Court dismisses PIL against withdrawal of Rs 2000 notes
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New Delhi: The Delhi High Court on Monday dismissed a PIL challenging the Reserve Bank of India’s (RBI) decision to withdraw Rs 2,000 notes from circulation. Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad dismissed the petition. Earlier, the verdict on the petition was reserved on May 30. The petitioner, Rajneesh Bhaskar Gupta, had argued that the RBI had no power to withdraw Rs 2,000 notes from circulation and only the central government could act in this regard. can decide.
He said in his petition that RBI has no independent power to direct demonetisation of bank notes of any denomination. This power is vested only with the Central Government under Section 24(2) of the RBI Act of the year 1934. The petition was opposed by the RBI saying that the withdrawal of Rs 2,000 notes from circulation is part of the ‘currency management campaign’ and is a matter of economic planning. had announced withdrawal from the currency and said that the existing notes can be deposited in bank accounts or exchanged till 30 September.
Earlier, the High Court had dismissed a petition filed by advocate Ashwini Kumar Upadhyay. The petition claimed that the notifications of RBI and SBI allowing exchange of Rs 2,000 bank notes without any evidence were against the law designed to prevent arbitrariness and corruption. The High Court had said That this has been done to avoid inconvenience to the citizens. The court also said that it cannot act as an appellate authority on any policy decision.
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