In a significant advancement for India’s cryptocurrency sector, the Madras High Court acknowledged cryptocurrency as a “property” under Indian law while dismissing a plea filed by a crypto investor whose holdings on the WazirX exchange were frozen following a cyberattack in 2024.
The recent judgment delivered by the Madras High Court in Rhutikumari v. Zanmai Labs marks a pivotal judicial intervention and provides an important pronouncement on the nature of cryptocurrencies and the rights of Indian investors. It influences the ongoing discourse in a domain where legislative measures have been notably absent. Although the decision primarily aims to provide interim relief to a single investor, its implications extend to the millions of Indian Virtual Digital Asset (VDA) users operating within a market that the government taxes but does not formally regulate. Beyond its immediate scope, the judgment exemplifies the judiciary’s role as a constitutional check in shaping rights within the digital age. It exemplifies a scenario where persistent legislative inertia has compelled the courts to step in to uphold constitutional balance.
Proposed legislations, including the ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019’ and the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,’ have not advanced beyond the draft stage. Conversely, the government has enacted a rigorous tax regime, imposing a 30% tax on gains and a 1% tax deducted at source on all trades. This creates a paradoxical situation wherein the industry bears a substantial tax burden while lacking formal legal protections. Such legislative inaction exposes millions of Indian users to risks including fraud, cyberattacks, and insolvency of international exchanges.
What precisely constitutes a cryptocurrency? Mirroring the Supreme Court’s observation in Internet and Mobile Association of India v. Reserve Bank of India, the High Court referenced the Vedic concept of “neti, neti” (“not this, not that”) to illustrate the challenge of defining this modern digital phenomenon. The court recognized that the term “currency” is misleading, as its valuation is not determined by a sovereign authority but by the consensus between willing buyers and sellers. Equally, categorizing it as a digital “asset’ remains complex. The High Court’s ruling carefully differentiated crypto as property, not currency, thereby resolving an interpretive deadlock faced by regulators and courts worldwide.
Key conclusions of the judgment includes Recognition of Cryptocurrency as “Property”. The court, for purposes of granting interim relief, classified the user’s holdings as an “asset.” This approach aligns with the perspectives adopted by courts in the United Kingdom, Singapore, and New Zealand, which have acknowledged cryptocurrencies as a form of intangible property capable of ownership and trust. This judicial recognition constitutes a crucial initial step towards establishing a legal framework for remedies. Furthermore, the court endorsed the legitimacy of cryptocurrencies by noting that, under Indian law, they are treated as VDA and not as speculative transactions as delineated and recognized by statutes.
The e₹ (e-rupee) is set to function as legal tender in a digital format, with major banks in India gradually informing their customers about its applications. The objective is to integrate digital currency into everyday financial transactions, much like how ATMs and credit cards are used today.
where Rs 10,000 in digital rupees was directly transferred to 12,000 women quickly, securely, and without intermediaries. This transaction demonstrated the potential for digital accountability, illustrating how CBDCs can enable targeted financial support for specific purposes, thereby transforming governance and welfare distribution.
A young Malayali woman, Minta Rose Santy, ranked fourth globally, out if the One hundred seventy-one young medical doctors from 16 countries Italy, India, Great Britain, Germany, Greece, Finland, Canada, Bangladesh, Ireland, Pakistan, Spain, Portugal, Turkey, Iraq, Netherlands, and Zimbabwe completed their studies at the graduation ceremony held last week in Bulgaria-Plavan.
Minta Rose Santi, a native of Kothamangalam, has achieved the rare feat of honors and fourth rank. This is also a proud moment for Malayalis all over the world. This young doctor is the daughter of Kothamangalam Thekilakat Kudumbayogam Secretary, Global Indian Council Ambassador, and Director of Thodupuzha Global Indian Public School Mr.Santy Mathew Madappattu. Mother Lovely Santy, Siblings – Linta Maria Santy (Engineer – Bank Officer in Switzerland) and Emmanuel M Santy (IT Student – Canada), who completed 6 years of studies and graduated with Honors, Minta is also the winner of the “Best Student of the Year” award of the University 2023. Also, Minta Rose has become the First in Asia and the fourth winner globally.
The F1 World Championships season consists of a series of races, known as the Grand Prix, held usually on purpose-built-in circuits and, in a few cases, on closed city streets.But it is going live in the busy streets of Las Vegas, with enough modifications and protections erected in the brightly lighted streets inside the city itself.
The side stories revolving around the main story of intense fights and gun shots, first the Ayushmaan’s character then his girlfriend’s journey, and her father’s ideology; also the Tiger Sangha, the Johnson group & local people, the Indian Government etc. From starting to end movie tries to focus on multiple aspects which actually resulted in undercooked fun. First of all, you lose the lead where the story wants to focus, the lead character is missing in half of the film, romance is on low profile and undeveloped, and many of the characters like J.D.Chakravarty’s had nothing to do with it. This movie is quite confusing but well-written dialogues and brings a good concept of Northeast Indian people and how and why they become rebellious where the Indian Government is responsible for not treating North Eastern Indian people equally.
Last week measured at 1,044.03 feet, its lowest elevation since the lake was filled in the 1930s. If the reservoir dips below 895 feet — a possibility still years away — Lake Mead would reach dead pool, carrying enormous consequences for millions of people across Arizona, California, Nevada and parts of Mexico. A dead pool would not mean no water was left in the reservoir, but even before Lake Mead was hit, there were concerns that water levels could fall so low that hydroelectric power production would be hindered.
Some common examples of Medicare fraud include billing for services that were not provided, over billing, billing unnecessary services, misrepresenting dates of service or providers of service, and paying kickbacks for patient referrals.
When U.S. troops withdrew from Kabul’s Hamid Karzai International Airport within the stipulated time, the nation’s most prolonged war cost was more than $ 2.3 trillion. During the last 20 years, more than 2,400 U.S. service members have been killed in Afghanistan alone. World astonished to hear that even while retrieving, thirteen U.S. soldiers were killed in the latest suicide bombing in Kabul Airport. Taliban’s praise of China is aimed at gaining recognition for their government at the international level by establishing links with power like China. China and Pakistan are now the only countries in the region that fully support the Taliban.