Will take appropriate supervisory action in PNB case : RBI

Posted On & filed under Top Law News.

The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take “appropriate supervisory action”. The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central bank said it has already… Read more »

Visually impaired facing problems with new currency: Delhi HC

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Visually impaired persons are facing difficulty in using the newly introduced currency notes and coins, the Delhi High Court observed today and issued notice to the government and the RBI. The court said the matter was of “very grave public interest” and should be addressed seriously. A number of visually impaired people in the country… Read more »

Visually impaired cannot recognise new Rs 50 note: PIL in HC

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The newly issued Rs 50 currency notes cannot be differentiated from others by visually impaired persons, a PIL today claimed in the Delhi High Court which sought the RBI and the Centre’s stand on the issue. A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said the matter needed urgent attention… Read more »

Gujarat HC raps RBI for giving directions to NCLT

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The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. It also questioned the functioning of the central bank. The bench of Justice S G Shah came down heavily on… Read more »

SC asks Govt to consider giving window to deposit old notes

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Rekindling hopes, the Supreme Court today asked the government and the RBI to consider granting a window to those who have not been able to exchange scrapped Rs 500 and Rs 1000 notes for genuine reasons, saying people should not lose their own money for no fault of theirs. “You (Centre) cannot be allowed to… Read more »

No deadline for introduction of Sharia banking in India: RBI

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No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The RBI had earlier proposed opening of “Islamic window” in conventional banks… Read more »

‘Intention was to make you alive to the situation’

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The Supreme Court today said its order seeking prompt replies from the Centre and the RBI on a plea against alleged tweaking of rules on exchange of demonetised currency was intended to make them “alive to the situation”. The apex court, which had issued notices to the Centre and the federal bank on March 6,… Read more »

SC seeks reply of Centre,RBI on plea over depositing old notes

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The Supreme Court today sought response from the Centre and the RBI on a plea alleging that people were not being allowed to deposit demonetised currency notes till March 31 as promised. “Issue notice returnable by Friday,” a bench headed by Chief Justice J S Khehar said and asked petitioner Sharad Mishra to serve the… Read more »