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The Delhi High Court has granted six weeks’ time to the RBI to file response in the PIL seeking implementation of an Uniform Banking Code.
The Delhi High Court on Monday granted six weeks’ time to RBI for filing response in a PIL by Advocate and BJP Leader Ashwini Kumar Upadhyay seeking directions to implement Unform Banking Code.
The Division Bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad while hearing the PIL granted the time to RBI for filing a response. The PIL raised the issue of a Uniform Banking Code for foreign exchange transfers to control black money generation and benami transactions.
The plea stated that a uniform code will help in controlling black money generation and benami transactions. In the previous hearing, the bench while considering the importance of the matter had issued notice to RBI and ordered that the complete set of documents be handed over to its standing counsel.
Additional Solicitor General Chetan Sharma appearing for Centre submitted that the plea raised a serious issue which required detailed examination.
The plea stated that the "immigration rules for Visa are same whether a foreigner comes in Business Class or Economy Class, uses Air India or British Airways and comes from USA or Uganda. Likewise, deposit details in Indian banks, including foreign bank branches for Foreign Exchange Transaction must be in the same format whether it is export payment in a current account or salary, in a savings account or donation, in a charity's current account or service charges payable in YouTuber's accounts."
“Foreign Inward Remittance Certificate [FIRC] must be issued and all international and Indian banks must send the link through SMS to get FIRC automatically in case the foreign exchange is being deposited in the account as converted INR. “Moreover, only a person or company should be permitted to send Indian rupees from one bank account to another bank account inside the territory of India through RTGS, NEFT and IMPS and international banks should not be allowed to use these domestic banking transactions tools,” the plea further said.
Case Title: Ashwini Kumar Upadhyay vs. Union of India
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