It is more than two and a half years that the Government of India (GoI) issued the ban of INR 1000 and INR 500 currency notes. Pursuant to that a fresh application in the form of a petition has been filed before the Supreme Court (SC) of India in order to seek direction for the Reserve Bank of India (RBI). This petition was filed with the intention of requesting the RBI to accept the demonetised amounts which were a part of the petitioners textile business.
The SC bench comprising of elite judges went ahead and issued the said notice to the RBI along with other similar petitions which were already in pendency before the SC. It was alleged by the petitioner that he suffered huge losses as well as under Section 138 of the Negotiable Instruments Act. He had requested SC to pass an order for directing RBI to remit the amount in any of his bank accounts.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.