Delhi High Court Issues Notice to RBI, Union of India & GST Council Over CoinRecoil Petition!

in #india4 years ago

Delhi High Court has issued a notice to Reserve Bank of India, The Union of India through Secretary, Ministry of Finance and the GST Council after admitting the petition filed by CoinRecoil cryptocurrency exchange.

In my previous post: "CoinRecoil—Indian Cryptocurrency Exchange Challenges RBI Circular in Delhi High Court," I had shared details on the petition filed by this upcoming Ahmedabad based cryptocurrency exchange in India on the 16th of April, 2018 against the RBI circular dated 6th of April 2018.


Source

RBI had issued a circular forcing banks to withdraw their services rendered to any crypto exchange in the country. This will force exchanges in India to shut shop in 3 months time and leave investors with no option other than continue trading via p2p channels.

CoinRecoil.com had filed a writ petition on April 16, 2018, challenging the RBI circular, where it requested the high court to issue an appropriate writ, order, or direction quashing circular bearing reference number DBR.No.BP.BC.104/08.13.102/2017-18, dated April 6 , 2018, to be arbitrary, unconstitutional, and violative of Article 14 and Article 19(1)(g) of the Constitution of India, 1950 (“Constitution of India”)-YourStory.

Ms. Rashmi Deshpande, Associate partner, Khaitan & Co said the following on the matter:

“The move by the RBI has put the burgeoning crypto currency sector in jeopardy and may affect the basic rights of such entities to carry on any trade. The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why RBI is against the business of cryptocurrencies. A logical and well thought arguments backed by solid facts are the primary requirements under the Constitution to put a stop to any business in India”

Kali Digital Eco-Systems Pvt Ltd which owns CoinRecoil is in currently building a top trading portal where users can buy, sell cryptocurrencies with INR and also store these cryptocurrencies safely in their wallets. They are focused on building mobile and web apps towards this effect. It plans on starting operations with 10 cryptocurrencies and add more as per demand.

Delhi High Court bench comprising of Justice S Ravindra Bhat and Justice AK Chawla issued the notice to RBI, Union of India via Ministry of Finance and GST Council and sought its response on the matter. The next hearing in this case has been scheduled on the 24th of May, 2018.

I sincerely hope that RBI's attempt to thwart growth of cryptocurrency market is subdued by the court. I hope CoinRecoil succeeds in preventing the government from creating unnecessary nuisance and forces it to regulate this space instead. I'm following the developments closely and will post as I stumble upon any new important information.

Please Sign the petition!

Nearly 50K people have signed this petition. Please spread it around and together we may be able to get the government to change their stance on cryptocurrencies in India. Link to petition!


If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:

  1. Building A List Of Users From India—Please Fill This Form ASAP!
  2. Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
  3. Cryptocurrency India: An Update Regarding Reserve Bank's Ban & Link To Petition!

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Bro I signed the petition. This petition will surely sign by 50k users soon.

This is a positive sign. I too read this news yesterday on other Portal.

I think we will win and RBI will recheck the rules and come with correction for sure.

I don't know why big exchanges are not taking participation like zebpay, Koinex etc. I think all exchanges should come together and try their best to save their business and users.

But I have lost my optimism in this case. Probably, Indian government will ban the cryptocurrencies. But still we have this P2P options available which no government can ban.

@sathyasnkar that is the 2nd option but its good and easy for everyone to work with 1st option.

I suppose those exchanges don't want to get harassed by the government agencies. Exchanges like Unocoin have been harassed and employees threatened with action by tax officials for running an exchange. Not simple to do any business in India without paying off people in power i think.

As long as political idiots exist in the form of MLAs, MPs and Ministers, things won't get better. In my state, Kerala,the minister handling electricity board is illiterate and the funny part is that he has threatened our district sub collector for clearing the encroachments made by the people from the ruling party! How can we then expect our governments to support a transparent non-bribery system like block chain technology!?

Up until a year or so ago we had an HRD miniter who hadnt finished college. Someone who never believed in education herself was made in charge of educating people and preparing the future generations for challenges of tomorrow.

Now thanks to entertaining roles in soap operas that dumb down society as a wholw, she is in charge of I&B ministry. Weird state of affairs.

Yes bro this this is the other side. Indian servent impose according to their need.

Hey, could you please check my post about Instashift? I guess this would be useful to every single Indian 😀

Thank you for sharing it us.

India has so many potential crypto users i totally hope these government threats come to nothing.

I think the countires who reacted the most wildly against the crypto's did so in fear. They will be the first converts to mass adoption.

Wow great news. Hope RBI may compell to withdraw it's ordinance against crypto currency ,things will be fine in future. Thanks for sharing such an important information you are always fantastic and wonderful. W
Hope you are in good health now.

We have to keep fighting the government to win on this matter.

Nice article that provides all the recent information regarding cryptocurrency. I signed the petition against the RBI notification of 6th April 2018.

really very best post dear.you always sharing good information in your blog. you are a super hero in the steemit platform.its helped me and all steemians friend own work doing perfectly.when i see your post i found alots of encourage my work.thanks to sharing for your crypto currency information providing..very well done for your great work..friend @firepower

Thanks for this cryptocurrency news update providing.... I appreciate this blog.
keep it up my dear friend......

It will be extremely unfortunate if this ban moves forward. Fortunately, the court's action should prevent any outright ban on crypto trading in the near future or any other form of autocratric decisions from rbi.

The court process will be a lengthy one, depending on the outcome of this appeal. Most in india are of the "blockchain good bitcoin bad" camp and such regressive thinking means india falls behind in the blockchain space. Trading or bitcoin transactions are an integral part of bitcoin blockchain and many other projects. Someone in the govt or any other regulatory body needs to understand this.

Bazı şeylerde en önemlisi özgürlük için mücadele şart. Thanks

I pray the judgement favour crypto.

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thanks for best information! thanks for sharing

I wonder why India don't want it? Is this their strategy of what?

a great history, and thank you for sharing your photography today, may you succeed, if there is time please support me yes

thanks for information
Your post is upvoted & resteemed by @arvindkumar

Why are the governments so conservative?

RBI is particularly conservative. Political parties are funded by the rich and they run centralized institutions. Centralization meana control over money and power. Anything that enhances democracy and dencentralizes things means loss of power for the rich.

Unfortunately, many in india are also from blockchain good bitcoin bad camp. They are misinformed, not conservative.

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