NEW DELHI: In a momentous development, the Delhi High Court firmly rejected a Public Interest Litigation (PIL) that challenged the decision of the Reserve Bank of India (RBI) to withdraw Rs.2000 notes. The dismissal took place on Monday, as the court stood unwavering in its support of the RBI's course of action.
On May 19, the announcement was made regarding the withdrawal of Rs.2000 currency notes from circulation. To ensure a seamless transition during this process, the central bank directed all banks to provide deposit and exchange facilities for Rs.2000 notes until September 30, 2023.
The bench comprising Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad emphatically declared, "Dismissed," while rejecting the plea. The bench had previously reserved its order on the PIL on May 30, meticulously considering the arguments put forth by the petitioner's counsel as well as the RBI's representatives.
Rajneesh Bhaskar Gupta, the petitioner, contended in his plea against the RBI's withdrawal order that the RBI lacked the authority to remove the Rs.2000 currency notes from circulation. According to Gupta, only the central government possesses the jurisdiction to make decisions of such nature. The petition highlighted that the RBI lacks independent power under the RBI Act to take such a consequential step.
The PIL further denounced the decision to withdraw a particular note after a span of 4-5 years within a specified deadline as "unjust, arbitrary, and contrary to public policy."
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