The Delhi High Court’s division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notice to the Reserve Bank of India (RBI) on Monday in response to a petition filed by Bharatiya Janata Party (BJP) leader Ashwini Upadhyay seeking a common banking code for foreign exchange transactions.

A Division Bench ruled that the case requires a thorough hearing and directed Upadhyay to turn over all documents to the RBI's counsel. Today, Additional Solicitor General (ASG) Chetan Sharma appeared on behalf of the Central Government, stating that the matter is serious and that the government will respond within six weeks.

The petition also stated that this step was required to ensure that foreign money was not secretly transferred to the accounts of separatists, fundamentalists, Naxals, Maoists, terrorists, traitors, the conversion mafia, and radical organizations such as SIMI, PFI, and others.

A guideline was also pursued to also include the name and number of depositors, currency names, the exact amount of foreign currency, and the conversion rate whenever a foreign exchange transaction was made through an Indian bank.