Delhi HC asks RBI to respond to PIL seeking uniform banking code for foreign exchange transactions
The Hindu
The court was hearing a Public Interest Litigation raising loop holes in the system in relation to transfer of foreign funds
The Delhi High Court on December 5 sought the response of the Reserve Bank of India (RBI) to a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions to check black money generation and benami transactions.
A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notice to the RBI while observing the matter deserves a detailed hearing.
The high court also granted six more weeks to the Centre to file a reply to the petition and listed the matter for further hearing on March 20.
It had earlier issued notice to the Centre through ministries of Home Affairs, Law and Justice and Finance, and asked them to respond to the petition.
On Monday, Additional Solicitor General Chetan Sharma, representing the Centre, submitted the petitioner has raised a serious issue which shall be considered by the government.
The court was hearing a Public Interest Litigation (PIL) by petitioner and advocate Ashwini Kumar Upadhyay raising loop holes in the system in relation to transfer of foreign funds which could be used by separatists, Naxals, Maoists, fundamentalists, and terrorists.
The petition has sought direction to ensure that Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Instant Money Payment System (IMPS) are not used for depositing foreign money in Indian banks.
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