A Division Bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasadof Delhi High Court reserved its verdict in a (PIL) public interest litigation filed against Reserve Bank of India’s (RBI) notification for withdrawal of Rs 2,000 currency notes from circulation.
Advocate appearing for the RBI stated that the withdrawal of ₹2,000 notes was a statutory exercise by the RBI and it is not a demonetisation.
The plea stated that “It is necessary to state that RBI admits in para-2 that total value of ₹2000 banknotes in circulation have declined from ₹6.73 lakh crore to ₹3.62 lakh crore, which ₹3.11 lakh crore has been reached either in individual’s locker otherwise has been hoarded by the separatists, terrorists, maoists, drug smugglers, mining mafias & corrupt people”.
Advocate appearing for the petitioner submitted that he has not challenged the notification but only assailed the provision which allowing the exchange of currency without any proof of identity.
“It is for the first time that people can come to banks with money and get it exchanged. Gangsters and mafias and their henchmen can come and get their money exchanged”.