A unified bank code for foreign exchange transactions is requested by PIL from the Delhi High Court

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 this is not only harm the national interests of the foreign exchange reserve.

Must be in the same format whether it is an export payment to a checking account or a salary to a savings account or a donation to a checking account for charities or fees of service payable on YouTuber’s accounts. Whether converted by Western Union, National Bank or a foreign bank based in India, the format should be consistent. “When foreign currencies are credited to your account in converted INR, you must issue a certificate of exchange (FIRC) and all international and Indian banks will send you a link via SMS to automatically certify your FIRC,” the statement said.

India but is also used to provide money to separatists, fundamentalists, Naxals, Maoists, terrorists, 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.

“Furthermore, only individuals or businesses should be allowed to transfer Indian rupees from one bank account in India to another bank account through RTGS, NEFT and IMPS, and international banks should not be allowed to use these tools for banking transactions.” The petitioners also requested instructions for carrying out foreign exchange transactions through Indian banks, including branches of foreign banks in India. H. ICICI, HDFC, HSBC, etc.

Must contain information such as depositor’s name and mobile number, International Money Transfer (IMT) instead of RTGS/NEFT/IMPS, currency name, Examples: AUD (Australian Dollar), USD (American dollar). , CNH (Chinese yuan), GBP (pound sterling), EUR (euro), etc.

Summary of news:

  • A unified bank code for foreign exchange transactions is requested by PIL from the Delhi High Court
  • Check out all the news and articles from the latest business news updates.

Michael J. Birnbaum