29 May 2023 5:06 AM GMT
The Delhi High Court on Monday dismissed a public interest litigation challenging Reserve Bank of India and State Bank of India's notifications that permit exchange of Rs. 2000 currency notes without requirement of any identity proof.A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad rejected the plea moved by BJP leader and Advocate Ashwini Kumar...
The Delhi High Court on Monday dismissed a public interest litigation challenging Reserve Bank of India and State Bank of India's notifications that permit exchange of Rs. 2000 currency notes without requirement of any identity proof.
A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad rejected the plea moved by BJP leader and Advocate Ashwini Kumar Upadhyay. Copy of the detailed judgment is awaited.
During the hearing last week, Senior Advocate Parag P Tripathi appearing for RBI opposed the plea and said that it must be dismissed with exemplary costs.
“This is not demonetisation...This is a statutory exercise. None of the point raised by my learned friend [Upadhyay] in any manner impinges upon the public issues,” he argued.
Tripathi further referred to various judgments of the Supreme Court wherein it has been held that courts will not be persuaded to interfere in matters concerning economic policy.
The respondents in the plea were RBI, SBI and Union Ministries of Home Affairs and Finance. ASG Chetan Sharma represented the Union of India.
Upadhyay had has also prayed that RBI and SBI be directed ensure that the Rs. 2000 currency notes are deposited in respective bank accounts only, so that the no one can deposit the money in other accounts and people having black money and disproportionate assets could be identified easily.
He had also sought a direction for appropriate steps against the black money and disproportionate asset holders in order to “weed out corruption, benami transaction and secure fundamental rights of citizens.”
“Recently, it was announced by the Centre that every family has AADHAAR Card and Bank Account. Therefore, why RBI is permitting to exchange Rs. 2000 banknotes without obtaining identity proof. It is also necessary to state that 80 Crore BPL families receive free grains. It means 80 crore Indians rarely use Rs. 2,000/- banknotes. Therefore, petitioner also seeks direction to RBI and SBI to take steps to ensure that Rs. 2000 banknotes are deposited in bank account only,” the plea stated.
Recently, the RBI announced the decision to withdraw Rs. 2000 notes from circulation. However, it said that the currency will continue as Legal Tender. People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023," a press note issued by RBI had said.
Title: Ashwini Kumar Upadhyay v. Union of India & Ors.
Citation: 2023 LiveLaw (Del) 454