The Delhi HC has rejected a petition challenging the notifications issued by the Reserve Bank of India (RBI) and State Bank of India (SBI) that enable the exchange of Rs 2,000 banknotes without the need for a requisition slip or identity proof.
The bench, comprising Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad, dismissed the plea, and a detailed order is expected to be released soon.
The petitioner and advocate, Ashwini Kumar Upadhyay, argued that a significant amount of currency had either been stashed in individual lockers or hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias, and corrupt individuals. Upadhyay contended that the notifications were arbitrary, irrational, and violated Article 14 of the Constitution, which guarantees the right to equality.
The RBI defended its notification before the high court, asserting that it is not tantamount to demonetization but rather a statutory exercise. The court’s decision to uphold the notifications has prompted a mix of reactions among legal experts and the public. While some believe it could facilitate ease of transactions and boost liquidity, others express concerns about potential misuse and unaccounted cash flows.
This verdict by the Delhi High Court is likely to have a significant impact on the ongoing debate surrounding the exchange of Rs 2,000 currency notes without stringent documentation requirements. It remains to be seen how the situation evolves and whether any further legal challenges will be pursued.
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