Supreme Court allows trading in cryptocurrency, quashes RBI ban

News Network
March 4, 2020

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".

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News Network
January 7,2020

New Delhi, Jan 7: The government has asked public sector undertakings to dissuade their employees from participating in the 'Bharat Bandh' called on Wednesday and advised them to prepare a contingency plan to ensure smooth functioning of the enterprises.

Ten central trade unions have said around 25 crore people will participate in the nationwide strike to protest against the government's "anti-people" policies.

Trade unions INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last to go on the nationwide strike on January 8.

"Any employee going on strike in any form, including protest, would face the consequences which, besides deduction of wages, may also include appropriate disciplinary action," said an office memorandum issued by the government.

"Suitable contingency plan may also be worked out to carry out the various functions of the ministry/department," it added.

It also issued instructions not to sanction casual leave or other kind of leave to employees if applied for during the period of the proposed protest or strike and ensure that the willing employees are allowed hindrance-free entry into the office premises.

The instructions issued by the Department of Personnel & Training prohibit the government servants from participating in any form of strike, including mass casual leave, go-slow and sit-down, or any action that abet any form of strike.

Besides, pay and allowances are not admissible to an employee for his absence from duty without any authority.

The central trade unions are protesting against labour reforms, FDI, disinvestment, corporatisation and privatisation policies and to press for a 12-point common demands of the working class relating to minimum wage and social security, among others.

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News Network
June 18,2020

New Delhi, Jun 18: With the highest single-day increase of 12,881 COVID-19 cases reported in the last 24 hours, India's coronavirus count has reached 3,66,946 on Thursday.

This includes 1,60,384 active cases and 1,94,325 cured, discharged and migrated patients, according to the Union Health and Family Welfare Ministry.

Meanwhile, with 334 deaths being reported due to the infection, the toll due to the virus stands at 12,237 in the country.

There is a big increase in the number of confirmed cases in the country today as compared to the recent days when the spike had been limited to under 11,000 cases.

Maharashtra with 1,16,752 cases continues to be the worst-affected state in the country with 51,935 active cases while 59,166 patients have been cured and discharged in the state so far. The toll due to COVID-19 stands at 5,651 in the state.

The number of confirmed cases in Tamil Nadu also crossed the 50 thousand mark on Thursday and reached 50,193. The national capital is the third-worst affected by the infection in the country with the count reaching 47,102 today.

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News Network
June 13,2020

Dehradun, Jun 13: Chief of Army Staff General M M Naravane on Saturday said the country is passing through difficult times and its safety and honour depend on the ability of its young officers as military leaders.

Addressing gentlemen cadets at the Indian Military Academy here as the reviewing officer of a passing out parade, Gen Naravane said they are being commissioned as officers into the army under the most daunting of circumstances and the high standards of their military training will help them overcome the challenges lying in store for them.

The parade saw a total of 423 cadets being commissioned into the army including 333 from the country and 90 from friendly foreign countries.

"These are difficult times for the country. Its safety, honour and respect depend on your abilities as military leaders. You have to live up to the expectations of your countrymen. You have to ensure that whatever you do is for their welfare," he said.

The army chief said there are no good or bad regiments but only good officers.

"Become one with your men. Win their trust and affection and they will win battles for you," Naravane said.          

He asked the gentlemen cadets to throw themselves into their new role as commissioned officers with passion but also be compassionate towards their men.

"When the going gets tough and all seems lost, it is the spirit of your men that helps you win," he said.          

He said the gentlemen cadets who are taking their first step as commissioned officers will have to make decisions in the tactical and operational domain as well as resolve ethical issues and they will have only their conscience to guide them.          

"In such critical moments let the core values enshrined in the preamble of the constitution of India be your guiding light," the Army Chief said.

Asking them to rise above petty considerations of caste, creed and religion, he said the army does not discriminate.

Apart from containing the external threats, you may also have to defang internal forces out to destabilise the country.

He said the precise drill movements of the cadets had convinced him they will do their respective countries proud.

"In the autumn of your careers what will matter is not the position you finally attain but how honourably you have served your nation," he said.              

In a message to the gentlemen cadets' parents, who were not allowed to attend the event due to the coronavirus pandemic, the Army Chief said, "Till yesterday they (gentlemen cadets) were your children but from tomorrow they will be ours."

He promised to be with them through thick and thin.

The parade looked slightly off-colour this time with the enthusiastic crowds of parents and some usual features missing like the showering of the drill square with flower petals by helicopters.

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