New DelhiOne hour ago
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The Delhi High Court will now hear on Monday a PIL challenging the recent decision of the Reserve Bank of India to withdraw Rs 2,000 notes from circulation. RBI’s counsel told the court today that another similar petition has come up for hearing, in which the court had reserved its decision. That’s why he wants listing of the matter on Monday. After hearing this, the court listed the matter for Monday.
This PIL has been filed by Advocate Rajneesh Bhaskar Gupta. He has stated in his petition that the RBI does not have any independent power under the RBI Act to take such a decision. On the other hand, Senior Advocate Parag Tripathi, appearing for RBI, said that the recent decision of RBI is not demonetisation and it is only an exercise of currency management. He suggested that the hearing of the case be carried forward.
A bench of Chief Justice Satish Chandra Sharma and J Subramaniam Prasad also said that they will pronounce the verdict on BJP leader Ashwini Upadhyay’s plea on Monday. BJP leader and lawyer Ashwini Upadhyay filed a PIL in the Delhi High Court against the Reserve Bank and State Bank’s order to exchange notes without documents.
They have demanded not to allow exchange of 2000 notes without any identity proof. On Tuesday i.e. May 23, the court had reserved its decision after hearing this.
What did Gupta say in his petition?
- RBI does not have any independent power under the RBI Act to take such a decision.
- The decision to withdraw the banknote after only 4-5 years of circulation is unjust and arbitrary.
- In the clean note policy, RBI destroys fake or dirty notes, but this is not happening in the case of 2000 rupees.
Understand the whole matter…
On May 19, RBI had announced to withdraw 2000 note from circulation. After three days i.e. from May 23, the process of changing this note started in banks across the country. People are reaching the banks to exchange their notes. RBI has asked to exchange 2000 notes or deposit in the account by 30 September.
The Reserve Bank has said in its circular that it will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI had told that the Reserve Bank has taken this decision under the ‘Clean Note Policy’. People can exchange 10 notes at a time in any bank, while there is no limit on deposits.
2000 note came in the market in 2016
2 thousand note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. When notes of other denominations became available in sufficient quantity, the printing of 2000 notes was stopped in 2018-19.
