Reserve Bank Of India In Court!
We all are aware of the struggling phase that every industry has to face in India to mark their existence. This time, the Indian Exchange is struggling for the same. The Indian Bitcoin community is on the track where it keeps on fighting to operate freely in the country.
The current talk of the town is the latest show where a petition has been filed against the Reserve Bank of India (RBI). Kali Digital Eco-systems has appealed to the Delhi High Court against the recent crackdown on banks. The RBI recently cracked down the banks which were offering services to the companies operating in cryptocurrency and bitcoin. The company which has filed the petition is behind Coin Recoil which is the upcoming cryptocurrency exchange.
The petition filed by the company says:
The RBI directive is unjustified and is a violation to the Constitution of India and thus the court should reverse it.
Because RBI Is Hindering The Freedom Of Occupation
Due to the circular generated by RBI, the companies operating in cryptocurrency will not be able to secure the banking services. Thus, the petition argues that the ban is unconstitutional on two bases:
- First of all, as per the Article 19 of the constitution, the citizens of India have a right to carry on any occupation, business or trade. And the context released by RBI, it prevents the people from doing that. It prevents the people from engaging in the business of their choice.
- Furthermore, the Article 14 of the Indian Constitution is liable to prohibit the discrimination of the people. Consequently, these discriminations are based on arbitrary and unreasonable classification.
Opposite to this, the RBI is hindering the rights offered by the Constitution to the people. Hence, the petition explains that the RBI lacks in providing a proper explanation to this ambiguity. Thus, the company wants a clear definition of what virtual currency constitutes for RBI in India.