After a year-long fight against Reserve Bank of India's crypto banking ban, One of the petitioner has withdrawn its petition from the Supreme Court of India.
According to the recent order dated 21 Aug. 2019 of Supreme Court of India in the crypto case, Transfer petition (C) NOS. 961-963 OF 2018, Reserve bank of India vs Kali Digital Ecosystem, the transfer petitions are allowed to be withdrawn in terms of the signed order.
"Learned counsel appearing for the petitioner seeks permission to withdraw the Transfer Petitions. Permission granted. The Transfer Petitions are allowed to be withdrawn."
BEI24 approached and discussed with the founder of Kali Digital Mr. Kunal, Why he has withdrawn his petition?
According to Kunal :
"Yes, we submitted an application to withdraw petition last week, We withdrew our writ petition from the court because as a startup we had limited funds. We had two options left - keep legal battle and spend all money or save money what is left. We decided to go with the second option and let the court do the justice. "
Ahmedabad based cryptocurrency exchange Kali Digital filed a petition in the Delhi High Court for reverse the Reserve Bank of India (RBI) guidelines in 2018, barring Indian banks from dealing with any business entity dealing in cryptocurrencies. According to the exchange, the guidelines were violating Articles 19 (1) (g) and 14 of the Constitution.
Kali Digital Eco-Systems, which was running the crypto exchange CoinRecoil, has made the RBI, the finance ministry and the GST Council respondents to the petition.Under Article 19(1) (g) of the Constitution, citizens enjoy the right to carry on any occupation, trade or business, while Article 14 prohibits discrimination between equals.
Later on, all the crypto cases from all over India were clubbed together for hearing in the supreme court. last week Kali Digital Eco-Systems counsel submitted an application in the court to withdraw its petition. And in the order of 21st Aug. 2019 by Supreme Court of India, Permission granted.
According to the latest supreme court order, the next date of hearing for cryptocurrency matter on RBI banking ban is 25th Sep. 2019.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.