The Supreme Court, on 04 Mar 2019, in it's Judgment stated that the impugned circular of RBI dated 06-04-2018 was liable to be set aside. The circular refers to the "Prohibition on dealing in Virtual Currencies (VC's)
The petitioners, according to the Judgment in INTERNET AND MOBILE ASSOCIATION
OF INDIA vs RESERVE BANK OF INDIA, has sought for a "direction to the respondents not to restrict or restrain banks and
financial institutions regulated by RBI, from providing access to the banking services, to those engaged in transactions in crypto assets,..."
The petitioners have succeeded in their prayer above by securing a direction from SC to RBI at instructing a bank to defreeze the frozen assets of a petitioner.
Additionally the petitioners have succeeded at causing the impugned circular to be set aside.
What was of interest to www.Dlaw.in and fb.com/Lawyarz was that the impugned order was set aside on the "ground of proportionality", which explains if a VC was legal.
The doctrine of proportionality requires a body to maintain balance between its action and purpose for which the powers have been conferred. http://racolblegal.com
