May 30, 2023: The Delhi High Court on May 29, 2023, dismissed a petition that challenged separate notifications by the RBI and SBI through which the two lenders allowed exchange of Rs 2,000 bank notes without requisition slip or identity proof.
The two-judge Bench of Justice Satish Chander Sharma and Justice Subramonium Prasad dismissed the plea by BJP leader and advocate Ashwini Kumar Upadhyay, in which he said that the RBI decision to withdraw Rs 2,000 notes was arbitrary and irrational, and offended Article 14 of the Constitution of India.
He also sought direction to the RBI and SBI to ensure that the notes were deposited only in an individual’s bank accounts so that people with black money and disproportionate assets could be identified easily. While refusing to interfere in the matter, the court also said that decision to dispense with Rs 2,000 note was not a decision towards demonetisation.
In a sudden move on May 19, the Reserve Bank of India said it was taking out from circulation the Rs 2,000 notes under its clear-note policy. The banking regulator also said customers will not have to submit any identity proof at the time of exchange of deposit of these notes while setting September 30 as the deadline to return the notes still in the market.
Following the RBI notification, country’s largest public lender SBI also issued a similar notification, saying customers need not submit a requisition slip or ID proof to exchange or deposit notes.
See also: FAQs on Rs 2,000-note exchange/deposit facility
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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