Good News: Notice from Delhi HC to RBI for Blanket Ban - page 2.

legendster

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www.V.systems

Quote from: amishmanish on April 22, 2018, 07:53:42 AM

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Now that the matter is in front of court, hopefully we'll see some rational arguments from the regulatory side rather than stupid blanket bans and demonization.
It looks like the people at Kali Digital here are the ones who filed this petition. More power to them. Show them some love.

You mean to say we will get a 'just' resolution to the whole Bitcoin issue? That too from a corrupted body?

Just look at how they are handling the Aadhaar issue since 2014. Its been 4 years since the debacle started and yet they haven't reached a conclusion on whether the -clearly intrusive and privacy-busting, Aadhaar system is unconstitutional or not.

Gomment hi nahi, adaalat bhi bik gayi hai mere bhai.

sreecanvas

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Correct. No celebrations because the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation.Acceptance of the PIL is just the first step. The court has just accepted the petition, it would be premature to read too much into this.

botany

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Quote from: amishmanish on April 22, 2018, 11:42:35 AM

Quote from: botany on April 22, 2018, 09:53:26 AM

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

Correct. No celebrations yet but if the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation. RBI as an autonomous body will have to provide better data based judgement than giving out blanket judgments like "Cryptocurrecies raise concerns of consumer protection, market integrity and money laundering, among others".

With the example of other countries willing to accept and consider some form of regulations, the govt. cannot simply choose to ignore and ban. The lobbying is on. Lets see where it takes us.

Call me a cynic, but I don't see that as a step forward at all.

https://timesofindia.indiatimes.com/city/kolkata/lawyer-files-pil-on-cryptocurrency/articleshow/62397340.cms

The Supreme Court had issued notice to the central government and RBI in November 2017, seeking their response on cryptocurrency regulation. Nothing has moved on that front.

The Central Government had formed a committee to study the impact of virtual currencies. We haven't anything more about that as well.

amishmanish

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Activity: 1904

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Quote from: botany on April 22, 2018, 09:53:26 AM

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

Correct. No celebrations yet but if the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation. RBI as an autonomous body will have to provide better data based judgement than giving out blanket judgments like "Cryptocurrecies raise concerns of consumer protection, market integrity and money laundering, among others".

With the example of other countries willing to accept and consider some form of regulations, the govt. cannot simply choose to ignore and ban. The lobbying is on. Lets see where it takes us.

botany

legendary

Activity: 1582

Merit: 1064

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

amishmanish

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Activity: 1904

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According to this news story at INC42 website, a PIL has been accepted by Delhi High Court. It has issued a notice to following bodies:

1. Reserve Bank of India (RBI),
2. The Union of India through Secretary, Ministry of Finance and
3. GST Council

A hearing has been scheduled for May 24.

The main points in the petition are:

The responsibility to recognize a trade as a service and define justified taxation falls on the GST Council. It has failed to introduced any appropriate regulations with respect to cryptocurrencies in the Goods and Services Tax law.
RBI is dealing with cryptocurrency in an unprofessional manner. It doesn't even define ‘cryptocurrency’ properly and vaguely stated that
Quote
“Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others".
This is a arbitrary statement without any though behind it and has been rightly questioned.
They have quoted Article 14 and Article 19(1)(g) of the Constitution of India. These imply that every person has the right to equality before law and all citizens have the right “to practise any profession, or to carry on any occupation, trade or business.” Clearly, such an arbitrary decision goes against these principles.

Now that the matter is in front of court, hopefully we'll see some rational arguments from the regulatory side rather than stupid blanket bans and demonization.
It looks like the people at Kali Digital here are the ones who filed this petition. More power to them. Show them some love.

Topic: Good News: Notice from Delhi HC to RBI for Blanket Ban - page 2. (Read 353 times)