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Reserve Bank of India

2 articlesLatest April 2026
Specified Bank Notes Act | Seized Demonetised Currency Must Be Exchanged If Legitimate and Held by Authorities Beyond Cut-Off : Bombay HC (Nagpur Bench)
Case Law Analysis
|Bombay High Court

Specified Bank Notes Act | Seized Demonetised Currency Must Be Exchanged If Legitimate and Held by Authorities Beyond Cut-Off : Bombay HC (Nagpur Bench)

Bombay High Court rules that demonetised currency notes seized before the exchange cut-off date but returned post-deadline must still be exchanged if their legitimacy is undisputed. The judgment protects citizens from procedural delays caused by state authorities, reinforcing natural justice under the Specified Bank Notes Act.

Section 45-IA(6)(i) RBI Act | NBFC Voluntary Surrender Cannot Be Denied Without Opportunity to Comply with PBC: Calcutta HC
Case Law Analysis
|Calcutta High Court

Section 45-IA(6)(i) RBI Act | NBFC Voluntary Surrender Cannot Be Denied Without Opportunity to Comply with PBC: Calcutta HC

The Calcutta High Court has ruled that the RBI cannot reject an NBFC’s application for voluntary surrender without first giving it a fair chance to meet its Principal Business Criteria, reinforcing that regulatory exit must follow statutory procedure, not administrative fiat. This sets a critical precedent for all NBFCs seeking orderly wind-down without punitive compliance traps.

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