https://www.taxtmi.com/caselaws?id=393220 The SC held that the Reserve Bank of India's statutory powers under the Banking Regulation Act, the RBI Act and the Payment and Settlement Systems Act were wide enough to issue directions affecting regulated entities dealing with virtual currencies, because such activity could impact the financial system, banking policy, currency management and payment systems. However, the impugned circular was struck down as a disproportionate restriction under Article 19(1)(g) because it effectively cut off banking access for virtual currency businesses without material showing actual harm to the regulated system. The circular was therefore invalid and consequential relief followed. en-us Wed, 04 Mar 2020 00:00:00 +0530 Thu, 10 Mar 2022 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393220 The SC held that the Reserve Bank of India's statutory powers under the Banking Regulation Act, the RBI Act and the Payment and Settlement Systems Act were wide enough to issue directions affecting regulated entities dealing with virtual currencies, because such activity could impact the financial system, banking policy, currency management and payment systems. However, the impugned circular was struck down as a disproportionate restriction under Article 19(1)(g) because it effectively cut off banking access for virtual currency businesses without material showing actual harm to the regulated system. The circular was therefore invalid and consequential relief followed. Case-Laws Indian Laws Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393220