Supreme Court of India
Union of India & Anr. v. Citi Bank, N. A.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the show causes notices issued in the year 2002, i.e., after a period of almost one decade from the date of the alleged transactions of 1992-1993, were not tenable in law.
Judgment, page 9
From the headnote
Foreign Exchange Regulation Act, 1973(FERA) – ss.6(4)(5), 8(1), 64(2)(4)(5) & 73(3) – Foreign Currency Deposit in Non- Resident External Account – Respondent-Bank was granted license to act as an authorized dealer, had accepted cash in foreign currency, equivalent to Rs.23,17,630/- during the period from October 1992 to January 1993 to the credit of NRE (Non-Resident External) Account of a Non- Resident Indian (NRI) – RBI issued circular dated 31.07.1995, imposing restriction to the effect that only an NRI Account Holder shall deposit foreign currency in his NRE account – Show Cause notice…
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