Supreme Court Turns Away PMC Account Holders Seeking End to Cash Withdrawal Restrictions
The Supreme Court refused to hear a plea filed on behalf of account holders in PMC Bank, which has been put under restrictions by the Reserve Bank of India (RBI) following the discovery of a Rs 4,355-crore scam.
The plea, filed on behalf of the people whose money is blocked, sought the lifting of restrictions on cash withdrawals that have been capped at Rs 40,000 over a six-month period.
A bench headed by Chief Justice of India Ranjan Gogoi said, “We are not inclined to entertain this petition under article 32 (writ jurisdiction). Petitioner can approach the high court concerned for appropriate relief”.
Solicitor General Tushar Mehta said the government is aware of the seriousness of the situation and the Enforcement Directorate is taking appropriate action against the culprit.
Advocate Shashank Sudhi, appearing for petitioner Bejon Kumar Mishra, said he has filed the petition on behalf of 500 Punjab & Maharashtra Co-operative Bank account holders seeking lifting of restrictions imposed by the RBI on cash withdrawals.
