On 22 April Times of India reports that the High Court of Delhi issued a letter from Reserve Bank of India (RBI), Goods and Service Tax (GST) and the Ministry of Finance declaring that RBI will violate against the constitution and will stop dealing with crypto businesses.
The Kali Digital crypto company filed an online petition signed with 43,000 people against RBI to reserve the BAN over purchase and sell of crypto and start provide banking service over crypto currency exchange. So, Delhi High Court responded of a claim last week.
The High Court judge S. Ravindra Bhatt and A. K. Chawla ask all the three parties to give their feedback on the issued notice by 24th May. The Kali Digital which is already an crypto exchange Coin Recoil is about to launch one more crypto exchange platform in August 2018, though filed a claim on 16 April notifying constitutional Articles 19 (1) (g) – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting discrimination between equals.
This RBI’s decision will prevent Coin Recoil’s business as the BAN of crypto may take company to losses.
“On account of the impugned circular, the petitioner will not be able to avail banking services to operate the crypto currency exchange ‘Coin Recoil’. Such banking services are imperative for the business of the petitioner. Consequently, the business […] is stillborn.”
Due to the claim by GST Council will adversely affect the Kali Digital as their can see many failures against crypto currency ban and this claim of GST Council will affect the proposed business of the Kali Digital.
In interview the Tech investor and crypto enthusiast Tim Draper says that refusal to recognize the value of crypto currency is one the stupidest thing done by Indian government and he concluded saying that ban of crypto currency from India is Prime Minister Narendra Modi is the biggest mistake.