The Delhi High Court on April 5 asked the Center to seriously consider the issue raised in a Public Interest Litigation (PIL) which had sought implementation of a Uniform Banking Code. foreign exchange transactions To control generation of black money and benami transactions.
A division bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla issued notices to the Center through the Ministries of Home Affairs, Law and Justice and Finance and asked them to respond to the plea.
Additional Solicitor General Chetan Sharma, representing the Centre, said that the petitioner has raised a serious issue which will be considered by the government.
The court, which listed the matter for further hearing on May 25, asked the Center to “look seriously into the issue” raised by the petitioner.
Petitioner and advocate Ashwini Kumar Upadhyay exposed the flaws in the system in this regard. foreign money transfer Which can be used by separatists, naxalites, Maoists, fundamentalists and terrorists.
During the hearing, the ASG said, “He [petitioner] A serious issue has been raised. We will look into it and come back. The issues are serious and important, they require detailed consideration.”
The petition has sought directions to ensure that Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Instant Money Payment System (IMPS) are not used for foreign deposits in Indian banks. Let’s do.
The petitioner said that it is not only hurting India’s foreign exchange reserves but it can also be used to provide funds to separatists, fundamentalists, naxalites, Maoists, terrorists, anti-nationals, conversion mafia and radical organizations like SIMI and PFI. Used to be.
He submitted that the immigration rules for visas are the same whether a foreigner comes in business class or economy class, uses Air India or British Airways, and comes from the USA or Uganda.
Similarly, deposit details in Indian banks including foreign bank branches for foreign exchange transactions should be in the same format, be it export payment to current account or salary to savings account or donation to charity current account or payable in service charges. YouTuber’s accounts. The petition states that the format should be the same whether it is changed by Western Union or National Bank or a foreign bank based in India.
“Foreign Inward Remittance Certificate” [FIRC] Should be issued and all international and Indian banks will have to automatically send the link through SMS to get the FIRC if the foreign currency is being deposited in the account as converted INR. “Furthermore, only one individual or company should be allowed to transfer Indian Rupees from one bank account in India to another bank account through RTGS, NEFT and IMPS and international banks should be allowed to use these domestic banking transaction tools. should not be given.” Said it.
The petition has also sought a direction that foreign exchange transactions through Indian banks and foreign bank branches in India should contain information such as the name and mobile number of the depositor, International Money Transfer (IMT) and not RTGS/NEFT /IMPS and currency name.