not revised its circular nor has it redacted it from the site. RBI refused to provide any information on the RTI request raised by Coin Crunch India including that of their policy on Virtual Currencies and on Central Bank Digital Currency (CBDC).…

Why Indians Need Cryptocurrencies Like Bitcoin?

I grew up in a small city of Rajasthan with a modest upbringing. I went to a normal English medium school where Hindi was the official language. At school often the topic of debate was ‘Corruption in India’. I sometimes wondered why that was the case so often. But later when I got to fit into the economy and sort of figured out what I wanted to do after my graduation—the…

Supreme Court to Hear Entire Argument for Crypto Vs RBI Case Again

Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. The three judge bench on Tuesday said they want to hear the entire Crypto Vs RBI matter from the beginning. Ashim Sood, counsel representing IAMAI argued for a few minutes before the Court adjourned for the day. After several adjournments, the most awaited trial in India for the Crypto Community finally reached hearing on Tuesday,…

What Subhash Chandra Garg Got Wrong About Cryptocurrencies!

In a personal blog, India’s former Finance secretary Subhash Chandra Garg writes about a future where digital sovereign currency may become a norm while “private” cryptocurrencies like Bitcoin will meet doom. Almost everyone in the Crypto or Blockchain community of India have heard of Subhash Chandra Garg. He chaired an inter disciplinary committee setup by the government of India that published a report last July, recommending a complete ban on…

137 Branches of A Single Bank cannot Allow Withdrawal of more than 1000 INR per Account

Update: RBI has increased the limit of withdrawal per account to INR 10000. The Reserve Bank of India has put restrictions on a Mumbai based Bank Punjab and Maharashtra Co-operative (PMC) Bank. Account holders can withdraw a sum of only upto INR 1000 from each account. PMC Bank recently reported a business of INR 20000 Crore, however the RBI has found irregularities in the business of the bank and hence…

DEA Steering Committee Report says Blockchain and ICOs are revolutionising Fintech Landscape

In July, DEA’s report on Virtual Currencies recommended a complete ban on Cryptocurrencies. But, DEA’s 2019 report from Steering Committee on Fintech Related issues acknowledges the potential of Cryptocurrencies, Blockchain and ICOs. The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to Finance Minister Nirmala Sitharaman. The report is published on DEA website. The Committee was constituted post…

First Crypto Exchange to Challenge RBI in Court Has Withdrawn their Petition

Kali Digital, the company behind CoinRecoil was the first exchange to challenge RBI’s Banking Ban in Delhi High Court. The Supreme Court had then ordered all related cases to RBI’s Banking Ban be transferred to Supreme Court. Kali Digital Withdrew its case from Supreme Court in August 2019, more than a year after fighting it along with IAMAI and other petitioners. Update: Supreme Court has Quashed the RBI circular on…

You need to Respond to IAMAI Point by Point: Supreme Court Directs RBI, gives two weeks

Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. In the latest hearing for Crypto vs RBI, the supreme court has directed RBI to respond to representation made by IAMAI back in May 2018, point by point. The court noted that RBI had simply forwarded the representation to the inter ministerial committee instead of addressing the points raised by IAMAI. The next hearing date…