Centre asked to look into PIL seeking uniform banking code for foreign exchange transactions

New Delhi The Delhi High Court on April 5 asked the Centre to seriously look into the issue raised i

The Delhi High Court on April 5 asked the Centre to seriously look into the issue raised in a Public Interest Litigation (PIL) seeking implementation of a Uniform Banking Code for foreign exchange transactions to control black money generation and benami transactions.

A Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla issued notice to the Centre through Ministries of Home Affairs, Law and Justice and Finance, and asked them to respond to the petition.

Additional Solicitor General Chetan Sharma, representing the Centre, submitted that the petitioner has raised a serious issue which shall be looked into by the government.

The court, which listed the matter for further hearing on May 25, asked the Centre to “seriously look into the issue” raised by the petitioner.

Petitioner and advocate Ashwini Kumar Upadhyay raised loop holes in the system in relation to transfer of foreign funds which could be used by separatists, Naxals, Maoists, fundamentalists, and terrorists.

During the hearing, the ASG said, “He [petitioner] has raised a serious issue. We will consider it and get back. The issues are serious and important, they do require detailed consideration.”

The petition 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.