c. Information Description:
Press release in BussinessLine( published by THE HINDU group) on above mentioned date.
A copy of this issue is available at (I will mention the link here in actual form.At present I have 2 posts only so cannot post url here).
1. Does RBI agree that it is the press release made by RBI ?If yes then, why it is not mentioned at all in any section or part of RBI's official website?
2. Can 2 Indian Citizens( excluding dual citizenship holders) can exchange INR to digital currency and vice versa amonst themselves without the involvement of any Central/State government body/Private organization/body?
3.In the press release it is mentioned as quote from RBI
"The Reserve Bank clarifies for the information of (the) public that `e-gold' is not a currency of any sovereign state. Use of `e-gold' in any transaction is violative of current regulations in force in India. Members of the public, banks, money-changers and other financial institutions are, therefore, cautioned against the use of `e-gold' as a currency in their transactions."
Transactions as it is stands for buying goods or services in exchange of something that has value.This implies that "egold" cannot be used for paying bills,buying services and comodities and send remittances into India (which I fully accept and understand). As niether INR nor digital currencies are goods or service, both have value and can be legally exchanged then(if not then by paying tax to government for such exchange like in case of Foreign currency exchange).I request RBI to explain this contradiction.
4.If at all it is illegal,then what are the punishment associated with such and exchange of digital currency to INR and vice versa without involvement of any Government/Public/Private body or organization?
5. In the news release it is strictly mentioned for "egold" and no other digital currency.Does this imply that Liberty Reserve,Paypal,MoneyBookers, ebullion ,Pecunix etc are exempted?If not then is there any digital currency which is legal to be exchanged amongst Indian nationals without involvement of RBI/any other governement body/private organisation?It is simple exchange of digital currency to INR and vice versa acceptable by 2 people who are doing so.(for example one gives 100LR in exchange of Rs 4500.)
6. If at all it is illegal,then why it is against law of the land in India only(other countries where it is banned are suffering civil war or extereme form of domestic terrorist activities.Niether of them is true with respect to India)? It is legally allowed in more than 200 countries of the world.
Preffered language of said information is : English.
Further it is submited that the information is
Required by post(preferably speed/registered post).
Enclosed:Rs 10/- by way of DD.
Signature & Thumb Imp.
Name: Navneet Pandey
Please friends.Come and point out the mistakes.I will be obliged for all suggestion and comments!!!