Introduction As the blockchain enthusiasts, the exchanges dealing with Crypto Currencies and individuals holding CCs, across the globe watched in approbation, The Supreme Court of India, in the matter of Internet and Mobile Association of India vs Reserve Bank of India, Writ Petition No. However, yet the RBI has wide powers under Section 35A of the Banking Regulation Act, 1949 …
The recent Supreme Court judgment on the RBI circular dated 12th February 2018 is a treatise on the subject of interpretation of statutes. The Supreme Court, however, held in its 84-page judgment that the circular is ultra vires of Section 35AA of the Banking Regulation Act and that RBI had no powers to issue such an order under the current …
In the judgment of the Supreme Court which quashed the general circular of Reserve Bank of India issued on February 12, 2018 on insolvency process against stressed assets, much turned on whether the power to issue such circular flew from Section 35A or Section 35AA of the Banking Regulation Act.While Section 35A talks about general powers of RBI to issue …
