In light of the Reserve Bank of India circular dated 6th April, 2018 (“RBI Circular”), we request you to please take note of the following:
As you are aware, the RBI Circular introduced a deadline of three (3) months to provide banking services to entities engaged in and dealing with cryptocurrencies. The cryptocurrency industry in India, while surprised by the RBI Circular, have gone ahead and approached the Supreme Court of India to challenge the validity of the same.
We however feel that a responsible, well informed decision is required to be made regarding the RBI Circular and the subsequent effects and consequences it may have over all entities and persons, likewise, dealing with cryptocurrencies.
Your interest and the trust which you have placed with us this far is most important to us, and for that, we thank you. However, being a responsible, consumer oriented organization, we are of the opinion that it is imperative you are informed of the status of your INR deposits. Upon the expiry of the above mentioned deadline on July 6, 2018, there is a possibility that Coinome’s banking services may stand disrupted. Amongst other thing, this disruption in banking services might lead to INR based cryptocurrency trade being affected.
While we have explained the situation to our bankers, we would like you to be informed that in the event of such disruption to Coinome’s banking services, we may not be in a position to perform withdrawals of your INR balance in Coinome to your designated bank account. Please note that our bank accounts are operational and completely functional at the moment, and you may place a withdrawal request for your INR balance, if you feel that such a withdrawal is in favour to your best interests. We will ensure to take all necessary efforts and actions required in ensuring the return of your INR balance to your designated bank account if you may choose to withdraw your INR balance from your Coinome account.
However, we would also like to inform you that the present cryptocurrency inventory which you are in possession of will still hold the same inherent value which it does on the global market. Place your faith and trust in the system, and we will work relentlessly to ensure that all our efforts this far do not go in vain. We look forward to hearing from you, and as always remain dedicated and committed to our customers.
Please visit FAQ related to RBI Circular and INR Withdrawals page to have most your questions answered.
The Coinome Team