The Reserve Bank of India (RBI), the Ministry of Finance and the GST Council were notified by the court.CoinRecoil is a project of Kali Digital Ecosystems, they filed a petition against the decision of the Reserve Bank of India to ban the banking system from working with crypto currency, this decision was published on April 18.
According to the company, the Reserve Bank of India violates the Constitution of India, the principles of which read that everyone has the right to equality before the law, and all citizens have the right to “engage in any profession, as well as trade or business.”
Rashmi Deshpande, a partner at the law firm Khaitan and Co., said:
In a petition, Kali Digital Ecosystems called the statement of the Reserve Bank of India (RBI) “arbitrary and unconstitutional”, and also stated that the GTS Council had not established clear rules for crypto currency. RBI also did not describe “crypto-currencies”, simply calling digital currencies a technological innovation and choosing an uncertain statement about the fact that the crypto-currencies cause concern about consumer protection in RBI. Therefore, this decision is not fair.
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