Black money: PIL filed in Delhi HC to order Govt to implement Uniform Banking Code for Foreign Exchange Transactions
Application for Uniform Banking Code on Foreign Exchange Transactions has been filed to curb black money and benami (unnamed) property.
A Public Interest Litigation (PIL) has been filled under article 226 in Delhi High Court to get appropriate direction or writ order to Centre to implement a Uniform Banking Code for Foreign Exchange Transaction in order to control black money generation and benami transaction.
The petition states: "Petitioner is filing this PIL under Article 226 seeking appropriate writ order or direction to Centre to implement a Uniform Banking Code for Foreign Exchange Transaction in order to control black money generation and benami transaction."
"Petitioner also seeks direction to ensure that Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Instant Money Payment System (IMPS) shall not be used for depositing foreign money in Indian Banks as it is not only harming national interests of Foreign Exchange Reserve of India but also being used to provide money to Separatists, Fundamentalists, Naxals, Maoists, Terrorists, Traitors, Conversion Mafias & Radical Organizations like SIMI, PFI," it adds.
PIL for Uniform Banking Code for Foreign Exchange Transaction: Salient points
- Delhi High Court has registered a PIL under Article 226, requesting for Uniform Banking Code.
- Application for Uniform Banking Code on Foreign Exchange Transactions has been filed to curb black money and benami (unnamed) property.
- In the PIL, demand has been raised to not allow Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT) and Instant Money Payment System (IMPS) services to deposit foreign currency in Indian banks.
- There has also been a demand for processing all types of foreign exchange in a uniform code
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
12:57 AM IST