India

Delhi HC Declines To Formulate Uniform Banking Code For Foreign Exchange Transactions

The Delhi High Court stated it lacks the means and expertise to develop a uniform banking code for foreign exchange transactions. The court directed that the petition for a banking code be treated as a representation to the Ministry of Finance. The ministry will seek input from the Ministry of Home Affairs and the Reserve Bank of India.

Court’s Ruling on the PIL

Chief Justice Manmohan and Justice Tushar Rao Gedela led the bench. They emphasized the court’s inability to formulate a banking code. The Ministry of Finance must make a decision quickly, incorporating insights from other ministries.

The court dismissed a public interest litigation (PIL) filed by advocate Ashwini Kumar Upadhyay. The petition pointed out significant loopholes in the foreign fund transfer system. These loopholes could benefit separatists, Naxalites, and terrorists.

Issues with Foreign Fund Transfers

The petitioner argued that methods like RTGS, NEFT, and IMPS allow harmful foreign funds into Indian banks. He claimed these funds threaten India’s foreign exchange reserves and finance radical activities.

Upadhyay criticized the uniform immigration rules for foreigners, regardless of travel class or country of origin. He stressed that this inconsistency poses risks to national security.

Also Read: PM Modi Meets Tata Sons, Taiwan’s PSMC Leaders As They Build Rs 91,000 Cr Chip Facility In India

Gopal Krishna

Recent Posts

Delhi-NCR Faces ‘Very Poor’ Air Quality As Smog Engulfs Region

On Friday morning, Delhi-NCR's air quality was classified as 'very poor,' with a light haze…

13 minutes ago

Indian Stock Market Rallies Despite Geopolitical Strains; Buoyed By Strong Domestic Sectors

The Indian stock market displayed resilience, opening on a positive note despite escalating geopolitical tensions…

2 hours ago

Reaffirming Gandhi Ji’s Global Relevance: PM Modi’s International Tributes

Prime Minister Narendra Modi continues to honor Mahatma Gandhi’s ideals beyond India’s borders. During his…

14 hours ago

Delhi High Court Upholds AIMIM’s Recognition As Political Party

'The petitioner’s arguments cannot override the constitutional rights of AIMIM members. This petition has no…

15 hours ago

‘Democracy First, Humanity First’: PM Modi Highlights India-Guyana Parallels In Parliament Address

PM Modi emphasized the shared struggles of India and Guyana for independence from colonization. PM…

15 hours ago

Maharashtra Records 65.11% Voter Turnout In Assembly Elections, Marking A 30-Year High

The rise in turnout came with an 8.5% increase in the number of eligible voters.…

16 hours ago