Banks May Impose Debit Freeze On Suspicious Accounts - Kerala HC & Directs RBI

[TSen]

No need to mention that banks are already on this, they are deliberately active on freezing accounts for whatever reasons.

But unfortunately this time, court is here to back them to do the same on their own discretion. It means, no need of any official complaint. If a bank employee feels about any suspicious transactions in a bank account, they may go for freezing the balance from withdrawing.

For more information, please follow this link: https://www.livelaw.in/high-court/kerala-high-court/guidelines-freezing-suspicious-accounts-rbi-frame-sop-310857


I am seeing this as just another reason that I must work on full fledged to live a life without any bank account. I am sure that it would be nearly impossible still may need to explore more methods to find out the possibilities.

One possibility would be buying gift cards for crypto and using them for groceries and daily needs. (We can do this with amazon, swiggy instamart and big basket).

If you are into a day job, withdraw all your salary just after the credit of it and use cash everywhere and do P2P for crypto buying from your colleagues.

[Cointikka]

I am seeing this as just another reason that I must work on full fledged to live a life without any bank account. I am sure that it would be nearly impossible still may need to explore more methods to find out the possibilities.

Why not give it a try!

One possibility would be buying gift cards for crypto and using them for groceries and daily needs. (We can do this with amazon, swiggy instamart and big basket).

Yeah! A great idea, and I would recommend you try it once in your lifetime.

If you are into a day job, withdraw all your salary just after the credit of it and use cash everywhere and do P2P for crypto buying from your colleagues.

LOL! Every trading partner, or shall I say exchange, operating in India will require an Aadhaar Card to trade. What are you suggesting will keep the government informed about your financial activities? Are you even an Indian? As I feel you are from a delulu or a kanglu union 

[TSen]

What are you suggesting will keep the government informed about your financial activities?

If you are still assuming that adapting bitcoin is only for profit making, I am sure that you are not alone. Invest in BTC -> Hodl-> Cashout and pay taxes -> Enjoy profits and repeat the whole process because we are Indians.

[BitDiscussion]

If you are still assuming that adapting bitcoin is only for profit making

If not for profit making, what would be your purpose?

[LucyFurr]

No need to mention that banks are already on this, they are deliberately active on freezing accounts for whatever reasons.

But unfortunately this time, court is here to back them to do the same on their own discretion. It means, no need of any official complaint. If a bank employee feels about any suspicious transactions in a bank account, they may go for freezing the balance from withdrawing.

For more information, please follow this link: https://www.livelaw.in/high-court/kerala-high-court/guidelines-freezing-suspicious-accounts-rbi-frame-sop-310857

It looks like the High court ordered the RBI to have such option but it will unlikely to be done unless there is a strong evidence. Because the money system is entirely run based on the trust and if banks go and starts freezing bank accounts only based on suspicion then people lose their trust and will not deposit their money in banks and will try to keep it as hard cash.

Indians already have that mindset for a very long time and then the UPI came and changed everything. But it won't take much time to revert back to where they were, so we will not see any change though.