7 years, 8 months ago

Apex court asks RBI to restrain sale and purchase of bitcoins

New Delhi: The Supreme Court has asked the Reserve Bank of India to look into the complaint seeking its intervention to take urgent steps for restraining the sale and purchase of illegal crypto currencies or “Virtual Currency”, like Bitcoins, which are being traded openly and extensively within the knowledge and domain of the RBI. A Bench of Chief Justice J.S. Chandrachud disposed of a writ petition filed by Vijay Pal Dalmia and Siddharth Dalmia, experts in internet technology on Saturday highlighting the consequences of unrestrained use of Bitcoins for a host of anti-national, illegal and nefarious activities, such as funding of terrorism and insurgency, illicit trade of arms and drugs, recruitment of terrorists, bribery, corruption and money laundering. Mr Vijay who argued in person informed the court about tax evasion, generation of black money, payment of ransom, human trafficking and prostitution, transfer of money through hawala, hawala trade and etc.

Bitcoins justice money rbi purchase illegal writ dalmia court sale bitcoins asks hawala apex trade restrain vijay

History of this topic

2 weeks ago

Bombay High Court Allows Family To Exchange ₹20 Lakh 'Demonetised' Notes As Income Tax Department Had Seized The Currency

Live Law

The Bombay High Court recently came to the aid of a group of people from Maharashtra's Kolhapur district and ordered the Reserve Bank of India to accept their demonetised notes worth Rs 20 lakhs, which were seized by the Income Tax in December 2016 and returned to them after the deadline to exchange the old notes. "The Income Tax Department …

2 months, 2 weeks ago

Plea Before Delhi High Court Seeks Regulatory Mechanism For Cryptocurrency, Probe Against 'Operational Lapses' At BitsBNS

Live Law

A petition has been filed before the Delhi High Court seeking a regulatory mechanism for cryptocurrency as well as a special probe against alleged operational lapses at BitsBNS.BitsBNS is one of the top cryptocurrency exchanges in India which allows users to trade cryptocurrencies at best competitive prices.Justice Sachin Datta today sought response of the Reserve Bank of India. A petition …

3 months, 3 weeks ago

Is Bitcoin legal in India? What you need to know before buying or selling it

Hindustan Times

Bitcoin is now all over the headlines having crossed the $100,000 mark over the period of time following crypto supporter Donald Trump's win in US presidential elections. Bitcoin as well as all other cryptocurrencies are legal in India with the Supreme Court ruling in favour of cryptocurrencies, lifting a ban imposed by the Reserve Bank of India prior. It is …

7 months, 1 week ago

₹2,000-crore ‘scam’: Ex-minister Ashu in judicial custody

Hindustan Times

The additional sessions court here on Monday sent former Punjab food and civil supplies and consumer affairs minister Bharat Bhushan Ashu to judicial custody in connection with an alleged ₹2,000-crore foodgrain transportation-linked money-laundering case. Bharat Bhushan Ashu Ashu, who was arrested by the ED on August 1, had been in the central agency’s custody since August 2. In August last …

8 months, 2 weeks ago

Bitcoin scam: Karnataka HC strikes down use of stringent crime law against hacker Sriki

The Hindu

In a setback to the Special Investigating Team probing the alleged Bitcoin scam, the High Court of Karnataka has declared as illegal the action of invoking the Karnataka Control of Organized Crimes Act, 2000 against the hacker and prime accused Srikrishna Ramesh alias Sriki in the first case registered in 2017. Pointing out that invoking KCOCA violated a condition prescribed …

1 year ago

Supreme Court Quashes Money Laundering Case Against Karnataka Dy CM DK Shivakumar & Aide

Live Law

The Supreme Court on Tuesday allowed the appeals filed by Karnataka Deputy Chief Minister DK Shivakumar and his aide challenging criminal proceedings in a 2018 money laundering case. The primary reason cited by the single-judge bench of the high court was that Section 120B of the Indian Penal constituted a stand-alone offence adequate to invoke the Prevention of Money Laundering …

1 year, 3 months ago

Gain Bitcoin Cryptocurrency Scam : Supreme Court Transfers Cases To CBI; Trials Shifted To Delhi CBI Court

