1. In exercise of the powers conferred under S.45(1) of the Banking Regulation Act. 1949 (Act 10 of 1949). the Government of India clamped moratorium on the Bank of Cochin from the close of business on the 27th of April. 1985 till 28th August. 1985.

2. The petitioners receive foreign contribution through some of the branches of the Bank of Cochin and have registered themselves under S.6 of the Foreign Contribution (Regulation) Act. 1976. They thus maintain accounts in some specified branches of the Bank The petitioners are however. prevented from operating these accounts and withdrawing any amounts while the moratorium is in force. They have therefore filed these writ petitions for appropriate reliefs.

3. The learned counsel appearing for the petitioners in all these cases. Shri M.I. Joseph. raised only two contentions:

(1) The moratorium ordered under S.45(1) of the Banking Regulation Act cannot affect the authorisation granted to the Bank under the Foreign Exchange Regulation Act. 1973 to deal in foreign exchange.

(2) Assuming the power under the Banking Regulation Act extends to transactions and activities carried on by the authorised dealers of foreign exchange. the fu