A division bench of Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad issued notice to him reserve Bank of India And posted the matter for further hearing on March 20. It had sought response from the Ministry of Finance, Home Affairs and Ministry of Law and Justice on the plea last April. The petitioner, BJP leader Ashwani Kumar Upadhyay, has alleged loopholes and loopholes in the current system of foreign fund transfer which, according to him, can be used for terror funding.
Additional Solicitor General Chetan Sharma, while accepting the notice, told the court that it was a “serious issue” and the government needed to consider it.
in Upadhyay Public interest litigation Said that the Instant Money Payment Service, National Electronic Fund Transfer and Real Time Gross Settlement, which are meant for transfer of funds within India, should not be allowed to be used for depositing foreign funds in Indian banks. He submitted that the existing system of foreign fund transfers is not only draining the country’s foreign exchange reserves, but is also being used to provide funds to organizations such as separatists, fundamentalists, naxalites, Maoists, terrorists, traitors, conversion mafia and fundamentalists. being done. simi and PFI.
Deposit details in Indian banks including foreign bank branches for foreign currency transactions should be in the same format whether it is export payments in current account or salary in savings account or donations in charitable current account or service charges payable to YouTuber’s account book . The format should be the same regardless of who converts it Western Union or National Bank or foreign bank based in India, the PIL stated.
It sought directions to the government that foreign exchange transactions through Indian banks and foreign bank branches in India carry information such as name and mobile number of the depositor, name of the currency (such as US dollar, euro, British pound or Chinese currency) needed. Yuan), and should be done through International Money Transfer only and not through RTGS, NEFT or IMPS.