News By/Courtesy: Ojaswi Gupta | 31 Aug 2019 22:43pm IST


  • Plea to allow deposit of demonitised currency
  • Demonitised currency valuing Rs 1000 and Rs 500 , not being accepted by any Bank even on the last date of deposit, January 30,2019.
  • Supreme Court issues a notice to RBI while taking in account other petitions of similar nature.

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores. 

A Madhuri based businessman, K.Raman, after more than two and a half year ban of Rs 1000 and Rs 500, filed a fresh petition before Hon'ble Supreme Court requesting directions to Reserve Bank of India (RBI) to accept his money amounting to Rs 1, 17,00, 872 which is part of his textile business.

The petitioner in present case set forth to the Apex Court that the aforementioned amount was not accepted by any of the banks even on the last day of the deadline for the submission of the old notes which was December 30, 2016. With this the petitioner claims that he is deprived of his money, business, reputation as his money was not accepted by Tamil Nadu Mercantile Bank.

Further, petitioner claims that, he had given representation to the Reserve Bank of India on July 2, 2019, to which RBI denied while stating that the said amount cannot be remitted in any bank. The petitioner even faces loss under section 138 of The Negotiable Instruments Act, 1881.

In the present petition, the petitioner seeks relief from the Supreme Court while requesting the Supreme Court to direct RBI to remit his aforementioned sum of amount in any bank.

Considering the petition, a three-judge bench comprising of Hon'ble Mr. Justice N V Ramana, Hon'ble Mr. Justice Indira Banerjee, and Hon'ble Mr. Justice Ajay Rastogi issued notice to RBI while taking into account and attaching other petitions of similar nature pending before the Apex Court.

Section Editor: Shrishti Mittal | 31 Aug 2019 23:08pm IST

Tags : #demonitisation #SC # RBI

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