Union Of India Through Secretary vs Citi Bank N.A

The Supreme Court addressed the legality of a show-cause notice issued to Citi Bank for alleged violations of the Foreign Exchange Regulation Act (FERA). The court examined whether the bank had contravened specific provisions of FERA regarding foreign currency transactions. Ultimately, the court ruled in favor of Citi Bank, determining that the show-cause notice was not justified based on the evidence presented.