Disposed

Manoj Kumar Agarwal v. Managing Director Axis Bank and 2 Others

Allahabad HC11 Jul 2018WRIC/22638/2018

Case brief

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What is this about?

Writ petition filed by a petrol pump business to compel Axis Bank to deposit unclaimed metal coins in small denominations. Court directed mandatory deposit of coins worth 2,500 rupees per day between 3 to 4 p.m. on working days.

What did the court decide?

Direction to deposit coins worth 2,500 rupees per day between 3 to 4 p.m. on working days from August 1, 2018.

Manoj Kumar Agarwal Vs Managing Director Axis Bank… — Banking and Recovery | Allahabad HC (2018)

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Court No. - 32

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Case :- WRIT - C No. - 22638 of 2018

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Petitioner :- Manoj Kumar Agarwal Respondent :- Managing Director Axis Bank And 2 Others Counsel for Petitioner :- Suresh Chandra Counsel for Respondent :- Sunil Kumar Srivastava

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Hon'ble Shashi Kant Gupta,J. Hon'ble Rajiv Gupta,J.

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Heard Mr. Suresh Chandra, learned counsel for the petitioner and Mr. Sunil Kumar Srivastava, learned counsel for respondent nos. 1 to 3.

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This writ petition has been filed by the petitioner, inter alia, for the following relief:

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"i. To issue writ order or direction in the nature of mandamus commanding to the respondents to allow the petitioner to deposit the coins of Rs. 2, 5 and 10 (total amount Rs. 20 Lacs) in the accounts of petitioner in the bank of respondent nos. 1 to 3."

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Learned counsel for the petitioner submits that the petitioner runs business of Petrol Pump and the customer generally pay coins of Rs. 2, 5 and 10 and the account of the petitioner is in the Bank of Respondent nos. 1 to 3 i.e. Axis Bank, Shahganj, Agra. Learned counsel for the petitioner further submitted that when the petitioner refused to take further coins, the customers threatened the petitioner to call the police. Learned counsel for the petitioner has further submitted that after collecting the coins, the petitioner prayed the respondents to deposit the coins of rupee 2, 5 and 10, worth twenty lakhs of rupees but respondents avoided/refused to deposit the same. In this regard, the petitioner has annexed the communications dated 9.8.2016, 11.9.2016, 14.9.2016

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and 9.11.2016 received from the Bank.

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Learned counsel for respondent nos. 1 to 3 submits that it is not possible to deposit coins worth 20 lacs on the same day as aforementioned. Counsel for the respondents states that the petitioner may be allowed to deposit coins worth two thousand five hundred rupees only per day, that too from 1st August 2018 between 3 to 4 p.m. He also submits that Income Tax Department may also be informed about such a huge and unusual deposit by the petitioner.

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Counsel for the petitioner submits that the petitioner shall deposit the coins worth two thousand five hundred rupees only on every working day, as aforesaid, from 1st August, 2018 onward.

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In the circumstances, the writ petition is disposed of with a direction to the respondent nos. 1 to 3 to allow the petitioner to deposit coins in the denomination of rupee 2, 5 and 10, worth rupees two thousand five hundred per day, from 1st August, 2018 between 3 to 4 p.m on working days.

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The Registry is directed to forward a copy of this order to the Income Tax Department and the Reserve Bank of India forthwith.

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Order Date :- 11.7.2018

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Manoj Kumar Agarwal v. Managing Director Axis Bank and 2 Others

Case brief

What is this about?

What did the court decide?

Manoj Kumar Agarwal v. Managing Director Axis Bank and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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