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No Need For Supreme Court to Intervene in Crypto Ban: RBI

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RBI,Supreme Court,cryptocurrencies

The RBI (Reserve Bank of India) filed an affidavit with the Supreme Court. This was in response to one of the petitions against the crypto banking ban instituted by the RBI.

The Ban

The central bank said that it enforced the ban in accordance with its power. It said that none of the petitioners provided reasonable grounds for the top court to intervene in this matter.

The Supreme Court was to hear all the petitions against the RBI crypto banking ban last week.

However, the court yet again postponed the case from the original hearing date of September 11. The court will now hear the case on September 25.

The Internet and Mobile Association of India (IAMAI) filed a petition. In response to this, the RBI filed an affidavit with the supreme court on September 8.

Inc42 reported the case on September 21 and said, “Inc42 has the copy of the petition filed by IAMAI as well as the response filed by RBI on September 8, 2018.”

The central bank said that the IAMAI petition “is not maintainable either in law”

The RBI issued its circular April 6 which banned banks from serving crypto businesses. Following the ban, affected parties filed a number of petitions against the ban.

The petitions allege that the RBI ban “violates Articles 19 (1) (g) and 14 of the Indian Constitution,” and that it “will lead to the closure” of the firms affected.

However, the bank said:

“The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution..”

“The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have.”

In addition, the RBI claims that the IAMAI and others “haven’t got any reasonable or tenable ground for interference by this court.”

RBI Stands Up For Its Circular

The cetral bank said that its April 6 ban circular is in line with its three statements regarding cryptocurrencies made earlier, one in 2013 and two in 2017.

It also emphasized that “Their value is merely derived from the parties to a transaction willing to pay a particular amount” for them.

 

 

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