Thread by @LawBeatInd

#DelhiHighCourt to hear plea filed by Advocate @AshwiniUpadhyay seeking direction to the Central Government to implement a Uniform Banking Code for Foreign Exchange Transaction in order to control black money generation and Benami transactions.
#BlackMoney #MoneyLaundering

Upadhyay submitted that the RTGS, IMPS, NEFT, money transfer methods should not be used for international transactions. The money sent through these methods cannot be said that this money is coming from some other country.

One, Nawal Kishore Sharma connected from Australia submitted that people are sending money to Separatists, Fundamentalists, Naxals, Maoists, Terrorists,
Traitors, Conversion Mafias & Radical Organizations like SIMI, PFI.

Upadhyay: If I go to Cannaught Place today, Palika Bazar and give Rs 1 Crore to them, they'll keep Rs 20 Lakh and rest of the money will be sent to Australia and my Rs 80 Lakh will keep on circulating in India.

Upadhyay: RBI will only see if it is RTGS or IMT, if it is IMT then it is international or otherwise it is Domestic transaction. So they'll send through RTGS which will be identified as a Domestic transaction.

CJ Satish Chandra Sharma: Please implead RBI into this.

Upadhyay: Money sent from India is in India only and the same is being circulated here as black money. Money in Australia is in Australia and it is being circulated as black money.

CJ Sharma: If it's happening then it is very serious.

Nawal Kishore Sharma submitted that like the #DelhiRiots similar other riots can happen within an hour with this money it is very dangerous.

CJ Sharma said that "The money sent is identified as RTGS & NEFT, which it is not and being sent to other country. Issue notice to RBI. ASG also said that the issue is serious. The matter requires a detailed hearing."