Internet and Mobile Association of India vs Reserve Bank of India, [Writ Petition (Civil) No. 528 of 2018] - Synopsis
Team SoOLEGAL 29 Dec 2020

In a prominent decision, the Supreme Court of India abolished the prohibitions imposed by the Reserve Bank of India on limited institutions such as banks and NBFCs from dealing with virtual currencies and offering services to crypto companies. The Supreme Court reversed a prohibition on central bank banning lenders from authorising cryptocurrency exchange banking transactions and trades, lifting a significant obstacle in the sector's growth.
The case Internet and Mobile Association of India vs Reserve Bank of India, [Writ Petition (Civil) No. 528 of 2018], was heard by a bench comprising of Justice R F Nariman, Justice Aniruddha Bose and Justice V Ramasubramanian. The Court held that the RBI circular, which barred controlled institutions from offering banking services to those engaged in trading or encouraging trade in VCs, should be set aside on the "ground of proportionality". If RBI has repeatedly struggled to prevent VCs and the Government of India has not been able to call in view of many committee proposals, including two draught bills, all of which support precisely opposite views, the Court said that it is not necessary to take the measure in the suit.

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