LAWS(NCD)-2008-8-29

ATUL NANDA Vs. RESERVE BANK OF INDIA

Decided On August 19, 2008
ATUL NANDA Appellant
V/S
Reserve Bank Of India And Ors. Respondents

JUDGEMENT

(1.) Heard the learned Counsel for the parties.

(2.) It appears that the operative part of the order passed on 14.7.2008 is still not known to the public. It is, therefore, directed that the State Bank of India, HSBC Bank and the Standard Chartered Bank shall publish the same in following terms at their joint cost in at least two leading newspapers which are published from Delhi and Mumbai within a period of one week from today:

(3.) From the documents which are filed on record by the complainants, it appears that some inconsistent affidavits have been filed by RBI in regard to the policies enunciated by it on various dates. Repeated stand taken by the RBI with regard to cheque policy that it is not regulating the business of banks and they are free to follow the policies framed by them with regard to collection of cheques and their payments. As against this, from the compilation of documents produced on record, it appears that RBI had issued various directions from time-to-time to monitor the collection and payment of outstation cheques. This would be clear from the following paragraphs:-