HARESH TEKCHAND RAISINGHANI Vs. UNION OF INDIA

JUDGEMENT

(1.) By these petitions under Article 226 of the Constitution of India, the petitioners are challenging the directives issued by the Chief General Manager, Reserve Bank of India (hereinafter referred to as "the RBI"), Mumbai dated 23rd, 24th, 26th September, 2019 and 3rd and 14th October, 2019.

(2.) The further relief sought is to direct the RBI to withdraw the restrictions imposed in exercise of its power conferred under Section 35A of the Banking Regulation Act, 1949 (hereinafter referred to as "the Act of 1949").

(3.) The restrictions placed on withdrawal of amounts by the depositors is questioned and then it is said that this Court should issue a writ of mandamus or any other appropriate writ, order or directions in the nature thereof to the RBI and to the Deposit Insurance and Credit Guarantee Corporation to make sufficient funds available for easy and unhindered withdrawal of the deposits of the depositors and, particularly, to be utilised for their day-to-day expenses, health and educational needs and business requirements.