Delhi court orders invesitgation in Owaisi hate speech case

New Delhi, Mar 4: The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018.

Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'.

The bench included Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian.

The Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies.

Advocate Ashim Sood, appearing for IAMI, submitted that Reserve Bank of India lacked jurisdiction to forbid dealings in cryptocurrencies. The blanket ban was based on an erroneous understanding that it was impossible to regulate cryptocurrencies, Sood submitted.

The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs).

The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

Hyderabad, Jul 13: Family members of Telugu poet and writer Varavara Rao, who is currently lodged in Navi Mumbai's Taloja jail in the Bhima Koregaon case, on Sunday appealed to the government for his immediate release in view of his deteriorating health.

Rao's wife P. Hemalatha and their three daughters urged the government to save his life by shifting him to a hospital or allow them to provide him with immediate medical care.

We want to remind the government that it has no right to deny the right to life of any person, much less an undertrial prisoner," they said.

His family members said they were very much worried about his deteriorating health. They said his health condition had been scary for over six weeks, ever since he was shifted in an unconscious state to JJ Hospital on May 28.

"Even as he was discharged from the hospital and sent back to jail three days later, there has been no improvement in his health and he is still in need of emergency healthcare," Hemalatha said.

"The immediate cause of concern now is that we are very much perturbed at the routine phone call we received from him on Saturday evening. Though the earlier two calls on June 24 and July 2 were also worrying with his weak and muffled voice, incoherent speech and abruptly jumping into Hindi. But the latest call, on July 11 is much more worrisome as he did not answer straight questions on his health and went into a kind of delirious and hallucinated talk about the funeral of his father and mother, the events that happened seven decades and four decades ago respectively," Rao's wife said.

She said her husband's co-accused companion took the phone from him and informed her that he is not able to walk, go to the toilet and brush his teeth on his own.

"We were also told that he is always hallucinating that we, family members, were waiting at the jail gate to receive him as he was getting released. His co-prisoner also said he needs immediate medical care for not only physical but also neurological issues. The confusion, loss of memory and incoherence are the results of electrolyte imbalance and fall of Sodium and Potassium levels leading to brain damage. This electrolyte imbalance may be fatal also."

Stating that Taloja Jail Hospital is not well equipped to handle this kind of serious ailment, they demanded that he be shifted to a fully equipped super specialty hospital to save his life and prevent possible brain damage and risk to life due to electrolyte imbalance.

"At the present juncture we are leaving aside all the pertinent facts like, that the case against him is fabricated; he had to spend 22 months in jail as an undertrial with the process turned into punishment; his bail petitions got rejected at least five times now and even the bail petitions with his age, ill-health and COVID vulnerability as grounds were ignored. His life is the top most concern for us right now. Our present demand is to save his life," the family said.

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."