Live Law

The Supreme Court on Wednesday transferred the cases relating to the “GainBitcoin Ponzi Scheme” to the Central Bureau of Investigation and transferred the trial of the cases to the CBI Court, Rouse Avenue, New Delhi. Chandrachud, Justices J.B. Pardiwala and Manoj Misra passed the order disposing of a batch of writ petitions filed by the accused in the case seeking …

1 year, 5 months ago

'Why Freeze Entire Bank Account Of Traders Just Because Unknown Cyber Criminals Paid Them Through UPI?' Kerala High Court

Live Law

The Kerala High Court recently directed Banks to limit the freezing orders issued in respect of persons into whose accounts amounts had been transferred via UPI platform as part of a cyber financial crime, to the amount involved in the crime as mentioned in the order/requisition issued by the Police Authorities. The Court in this case was considering a batch …

1 year, 9 months ago

Supreme Court seeks report from Registry on urgent listing of plea challenging RBI decision on ₹2,000 note exchange

The Hindu

The Supreme Court on June 7 sought a report from its Registry on the issue of urgent listing of a plea challenging the notifications enabling the exchange of ₹2,000 currency notes without any requisition slip and ID proof. On June 1, the top court refused to list for an urgent hearing of Mr. Upadhyay's plea challenging the notifications and said …

1 year, 9 months ago

Economic offences are a modern threat to development of the country: Madras High Court

The Hindu

Observing that economic offences were a modern threat to the development of the country, the Madras High Court has refused to allow businessman ‘Aircel’ C. Sivasankaran to visit Seychelles as well as France as he was facing multiple cases that were being investigated by the Central Bureau of Investigation, Directorate of Enforcement and Serious Fraud Investigation Office for allegedly defrauding …

2 years ago

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA

The Hindu

The Finance Ministry’s March 7 notification placing all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act is a much-needed, even if belated, step. The government has been struggling in recent years to formulate an appropriate regulatory response to deal with the pandemic-era upsurge in The intergovernmental Financial Action Task Force — the global …

2 years, 2 months ago

Top news of the day: January 11, 2023

The Hindu

Cabinet approves ₹2,600 crore to promote UPI, RuPay payments The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on January 11. “Operations across the National Airspace System are affected.” Free foodgrains distribution scheme to cover 80 crore poor named PMGKAY: Centre The central government’s …

2 years, 2 months ago

Demonetisation Not Illegal Merely Because Proposal Originated From Central Govt; No Breach Of Sec 26(2) RBI Act : Supreme Court

Live Law

The Supreme Court in its judgment upholding validity of demonetisation, observed that the word “recommendation” in Section 26 of RBI Act would mean a consultative process between the Central Board of Reserve Bank of India and the Central Government. Section 26 of the RBI Act reads thus: On recommendation of the Central Board, the Central Government may, by notification in …

2 years, 2 months ago

RBI Didn't Independently Apply Its Mind In Recommending Demonetisation, Entire Exercise Carried Out In 24 Hours : Justice BV Nagarathna

Live Law

In her dissenting judgment in the pleas challenging demonetisation, Supreme Court judge Justice BV Nagarathna observed that there was no independent application of mind by the Reserve Bank of India in recommending the cancellation of entire Rs.500 and Rs.1000 notes as proposed by the Central Government.Justice Nagarathna formed this opinion after referring to the records relating to the. In her …

2 years, 3 months ago

Was demonetisation a mistake? Supreme Court to announce verdict on 2 January

Firstpost

A five-judge Constitution bench headed by Justice S A Nazeer is likely to pronounce its verdict on 2 January on a batch of pleas challenging the government’s 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500 denominations New Delhi: The Supreme Court is scheduled to pronounce its judgment on 2 January on a batch of pleas challenging …

2 years, 3 months ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

2 years, 3 months ago

Supreme Court directs Centre, RBI to submit records behind demonetisation decision

The Hindu

The Supreme Court on December 7 directed the Centre and the RBI to place on record the “relevant records” relating to the government’s 2016 decision to demonetise currency notes of ₹1,000 and ₹500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre’s decision, a five-judge Constitution Bench headed by Justice S.A. Nazeer heard the …

