According to a recent interview with ET now, Subash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India said that the Supreme Court has agreed to review a petition against the RBI ban earlier than expected, resetting the hearing for July 3rd.
He further explained:
“We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.”
The Finance Ministry representative remarked that the government has made a progress on the regulations regarding “what part of business should be banned, what should be preserved, and what not.”
Garg earlier said that the Indian government would not deem cryptocurrencies as currencies as they would not be incorporated in the country’s currency system. Despite the ban, he acknowledged that certain regulations needed to be instituted since there are a lot of people who find value in cryptocurrencies.
Subhash Chandra Garg also commented that since the cryptocurrency exchanges are not overseen in India, these regulations would establish legal requirements in order to keep a record of the transactions.
There has been a lot of friction when it comes to cryptocurrency exchange and Indian lawmakers. Arun Jaitley, Finance Minister, restated that cryptocurrencies are not recognized as legal tender and the use of illegal activities would be cracked down. Earlier, the Income Tax department issued a notice to the cryptocurrency users on charges of tax evasion.
A time period of three months was given to the commercial banks by the Reserve Bank of India to act in accordance with the directives. The Reserve Bank of India admitted on an RTI that it banned cryptocurrency without any proper guidance in a response to the RTI filed by a startup consultant, Varun Sethi.
Local exchanges have been preparing for the ban by terminating fiat deposits and withdrawals while launching and expanding crypto-to-crypto trading. A number of Indian crypto companies filed petitions against the restrictions that were imposed. The hearing was initially dated at July 20th.
However, the review is now set to take place on July 3rd, as said by Kunal Barcha, co-founder, and director of Coinrecoil, Kali Digital Eco-Systems.
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