Tuesday, November 29th, 2016

Why cooperative banks are not taken into confidence : Hyderabad High Court

Jayesh S | November 29, 2016 1:56 pm Print
The petitioners contended that neither the government nor the PM had the power to take a decision on currency demonetisation without the recommendation of the RBI’s central board.

While dealing with two separate writ petitions from AP and Telangana, the Hyderabad High Court bench comprising Acting Chief Justice Ramesh Ranganathan and Justice A Shankar Narayana has asked the centre as to why cooperative banks are not taken into confidence. The petitions were filed by the chairman of the Prakasam District Cooperative Central Bank (DCCB), the other was filed by M Saya Reddy of Nizamabad.

The bench sought a reply by Wednesday on the reason for keeping away cooperative banks in the fight against black money and exchanging old currencies.

The petitioners told the court that the centre’s decision had caused inconvenience to rural people. The petitioners also contended that contended that neither the government nor the PM has the power to take a decision on currency demonetisation without the recommendation of the RBI’s central board.

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