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Informative

Bombay HC Directs RBI to Accept ₹20 Lakh Demonetized Currency due to Seizure by Income Tax Department Prior to Bank Deposit Deadline

Update / Judgement Date

11 Mar 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

BankingIncome TaxOther Legal Matters

The Bombay High Court directed the RBI to accept demonetized currency due to seizure by the Income Tax Department prior to the bank deposit deadline. The court emphasized the need for considering the circumstances of the case. This decision protects taxpayers from arbitrary denials. The ruling clarifies the treatment of demonetized currency. This is regarding banking law.