HC Grants Time to RBI to Respond to PIL on Uniform Banking Code for Foreign Exchange Transactions
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A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, April 8, 2022. (Reuters) Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay The Delhi High Court Monday granted six more weeks' time to the Reserve Bank of India (RBI) to respond to a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions to control black money generation and benami transactions. Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay. The petitioner has contended that there are loop holes in the system in relation to transfer of foreign funds which could be used by separatists, naxals, maoists, fundamentalists, and terrorists. "Counsel f...