Supreme Court Gives RBI Two Weeks to Respond to Representation Given by Exchanges

The fourth formal hearing in the RBI banking ban matter continued in the Supreme Court today. Both the counsels made their representations in the court today. According to inputs provided by blockchain regulatory analysis platform Crypto Kanoon, the case took an unpredictable turn when the Supreme Court asked RBI to respond to the representation given by the exchanges.

In the hearing, the court ruled that the RBI had not responded to the representation given by the exchanges, which addressed the concerns of the regulator through various self-regulatory measures. The Supreme Court has now given India’s Central Bank two weeks to respond to the representations which asked for reconsideration of the ban.

The RBI will need to reply to the representation within two weeks. The next hearing in the case will take place on September 25, 2019.

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