2 years, 3 months ago

Supreme Court directs Centre, RBI to produce records relating to 2016 demonetisation

India TV News

SC on demonetisation: The Supreme Court on Wednesday directed the Centre and the Reserve Bank of India to put on record relevant records relating to the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denominations for its perusal. Reserving its verdict on a batch of pleas challenging the Centre's 2016 decision, a five-judge constitution bench …

2 years, 3 months ago

Judicial Service Examination: Questions With Explanatory Answers Based On Latest Supreme Court Judgments

Live Law

Which of the following is true with respect to the decision in the 2020 judgment of Tofan Singh v. State of Tamil Nadu? a. NDPS officers are not police officers since they do not file any charge-sheet b. NDPS officers are police officers but confessional statements recorded by them are admissible c. NDPS officers are police officers and therefore confessional …

2 years, 4 months ago

RBI Should Consider Genuine Applications To Exchange Demonetised Notes Of Persons Who Missed Deadline, Says Supreme Court During Hearing

Live Law

During the hearing of the pleas challenging demonetisation, the Supreme Court on Friday orally said that the Reserve Bank of India should consider the genuine applications made by persons who missed the deadline for exchanging the demonetised currency notes. Speaking about the "700 odd applications" received by the Reserve Bank to credit the value of demonetised notes after the expiry …

2 years, 4 months ago

Demonetisation 'well-considered' decision to combat black money, terror financing: Centre tells Supreme Court

India TV News

Highlights The step was taken after extensive consultation with the Reserve Bank of India, the Centre said Advance preparations were made before the note ban was enforced, it said A five-judge bench is hearing the issue and is slated to take up the matter on Nov 24 The 2016 demonetisation was a "well-considered" decision and part of a larger strategy …

2 years, 4 months ago

Supreme Court adjourns to November 24 pleas against 2016 'demonetisation' by government

India TV News

Highlights Constitution Bench of SC deferred hearing pleas challenging Centre's decision The plea is related to demonetize currency notes of Rs 500, Rs 1,000 in 2016 for November 24 SC want to conclude the hearing on this issue this year Demonetisation news: The Constitution Bench of the Supreme Court today deferred the hearing pleas challenging the Centre's decision to demonetize …

2 years, 6 months ago

Nearly 60% of fake money seized in 2021 were of ₹2,000 denomination: NCRB

The Hindu

Nearly 60% of all fake money seized in the year 2021 were of ₹2,000 denomination, the Crime in India 2021 report compiled by the National Crime Records Bureau shows. Of the total ₹20.39 crore fake Indian currency notes seized in 2021, ₹12.18 crore was in the denomination of ₹2,000. While in 2016, fake currency worth ₹15.92 crore was seized, the …

2 years, 6 months ago

Supreme Court Adjourns Hearing In PILs Filed By Ram Jethmalani & Others Seeking To Recover Black Money From Foreign Accounts

Live Law

The Supreme Court on India on Tuesday adjourned a petition filed by the late senior advocate and politician, Ram Jethmalani and others seeking steps to recover black money stashed in foreign accounts. On July 4, 2011, a Supreme Bench of Justices B Sudershan Reddy and Surinder Singh Nijjar constituted a Special Investigation Team with former SC judges Justice B P …

2 years, 7 months ago

Frivolous Criminal Actions Against Large Corporations May Give Rise To Adverse Economic Consequences For Country: Supreme Court In Reliance vs SEBI

Live Law

The Supreme Court of India held that initiation of criminal action in commercial transactions, should take place with a lot of circumspection. The bench stated that initiating frivolous criminal actions against large corporations would give rise to adverse economic consequences for India in the long run. The Court made these observations while considering a petition filed by Reliance Industries Ltd …

2 years, 8 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

2 years, 11 months ago

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation

Live Law

The Delhi High Court on Monday directed the Reserve Bank of India to treat as representation a PIL seeking to reconsider the decision to increase the stakes held by Hinduja Group as the promoters of IndusInd Bank.A Division Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla directed the RBI to examine the petition, highlighting the criminal antecedents …

