Kerala HC moved for allowing cooperative banks to exchange Rs 500, Rs 1000

KOCHI: The Kerala High Court today directed the central government to inform its stand regarding permitting primary cooperative banks to exchange or receive for deposit defunct Rs 500 and Rs 1000 notes.

The court gave the direction during the hearing of a petition filed by Kallettumkara Service Cooperative Bank seeking permission for primary cooperative banks also to carry out the exchange process in the wake of demonetisation of high denomination currency notes.

The petitioner bank contended that they should be allowed to do the process as they were also functioning under the provisions of Banking Regulation Act.

Directing the Central Government to clarify its stand on the issue, Justice P B Suresh Kumar posted the to November 16 for further hearing.