On a petition against the withdrawal ceiling of Rs. 5 lakh from deposits in the PMC Bank, @RBI submits yet again that the ceiling has already been raised from Rs. 1 lakh to Rs. 5 lakhs but allowing further withdrawals will result in "a run on the Bank."

The petitioner cites various instances of depositors in desperate need of funds suffering due to the withdrawal ceiling.
Chief Justice DN Patel had shown an inclination towards adjourning the matter, however, the petitioner is emphasizing his case through various factual instances.
CJ: If you raise these grounds, then everybody is in need of money. Nobody is saying that you don't have the need for the money. But please understand what the counsel for @RBI is saying, that if this is allowed, then many people may not get any money.
CJ: Somebody may have put their retirement money, someone may have put some other funds, but you are a counsel, and not a petitioner, kindly understand what the @RBI is pleading.
Counsel for @RBI: All these people need to submit under the hardship ground, then their release of funds will be processed.
Delhi HC suggest re-submission of documents with some proof to the @RBI, upon which, the @RBI says that it is looking at thousands of banks, so it won't be possible to look into individual cases. The documents need to be submitted to the PMC Bank.
Petitioner: In their affidavit, they have not even cited the Supreme Court direction which tells them to look into this matter. They can't give this excuse that they are looking into thousands of banks.
Petitioner presses for a mechanism in place for the release of these funds.

Counsel: If the @RBI took the decision for imposing a moratorium, they should have also looked into this issue. Everyday these depositors are coming wondering when the date will arrive.
Counsel: You cannot rely on statutory provisions to deny the rightful claim of the people. It cannot be used as a cover. Private hospitals ask them to deposit Rs. 5 lakhs, Rs. 10 lakhs, from where will they get it?

@RBI
Delhi High Court notes that @RBI has filed a detailed affidavit. Court notes SC's direction in the case wherein it was directed that for urgent medical and educational requirements an exception may be carved out.
@RBI opposes exception being carved out for educational purposes, stating that SC had held that the administrator may devise a mechanism within the existing directives, and the existing directives do not allow exception for educational purposes.
Delhi HC directs the Petitioner to approach the appointed administrator of the PMC Bank within 3 weeks, explaining their educational or medical purposes.

To @RBI's opposition on educational grounds, if you want to reject, reject it, then we will see.

More from Live Law

More from India

Ambedker's 22 vows Vs BUDDHISM

/Read it Full /

Ambedker-1: I shall have no faith in Brahma, Vishnu and Mahesh nor shall I worship them

BUDDHISM: I believe in them as a subordinate to buddha, we have different philoshphical model regarding them,we have many eg ,My many sect...


.Worship them , respect them ; some sects consider them to be emanation of Boddhisatva Avlokiteshwara,In tantra they are worshipped

A2:  I shall have no faith in Rama and Krishna who are believed to be incarnation of God nor shall I worship them

B: Buddha says Rama was his.

.. previous life ,and Krishna was one of previous life of Sariputta ,My many sects worship them as previous life of Buddha, Krishna is not very much known but his sculpture is seen in Buddhist temples,you can pay respect to them atleast

A3: shall have no faith in ‘Gauri’, Ganapati and other gods and goddesses of Hindus nor shall I worship them

B: Hindu goddess gauri and Ganesha is widely accepted by us we have our own mantra for them ,they seek dharini from buddha ,Our some sects worship them

A4: I do not believe in the incarnation of God
B: Ok! This is acceptable,but we do have previous life/births of Buddha and rebirth ,which you Rejected

A5: I do not and shall not believe that Lord Buddha was the incarnation of Vishnu I believe this to be sheer madness and false

You May Also Like