JUDGMENT Mehtab S. Gill, J. - Petitioner has prayed for issuing a writ in the nature of certiorari for quashing order dated April 6, 1984 (Annexure P-3) and order dated December 13, 1985 (Annexure P-4). 2. Petitioner Bank is a Cooperative Society registered under the Punjab Cooperative Societies Act, 1961 (hereinafter called as "the Act"). The Haryana State Co-operative Supply and Marketing Federation Limited, Chandigarh (hereinafter called "HAFED") Respondent No. 3, opened a current account (fertilizer account) within the petitioner on March 30, 1974 (Annexure P-1). The rate of interest mentioned in the agreement was Nil. As per the directions of the Reserve Bank of India issue under the Banking Regulation Act, 1949, no interest can be paid on current accounts. Respondent No. 3 (HAFED) filed an arbitration dispute under Section 55 of the Act before respondent No. 2 claiming Rs. 1,81,834.69 as interest on the deposits made by HAFED in its current account. 3. After hearing the parties, Additional Registrar (Marketing) Cooperative Societies, Haryana, Chandigarh (respondent No. 2) awarded Rs. 1,25,041.49 vide award dated April 6, 1984 (Annexure P-3) to respondent No. 3 (HAFED). Further interest at the rate of 14% per annum was also awarded till its realisation. Appeal was filed by the petitioner before Deputy Secretary (Cooperation), Haryana, Chandigarh (respondent No. 1), which was dismissed on December 13, 1985 (Annexure P-4). 4. Notice of motion was issued. 5. Written statement was filed. 6. Learned counsel for the petitioner has stated that order dated April 6, 1984 (Annexure P-3) and order dated December 13, 1985 (Annexure P-4) are illegal, void, unconstitutional and are liable to be quashed. He has further stated that as per the agreement dated March 30, 1974 (Annexure P-1) between petitioner and respondent No. 3, it has been clearly stated that no interest would be charged. Further, as per directions issued by the Reserve Bank of India under the Banking Regulations Act, 1949, no interest can be paid on current accounts. 7. Learned counsel for respondent No. 3 has stated that there is no dispute regarding interest on current account. Respondent No. 3 (HAFED) has claimed interest from the petitioner-Bank on account of late crediting of the amount of HAFED for debiting the fertilizers/Cash Credit Account and in the late preparation of drafts/cheques for onward transmission. 8. 7. Learned counsel for respondent No. 3 has stated that there is no dispute regarding interest on current account. Respondent No. 3 (HAFED) has claimed interest from the petitioner-Bank on account of late crediting of the amount of HAFED for debiting the fertilizers/Cash Credit Account and in the late preparation of drafts/cheques for onward transmission. 8. I have heard learned counsel for the petitioner and learned counsel for the respondents and have gone through the paper-book. 9. The scheme of procurement and sale of fertilizers through Cooperative Societies in Haryana State were being conducted by agreement of all the parties in accordance with Fertilizers Distribution Scheme issued by the Registrar, Cooperative Societies, Haryana, Chandigarh. Para 6 of the Scheme is clear that the Central Cooperative Banks/other Commercial Banks operating in the area, would sanction the Cash Credit Limits against the pledge of the stocks of fertilizers. The Central Co-operative Banks and other Commercial Banks would present the bills on account of supply of fertilizers to the Rail Head Agents. The proceeds of the bills would be collected from the Rail Head Agent in cash or cheque and it would be deposited in the Fertilizer Cash Credit Account. The Central Cooperative Banks and other Banks would keep sufficient funds to remit the proceeds of the bills immediately on acceptance by debit to the Fertilizer Cash Credit Account of the Society. The proceeds of the bills would be remitted by the Bank concerned to the Federation direct through Bank Draft the following day at the latest, failing which it will pay interest at the rate of 12% per annum till the proceeds of the bill are remitted. 10. Petitioner-Bank in this case delayed the making of the demand-draft, which resulted in loss to respondent No. 3, who had to pay interest at the rate of 12% per annum to the Rail Head Agents and to the Companies, who had sent fertilizers. HAFEDs money was deposited in the current account maintained in the petitioner-Bank. Fertilizer Distribution Scheme which was enforced by Registrar, Cooperative Societies was being adhered to by HAFED and the other parties, i.e., Rail Head Agents and the Companies, who were sending fertilizers. The funds of HAFED cannot be termed as current deposits. These funds were placed in the Bank for remittance only as a provision of this scheme. 11. Fertilizer Distribution Scheme which was enforced by Registrar, Cooperative Societies was being adhered to by HAFED and the other parties, i.e., Rail Head Agents and the Companies, who were sending fertilizers. The funds of HAFED cannot be termed as current deposits. These funds were placed in the Bank for remittance only as a provision of this scheme. 11. I do not find any infirmity in the order dated April 6, 1984 (Annexure P-3) passed by Additional Registrar (Marketing) Cooperative Societies, Haryana, Chandigarh. With the above observations, writ petition is dismissed. Petition dismissed.