Nearly three years after demonetisation, a businessman has moved the Supreme Court challenging the refusal of a bank to accept demonetised notes worth Rs. 1.17 crore..The petition filed by one K Raman was heard by a Bench of Justices NV Ramana and Ajay Rastogi. The Bench issued notice to the Reserve Bank of India (RBI) and the Central government..The petitioner is the proprietor of AJAI Exim company, which deals with the purchase and supply of yarn..When Rs. 500 and Rs. 1000 notes were demonetised by the Centre in November 2016, a window was provided till December 30, 2016 to deposit demonetised notes..On December 30, 2016, the petitioner approached the Tamil Nadu Mercantile Bank, Ammapalayam Branch in Tirupur, where he had a bank account to deposit Rs. 1,17,00,872 worth of demonetised notes..It is the petitioner’s case that the bank refused to accept the money. Various representations sent by the petitioner to the bank as well as RBI went unanswered..In 2017, criminal cases were filed against the petitioner under Section 138 of Negotiable Instruments Act..It is the petitioner’s submission that the money he sought to deposit was not his money or profits, but in fact belonged to other establishments like SJLT Textiles Pvt Ltd Namakkal , Sri Harikrishna Cotton Mills Pvt Ltd Tirupur , Sri Nachammai Cotton Mills Pvt Ltd Salem etc, in favour of whom the petitioner had issued post dated cheques..It is also noted that the RBI eventually responded to the petitioner in 2019, refusing him permission to deposit the money..The petitioner, has, therefore, prayed for a direction to be issued to the RBI and the Central government to allow the petitioner to deposit Rs. 1.17 crore in any bank in which he has an account..The petition was drawn by Advocate CR Jayasukin and filed through Advocate Narendra Kumar Verma..The Modi government’s demonetisation move in November 2016 led to a slew of cases being filed in courts across the country. The matters would eventually be transferred to the Supreme Court, to be tagged with the main matter titled Vivek Narayan Sharma v. Union of India. As many forty-nine cases were tagged with this matter.
Nearly three years after demonetisation, a businessman has moved the Supreme Court challenging the refusal of a bank to accept demonetised notes worth Rs. 1.17 crore..The petition filed by one K Raman was heard by a Bench of Justices NV Ramana and Ajay Rastogi. The Bench issued notice to the Reserve Bank of India (RBI) and the Central government..The petitioner is the proprietor of AJAI Exim company, which deals with the purchase and supply of yarn..When Rs. 500 and Rs. 1000 notes were demonetised by the Centre in November 2016, a window was provided till December 30, 2016 to deposit demonetised notes..On December 30, 2016, the petitioner approached the Tamil Nadu Mercantile Bank, Ammapalayam Branch in Tirupur, where he had a bank account to deposit Rs. 1,17,00,872 worth of demonetised notes..It is the petitioner’s case that the bank refused to accept the money. Various representations sent by the petitioner to the bank as well as RBI went unanswered..In 2017, criminal cases were filed against the petitioner under Section 138 of Negotiable Instruments Act..It is the petitioner’s submission that the money he sought to deposit was not his money or profits, but in fact belonged to other establishments like SJLT Textiles Pvt Ltd Namakkal , Sri Harikrishna Cotton Mills Pvt Ltd Tirupur , Sri Nachammai Cotton Mills Pvt Ltd Salem etc, in favour of whom the petitioner had issued post dated cheques..It is also noted that the RBI eventually responded to the petitioner in 2019, refusing him permission to deposit the money..The petitioner, has, therefore, prayed for a direction to be issued to the RBI and the Central government to allow the petitioner to deposit Rs. 1.17 crore in any bank in which he has an account..The petition was drawn by Advocate CR Jayasukin and filed through Advocate Narendra Kumar Verma..The Modi government’s demonetisation move in November 2016 led to a slew of cases being filed in courts across the country. The matters would eventually be transferred to the Supreme Court, to be tagged with the main matter titled Vivek Narayan Sharma v. Union of India. As many forty-nine cases were tagged with this matter.
