Colour Merchants Co Op Bank Ltd vs Reserve Bank Of India on 4 July, 2024
(viii) Internet and Mobile Association of India vs. Reserve Bank of India
(supra). Paragraphs 36, 42, 43, 44, 46, 49, 189 to 192 read as under:-
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1 - 10 of 92 (2.16 seconds)Piyush Bokaria vs Reserve Bank Of India on 30 September, 2020
There
is no dispute with the said proposition, but the judgment in the case
of Internet and Mobile Association of India (supra), in
paragraphs extracted herein above, explains the level of deference
of judicial review in such matters. The said judgment, therefore,
cannot be said to have laid down a ratio that is alien to the issue
involved on the facts of the present case.
Mr. Akshay N. Patel vs Reserve Bank Of India Thr. Shri Vivek ... on 8 October, 2020
43- Shri Abhinav Malhotra, learned counsel for the petitioner has
placed reliance upon a judgment delivered by the apex Court in the
case of Internet and Mobile Association of India Vs. Reserve Bank
of India reported in 2020 SCC OnLine SC 275 which was in respect
of Digital Currency / Virtual Currency / Cryptocurrency and his
contention is that a complete ban by Reserve Bank of India in respect
of Digital Currency was struck down being violative of Article 19(1)(g)
of the Constitution of India.
M/S Chamunda Construction Company vs State Of Himachal Pradesh And Others on 28 September, 2020
37. All the aforesaid judgments have in turn now
been considered and approved by three Judge Bench of
the Hon'ble Supreme Court in Internet and Mobile
Association of India vs. Reserve Bank of India (2020)
3 Madras Law Journal 541, wherein it was observed as
under:
Rajeev Suri vs Union Of India on 5 January, 2021
In addition to arguments set forth in previous petitions
regarding need for empirical data, the petitioners herein have
placed reliance upon K.S. Puttaswamy (Retired) & Anr. (II) v.
Union of India & Anr.74 and Internet and Mobile Association
of India v. Reserve Bank of India75 in the written submissions
to reiterate the need for proper/empirical independent studies
before taking actions in larger public interest. Reference has been
made to Internet and Mobile Association76 to support the view
that empirical data is essential to understand the degree of harm
and a decision based on lack of proper studies must fail the test of
proportionality. The requirement of conducting proper scientific
studies is also borne from Article 9 and 10 of Venice Charter for
the Conservation and Restoration of Monuments and Sites, 1964.
Anantkoti Fabrics A Partnership Firm ... vs Bank Of Baroda on 26 February, 2021
(4) judgment in case of Internet And Mobile
Association of India Vs. Reserve Bank of
India, reported in (2020) 10 SCC 274.
Junglee Games India Private Limited vs The State Of Tamil Nadu on 25 February, 2021
36. A more recent judgment on virtual currency reported at
(2020) 10 SCC 274 (Internet and Mobile Association of India v.
Reserve Bank of India) has been cited by the petitioners for the
____________
Page 37 of 93
https://www.mhc.tn.gov.in/judis/
W.P.Nos.18022 of 2020 etc.
discussion therein on the challenge to the impugned Reserve Bank
circular on the ground of Article 19(1)(g) of the Constitution and the
doctrine of proportionality. At paragraph 193 of the report, the court
observed that the imposition of any restriction on the exercise of a
fundamental right may be in the form of control or prohibition; but
when the exercise of a fundamental right is prohibited, the burden of
proving that a total ban on the exercise of the right alone may be in
public interest "lies heavily upon the State."
Junglee Games India Private Limited vs The State Of Tamil Nadu on 25 February, 2021
36. A more recent judgment on virtual currency reported at
(2020) 10 SCC 274 (Internet and Mobile Association of India v.
Reserve Bank of India) has been cited by the petitioners for the
____________
Page 37 of 93
https://www.mhc.tn.gov.in/judis/
W.P.Nos.18022 of 2020 etc.
discussion therein on the challenge to the impugned Reserve Bank
circular on the ground of Article 19(1)(g) of the Constitution and the
doctrine of proportionality. At paragraph 193 of the report, the court
observed that the imposition of any restriction on the exercise of a
fundamental right may be in the form of control or prohibition; but
when the exercise of a fundamental right is prohibited, the burden of
proving that a total ban on the exercise of the right alone may be in
public interest "lies heavily upon the State."
Shree Sai Siddhi Trends vs Bank Of Baroda on 26 February, 2021
(4) judgment in case of Internet And Mobile
Association of India Vs. Reserve Bank of
India, reported in (2020) 10 SCC 274.
Akshay N. Patel vs Reserve Bank Of India on 6 December, 2021
Adverting to the
facts of this case, the RBI is empowered by FEMA to manage, regulate, and
supervise the foreign exchange of India. It is trite law that courts do not interfere with
49
PART C
the economic59 or regulatory60 policy adopted by the government. This lack of
interference is in deference to the democratically elected government’s wisdom,
reflecting the will of the people. As held by a three-judge Bench of this Court in
Internet & Mobile Association (supra), the regulations introduced by RBI are in the
nature of statutory regulation and demand a similar level of deference that is
accorded to executive and Parliamentary policy.