Indian banks are open to cryptocurrencies – News

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Some banks now allow their customers to buy Bitcoin and other crypto currencies after performing payment due diligence tests.

Question: It looks like investors are dealing with cryptocurrencies in India again. I am confused because previously this was not possible based on a circular from the Reserve Bank of India.

Answer: In 2018, the Reserve Bank of India banned banks from allowing its clients to trade cryptocurrencies. However, in February 2020, the Supreme Court overturned the circular issued by the Reserve Bank. As a result, some banks now allow their customers to buy Bitcoin and other crypto currencies after performing due diligence tests on payments, verifying suspicious transactions, and ensuring that crypto currency customers and exchanges comply. anti-money laundering and KYC standards. As India moves towards a transparent regulatory framework, banks are open to providing cryptocurrency services. This is done through the UPI platform. However, these transactions are currently not permitted through online banking or the use of a debit card.

Q: Some real estate developers do not respect the delivery schedule for the apartments built as stipulated in the contract. Is it possible for the client to request reimbursement of the amount paid with interest in the event of a default committed by the developer by not completing the construction on time or by not providing the amenities stipulated in the contract?

A: In the event that a real estate developer fails to meet its commitments, buyers would have the right to file complaints with the Real Estate Regulatory Authority. This can be done if there is a delay in the delivery of the completed apartments / apartments or if unilateral changes are made to the layout of the apartment by the builder after registration of the contract. Complaints can also be filed if the builder has reneged on certain amenities promised in its advertisement, brochure or other advertising material. Maharashtra’s real estate appeals court upheld buyers’ grievances when the real estate developer violated the deal or reneged on its commitments. This order of the appeals court was upheld by the Bombay High Court, which ordered the builder to reimburse the amount together with the interest thereon and also to pay appropriate compensation.

Q: My father who lives in Chennai is an elderly person and is not in good health. He put money into a retirement savings plan and post office term deposits. He wants to close these accounts and withdraw the money. Is it necessary for him to personally go to the post office which may not be possible given his physical condition?

A: Until recently, the depositor was required to personally visit the post office to make withdrawals or to close the account. This created undue hardship for the elderly or the physically disabled. Thus, as of August 2021, the Post Office issued a circular that when a depositor is an elderly person or suffers from an illness or physical disability, he can close his account or withdraw funds. through an authorized person. The authorization letter should be presented by the depositor in the prescribed form and the person so authorized would be required to provide appropriate identification documents when visiting the post office for the withdrawal of funds or the closure of the account.

HP Ranina is a practicing lawyer specializing in tax laws and foreign exchange management in India.

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