Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. SC to hear all cases against RBI ban on virtual money >
  5. SC to hear all cases against RBI ban on virtual money

Online Export Import Data Search

recentSearch
Complete Training Video : Click Here

SC to hear all cases against RBI ban on virtual money.


Date: 18-05-2018
Subject: SC to hear all cases against RBI ban on virtual money
The Supreme Court has decided to hear all matters relating to the RBI directive stopping banks from dealing with virtual currencies. 

The top court has directed the transfer of pending petitions, two in Delhi High Court and one in Calcutta High Court, to the Supreme Court. The next date for hearing is July 20. High courts will no longer entertain any more petition relating to the matter. A total of five writ petitions including two in SC, have been filed challenging the central bank’s circular. 

“One of the key arguments made out in the petition was that the circular was not preceded by any stakeholder consultation, which is what the latest order gets to,” said Anirudh Rastogi, a petitioner and managing partner at TRA, a technology-focussed law firm. 

The Reserve Bank of India (RBI) on April 6, mandated banks, e-wallets and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with virtual currencies in India. The circular mandates financial institutions to block services to crypto-related businesses by July 5, putting them in a spot. 

In the meantime, the Supreme Court has said that the petitioners can make representations to the RBI regarding the circular within two weeks. “This gives an opportunity to the petitioners to make representation before the RBI,” Rastogi said, adding that it will be an opportunity for exchanges to showcase self-regulatory policies such as Know Your Customer (KYC) and Anti-money Laundering (AML) to central bank officials 

The Delhi High Court on May 1, had dismissed a writ petition filed by Paras Lehana, a crypto trader, on grounds that it infringed his right to carry on an occupation. The court disagreed, ruling that the circular came under the Banking Regulation Act and that such policy matters cannot be interfered with by the court.

While the next hearing is on July 20, the RBI directive for banks to stop offering services is July 6. “We are left with a choice to exit or stay,” said a Nalin Mishra, a crypto trader. “There is enough time for us to cash out coins to banks and get our money,” he said. 

Experts say the RBI’s move encourages in-cash transactions — offline exchange of cash for transfer of bitcoins — making it hard for the government to track and levy taxes. Websites such as localbitcoin.com allow individuals to exchange local currency for bitcoins. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 14-08-2019
Notification No.60/2019 - Customs (N.T.)
Exchange Rates Notification No.60/2019-Custom(NT) dated 14.08.2019.

Date: 14-08-2019
Notification No. 61/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 14-08-2019
PUBLIC NOTICE NO. 25/2015-2020
Modification of Para 4.12(vi) of HBP and addition of Appendix 4P to Hand Book of Procedures 2015-20 – reg.

Date: 13-08-2019
Notification No.59/2019 - Customs (N.T.)
Exchange Rates Notification No.59/2019-Custom(NT) dated 13.08.2019.

Date: 13-08-2019
Instruction No. 03/2019-Customs
Recovery of Export benefits given under incentive and Reward Schemes under Chapter 3 of FTP on re-import of export goods.

Date: 10-08-2019
NOTIFICATION No. 32/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of "Homopolymer of vinyl chloride monomer (suspension grade)" originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR.

Date: 08-08-2019
Notification No. 57/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.

Date: 08-08-2019
Trade Notice 29/2019-20
Online filling of applications for claiming assistance under Transport and Marketing Assistance (TMA) for Specified Agriculture Products Schem

Date: 08-08-2019
Notification No. 58/ 2019-Customs (N.T.)
Further amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997

Date: 08-08-2019
Circular No. 24/2019-Customs
Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001