Lawstreet Journal

Writ Petition Filed in Delhi High Court Seeking Uniform Banking Code for Foreign Exchange Transactions

Lawstreet Journal 5 Apr 2022 1:40am

Image courtesy: Lawstreet Journal Judiciary Writ Petition Filed in Delhi High Court Seeking Uniform Banking Code for Foreign Exchange Transactions

Petitioner Ashwini Kumar Upadhyay, practicing lawyer and BJP Leader has filed a writ petition under Article 226 of the Constitution of India in the Delhi High Court seeking direction for the Centre to implement a Uniform Banking Code for foreign exchange transactions to control black money generation and benami transactions.


Petitioner Ashwini Kumar Upadhyay has also 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.

He argued that it is not only harming the national interests of the foreign exchange reserve of India but is also being used to provide money to separatists, fundamentalists, Naxals, Maoists, terrorists, traitors, conversion mafias and radical organizations like SIMI, PFI.

The petitioner submitted that the immigration rules for a visa are the same whether a foreigner comes in business class or economy class, uses Air India or British Airways, and comes from USA or Uganda.

Likewise, Upadhyay said that the deposit details in Indian banks, including foreign bank branches for foreign exchange transactions, must be in the same format whether it is export payment in a current account or salary in a savings account or donation in charities current account or service charges payable in YouTuber's accounts. The format should be uniform whether it is converted by Western Union or National Bank or an India-based foreign bank.

"Foreign Inward Remittance Certificate (FIRC) must be issued and all International and Indian banks… Continue Reading...


Tagged: Ashwini Upadhyay   Foreign Exchange Transactions   Delhi High Court  
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