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TNN | Jul 16, 2015, 05.30AM IST
INDORE: Madhya Pradesh high court on Wednesday issued notices to Union ministry of finance, Reserve Bank of India (RBI) for alleged online trading of Indian currency having 'unique' numbers on portals like Quikr India Pvt Ltd, OLX India Private limited and eBay India Private Limited. Notices have also been sent to these portal operators.
Indore bench of high court comprising double bench of Justices PK Jaiswal and TK Kausal took the action, taking serious note of a PIL filed by Jitendra Singh Yadav, seeking their replies within four weeks.
Abhinav Dhanotkar, petitioner's lawyer, said these portals had been advertising sale of Indian currency with Rs 2, 5, 10, 20, 50, 100, 500 and 1,000 denomination having unique serial numbers or currency that are not in circulation and buddle of one rupee notes too.
"This act is illegal and arbitrary as currency of India can only be transferred, exchanged but cannot be sold," said Dhanotkar, adding these currency notes having unique serial numbers are being sold at exorbitant prices. The petition has argued that currency of India regulates economy of the country and if such kind of activities are pursued, it may cause an adverse effect and hamper the economy of India, and force people to indulge in speculative activities and cause% financial damages.
He said these portals are encouraging mass public to collect and hold a particular unique digits currency and then sell the same on higher prices, which violates Section 22 to 24 of Reserve Bank of India Act 1934.
Dhanotkar said they had urged the court to direct RBI and Union finance ministry to formulate rules to prevent such activities of selling currency notes and directed websites to stop hosting such advertisement.
TNN | Jul 16, 2015, 05.30AM IST
INDORE: Madhya Pradesh high court on Wednesday issued notices to Union ministry of finance, Reserve Bank of India (RBI) for alleged online trading of Indian currency having 'unique' numbers on portals like Quikr India Pvt Ltd, OLX India Private limited and eBay India Private Limited. Notices have also been sent to these portal operators.
Indore bench of high court comprising double bench of Justices PK Jaiswal and TK Kausal took the action, taking serious note of a PIL filed by Jitendra Singh Yadav, seeking their replies within four weeks.
Abhinav Dhanotkar, petitioner's lawyer, said these portals had been advertising sale of Indian currency with Rs 2, 5, 10, 20, 50, 100, 500 and 1,000 denomination having unique serial numbers or currency that are not in circulation and buddle of one rupee notes too.
"This act is illegal and arbitrary as currency of India can only be transferred, exchanged but cannot be sold," said Dhanotkar, adding these currency notes having unique serial numbers are being sold at exorbitant prices. The petition has argued that currency of India regulates economy of the country and if such kind of activities are pursued, it may cause an adverse effect and hamper the economy of India, and force people to indulge in speculative activities and cause% financial damages.
He said these portals are encouraging mass public to collect and hold a particular unique digits currency and then sell the same on higher prices, which violates Section 22 to 24 of Reserve Bank of India Act 1934.
Dhanotkar said they had urged the court to direct RBI and Union finance ministry to formulate rules to prevent such activities of selling currency notes and directed websites to stop hosting such advertisement.
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