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Supreme Court Committee on Golden Forest: Banks Must Transfer Funds

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2004-05/223 · issued 18 Oct 2004 · ~1 min read
Quick answerBanks must immediately remit all balances from accounts of Golden Forest (I) Ltd. to the Supreme Court-appointed committee via demand draft/pay order in favour of 'The Chairman, Committee-GFIL' or credit to the committee's account with State Bank of Patiala, High Court Branch, Chandigarh.

What changed

The Supreme Court appointed a committee under Justice R.N. Agarwal (retd.), Chief Justice (Retd.), to take custody of Golden Forest (I) Ltd.'s assets, including bank balances. Banks are directed to transfer all funds from accounts in the company's name to the committee urgently.

What it means for you

Banks must act swiftly to identify and remit any balances held for Golden Forest (I) Ltd. to the designated committee account. Non-compliance could invite court contempt. This is a one-off directive, not a systemic change.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All commercial banks (excluding RRBs), Branches holding accounts of Golden Forest (I) Ltd.

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Who is the committee chairman?

Justice R.N. Agarwal (retired), Chief Justice (Retd.), appointed by the Supreme Court in place of Justice K.T. Thomas.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #2902: DBOD.No.Dir.BC.48/13.20.02/2004-05 — "Before the Supreme Court of India - I.A.Nos. 9, 20 & 28 - In Transfer Case No. 2 of 2004-P(C) No. 696 of 2002 and I.A.No”
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/223 DBOD No. Dir. BC. 48/13.20.02/2004-05 October 18, 2004 All Commercial Banks (excluding RRBs) Dear Sir, Before the Supreme Court of India - I.A.Nos. 9, 20 & 28 – In Transfer Case No. 2 of 2004-P(C) No. 696 of 2002 and I.A.No. 1 in PC 68/2003 – The Securities and Exchange Board of India etc. Vs Golden Forest (I) Ltd. and Others – Appointment of Committee by the Supreme Court - Regarding We advise that the Hon'ble Supreme Court of India has, vide its order dated 19 th August and 10 th September 2004 (copy of orders enclosed), appointed a Committee under the Chairmanship of Shri R.N. Aggarwal, Chief Justice (Retd.) with two members, one each from the Reserve Bank of India and Securities and Exchange Board of India for the purposes of taking into custody all the assets of the Golden Forest (I) Ltd.; realising these assets; calling for claims of creditors and scrutinising them; and submitting its report to the Supreme Court of India within six months. 2. The Committee has requested the Bank to direct all the banks to forward the information relating to bank accounts maintained in the name of the said company and transfer the money lying in those accounts to the Committee. The Supreme Court has, in its order dated 19 th August 2004, directed all authorities to give all necessary assistance to the Committee for taking over all assets of the Company. 3. In view of the above, you may remit the balance lying in the account/s maintained by any of the branches of your bank in the name of the Golden Forest (India) Ltd. either by issuing demand drafts / pay orders in favour of 'The Chairman, Committee-GFIL' or by crediting the account of the 'The Chairman, Committee-GFIL' maintained with the State Bank of Patiala, High Court Branch, Chandigarh under advice to the Committee on the following address. Office of the Chairman, Committee-Golden Forest (I) Ltd, (Appointed by the Hon'ble Supreme Court of India) Bungalow No. 60, Sector 4 Chandigarh
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/223 · issued 18 Oct 2004. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1979&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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