In Brief
Internet and Mobile Association of India challenged an RBI circular that effectively restricted banks from providing banking services to cryptocurrency-related entities. The RBI argued it had exclusive monetary policy authority and did not directly freeze accounts, but the Court found this response lukewarm and unjustified. Since the petitioner's activities were not declared unlawful and RBI conceded no direct freeze order was issued, the Court held RBI must direct de-freezing of restricted accounts and release of funds, balancing regulatory authority with legitimate business access to banking services.
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