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Supreme Court said the petitioners must consider challenging the State provision in the Act and that they should have first approached their jurisdictional High Courts to challenge their respective State enactments.
The Court was of the view that “Insofar as balance of convenience and irreparable loss are concerned, the petitioner is not a defaulter as of now and there is no complaint by any subscriber to that effect. Even the authorities did not complain receiving of any complaint qua default in payment prized money or any irregularity.”
In order to provide greater flexibility to the State Governments to tide over their cashflow mismatches, RBI, on a review, has decided
As reported by the media reports, Centre by an Advisory has asked the State Governments to not lower the penalties as prescribed