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Supreme Court of India

Internet and Mobile Association of India v. Reserve Bank of India

Neutral citation
Reported as [2020] 2 S.C.R. 297
Bench R. F. Nariman, Aniruddha Bose and V . Ramasubramanian JJ.
Decided 4 March 2020

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

9 Supreme Court benches have cited this judgment.

What the Court ordered

We hold that RBI has the requisite power to regulate or prohibit an ac tivity of this nature.

Judgment, page 100

From the headnote

Reserve Bank of India Act, 1934 – ss.17, 20-22, 26, 38, 45JA, 45L, 45U, 45W, 45Z-45ZO – Reserve Bank of India (RBI) issue d a “Statement on Developmental and Regulatory Policies ” dtd. 05.04.18 and circular dtd. 06.04.18 respectively, w hich directed the entities it regulated (i) not to deal with or prov ide services to any individual/business entities dealing with/settl ing virtual currencies (VCs) and (ii) to exit the relationship, if they already have one, with such individuals/business entities – hallenged by petitioners (a specialized industry body representi ng interests of online &

Authorities it was built on

Where later benches applied it

Of those, 4 relied on · 4 referred to · 1 mentioned

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