HC Seeks Response from Center on PIL for Uniform Banking Code and Regulation of Foreign Remittances


The Delhi High Court on Tuesday demanded the Centre’s response to a plea requesting a uniform bank code for foreign exchange transactions to control the generation of black money and Benami transactions.

A Division Bench chaired by Acting Chief Justice Vipin Sanghi and Justice Navin Chawla issued opinions to the Ministry of Home Affairs (MHA), Ministry of Law & Justice and Ministry of Finance after hearing the dispute of Public Interest (PIL) filed by BJP leader and lawyer Ashwini Upadhyay.

The petitioner also requested instructions to ensure that Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Instant Payment System (IMPS) are not used to deposit foreign money into Indian banks, claiming it would provide funding to terrorists and other anti-national organizations.

During the hearing, Additional Solicitor General Chetan Sharma appeared on behalf of the Center, saying the matter needed serious consideration.

After the submissions, the court asked the respondents to file a response in the case within four weeks and released it for a rehearing on May 25.

The plea argued that the immigration rules for VISA are the same whether a foreigner comes in business class or economy class, uses Air India or British Airways and comes from the United States or Uganda.

Similarly, details of deposits in Indian banks, including branches of foreign banks for foreign exchange transactions, must be in the same format whether it is an export payment to a checking account or a salary to a savings account or a donation to a charity’s checking account, or service fees payable in YouTuber Accounts. The format should be uniform whether converted by Western Union, National Bank or a foreign bank based in India.

The Center must take steps to ensure that the exchange transaction is not done without giving the full name, PAN, mADHAAR, Mobile and AADHAAR details of the depositor and drawer. This is necessary to follow the black money route. Similarly, the Center should mandate Electronic Funds Transfer at Point of Sale (EFTPOS) or Mobile Phone Payment System (MPPS) for retailers, wholesalers, manufacturers and service providers to control generation. black silver. But it has not taken appropriate action to date, the petitioner said, emphasizing the objective of the PIL.

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