Zebpay, one of the biggest exchanges in India, has frozen deposits and withdrawal in rupia. The preliminary warning has been issued some time ago, where Zebpay said, that the events were out of the exchange`s control. When the Reserve Bank of India went ahead with its ruling, the deposits and withdrawals stopped, until the banks allow them again.
Recently, the Supreme Court of India has upheld the ban deadline and declined to extend the grace period for the companies that were relying on banks to serve their customers. The next court hearing will be on the 20th of July, and the businesses hope, the Court will give the permission to work further.
The plan of ban was announced in April, and some leading businesses have already checked for options and found alternatives. ZebPay was, however, not among those businesses. The exchange administration promises though, that, if there is no improvement in the legislation, they will have to search for alternatives as well, in order to be able to serve their customers.