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Navneet Pandey IIT Kanpur

Whom to Ask the Question?Please help me.

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Navneet Pandey IIT Kanpur

I am a student in IIT Kanpur.

I want to start up a bussiness for digital currency Exchange(as part time).

Example of Digital Currencies - egold,Libertyreserve,Paypal,MoneyBookers.

 

Actually problem is that on 21 Nov 2002, a newpaper "BussinessLine" has published this piece of information.

Sorry cannot post the URL.Please check by typing "egold illegal india" in google.

 

The summary of this report is "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." This is said by RBI.

 

I have searched on RBI official website and Indian Penal Code website.Niether of them make even a single note of it.Even the RBI press notification section doesn't have any mention of it.

 

 

Now I want to file a RTI to find out whether it is legal to buy/sell/exchange these digital currencies within India or not.

 

WHOM SHOULD I ADDRESS MY QUESTION?

RBI?

If RBI, then who is the PIO?

I am completely unknown with RTI and found it too informative on RTI official website.

 

Please tell me-

1)Whom should I address the question?

2)What to write in RTI application?

3)Who is PIO?

4)What is the mode of payment acceptable to them?

 

Can any body help me out?It will be a heavenly gift to me!!!!!!!

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10 answers to this question

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karira

Navneet,

 

1. You can adress your RTI Application to:

 

 

 

 

Chief Public Information Officer (CPIO)

 

Shri V.S.Das

Executive Director

Reserve Bank of India

Central Office,

Mumbai – 400 001 022-2262 1382 022 – 2267 9095 cpiorbi@rbi.org.in

 

Alternate CPIO

 

Shri H.N.Prasad

Principal Chief General Manager

Reserve Bank of India

Central Office,

Mumbai – 400 001 022-2266 0854 022-2265 8934 cgmincdapm@rbi.org.in

 

2. In the application, you can ask for the exactly the information that you need.

You can aslo ask for copies of circulars, notes, files, etc.

 

3. The payment can to be made by IPO (Indian Postal Order) of Rs. 10.00 towards application fee.

 

Please visit the Guide segment (link available on top right of every page) of this portal to learn more about how to draft a RTI Application, How to Pay fees, What are the RTI Rules, How to Submit application etc...

 

Once you have a draft ready, you can post it here and members will be able to guide you in improvements or corrections if any.

 

PS: CPIO is Central Public Information Office, since RBI is a Public Authority under the Centre, for the purpose of RTI.

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Navneet Pandey IIT Kanpur

Thank you karira.Thank you for prompt reply.

I have created a created a draft of application.

I will be obliged and grateful to the members of RTIIndia for making any corrections/providing suggestions or any help for that matter.

 

Place :IIT Kanpur,UP

Date :29/06/2008

 

To -

The Central Public Information Officer

Shri V.S.Das

Executive Director

Reserve Bank of India

Central Office,

Mumbai – 400 001 022-2262 1382 022 – 2267 9095

 

 

From -

Navneet Pandey (Roll No.-Y7252)

Room No. - 367, Hall 2,

IIT Kanpur,

Kanpur 208016

Uttar Pradesh

Sub : Information under RTI Act, 2005.

Sir/ Madam,

 

The undersigned here by require the following particulars of information

a. Subject matter:

Legal issues associated with exchange of digital currencies(like egold/Liberty Reserve/Paypal/ebullion etc) with INR and vice versa by 2 Indian Nationals(excluding NRIs and dual citizens) without involvement of any Govenment body/Private body or organisation.

b. The period to which the information relates: 6 Nov 2002, Wednesday.

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!!!

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karira

Navneet,

 

There are several issues which you have raised in the application draft which the PIO will not answer.

 

Under RTI, you can only ask for "information" (please see definition of "information" in the Guide segment) but cannot ask for the Opinion, Advice, Interpretation, etc. (unless ofcourse they are already available on record).

 

Since your main aim is to know what are the rules and regulations for such activities in India as well as if they are legal or not and what is the penalty/punishment, if any, I have redrafted your application and it is attached in word format.

 

Just go through it, think about it for a day or two, and revise it again if necessary.

Navneet RBI RTI.doc

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murgie
Navneet,

 

There are several issues which you have raised in the application draft which the PIO will not answer.

 

Under RTI, you can only ask for "information" (please see definition of "information" in the Guide segment) but cannot ask for the Opinion, Advice, Interpretation, etc. (unless ofcourse they are already available on record).

 

Since your main aim is to know what are the rules and regulations for such activities in India as well as if they are legal or not and what is the penalty/punishment, if any, I have redrafted your application and it is attached in word format.

