Rs 1.58 cr sent to Solapur coop bank for teachers’ salary

Rs 1.58 cr sent to Solapur coop bank for teachers' salary
Rs 1.58 cr sent to Solapur coop bank for teachers’ salary

The Reserve Bank today informed the Bombay High Court that it has transferred a sum of Rs 1.58 crore to Solapur District Cooperative Bank for disbursal of salaries to aided school teachers.

“We have sent Rs 1.58 crore to the Solapur district bank for disbursal of salaries to the teachers. The money can be transferred to the teachers’ accounts or cheque payment can be made. If the bank or any district cooperative bank needs money for payment of teachers’ salaries, they can contact the SBI branch concerned and the request will be considered,” RBI’s counsel Venkatesh Dhond said.

The statement was made after a division bench of Justices A S Oka and Anuja Prabhudessai had last week asked the RBI to consider the issue of payment of salaries to aided school teachers, as it is disbursed through district cooperative banks which have been prohibited from exchanging or depositing new currency notes following demonetisation.

The Mumbai, Solapur, Nashik and Pune District Central Co-operative Banks had earlier approached the high court challenging RBI circular of November 14, restricting them from exchanging or depositing old currency notes of Rs 500 and Rs 1,000, which were declared as illegal tender under the government’s demonetisation move on November 8.

The bench was today informed by Additional Solicitor General Anil Singh that the Supreme Court will tomorrow hear a transfer petition filed by the Union government seeking for all petitions pertaining to the demonetisation move to be heard by SC itself or any one high court.

The high court today posted the cooperative banks’ petition for further hearing on December 19.

( Source – PTI )

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