11:20 (IST)

Next, Mr Sood moves to the point of RBI’s statutory powers and its limited authority to take pre-emptive action. Through various case laws presented in Court last week, the counsel for IAMAI argued that even as an expert body responsible for India’s monetary policy and sustaining a stable economy, RBI could only take pre-emptive action against an entire banking channel if it presented an imminent danger. In the case of Crypto, counsel argues that no such danger has been adequately shown.

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