Delhi High Court Dismisses PIL Challenging RBI’s Decision to Withdraw ₹2,000 Banknotes
- The Delhi High Court has dismissed a public interest litigation (PIL) challenging the Reserve Bank of India’s (RBI) decision to withdraw ₹2,000 banknotes from circulation.
- The central bank has asked banks to provide deposit and exchange facilities for ₹2,000 notes until September 30, 2023.
- A detailed copy of the judgment is awaited.
PIL Contends RBI Lacks Power to Withdraw ₹2,000 Currency Notes
- The petitioner, Rajneesh Bhaskar Gupta, argued that only the Centre could have taken a decision regarding the withdrawal of 2,000-rupee currency notes.
- The petition claimed that the RBI has no independent power under the Reserve Bank of India Act to make such a decision.
- The PIL also argued that the decision to withdraw the banknotes after 4-5 years of circulation within a specific deadline is “unjust, arbitrary, and against public policy.”
RBI Argues Removal of ₹2,000 Notes is Currency Management, Not Demonetization
- The RBI has argued that the removal of ₹2,000 notes is part of the currency management system and is not a demonetization exercise.
- The RBI’s counsel stated that the ₹2,000 note is not being used as a currency and has been virtually kept out of circulation for some time.
- The counsel further mentioned that the quality of the ₹2,000 notes has deteriorated over time.
Previous Plea Challenging RBI’s Permission for Exchanging ₹2,000 Notes Without Identity Proof Also Dismissed
- Earlier, the Delhi High Court had dismissed a plea challenging the RBI’s permission for exchanging ₹2,000 currency notes without any identity proof.
- The court stated that this was done to ensure a smooth transition of ₹2,000 denomination banknotes and to avoid inconvenience to citizens.
Source: hindustantimes.com
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