3 years, 1 month ago

Clarify Legal Status Of Cryptocurrencies : Supreme Court To Centre

Live Law

The Supreme Court on Friday made an oral remark that the Centre ought to clarify the legal status regarding cryptocurrencies like bitcoin, and whether dealing in them is an offence. The comment, at the instance of Justice Surya Kant, came when Additional Solicitor General Aishwarya Bhati, for the Enforcement Directorate, urged that the GainBitcoin scam accused Ajay Bhardwaj is not …

3 years, 1 month ago

Rs 18,000 cr returned to banks from Vijay Mallya, Nirav Modi, Choksi: Govt tells SC

India Today

The government has informed the Supreme Court that Rs 18,000 crore have returned to banks from Vijay Mallya, Nirav Modi, and Mehul Choksi. Solicitor General Tushar Mehta told the bench that in money laundering cases relating to Vijay Mallya, Mehul Choksi, and Nirav Modi, the Enforcement Directorate has confiscated around Rs 18,000 crore by the orders of the courts following …

3 years, 1 month ago

Cryptocurrency to be banned in India? What we know so far

India Today

The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country. The proposed bill TAXATION ON VIRTUAL …

3 years, 2 months ago

Private Cryptocurrencies Pose Immediate Risks To Customers, Prone To Frauds: RBI FSR Report

ABP News

New Delhi: The Reserve Bank of India in its Financial Stability Report has said that private cryptocurrencies pose immediate risks to customer protection and anti-money laundering, and combatting the financing of terrorism as digital currencies are extremely volatile given their highly speculative nature. Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution.” …

3 years, 2 months ago

‘Ban crypto transactions’, RSS-affiliate Swadeshi Jagran Manch urges Centre

Live Mint

RSS-affiliate Swadeshi Jagran Manch on Sunday passed a resolution demanding that the central government completely ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person in the country. The law relating to issuing of digital currency by the Reserve Bank of India should be framed "quickly" and the Central Bank Digital Currency considered as legal tender, the Swadeshi …

3 years, 3 months ago

Plea Before Madras High Court Seeks Ban On Cryptocurrency Trade Advertisements

Live Law

A petition before Madras High Court seeks a ban on The Finance Secretary, Cabinet Secretary and the Ministry of Information & Broadcasting have been arraigned as the Respondents to stop "On the 1st page of newspapers itself,several media sources of our country are publishing the The petitioner submits that cryptocurrencies cannot adequately fulfil the functions of money and opens up …

3 years, 3 months ago

Unregulated Cryptocurrency Can Become a Safe Mode of Transaction for Scamsters, Terrorists

News 18

Finance Minister Nirmala Sitharaman on Monday made it clear on the floor of Parliament during the ongoing Winter Session that the government has no plans to recognise Bitcoin as a currency. Although cryptocurrency looks like a lucrative investment option at first, there is no running away from the fact that cryptocurrencies are still illegal in India and in most big …

3 years, 3 months ago

Regulation, not ban: on cryptocurrencies

The Hindu

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

3 years, 3 months ago

We don't track crypto trading: Finance Ministry

The Hindu

The government doesn’t collect information on cryptocurrency or Bitcoin transactions in the country and has no plans to recognise Bitcoin as a currency, the Finance Ministry told Parliament on Monday. “RBI has been examining use cases and working out a phased implementation strategy for introduction of CBDC with little or no disruption,” the Minister said, adding that an official digital …

3 years, 3 months ago

RBI Wants To Enhance Scope Of Digital Currency Under Definition Of Bank Note, Proposes Amendment To Law

ABP News

New Delhi: The central government on Monday informed Parliament that it has received a proposal from the Reserve Bank of India last month to enhance the scope of digital currency under the definition of ‘bank note’. The RBI had introduced the proposal of Central Bank Digital Currency in October seeking to amend the Reserve Bank of India Act, 1934. On …

3 years, 4 months ago

Cryptocurrency Curbs in India: How Other Nations are Treading the Digital Currency Path

News 18

India is all set to bring in new rules to regulate cryptocurrency as the Union government plans to introduce a Bill to ban all private cryptocurrencies in the upcoming winter session of Parliament. As per the Lok Sabha Bulletin released on Tuesday, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to create a facilitative framework for the …

