Kerala HC moved for allowing cooperative banks to exchange Rs 500, Rs 1000 notes | india-news | Hindustan Times
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Kerala HC moved for allowing cooperative banks to exchange Rs 500, Rs 1000 notes

The Kerala high court on Tuesday directed the Centre to clear its stand on permitting primary cooperative banks to exchange or receive currency the old Rs 500 and Rs 1000 notes for new ones.

black money crackdown Updated: Nov 15, 2016 13:25 IST
People queue up outside a mobile ATM to withdraw money at Pragati Maidan, New Delhi.
People queue up outside a mobile ATM to withdraw money at Pragati Maidan, New Delhi.(PTI Photo)

The Kerala high court on Tuesday directed the Centre to clear its stand on permitting primary cooperative banks to exchange or receive currency the old Rs 500 and Rs 1000 notes for new ones.

The court gave the direction during the hearing of a petition filed by Kallettumkara Service Cooperative Bank.

The petitioner bank contended they should be allowed to exchange and receive notes as they were also functioning under the provisions of the Banking Regulation Act.

Directing the Centre to clarify its stand on the issue, Justice PB Suresh Kumar posted the matter to November 16 for further hearing.