Without wasting much time with the introduction, let’s crunch numbers and straight-up facts.
More than 3.3 crore cases pending in India as of June 2018. Off which, 43 lakh is contributed by High Courts(HC) and 57987 cases are by Supreme Court (SC)
As of 2017, the number of pending cases reached 2.8 crores, contributing to which was 41.52 lakh by HC and the pendency in SC reached up to 58438 as of mid-2017.
The total number of cases pending in HC 42 lakh and 60000 cases in SC. And the total cases amount to 2.7 crores.
The list could go on, the number of cases as per the above inference is obvious. The cases are stacking up, adding up and will add up, all we have to do is wait and watch.
Reasons Why the Cases are Adding Up?
About 5 crore cases are filed every year, the courts manage to dispose of about 2 crores of them, at best.
The number of judges is very low compared to the number of cases pending. Former Chief Justice laments the meager number of judges and courts and blames the center for stalling the appointment of judges. He has also increased the number of judges from 21000 to 40000.
The budget allocations to the judicial systems are about 0.2 percent to 0..4 percent, which is very little compared to a massive 3.3 crore cases pending for 10 years. Both the center and state have turned a blind eye to increase the number of courts and judges.
More than half of the pending cases are by the government itself. The litigation from the government’s end is high. The quality of the court’s decreases to move down the system. The Indian judicial system has failed to attract good minds and specialists. Contributing to the pendency.
India is a country known for its tradition, we have to respect that. But archaic laws are to this date present and used in the courts. The laws drafted in the 1880s, almost a century old are used to fight in the courts of modern India.
The common man has gained a lot of insight and awareness in the last couple of years. RTI Right to Information, PIL – Public Interest Litigation in India, have caused the people to discover their rights and file for cases. The more aware the people become the more cases they start filing to get justice and the courts aren’t doing a great job in keeping up with the public.
As mentioned above, we can discuss this at lengths and still reach no fruition. Why is all this important, you may even ask?
India And Cryptocurrencies
One among such cases is the cryptocurrency and the blockchain cases stuck in the courts of India, against RBI and the people. With its introduction in 2008, blockchain and cryptocurrency have taken over the world, bringing radical changes in the fundamental thinking of currency and financial system. Most countries were at first, taken aback, but eventually came to terms with it and acted accordingly to harness the good and regulate the evil.
The United States of America, decide to regulate it as property for tax purposes, as per Wikipedia. The list of countries who view it as an advantage far exceeds the list of countries. And so did many other countries, while banning the banks getting involved in cryptocurrencies.
This link has a detailed list of countries that support and rejects cryptocurrencies. RBI has had its eye on this matter ever since 2013, the first advisory was published on December 24, 2013, and published two more in February and December 2017.
The aim of these advisories was to warn people about the inherent risks of cryptocurrencies due to the high volatility. RBI did just that and it even banned the banks in involving with transactions related to cryptocurrencies. Ever since then, people have been trying to reverse this decision by filing petitions and trying to involve the Supreme court of India.
RBI first announced the ban on the banks,
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies],” the bank said in a statement.
RBI directed all banks on April 05, but the official ban kicked in on July 06. And has been this way since then. A number of petitions have been filed to argue the stance taken by RBI. This has caused a lot of turmoil in investors and traders all across India and the price of bitcoin fell by 10 percent as a result.
IAMAI (Internet And Mobile Association of India) along with many others have filed petitions. The petitions claim that RBI has violated,
- Article 19 (1) (g) (Right to practice any profession or to carry on any occupation, trade or business to all citizens) and
- Article 14 (Right to Equality) of the Indian Constitution.
But RBI cleverly responded saying that “The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have,” and then asks SC to stay out of this matter.
This case was set to be heard on September 11, 2018, which was successively postponed to September 24, September 28, and finally on October 3.
The crypto exchanges have put forth very strong arguments against RBI banking ban in the SC. Writ Petition (Civil) no. 373 of 2018 under Article 32 was filed by four cryptocurrency exchanges viz. Koinex, CoinDCX, Throughbit, and Coindelta.
The case is yet to reach a conclusion, like many other cases, cases pending since a decade. Imagine the money wasted, most importantly imagine the time wasted in pursuing these cases.
There needs to be a very drastic change in the judicial system and how the cases are addressed. There also needs to be a fresh set of eyes to look into the matter of cryptocurrencies which is unbiased. Consider the risks and the profit equally and then pass the judgment.
Many countries, like Switzerland and Singapore, have been pro-crypto, they’ve been trying to improve their rules to help innovation. Not trying to sabotage the idea altogether, just because there are a few risks.
The risks all over the world are the same, the exchanges being open to hacking, people losing money by not educating themselves before investing, falling into ICO schemes and other Ponzi schemes related to Bitcoin and other cryptocurrencies. But other countries are trying their best to improve the rules and regulations despite the attacks and hacks.
Read some more related news here:
- “There’s No Unit Created Formally,” Says RBI in RTI Query
- RBI Asks Supreme Court of India to Stay Out of Crypto Decisions
- The Final Supreme Court Battle Begins on RBI’s Crypto Banking Ban
Image Credits- Thevantagepoint, Indiaopinion, ytimg