Last month RBI came with a news that shocked the entire crypto community in India. On 6th April 2018, RBI released a notice to all their registered enterprises refraining them from trading with anyone who deals in cryptocurrencies. Reserve bank of India gave 90 days of duration which means after 90 days we don’t be able to deposit or withdraw money from our favorite indian exchanges.
After the notice was published, a lot of organisations opposed it and many petitions were signed. Many cryptocurrency companies joined hands and opposed the decision by RBI.
17th May, today was the hearing date but today Supreme court moved the date to July. The court stated that it would not entertain any more petitions regarding the April 6 circular that was issued by the RBI banning banks from having any kind of working relationship with cryptocurrency exchanges in India.
A three-bench led by Chief Justice of India, Dipak Mishra, DY Chandrachur, Ajay Manikrao Khanwilkar were hearing the matter. Last week RBI had sought transfer of cases as there are too many cases of same kind in other courts such as Delhi High Court and Calcutta High Court, which was granted.
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