The Delhi High Court on Tuesday reserved its judgement in a public interest litigation (PIL) contesting the Reserve Bank of India’s (RBI) notification to withdraw the ₹2,000 currency notes from circulation without the requirement of any identity proof.
Senior Advocate Parag Tripathi appeared on behalf of the RBI, claiming that the withdrawal of ₹2,000 notes was a statutory exercise by the RBI and not a form of demonetization.
A Division Bench Of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad stated they will pass appropriate orders in the matter.
The petition filed by BJP politician and counsel Ashwini Kumar Upadhyay contended that the RBI has authorized the exchange of notes without requiring a requisition slip or identity proof, which is arbitrary and irrational.
“It is necessary to state that the RBI admits in para-2 that the total value of ₹2000 banknotes in circulation has decreased from ₹6.73 lakh crore to ₹3.62 lakh crore, of which ₹3.11 lakh crore has been reached either in an individual’s locker or has been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias, and corrupt people,” the petition stated.
Upadhyay said that he had not contested the notification as a whole, but merely the provision allowing the money exchange without any identity proof.
“It is for the first time; consumers can bring their money to banks and exchange it. Gangsters, mafias, and their henchmen can come and get their money exchanged,” he stated.
On May 19, the RBI announced the withdrawal of ₹2,000 notes. It also stated that the currency will remain legal tender. The RBI has advised people to deposit the banknotes into their bank accounts or exchange them for other denomination notes at bank branches.
