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Supreme Court : Cheque bounce conflicting rulings

The Supreme Court has referred to a larger Bench the question whether a person can be tried...

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RBI asks exporters to sell 50% of forex earnings

In respect of all future forex earnings, an exchange earner is eligible to retain 50% as against the previous limit of 100% in non-interest bearing EEFC accounts while the balance 50% shall be surrendered for conversion to rupee balances

Mumbai: In order to arrest the declining value of the rupee, the Reserve Bank of India on Thursday asked exporters to sell 50% of their retained foreign exchange earning, reports PTI. The central bank has also fixed limit for intra-day trading of foreign currency by banks.

"On a review of the scheme, it has been decided that 50% of the balances in the Exchange Earners' Foreign Currency Account (EEFC) accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder," RBI said in a notification.

In respect of all future forex earnings, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing EEFC accounts, it said. The balance 50% shall be surrendered for conversion to rupee balances, it added.

As per the existing rules, an exporter is allowed to retain 100% of their earning into foreign currency.

EEFC is an account maintained in foreign currency with a bank. It is a facility provided to the foreign exchange earners, including exporters, to credit 100% of their foreign exchange earnings to the account. The account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimising the transaction costs.

Following a series of actions by the central bank, the rupee today recovered by a hefty 60 paise to 53.24 against the US dollar in early trade from yesterday's close of 53.82.

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Supreme Court refuses to stay charge-framing against CK Jaffer Sharief

Earlier, rejecting the CBI closure report, both the trial court and HC directed to proceed with Mr Sharief's prosecution for his culpability in taking along four persons with him to London during his tenure as minister

New Delhi: The Supreme Court on Thursday refused to stay the framing of charges against former Union Minister C K Jaffer Sharief by a special CBI Court in connection with a 1995 corruption case, reports PTI.

A bench of justices P Sathasivama and J Chelameswar, while refusing to stay the lower court procedure after which the formal trial of an accused begins, posted Mr Sharief's appeal for further hearing to 4th July.

Appearing for Mr Sharief, senior counsel Rajiv Dutta, in his brief submission, sought his discharge, claiming that he was innocent and no prior sanction was obtained by the CBI from the government to prosecute him, as mandated by section 197 of the CrPC for prosecution of a public servant.

The case dated back to 1995 when Mr Sharief, as an Union minister had gone to London for medical treatment allegedly taking four others on the trip unauthorisedly and causing a loss of Rs7 lakh to the ex-chequer.

Mr Sharief has come to the apex court against an April 2011 order of the Delhi High Court, dismissing his plea challenging a trial court's decision to reject a CBI closure report in the corruption case against him and prosecute him instead.

Rejecting the CBI closure report, the trial court had proceeded with Mr Sharief's prosecution for his culpability in unauthorisedly taking along with him four persons to London during his tenure as minister.

The CBI had filed the closure report in the case for want of official sanction to prosecute him, but the trial court had proceeded against him despite that.

The High Court had rejected Mr Sharief's plea saying his act did not require sanction under the CrPC to try him for offences under the Prevention of Corruption (PC) Act.
 
It was alleged that during 1995, while functioning as the Railways Minister, Mr Sharief arranged foreign visits of four persons, besides the officials allowed by the government, for his personal use.

An FIR was registered against Mr Sharief in 1998 by the CBI, however, in 2005, the agency filed a closure report citing refusal of sanction.

The lower court, however, had rejected the closure report saying it appeared that the entire material collected by the prosecution had not been placed before sanctioning authority.

The CBI again filed a closure report. However, the special judge declined the CBI request and took cognisance of the offence under PC Act.

Mr Sharief is accused of 'dishonestly' ensuring journey of BN Nagesh, his additional private secretary, SM Masthan and V Muralidharn, both steno and CH Samaullah, a driver, to London with him.

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