Delhi High Court’s big decision regarding withdrawal of Rs 2000 note, know what will be the effect on you
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Reserve Bank of India In May this year, took a big decision of withdrawing Rs 2000 note. After which the process of changing notes in banks is going on. Here, the Delhi High Court has given a big decision on the petition challenging the decision of RBI regarding the withdrawal of notes. The court has dismissed the petition. This was the second such PIL challenging the RBI’s May 19 decision.
What was demanded in the petition
A Public Interest Litigation (PIL) was filed in the Delhi High Court, seeking a direction to set aside the Reserve Bank of India’s (RBI) decision to withdraw Rs 2000 denomination banknotes from circulation. Petitioner Rajneesh Bhaskar Gupta had argued that the RBI has no power to withdraw Rs 2,000 notes from circulation and only the central government can decide in this regard. He had said in his petition that RBI has no independent power to direct demonetisation of bank notes of any value. This power is vested only with the Central Government under Section 24(2) of the RBI Act of the year 1934.
A two-judge bench of the High Court dismissed the petition
A division bench of Justice Satish Chandra Sharma and Justice Subramaniam Prasad decided to dismiss the petitions. Opposing the petition, the RBI said that Rs 2000 notes will remain legal tender. The same bench had recently dismissed a petition challenging the permission to exchange Rs 2,000.
The High Court had dismissed another petition regarding Rs 2,000 note
Earlier, the High Court had rejected the petition of 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 are arbitrary and against the law made to prevent corruption. In this regard, the High Court had said that this has been done to save the citizens from inconvenience. The court also said that it cannot act as an appellate authority on any policy decision.
RBI had decided to withdraw the 2000 note from circulation on May 19.
Significantly, on May 19, the RBI had announced the withdrawal of Rs 2,000 notes from circulation and said that the existing notes can be deposited or exchanged in bank accounts till September 30.
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