Analyzing legal and security issues in cyber contracts (E - contracts)
by: Adv. Kishan Dutt Kalaskar 2023-01-04 17:28:09
by: Adv. Kishan Dutt Kalaskar 2023-01-04 17:28:09
by: Adv. Kishan Dutt Kalaskar 2023-01-04 16:58:51
by: Adv. Kishan Dutt Kalaskar 2022-12-06 17:31:55
by: Adv. Kishan Dutt Kalaskar 2022-11-24 20:47:02
by: Adv. Latha Anand 2022-11-02 16:53:13
by: Adv. Kishan Dutt Kalaskar 2022-10-27 17:37:13
Analyzing legal and security issues in cyber contracts (E - contracts)
Discharging and Quashing in Criminal Cases
Legal compliances for online shopping sites in India
How to select a Lawyer
Supreme Court Judgments 2022
Maternity Benefit Act 1961, at a Glance
Modes of Recording Accepted by Court
Essential elements of a sale under the Transfer of Property Act
Compensation in Motor Vehicle Accident Cases
Is it important to respond to a summon?
Analysis of Section 18 of Limitation Act, 1963
Fresh period of Limitation
The breakdown of the doctrine of Res-Judicat
Impact Of Supreme Court Ruling
Analysis of Employees Provident Fund and Miscellaneous Provisions Act
How is 'BLACK MAGIC' governed in India
Different Identities of an NDA
Breaking down the requirements of becoming a Public Prosecutor in India.
Mohan Breweries & Distilleries V/s Commercial Tax officer, Madras
Kavita Kanwar Vs. Mrs Pamela Mehta & Ors
Entry into Judiciary: Minimum required Qualifications
Law of Retrenchment
Grounds for refusal of a Trademark Application
Early disposal of pending cases by the High Court
Parminder Kaur V/s State of Punjab
Central Bank of India V/s M/S Maruti Acetylene Co. Ltd.
Goan Real Estate and Construction Ltd. And Anr. V/s Union of India
Raj Kumar V/s Ajay Kumar
Synopsis of the Special Marriage Act in India
Lok Adalat has no jurisdiction to decide a matter on Merits
Significance of a Police Clearance Certificate in a pending Accident Case
Understanding the Digital Rupee
Eligibility of Teachers for Gratuity under the Payment of Gratuity Act, 1972
Dr. M. Kocher V/s Ispita Seal
Smt. Seema Kumar V/s Ashwin Kumar
Leo Francis Xaviour V/s The Principal, Karunya Institute
Nazir Mohamed V/s J. Kamala and Ors.
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Himalaya House Co. Ltd. Bombay V/s Chief Controlling Revenue
K. Sivaram V/s P. Satishkmar
Basir Ahmed Sisodia V/s The Income Tax Officer
Burden of Proof
Interest for delayed Payment under Payment of Gratuity Act, 1972 - Need for Change?
How to file a complaint in regards to violation of Cyber Laws
Delayed Justice from Consumer Courts
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Trademark Infringement - Triple identity test in Trademark
Blockchain Technology in India – II
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Blockchain Technology in India - I
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Standard from of Contract - Legal or Illegal?
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Analysis of Section 11A of Industrial Dispute Act, 1947.
Time Limits & Procedure to approach HC in Civil Cases
The necessity of Gender-Neutral laws in India
Sou. Sandhya Manoj Wankhade V/s Manoj Bhimrao Wankhade
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Chief Administrator of Huda &Anr. v/s Shakuntala Devi
Permanent Child Custody
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Validity of an Unregistered Sale Agreement
Ambalal Sarabhai Enterprise v/s Ks Infraspace LLP
False and misleading advertisements in India
National Legal Service Authority v/s Union of India and Others
Recovery Procedure in Cheque Bounce Cases
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Ganesh Santa Ram Sirur V/s State Bank of India &Anr.
Recovery Procedure of Consumer Court Cases
Bank Guarantee
M/s M.M.T.C Ltd. & Anr v/s M/s Medchl Chemical & Pharma P
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Can couples get separated without a divorce?
