RBI, Bitcoin Exchanges’ – Supreme Court Case In India May Drag On

India’s cryptocurrency ecosystem has long been on tenterhooks. The country’s central bank, in April, had asked lenders to discontinue all their banking relationships with virtual currency exchanges by June this year. The ensuing legal battle between the Reserve Bank of India (RBI) and the cryptocurrency bourses is approaching its logical conclusion. Today (Sept. 12), the supreme court is set to begin its final hearing in the case filed by the exchanges against the RBI’s decision, after it was postponed by a day. However, a verdict is unlikely today, believe lawyers. The Narendra Modi government, market regulator Securities and Exchange Board of India (SEBI), the enforcement directorate, and the income tax department, too, are parties to the case. And since none except the central bank has responded to the exchanges’ plea, that may lead to further delay. Earlier, the matter was being heard by a three-judge bench of chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud. “The case has been transferred to justice Rohintan Fali Nariman and no one (except the RBI) has filed a reply.

Typically, the parties named by the petitioner are expected to respond to the charges in court. A copy of the reply is also served to the petitioner who can then file a counter-argument. “If this was a civil suit, the bench could have even decided to give an ex parte judgment (a verdict delivered even when all parties in the case are not present). However, this is a constitutional case and an ex parte judgment is unlikely, and it may end up slowing down the entire hearing process,” said a lawyer representing the exchanges, requesting anonymity. Government agencies are usually under no compulsion to file such a reply. The RBI’s reply was submitted on Sept. 08, wherein it explained why it is uncomfortable with cryptocurrencies and also argued that it is well within its power to regulate the ecosystem. However, the exchanges’ lawyers have argued that the RBI has touched upon only selective topics in the debate.

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There are numerous views and theories held by supporters and deniers of the process known as “UCC/Redemption.” This study will look at some of the main subjects that are discussed about the redemption process. There are various contingents involved, as well as facts that have been disclosed by different sources concerning the information. What is a birth certificate. Is it a negotiable instrument? Is it a promissory note? Does it have commercial value? Is it a transactional instrument? Is the birth certificate that is kept on record at your local County and/or State a contract? Does your birth certificate give the state, and tragically in the end, the federal government control over all past, present, and future transactions which the individual named on a birth certificate enters? What Is the UCC Redemption Process? Will the filing of an uniform commercial code (UCC) financing statement, addendum and/or change statement/amendment include all transactions, civil matters, as well as any criminal activity? If a person follows the UCC redemption process steps will they gain any actual value through the federal government? Will there have to be some value given in return?

Or is the entire UCC redemption process a deceptive maneuver, or trick, that will only bring about greater retaliation by the government agencies upon individuals associated with the process. The majority of lawyers view the entire UCC process only in terms of litigation, and adjudication. The truth is that UCC is legislated by administrative law that systematizes the rules for all commercial transactions between nations, states, and even between individuals. The courts do acknowledge that they do not possess either the authority or jurisdiction to alter or nullify any of the articles of the UCC. The courts will only consider those gray areas as to “Who holds the superior position”? The party that filed the UCC first, or the one who consummated it first? Once a person files a UCC form, and it is registered by a state’s UCC office, the filing of that document becomes a legal document. It becomes part of the public record. The person that filed the document is the secured party when it comes to the UCC filing. This is a fact of legal procedures. The UCC department employees of each state become the curators and are compelled to follow very specific procedures and rules.

If the UCC filing complies with all the stipulations of those rules and procedures, then by law the document needs to be recorded. There are minor diversities in the subsections of the UCC from one state to another, and even between counties. For the most part, the majority of the commercial rules and procedures will be the same globally. They will be uniform. Hence the title of Uniform Commercial Code. Every state within the United States has UCC filing offices. There are offices in every U.S. U.S. There are even UCC filing offices established in foreign nations. It is an administrative action when an UCC form is filed, accepted, and recorded by the UCC office. It will be stamped with a file number, date, hour, and the exact minute of filing. The UCC financing statement (UCC-1) commissions a secured party’s status in a commercial transaction allowed by the articles of the UCC, as well as assorted sections of the United States Code that deal primarily with property.

The secured party may make changes to the UCC financing statement (UCC-1), if they file an Amendment (UCC-3) which makes reference to the original UCC that was filed. Do not mistake the facts. The UCC deals only with secured or vested interest. However, the facts are clear. The UCC deals with secured, vested interest, and/or the possession of the property. It does not deal with the title at all. The title is a different discussion. The first question to discuss is the question of the birth certificate. Is it an instrument of commerce? Is it a promissory note? Does it have any actual commercial value? The answer to each of these questions is NO, or at least it should be! When a child is born, a document is prepared which is an authorization to produce a Certificate of Live Birth. The parents and/or the doctor are given an application which is ultimately a commercial contract. They will endorse as to their witnessing the creation of both the child, and a commercial document.

The document created at birth is an application for a Federal Certificate of Live Birth. It is evidence that there has been a commercial contract set up. In a few weeks, the actual Certificate of Live Birth, which was based on the application, is handed over to and filed in Washington D.C. The Certificate of Live Birth is a bonded instrument. On the reverse of the certificate is a single letter (A-N) followed by eight numbers. In recent times the same serial number of the bond is stamped on the back of a Social Security Card. The second thing to discuss is the original birth certificate itself, which is prepared in the county of your birth, at the time of birth. Is it a contract, giving the state control over everything associated with the individual named on the certificate? The document prepared at birth is not a contract. It has no commercial value.

This birth record is evidence that a live birth has transpired. This information is then disseminated throughout the various federal, state, and county district levels. It is irrefutable evidence that a living, breathing, person was born, and its existence would be registered. Even those born on foreign soil are registered with either a certificate of naturalization, citizenship, or some other type of document which gives them authorization to remain in residence in the country. It is public agencies that specify the name on the document to be an actual person, not just a commercial entity. How Does a Birth Certificate Have Value? It is not the birth certificate that has value. It is the bond on a commercial entity. At the time of registration, the Corporation of the United States, through its Treasury Department, creates a bond. This bond is also known by the human’s name in capital letters. It is a strawman that is created to be used in all legal and financial matters.

More on this later. The bond number itself can be found on the actual Certificate of Live Birth, on the back of the document. Once the county birth record is received by the federal government, the bond is created. Once both of these actions occur, the federal government releases the Certificate of Live Birth announcing the creation of a new revenue source. The value of the bond is based on the power of the state to tax the future wealth, and property, of the human being named on the document. 650.000 dollars. There is a catch, however. Any profit which is created by the investment during the life, right up to the death of the individual, of every living, breathing, male or female, remains the property of the state. All property is considered to be owned by the Corporation of the United States. This is easily seen by the seizures without due process which occur daily. The foreign bankers served notice of this fact to the government of the United States.

The Roosevelt administration reacted between January and July of 1933. Since 1933, every birth or naturalization record for every citizen of The United States is filed in the official records in Washington D.C. This also turns all property and every asset belonging to every living, breathing United States citizen into collateral for the national debt. The first to receive the document is the County Health Commissioner. Next in line would be the Secretary of State. The final copy is received by the Department of Commerce even though the documents themselves are not kept in their offices. The time frame for each Certificate of Live Birth to be filed in D.C. There is even evidence of a Federal Children Department which was established by the passage of the Shepherd/Townsend Act of 1922 under the Department of Commerce that is somehow affiliated with this process. There have been IMF’s that track commercial activity in the billions attached to individuals earning around fifty thousand dollars a year. The government is utilizing both their name and assets to trade in drugs, crude oil and various other commodities.