RBI cannot reject remittance on whimsical & arbitrary reasons

RBI Vs Jindal Steel And Power Limited (Delhi High Court)

HELD THAT : Power of RBI to withhold remittance to be made under Automatic route to Wholly owned Subsidiary cannot be used to reject the remittance on whimsical and arbitrary reasons.

BRIEF FACTS:

1. The present appeal has been filed by the Reserve Bank of India (being the respondent in W.P.(C) No. 3601/2020 titled Jindal Steel & Power Limited V/s Reserve Bank of India) being aggrieved by the order and judgment dated 04.12.2020.

2. The respondent (original petitioner in W.P.(C) 3601/2020,) herein namely, Jindal Steel & Power Limited filed a writ petition in this Hon’ble Court seeking the following reliefs:-

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