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Delhi High Court Dismisses PIL Challenging RBI's Currency Exchange Policy


Delhi High Court Dismisses PIL Challenging RBI's Currency Exchange Policy

The Delhi High Court has rejected a Public Interest Litigation (PIL) that contested the Reserve Bank of India's (RBI) notifications allowing the exchange of Rs 2,000 denomination currency notes without requisition slips and ID proof. The court emphasized that this policy decision was implemented to prevent inconvenience to citizens and stated that it cannot serve as an appellate authority over government policies.


The high court, comprising Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, ruled that the government's decision cannot be deemed arbitrary or encouraging illicit activities such as black money, money laundering, or corruption. The court declared the PIL lacking in merit and dismissed the plea filed by advocate Ashwini Kumar Upadhyay.


The petitioner claimed that a substantial amount of Rs 2,000 currency notes had fallen into the hands of individuals involved in illegal activities. However, the RBI defended its notification, clarifying that it was not demonetization but a statutory exercise carried out for operational convenience. The central bank argued that the court should refrain from interfering in such matters.


It's important to note that the PIL did not challenge the withdrawal of Rs 2,000 banknotes but rather criticized the exchange of these notes without the requirement of a slip or identity proof.


On May 19, the RBI announced the withdrawal of Rs 2,000 currency notes from circulation, allowing individuals to either deposit the existing notes in bank accounts or exchange them by September 30. The central bank affirmed that Rs 2,000 denomination currency notes would remain legal tender.

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