RBI feels account holders were being "unnecessarily taxed” by putting cap on ATM withdrawal
BI India BureauNov 6, 2016, 11.20 PM
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A bench of Chief Justice
RBI was responding to public interest litigation (
India's central banking institution, which controls the monetary policy of the rupee, however, opposed the PIL, saying it is "not maintainable and is liable to be dismissed, as RBI has not violated any laws of the land".
"The PIL is not meant to be a weapon to challenge the financial or economic decisions which are taken by the RBI in exercise of their administrative/ statutory powers and in the public interest...," RBI's counsel said.
On this, the bench has asked the RBI to file an affidavit with regard to its contention made before it by next date of hearing, December 5.
The RBI's oral submissions were made after the high court on last date of hearing had questioned its decision to put a cap on withdrawals by banking customers using their ATM cards, saying account holders were being "unnecessarily taxed".
As per RBI's new guidelines, bank customers in six metros -- Delhi, Mumbai, Chennai,
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