Banking Ban: SC to Hear Crypto Case against RBI today

Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional.

The Apex Court has listed Crypto Vs RBI matter “on top of the board” on October 15. The case has been heard by Justice Rohinton Fali Nariman and Justice Surya Kant until now. On October 15, the three judge bench will include Justice V. Ramasubramanian as well.

After hearings on August 8, August 14, August 20 and 21st, the Supreme Court had set the next date of hearing to September 20. However, due to older cases still pending hearing, the crypto matter got pushed to October 15, on “top of the board”. It means the case will be heard first, as soon as court opens.

Ironically though, the Crypto Matter is second in the list of cases on top of the board today. Hence, there is a slim chance, the first case might take up the whole day and the Crypto matter is not heard today.

The Story So Far

In the last hearing, the Apex Court asked the Reserve Bank of India to respond to IAMAI’s representation point by point. In June 2018, IAMAI had submitted a representation, detailing how RBI could help regulate Cryptocurrencies and why it is not a threat to Monetary system.

To which the RBI had not replied “thoroughly”, hence the court asked them to respond point by point. RBI submitted its response in the first week of September. IAMAI’s lawyers will be submitted their response to court today.

Is this the Final Hearing?

As it appears, the hearing on August 20, 2019 seemed like will be the final one until at the last minute when the court asked RBI to take two weeks to respond. So it is quite possible that today is the final hearing.

But you can never be entirely sure with the Court Cases in India.

The case will be heard in Court Number 5, under a three judge bench led by Justice Rohinton Fali Nariman. The other judges on the bench are Justice Surya Kant and Justice V. Ramasubramian.

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