Supreme Court to Review RBI’s Decision on Rs 2000 Notes Exchange Without ID Card
The Reserve Bank of India’s decision to allow the exchange of Rs 1000 bank notes has been challenged in the Supreme Court. Petitioner and advocate Ashwini Kumar Upadhyay had argued that a large amount of these notes were in the possession of separatists, terrorists, Maoists, drug smugglers, mining mafia, and corrupt people. He claimed that the notification was arbitrary and irrational, violating Article 14 of the Constitution. However, the Delhi High Court dismissed the petition, stating that it was not demonetization but a statutory action.
RBI had announced on May 19 that the Rs 2000 note would be taken out of circulation. However, people have time from May 23 to September 30 to convert it into banks. RBI instructed all banks not to demand any ID card or fill out a slip form for the exchange of notes. If anyone has the notes after September 30, no action will be taken against them.
The Supreme Court will now review the decision of the Delhi High Court on the exchange of Rs 2000 notes without an ID card. The move comes after Ashwini Kumar Upadhyay’s petition was rejected by the Delhi High Court. RBI defended its notification before the High Court, stating that it was not demonetization but a statutory action.
In conclusion, while the decision of the Supreme Court is awaited, people still have time to exchange their Rs 2000 notes until September 30 without the need for an ID card or filling out a slip form.
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