Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid

The Bombay High Court has directed the Reserve Bank of India (RBI) to accept ₹20 lakh in old demonetized notes that were seized during an Income Tax raid.

This directive addresses a unique situation where the currency was held by the Income Tax Department before the deadline for depositing demonetized notes expired. The court's decision aims to provide relief to the affected party, acknowledging the circumstances of the seizure. The ruling emphasizes the need for fairness and consideration of specific situations in implementing financial regulations. This decision clarifies the treatment of demonetized currency seized by authorities. It ensures that individuals are not unfairly penalized due to administrative processes. This action supports the return of legal tender.