Parish
SC ORDERS HIGH COURTS NON-ATTENTION TOWARDS CRYPTOCURRENCIES' PETITIONS
Parish Rupanawar 27 May 2018

SC ORDERS HIGH COURTS NON-ATTENTION TOWARDS CRYPTOCURRENCIES' PETITIONS

   The Supreme Court of India has delivered to all the High Courts of the Nation not to entertain any petition regarding a circular issued by the Reserve Bank of India on “Prohibition on dealing in Virtual Currencies’.

   The Supreme Court had adjourned on May 23rd, 2018 for a writ petition by Siddharth Dalmia and transferring of cases from Delhi and Calcutta High Courts; by posing the matter in furtherance to hearing on 20th July, 2018.

    A bench headed by the Chief Justice of India Dipak Misra commanded the Registry to register transfer petitions and to issue notice and attach them with the writ petition.

RBI Circular-

 The Reserve Bank of India had issued a circular cautioning users, holders and traders of the cryptocurrencies, including Bitcoins, regarding various risks associated with dealing with such virtual currencies.

The circular, issued on 6th April 2018, reads-

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/sale of VCs. Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.”






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