Black money: PIL filed in Delhi HC to order Govt to implement Uniform Banking Code for Foreign Exchange Transactions

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