Supreme Court permits Vodafone bank wire transfer

New Delhi, Nov 26 (PTI) The Supreme Court today allowed the request of British telecom giant Vodafone to deposit Rs 2,500 crore, as directed by it earlier, through banking wire transfer instead of bank draft.

The apex court also postponed the date of hearing to July 19, 2011, from the previously scheduled hearing on February 5.

Wire transfer or credit transfer is a method of electronic funds transfer from one person or institution (entity) to another.

A bench headed by the Chief Justice S H Kapadia allowed the Vodafone plea after the company counsel and senior advocate Harish Salve submitted that the money would come through international transactions.

"We need to transfer this amount (Rs 2,500 crore) directly from bank to the Supreme Court registry. It would save us a lot of money. If we get a bank draft it would be price over for us," Salve said.