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RBI Capital Reserves: SC dismisses petition against FM Arun Jaitley

December 07, 2018:

On Friday, the Supreme Court dismissed a petition raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India.

Finance Minister Arun Jaitley
Finance Minister Arun Jaitley

Apex Court also imposed a cost of ₹ 50,000 on advocate M L Sharma, who had filed the public interest litigation (PIL).

“We find no reason whatsoever to entertain this PIL,” a bench comprising CJI Ranjan Gogoi & Justcie S K Kaul said.

Sharma had accused the Finance Minister of “plundering” the capital reserve of the RBI.

Bench also directed the Apex Court registry not to allow Sharma to file any PIL till he deposits ₹ 50,000.

The top court imposed the cost as the advocate continued with the argument after dismissal of the PIL.

The Chief Justice warned him not to continue with the submissions, saying cost will be imposed if he was unable to satisfy the court.

The apex court expressed displeasure that the advocate made the finance minister as the main party in the PIL.

The bench said, “What is this PIL? You cannot go on with such misadventure. What exactly is this? You are saying the finance minister is plundering the capital reserve of the RBI. You are not bringing honour to this institution. Why do we permit you to go ahead with this PIL.”

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