The Delhi High Court, on Monday (29 May), dismissed a petition that challenged notifications allowing the exchange of Rs 2,000 currency notes without requiring a requisition slip and proof of identification.
The bench, comprising Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad, rejected the plea that contested the notifications issued by the RBI and SBI, which enabled the exchange of Rs 2,000 banknotes without the need for a requisition slip and identity proof. A detailed order is yet to be issued.
The petitioner and advocate, Ashwini Kumar Upadhyay, argued that a significant amount of currency had either been stored in individuals' lockers or had been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias, and corrupt individuals.
The plea stated that the notifications were arbitrary, irrational, and violated Article 14 of the Constitution.
He prayed that RBI and SBI should be directed to ensure that the Rs 2000 currency note be deposited in respective bank accounts only — in order than no one can deposit the money in any other bank account, and people having black money could be identified easily.
The Reserve Bank (RBI) defended its notification before the high court, asserting that it was not demonetisation but a statutory exercise.
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