3 years, 4 months ago

EXPLAINED: Where India Stands On Cryptocurrencies, What New Bill Will Mean For Bitcoin And Company

News 18

Another of the notorious price swings cryptocurrencies are known for was underway amid news that the Centre is set to introduce a Bill in Parliament that seeks to crack down on these unregulated assets in India, which has one of the largest crypto-ownership bases in the world. Reports suggest that the cryptocurrency Bill missed out on introduction in Parliament during …

3 years, 4 months ago

'Another NSEL Scam Is Brewing': Plea Before Bombay High Court Seeks Regulation Of Cryptocurrency Market In India

Live Law

A lawyer has filed a public interest litigation before the Bombay High Court, seeking directions to the Union of India for formulating a comprehensive mechanism to rectify the risks involved in the largely unregulated cryptocurrency market in India, including appropriate legislation and guidelines. The petitioner has approached the High Court to issue directions to the respondent state for formulating law/ …

3 years, 4 months ago

Delhi High Court Issues Notice To SBI Over Barring Traders From Using Its UPI Platform To Trade In Cryptocurrency

Live Law

The Delhi High Court today issued notice on a petition challenging SBI's decision prohibiting the use of UPI platform for trading in cryptocurrencies. He has stated that the SBI's action prohibiting the use of UPI platform for dealing and settling of funds in WazirX Crypto-exchange infringes his Fundamental Right of trade under Article 19 and the right to equality under …

3 years, 8 months ago

RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Guv

News 18

The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. “Like other central banks, RBI has also been exploring the pros and cons of introduction of CBDC since quite …

3 years, 10 months ago

Banks Wary of Crypto Trades: A Step Towards Crypto Ban in India?

The Quint

The move of ICICI blocking transaction related to cryptocurrencies has come after a report published by Reuters on 14 March, which states that trading, mining and holding cryptocurrency could soon be illegal in India as the Indian government is proposing a new Bill that could ban all transactions related to cryptocurrencies. According to a report by Reuters, the new Bill …

3 years, 11 months ago

What India’s proposed cryptocurrency ban means for Bitcoin investors

The Independent

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. However, while banning private digital currencies, the country’s central …

4 years ago

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court

Live Law

The Calcutta High Court has held that th Reserve Bank of India is "State" under Article 12 of the Constitution and thus, a writ petition is maintainable against it. The Single Bench ruled, "Since the Reserve Bank of India is an instrumentality of the State, it comes squarely within the meaning of "State" as contemplated in Article 12 of the …

4 years, 1 month ago

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das

India Today

The Reserve Bank of India has “major concerns” about cryptocurrencies, Governor Shaktikanta Das said on Wednesday, flagging potential risks to financial stability. “We have major concerns from the financial stability angle,” Das told news channel CNBC-TV18 in an interview, adding that the RBI was “targeting to launch” a digital currency. “In order to ensure that there is financial stability we …

4 years, 1 month ago

Is India going to ban Bitcoin? Here is story so far

India Today

The Indian government is closer than ever to impose a blanket ban on crypto-currency trading, mining and investments in the country. A bill for the same has already been proposed and on Tuesday, Finance Minister Nirmala Sitharaman said in the Rajya Sabha that a high-level Inter-Ministerial Committee has been constituted under the Chairmanship of Secretary to study the issues related …

4 years, 1 month ago

India proposes law to ban cryptocurrencies, create official digital currency

The Hindu

The Centre plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government. The law will "create a facilitative framework for creation of the official digital currency to be issued by the …

4 years, 2 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

4 years, 3 months ago

Delhi High Court Seeks Reply From RBI, SEBI, NPCI On Plea Seeking Regulation Of GooglePay, AmazonPay, PhonePe Etc

Live Law

The Delhi High Court on Wednesday sought reply from the Ministry of Law, Finance Ministry, RBI, SEBI, and National Payments Corporation of India on a public interest litigation seeking regulation of the entry and operations of "tec-fin" companies like GooglePay, AmazonPay, PhonePe and others. The petition, which has been filed by an applied economist, Reshmi P Bhaskaran, seeks the High …

Discover Related

1 hour, 30 minutes ago