Scope of Arbitration in India
Appointment of Arbitrators
NRIs right to purchase Property in India
Decriminalization of Dishonour of Cheques: a measure contradictory to its purpose
Paternity leave in India
Regulation of Cryptocurrency in India
How can litigants list their cases online?
Validity of Narco-Analysis in India
Remedies against frivolous cases registered against students by the Police
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Death Certificate of a missing Person
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Highlight of important Dishonour of Cheque case laws in 2020
Guidelines to be followed by Registered Medical Practitioners to dispense medicines
Land Mark Judgements on Family Law for the Year 2020
Remedies against harassment by Recovery Agents
Abetment to Suicide
Overview of the Vehicle Scrappage Policy
Rights of husbands in dowry and cruelty-based complaints
Admissibility of E-evidence; Are WhatsApp chats and E-mails admissible in Court?
Triloki Nath Singh V/s Anirudh Singh
Milmet Oftho & Ors. V/s Allergan Inc.
Director of Income Tax II (International Taxation) V/s M/s Samsung Heavy Industries Co. Ltd.
M/s ExL Careers V/s Frankfinn Aviation Services Pvt. Ltd.
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Commissioner of Income Tax V/s Chandra Sekhar
Analysis of Section 41-A of CRPC, 1973
Judgment: Indian Bank V/s Abs Marine Product Pvt. Ltd.
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Witness to a Will
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The consumer is the King in 2020
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Personal Data Protection Bill, 2019
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Consumer dispute Redressal Forum in dealing with Medical Negligence
Validity of Notices.
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Doctors' Bill: Prohibition of Violence & Damage to Property Bill, 2019.
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Demerger
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Motor Vehicle Amendment Act, 2019
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Overview of the Indian Constitution
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Gift Deed
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Consumer Protection ACT, 1986
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Motor Accident Claim Tribunal
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Unjust Compensation - A Doctors Perspective
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Exemption of doctors operating in Emergency Rooms
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Duty of patient to avoid aiding Medical Negligence
Rights of the Patient
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Liability of Medical Negligence under Consumer Protection Act
Laws that affect Medical Professionals in India
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Duties of Doctors
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Medical Consent for treatment in India
Regulation for E - Pharmacy in India
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Guidelines for the prescription of medicines
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India Vs Pakistan: Kulbhushan Jadhav's Case
Contempt of Court
Juvenile Justice Act, 2000
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The Maternity Benefit Act, 1961
Guardian and Ward Act In India
Medical Negligence in India
Procedure to be followed in Civil Recovery Proceedings
Rights of Consumers
Mandatory Registration of Documents and procedure
Rafale Deal And All About The Controversy
Cryptocurrency, especially Bitcoin, has gained popularity throughout the world. It is essentially a form of digital currency or cash that provides an opportunity to its users to make payments without the involvement of banks by utilising encryption technology. Cryptocurrency is like an asset that acts as digital money wherein the currency's ownership is stored, transferred and recorded using a computerised database and encryption technology to secure a transaction. Its main features include the non-involvement of a central authority/ bank to complete the transaction. In this manner, cryptocurrency uses a decentralised control that differentiates it from digital banking under the control of the Central Bank. Bitcoin was the first open-source software released in 2009, facilitating users to make payments through a private currency. Cryptocurrency works through Blockchain technology which acts as a transaction database. Blockchain enables the existence of cryptocurrency since it acts as a distributed ledger technology to maintain records of the transactions made using this digital currency. According to the draft National Strategy on Blockchain, 2021, Blockchain is a distributed ledger technology appropriate for sharing decentralised and transactional data across large networks. This technology removes the need for a central authority to validate the transactions over various networks. Transactions are validated by taking into account the record of transactions kept at each node of the network and the consensus of the participants.
In India, cryptocurrency has become especially popular since demonetisation in 2016, after which the volume of the Indian rupee being traded in cryptocurrency was the highest. Nonetheless, cryptocurrency suffers from various drawbacks such as unreliability, uncertainty, lack of regulatory authority, taxation of cryptocurrency, and speculation. There is no law governing cryptocurrency in India but attempts have been made to regulate it.
