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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 transactions.Petitioner 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 banks.He 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, PFI.The 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 Uganda.Likewise, 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 YouTuber's accounts. The format should be uniform whether it is converted by Western Union or National Bank or an India-based foreign bank."Foreign 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 stated."Moreover, 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 added.The 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 RTGS/NEFT/IMPS, name of currency e.g., AUD (Australian Dollars), USD (US Dollars), CNH (Chinese Yuan), GBP (Great British Pounds), EUR (Euro), etc.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :Delhi HC issues notice over uniform banking code for foreign exchange transactions, Centre says require detailed consideration

The Delhi High Court on Tuesday issued notice to the Centre on a Public Interest Litigation (PIL) seeking direction for the Centre to implement a uniform banking code for foreign exchange transactions to control black money generation and Benami tran ...

National :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 transactions ...