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Posts tagged as “Reserve Bank of India”

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,…

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).…

A lawyer’s preliminary analysis of Supreme Court Judgment on RBI vs Crypto

Essentially after the Supreme Court Judgment it appears, there is still need to develop more technical literature on the subject matter and therein lies an open opportunity to reBuild, reEducate, reIgnite, reMeet, reLearn from the previous experiences of successes and failures and build a more robust and engaging environment for non traders to enter, student to experience and tech enthusiasts to build in this Industry. The 2 year long skeptical…

We have to Wait Longer for Supreme Court Judgment on RBI Vs Crypto

Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. Almost 2 years after the Reserve Bank of India put a Banking restriction on Crypto Businesses and traders, all eyes are on Supreme Court to decide whether that move remains valid or not. The arguments concluded on January 28, and the judgment has been reserved by the three judge bench since. On January 28, 2020…

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,…

Banking Ban: SC to Hear Crypto Case against RBI today

Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. The Apex Court has listed Crypto Vs RBI matter “on top of the board” on October 15. The case has been heard by Justice Rohinton Fali Nariman and Justice Surya Kant until now. On October 15, the three judge bench will include Justice V. Ramasubramanian as well. After hearings on August 8, August 14, August…

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…

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…

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…