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SUPREME COURT ORDERS RBI TO DISCLOSE INFORMATION AND OBEY ITS PREVIOUS DIRECTIONS

Team SoOLEGAL 26 Apr 2019 12:10pm

SUPREME COURT ORDERS RBI TO DISCLOSE INFORMATION AND OBEY ITS PREVIOUS DIRECTIONS

A contempt petition was filed by Subhash Chandra Agrawal, an RTI activist. In his petition he alleged RBI for willfully disobeying the directions which were issued by the Apex Court in the matter of Jayantilal N Mistry. Advocates Prashant Bhushan and Pranav Sachdeva had moved the petition In the petition, it was mentioned that there was a disclosure policy by RBI on the account of which the Public Information Officers (PIOs) did not disclose all the information virtually.

Supreme Court bench comprising of Justice Nageswara Rao and Justice MR Shah was dealing with this contempt petition. The Court has observed that denial of information is totally baseless on part of RBI and thus it has allowed the petition. RBI is also directed to open up about all the information as sought through the petitioner. Also that RBI has no fiduciary relationship with the banks. The Court opined that not disclosing such information and keeping to itself would amount to detrimental to economic interests of the country’.

One last opportunity has been given by the Court to RBI for complying with its issued directions. Any further violations would lead to institution of serious case contempt against RBI.

Tagged: Supreme Court   Reserve Bank of India   Justice Nageswara Rao   Justice MR Shah   Contempt  
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