Demonetisation of 2000 Rupees
Upadhyay filed a Public Interest Litigation (PIL) contesting the Reserve Bank of India’s (RBI) regulation allowing the exchange of rupee 2000 notes without presenting identification. He claimed that the RBI’s decision to permit note exchanges without a demand paper or identification proof was arbitrary and unreasonable.
In the petition, it was further stated that it is important to note that the RBI acknowledges in paragraph two that the total value of 2000 banknotes in circulation has decreased from 6.73 lacks to 3.62 lacks, of which 3.11 lakh have either been found in someone’s locker or have been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias, and corrupt individuals.
The contention from Both parties
Upadhyay claimed that he had only contested the clause allowing cash exchanges without identification verification and not the notification as its whole. People can now visit banks with cash to get it exchanged for the first time. Gangsters, mafias, and their goons are welcome to swap money here.
The RBI argues that The withdrawal of the 2,000 note was a statutory action by them according to the RBI and not a demonetization.
The Delhi high court Division Bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad rejected the plea filed by BJP leader and advocate Ashwini Upadhyay.
The bench adds that the RBI had announced the withdrawal of the 2,000 note on May 19. The currency will remain legal tender, it was added. The RBI has encouraged customers to deposit the notes into their bank accounts or exchange them at bank locations for notes of different denominations.