We Don't Frame System Of Money Transfers': Delhi High Court On PIL Seeking 'Uniform Banking Code' To Regulate Foreign Exchange Transactions

The Delhi High Court entertained a petition for the creation of a uniform banking code to standardize foreign exchange transactions in India. The petitioner argued that a uniform code would ensure transparency and help curb black money and illicit transactions. The Court has directed the Reserve Bank of India and other relevant authorities to respond. The case highlights the need for systemic reforms to enhance transparency in financial transactions, particularly in foreign exchange dealings.