News

October 10, 2019

Crypto ban case to be heard by Supreme Court on 15 October 2019


[ by Legal Era News Network ]

Supreme-Court

After multiple delays, the Supreme Court has scheduled a date for hearing the crypto ban case. The case is set to be heard on 15th October, 2019. The case has been listed on top of the board. This means that the case will be the first one the Judges will hear on that date. The case was originally scheduled to be heard on 25th September but was postponed.

The Apex Court had started hearing the arguments to remove the banking ban by the Reserve Bank of India in detail in early August. The hearing went on for several days, in which the Central Bank’s power over crypto was extensively challenged.

During the hearing in August this year, the Court had directed RBI to reply to crypto exchanges’ detailed representation, submitted by the Internet and Mobile Association of India (IAMAI). It explains that there is no need for a banking ban. Instead, a number of alternative measures such as applying the Money Laundering Act to crypto exchanges as intermediaries with necessary requirements were suggested.

The RBI, however, responded by saying that it forwarded the representation to the Government. After hearing the arguments, the Supreme Court determined that the RBI did not adequately answer the points made in the representation and directed it to do so within two weeks.

According to reports, the Central Bank has complied within the given timeframe as directed by the Supreme Court, and its reply was in-depth. The IAMAI has also reportedly prepared a response to the RBI’s reply.

Related Post

latest News

  • Civil Aviation Regulator DGCA Directs Indigo To Replace Old Pratt & Whitney Engines On 97 Aircraft By January 2020 End

    Civil aviation regulator, Directorate General of Civil Aviation (DGCA) has asked IndiGo to replace older Pratt & Whitney engines in all its 97 Airbus ...

    Read More
  • US Supreme Court hears oral arguments in cases regarding Federal Arbitration Act

    On October 29, the Federal Arbitration Act (FAA) took center stage at the US Supreme Court as it heard oral arguments in two separate cases involving ...

    Read More
  • Supreme Court Extends Its Interim Stay On Tree Felling At Mumbai’s Aarey Colony To Build Metro Railway Car Shed

    The Supreme Court has extended its interim stay on the felling of trees in Mumbai's Aarey Colony area for construction of a metro car shed.

    Read More
shares