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
March 30,2020

Kochi, Mar 30: Kerala High Court on Monday granted interim bail to the under-trial prisoners and remanded accused in the state till April 30 in view of the lockdown imposed to prevent the spread of coronavirus.

The court said that the accused should report to the local police station immediately after getting bail. Those released on bail must strictly follow the lockdown instructions, the High Court said.

"Those who have been convicted of imprisonment for less than seven years will get bail. Prison Superintendents will release the prisoners who are eligible. But regular offenders are not entitled to get bail," the court said.

After the bail period, the accused should appear in the respective trial courts, where a decision will be taken on their bail by the respective trial courts.

The Supreme Court had last week asked all state governments to release undertrial prisoners, who are facing charges attracting less than seven years imprisonment, to reduce overcrowding of jails amid the ongoing coronavirus scare.

So far, 194 confirmed cases of coronavirus have been reported in the state.

The country is under a 21-day lockdown to prevent the spread of coronavirus, which according to the Ministry of Health and Family Welfare has claimed the lives of 29 people and infected a total of 1071 people as on Monday morning.

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News Network
February 11,2020

New Delhi, Feb 11: Celebrations broke out at the AAP headquarters here as early vote-counting trends for the Delhi Assembly polls on Tuesday showed a comfortable victory for the Chief Minister Arvind Kejriwal-led party.

The headquarters were decorated with blue and white balloons and big cut-outs of Kejriwal were placed in different parts of the party office.

"We knew it. We have changed the politics of this country. Now it is Delhi, next is India," said Sanjeev Singh, a party volunteer from Hari Nagar.

Another volunteer Fareen Khan said, "We hope we get such a clear majority that a message goes out that doing Hindu-Muslim politics will not work anymore."

The Aam Aadmi Party (AAP) is leading in 26 seats while the BJP is leading in 14 seats, according to early trends by the Election Commission.

According to the EC's website, AAP convenor Kejriwal is leading in his New Delhi constituency.

Kejriwal reached the party office as the counting of votes got underway.

Counting centres are spread across 21 locations, spanning 70 constituencies.

Polling for the 70-member Delhi Assembly was held on Saturday.

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News Network
February 4,2020

New Delhi, Feb 4: Senior BJP leader and Defence Minister Rajnath Singh on Monday accused Delhi's ruling Aam Aadmi Party of not implementing the central government's schemes in the national capital.

Addressing an election rally in Moti Bagh, he also sought to allay fears over the Citizenship Amendment Act (CAA), assuring the gathering that the legislation will not take away anyone's citizenship.

Singh alleged that the Chief Minister Arvind Kejriwal-led Delhi government did not do anything in the last five years.

The AAP had promised to add 5,000 buses to the fleet of the Delhi Transport Corporation (DTC), but instead the number has come down by 1,000, he claimed.

The Union minister said the AAP dispensation did not implement central schemes in Delhi fearing that the popularity of the Prime Minister Narendra Modi-led government will grow among Delhiites.

Pension schemes and the Centre's flagship health insurance scheme, Ayushman Bharat Yojana, are some of those that the Kejriwal government did not allow to be implemented in Delhi.

On the anti-CAA protests, Singh said that the opposition parties have been spreading "lies" about amended citizenship law and the National Population Register (NPR).

"The CAA will not take away anyone's citizenship. The opposition parties are spreading lies about the CAA. There should be no such politics over this. Some people are trying to write the history of the country with the ink of hatred," he said.

The culture of India is such that it considers the entire world one family, he said.

Delhi goes to polls on February 8. The results will be declared on February 11.

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