TaxTMI 
TaxTMI 
2016 (12) TMI 1015
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....16 & T.P.(C)No.1982-1996/2016, W.P.(C) Nos. 1006/2016, 1008/2016, 1009/2016, 1010/2016, 1011/2016 and SLP(C) No. 36757/2016 ORDER Writ Petitions are admitted. Issue notice on the Writ Petitions, special leave petitions and other applications. The respondents may file reply affidavit within six weeks. Rejoinder, if any, within three weeks thereafter. We have heard the learned counsel for the parties at some length. In our opinion, the following important questions fall for our consideration in this batch of petitions: (i) Whether the notification dated 8th November 2016 is ultra vires Section 26(2) and Sections 7,17,23,24,29 and 42 of the Reserve Bank of India Act, 1934; (ii) Does the notification contravene the....
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....ef Justice for constituting an appropriate Bench. We may now advert to the issues which are of immediate concern. The first issue is about the restriction placed on the District Cooperative Banks to accept deposits or exchange of demonetized currency of Rs. 500/- and Rs. 1000/-. Two broad aspects have been presented before us. The first is about the complete exclusion of the District Cooperative Banks from accepting deposits or exchanging demonetized notes. The second is about the avoidable financial stress on the District Cooperative Banks because of freezing the deposited demonetized notes received by the District Cooperative Banks between 11th and 14th November 2016, which is stated to be around Rs. 8000/-Crore (Rupees Eight Thousand ....
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....aid letter reads thus: "In this regard, it is to inform that as regards the deposits of Specified Bank Notes (SBNs) collected by DCCBs, the RBI has recommended that the SBNs collected by the DCCBs between 10th and 14th November 2016 may be exchanged with their linked currency chests after a 100% audit of the veracity of the KYC documents of the SBN depositing customers of DCCB is conducted by NABARD, the supervisor and to the extent of such verified SBNs only. For SBNs deposited by Primary Agricultural Credit Societies (PACS) also, similar 100% audit of the KYC documents of the members of the PACS should be conducted by NABARD and to the extent of such verified SBNs only, exchange value will be given by the linked currency chest. I....
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....ir etc. In our opinion, whether the exemption period should be extended or not must be best left to the judgment of the Government of the day with a hope that the Government will be responsive and sensitive to the problems encountered by the common man. Accordingly, we decline to issue any interim direction to the Government in the matter of extending the period of exemption and leave it open to the Government to take appropriate decision in that behalf, as may be advised. The other serious grievance made by the petitioners is about the denial of right to withdraw the prescribed amount of Rs. 24,000/- per week per account holder, in spite of Notification issued by the Reserve Bank of India permitting such withdrawal. It was submitted tha....
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.... Rs. 500/- and Rs. 2000/- progressively in right earnest. Considering the stand taken by the learned Attorney General, we may commend to the Authorities to fulfill their commitment made in terms of the stated Notification permitting withdrawal of Rs. 24,000/- per account holder of the Bank per week to the extent possible and review that decision periodically and take necessary corrective measures in that behalf. In our opinion, besides the observations made hitherto, no other direction can be given at this stage by way of an interim relief. That takes us to the Transfer Petitions filed by the Union of India for withdrawing all Writ Petitions/proceedings pending in the various High Courts across the country and to hear those cases alon....