2000 Notes: Issue of withdrawal of 2 thousand notes reached Delhi HC, petitioner said- RBI has no right to take this decision

2000 Currency Note

2000 Notes: The process of depositing or exchanging Rs 2,000 notes in banks has already started. Meanwhile, a public interest litigation has been filed in the Delhi High Court regarding the decision of the Reserve Bank of India. In which a demand has been made to direct the cancellation of the May 19 notification of RBI. This petition has been filed by advocate Rajneesh Gupta. He says that Rs 500 more should be given as compensation by the banks to the people who come to exchange the notes.

Petitioner gave 5 big arguments

  • The RBI has no independent power under the Reserve Bank of India Act, 1934 to demonetise notes of any denomination.
  • The power to discontinue or issue notes rests only with the Central Government under Section 24(2) of the RBI Act, 1934.
  • The RBI notification dated May 19, 2023 does not say that the Central Government has taken a decision to withdraw Rs 2000 notes under Section 24(2) of the RBI Act, 1934.
  • The Central Government has not yet issued any notification regarding the withdrawal of the Rs 2000 denomination from circulation.
  • The RBI governor argues that the estimated life span of 2000 notes is about 4-5 years, so other notes should also have the same life span.

RBI said – will withdraw two thousand notes

Last week, the Reserve Bank of India announced the withdrawal of Rs 2000 note (₹ 2000 Note). With this, the process of exchanging these notes has started in all banks from today i.e. Tuesday. However, the deadline to exchange Rs 2000 notes is till 30 September 2023. These notes were issued in November 2016.

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