Regulation of Cryptocurrency in India
In India, cryptocurrency has been met with reluctance on the part of governmental bodies, especially the Reserve Bank of India (RBI). On 24 December 2013 had issued a press release to warn the users, holders and traders of digital currencies of the potential legal, financial, security and consumer protection issues arising from its use. The press release highlighted the absence of an established regulatory framework and a central authority to control these transactions or redress consumer disputes and grievances. The RBI cautioned the public of high volatility in the value of cryptocurrencies which increases the risks associated with its use. Additionally, it was stated that virtual currencies are prone to illegal and illicit intervention, losses due to hacking, malware attacks etc. It also makes money laundering easier.
Two additional press releases in 2017 were also issued by the RBI reiterating the risks and issues associated with virtual currencies and even clarified that it has not authorised any entity or organisation to operate schemes or deal with cryptocurrency.
Bills proposed to regulate cryptocurrency
The Union government, in November 2017, set up an Inter-Ministerial Committee to formulate drafts of legislation governing digital currencies. The Committee first recommended the Crypto-token Regulation Bill, 2018. This Bill did not propose a complete ban on the use of cryptocurrency but recommended regulation of sale and purchase of these currencies, whether individually or through a broker. Further, the Bill also laid down a prohibition on persons dealing in cryptocurrency from falsely presenting it as securities or investment schemes because of the lack of a regulatory framework. However, these proposals of the Committee were not accepted and, the Bill lapsed.
Subsequently, a second draft Bill, titled the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, was recommended. This Bill entailed an absolute ban on the use of cryptocurrency as legal tender. Sale, purchase, mining, holding, issuance, and otherwise dealing in cryptocurrency was also prohibited. The use of digital currency as a medium of exchange, unit of account or store of value was also not allowed. One could not even trade with Indian or foreign currencies as a basis of credit or for raising funds. The Bill also provided for penalties and offences committed concerning cryptocurrency and its use. It also proposed the introduction of a new digital rupee by the RBI that would act as a legal tender.
Supreme Court quashed the ban imposed by RBI on cryptocurrency
The RBI released a circular on 6 April, 2018 imposing a complete ban on dealing in virtual currencies. In this circular, the RBI directed all entities governed by it to stop facilitating any person in dealing with cryptocurrencies. As a result, all individuals or entities involved in the sale and purchase of cryptocurrencies were barred from operating them. This led to a great decline in the exchange of digital currencies, and many businesses suffered losses.
The RBI circular was challenged before the Supreme Court in Internet and Mobile Association of India v. Reserve Bank of India. The Court quashed the ban imposed on dealing in cryptocurrency in light of the freedom of an individual to practice any profession, trade, business and occupation of his choice guaranteed under Article 19(1)(g) of the Constitution. The Court agreed to the fact that virtual currencies are not a widely accepted medium of exchange, but nonetheless, they have the potential to develop a new and parallel system to money currency, and thus RBI has the authority to regulate its use. The Court held that the impugned circular negatively impacts businesses of all persons engaged in the exchange of cryptocurrency and thus, violated their fundamental right under Article 19(1)(g). Furthermore, the Court also took into consideration that the RBI could not substantiate its claims of any actual harm or loss suffered by it using any data. Thus, the basis of prohibitions imposed by RBI is insufficient and uncorroborated.
Conclusion
The Cryptocurrency and Regulation of Official Digital Currency Bill is set to be introduced in the Lok Sabha in its upcoming session. It seeks to provide for a framework that facilitates the creation and operation of digital currencies to be issued by the RBI. All private cryptocurrencies are prohibited under this Bill except for the promotion of the underlying technology used in cryptocurrency. Although the Bill is a welcome measure, the ban on private trading of cryptocurrency is being heavily criticised. This will ensure a complete monopoly of the RBI on dealing in virtual currency and largely affect businesses in India, considering that India contributes about 2-10% of the world's virtual currency market, which amounts to the US $430 billion.
While the provisions of the Bill are yet to be brought into the public domain, it is being treated as a positive measure as experts believe it is better than a complete ban on the same.
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