‘Arbitrary, Unfair, and Unconstitutional’
The Reserve Bank of India (RBI), which gained notoriety after banning banks from servicing crypto-related businesses April 6th, now faces a summons to explain the validity of its actions on May 24th.
According to local news media outlet ANI, Flintstone CEO Amit Lakhanpal will seek to demonstrate that the move was “arbitrary, unfair, and unconstitutional” at the hearing.
Prosecutors will, at the same time, hear from Kali Digital, which announced its intention to bring the matter to court two weeks previously.
At the time, the legal firm representing the plaintiff suggested the RBI had acted without “logic.”
“The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why RBI is against the business of cryptocurrencies,” Quartz quoted a partner as saying. The partner added:
Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India.