PIL in Delhi HC seeks uniform bank code for foreign exchange transactions
Update: 04 April 2022 11:18 STI
New Delhi [India]Apr 04 (ANI): A Public Interest Litigation (PIL) has been filed in the Delhi High Court asking the Center to implement a uniform banking code for foreign exchange transactions to control the generation of black money and benami transactions.
Petitioner Ashwini Kumar Upadhyay, a practicing lawyer and BJP leader, also sought instructions to ensure that Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Instant Payment System ( IMPS) are not used to deposit foreign money in Indian banks. .
He argued that not only does it harm the national interests of India’s foreign exchange reserve, but it is also used to provide money to separatists, fundamentalists, Naxals, Maoists, terrorists, to traitors, conversion mafias and radical organizations like SIMI, PFI.
The petitioner argued 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 the United States or Uganda.
Similarly, Upadhyay said details of deposits in Indian banks, including branches of foreign banks for foreign exchange transactions, must be in the same format whether it is an export payment. in a checking account or a salary in a savings account or a donation in a checking account or a charity service. fees payable on YouTuber’s accounts. The format should be uniform whether converted by Western Union, National Bank or a foreign bank based in India.
“Foreign Inward Remittance Certificate (FIRC) should be issued and all international and Indian banks should text the link to get the FIRC automatically in case foreign currency is deposited in the account as INR converted,” the plea reads.
“Furthermore, only a person or company should be allowed to send Indian rupees from one bank account to another bank account inside Indian Territory through the RTGS, NEFT and IMPS and international banks should not be allowed to use these domestic banking transaction tools,” he added.
The petitioner also requested that foreign exchange transactions be carried out through Indian banks, including branches of foreign banks in India, viz. ICICI, HDFC, HSBC, etc. must have information such as depositor’s name and mobile number, international money transfer (IMT) and not RTGS/NEFT/IMPS, name of currency, e.g. AUD (Australian dollars), USD ( US dollars), CNH (Chinese yuan), GBP (pound sterling), EUR (euro), etc. (ANI)