Supreme Court · 2022 INSC 1318 · Decided 24 August 2022
Union of India & ANR. v. Citi Bank, N. A.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 1318 · [2022] 10 S.C.R. 279
- Case number
- CIVIL APPEAL No. 9337/2010
- Decided
- 24 August 2022
- Bench
- BHUSHAN RAMKRISHNA GAVAI, PAMIDIGHANTAM SRI NARASIMHA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
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 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 issued on
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