The Supreme Court of India declined to grant an interim injunction against the Reserve Bank of India (RBI) circular banning banking services for companies dealing in cryptocurrency, according to a Twitter post by Crypto Kanoon May 11. Crypto Kanoon is a team of Indian lawyers engaged in crypto regulatory analysis and legal awareness.
11 different representatives from various crypto-related businesses who filed a petition with the Indian Supreme Court sought an interim injunction against the circular. Court documents confirm that the injunction was denied and the case is still pending. The case will be heard again on May 17. An interim injunction is a provisional measure sought during legal proceedings, before trial, requiring a party either to do a specific act, or to refrain from a specific act. They are intended to prevent unjust circumstances pending trial.