RBI defends before Delhi HC ₹2,000 banknote exchange exercise
1 year, 7 months ago

RBI defends before Delhi HC ₹2,000 banknote exchange exercise

The Hindu  

The Reserve Bank of India on Tuesday told the Delhi High Court that withdrawal of ₹2,000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience. The petitioner has contended in his plea that notifications by the RBI and SBI enabling exchange of ₹2,000 banknotes without requisition slip and identity proof were arbitrary, irrational and offend Articles 14 of the Constitution of India. Therefore, why RBI is permitting to exchange ₹2,000 banknotes without obtaining identity proof. Therefore, petitioner Depositing ₹2,000 currency notes in bank accounts would ensure that people having black money and disproportionate assets could be identified easily, the plea has said. On May 19, the Reserve Bank of India had announced withdrawal of ₹2,000 currency notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

History of this topic

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3 weeks ago
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