Bombay HC Directs RBI to Accept ₹20 Lakh Demonetized Currency Seized by IT Tax Dept

Ramesh Bapurao Potdar Vs Union of India (Bombay High Court) Bombay High Court ruled in favor of petitioners whose ₹20 lakh in demonetized ₹500 and ₹1,000 notes were seized during a raid on December 26, 2016, just days before the deposit deadline of December 30, 2016. The Income Tax Department initially withheld the cash but later decided not to seize it, returning it on January 14, 2017. When the petitioners attempted to deposit the money with the Reserve Bank of India (RBI), it was rejected on the grounds that the deadline had passed. The petitioners argued that they were unable to depo...