ADVERTISEMENT

Exchange Of Rs 2000 Notes Without ID Proof: Delhi High Court Reserves Order

Courts cannot interfere in the economic policies of the country, Reserve Bank of India's counsel argued.

<div class="paragraphs"><p>Source: Unsplash.</p></div>
Source: Unsplash.

The Delhi High Court on Tuesday reserved its order in a public interest litigation challenging the exchange of Rs 2000 bank notes without identity proof. The PIL has been filed by advocate Ashwini Kumar Upadhyay.

In his petition, Upadhyay has sought a direction to the Reserve Bank of India and the State Bank of India to take steps to ensure that Rs 2000 bank notes are deposited in the bank account only. Upadhyay clarified that he has not challenged the notification to take Rs 2000 banknotes out of circulation as a whole, but only the part where the exchange of notes would be allowed without an identity proof.

Opinion
A Brief History Of The Rs 2,000 Note

The petition further said that the total value of Rs 2000 notes in circulation has declined from Rs 6.7 lakh crore to Rs 3.6 crore. This means that Rs 3.11 lakh crore has been stored in individual lockers by certain entities, the petition said.

Contesting the petition on behalf of the Reserve Bank of India, Senior Advocate Parag Tripathi said courts cannot interfere in the economic policies of the country. He explained that the notification to take Rs 2000 bank notes out of circulation is a statuary exercise and not demonetisation. 

The Delhi High Court bench headed by Chief Justice Satish Chandra heard the submissions of both parties and said it would pass an appropriate order.

On Friday, the RBI issued a circular withdrawing Rs 2000 bank notes from ccirculation,stating that the note will continue tto be legal tender.