 

Just go through it, think about it for a day or two, and revise it again if necessary.

 

Dear Navneet:

 

I wonder is you have tied yourself in semantic fetters. Using the term "digital currency," etc I think you've confused yourself unnecessarily. I've used Paypal from your list, and something called CCAvenue :: Merchant Account, Credit Card Processing & Payment Gateway that several desi vendors selling books, DVDs, etc seem to favour. These are just intermediaries rendering invoice and bill collection services, claiming to offer more convenience and security. By using them you're giving bank or credit card information to the intermediary, and giving them permission to debit your account for a specified sum. If this is illegal then a whole host of credit and payment transactions will also be illegal. So it is very likely that there is just an elementary misunderstanding here.

 

That said, if you still think an RTI request is appropriate, study Karira's last post and his suggested new draft very carefully. You can send RBI your RTI request on email to the CPIO Shri VS Das. It helps to also call their office. Their RTI folks are not as instinctively anti-people as the folks at many other PAs, and at least their Appellate Authority, Deputy Governor Dr. Rakesh Mohan, has sometimes shown interest in giving meaningful answers. But it is an enormously bloated bureaucracy where each small detail has to flow down and up 10-20 levels of their hierarchy (my impression is that each word they write is separately vetted by 11 different departments). RBI is accustomed to a very liberal version of Indian Standard Time: don't lose heart if they never meet any RTI deadline ... they are just brought up that way. Best,

 

Murgie

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ajaykorba
I am a student in IIT Kanpur.

I want to start up a bussiness for digital currency Exchange(as part time).

Example of Digital Currencies - egold,Libertyreserve,Paypal,MoneyBookers.

 

Actually problem is that on 21 Nov 2002, a newpaper "BussinessLine" has published this piece of information.

Sorry cannot post the URL.Please check by typing "egold illegal india" in google.

 

The summary of this report is "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." This is said by RBI.

 

I have searched on RBI official website and Indian Penal Code website.Niether of them make even a single note of it.Even the RBI press notification section doesn't have any mention of it.

 

 

Now I want to file a RTI to find out whether it is legal to buy/sell/exchange these digital currencies within India or not.

 

WHOM SHOULD I ADDRESS MY QUESTION?

RBI?

If RBI, then who is the PIO?

I am completely unknown with RTI and found it too informative on RTI official website.

 

Please tell me-

1)Whom should I address the question?

2)What to write in RTI application?

3)Who is PIO?

4)What is the mode of payment acceptable to them?

 

Can any body help me out?It will be a heavenly gift to me!!!!!!!

 

Dear navneet

Hello

1- You adress your quaries to

Shri Arvind Mayaram

Joint Secretary (Infra & IT),

Department of Economic Affairs,

Room No. 73, North Block,

New-delhi

2- write what information do u want and in ehich formate photocopy or in C.D.

3-

Mr Sumantra Pal, Asstt. Advisor& CPIO, Eco. Division, T.No 23095140

4- mode of payment is for application Rs 10 in either DD or postal order or money order any one of them

any other information pls contect me 098931-99963 ajay kumar

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gangoh

kya koi mitr is vishy par fir se jankaaree degaa.........

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dr.s.malhotra

plz detail your queries .

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gangoh
I am a student in IIT Kanpur.

I want to start up a bussiness for digital currency Exchange(as part time).

Example of Digital Currencies - egold,Libertyreserve,Paypal,MoneyBookers.

 

Actually problem is that on 21 Nov 2002, a newpaper "BussinessLine" has published this piece of information.

Sorry cannot post the URL.Please check by typing "egold illegal india" in google.

 

The summary of this report is "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." This is said by RBI.

 

I have searched on RBI official website and Indian Penal Code website.Niether of them make even a single note of it.Even the RBI press notification section doesn't have any mention of it.

 

 

Now I want to file a RTI to find out whether it is legal to buy/sell/exchange these digital currencies within India or not.

 

WHOM SHOULD I ADDRESS MY QUESTION?

RBI?

If RBI, then who is the PIO?

I am completely unknown with RTI and found it too informative on RTI official website.

 

Please tell me-

1)Whom should I address the question?

2)What to write in RTI application?

3)Who is PIO?

4)What is the mode of payment acceptable to them?

 

Can any body help me out?It will be a heavenly gift to me!!!!!!!

 

 

sir mai is tarah ki site ki tayree kar rahaa hu ! is baabat krpyaa jaanakaaree de ! hindi me bataaye to jyada acha hogaa

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gangoh

mitr ab koi jawab to do

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dr.s.malhotra

plz read the whole thread , the answers are already there .

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