PIL in Delhi HC seeks uniform banking code for foreign exchange transactions

A Public Interest Litigation PIL has been moved 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 transactionsPetitioner Ashwini Kumar Upadhyay practising lawyer and BJP leader 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 banksHe 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 PFIThe 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 UgandaLikewise 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 YouTubers accounts The format should be uniform whether it is converted by Western Union or National Bank or an Indiabased foreign bankForeign Inward Remittance Certificate FIRC must be issued and All International and Indian banks must send the link through SMS to get FIRC automatically in case Foreign Exchange is being deposited in the account as converted INR the plea statedMoreover only a person or company should be permitted to send Indian Rupees from one bank account to another bank account inside the territory of India through the RTGS NEFT and IMPS and international banks should not be allowed to use these domestic banking transactions tools it addedThe petitioner also sought direction that foreign exchange transactions through Indian banks including foreign bank branches in India viz ICICI HDFC HSBC etc must have information like the name and mobile number of the depositor International Money Transfer IMT and not RTGSNEFTIMPS name of currency eg AUD Australian Dollars USD US Dollars CNH Chinese Yuan GBP Great British Pounds EUR Euro etcThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever