- (1.) The Reserve Bank of India had written to the Registry of the Court enquiring as to who is the beneficial owner of the investments and as to what is the status of the investor. Reply appears to have been sent to the Reserve Bank.
(2.) The only other question is in regard to deduction of income tax and surcharge on the interest earned on the deposits.
(3.) Learned Attorney General, appearing for the Union of India, accepts the position that no income-tax or surcharge is payable on the interest earned on the deposits and the undertakes to take steps within a fortnight to ensure that appropriate Government orders are issued and duly communicated to the Reserve Bank so that no income-tax deduction is effected from the amount. The Reserve Bank may be informed of the Courts order and asked not to make any deduction.;