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A Public Interest Litigation has been filed in the Delhi High Court to quash the Reserve Bank of India’s notification dated 19 May 2023. In this petition, RBI has decided to withdraw two thousand rupees denomination bank notes from circulation. The Reserve Bank of India and the Ministry of Finance, Government of India have been made parties to it. Petitioner Rajneesh Bhaskar Gupta, through a plea, has submitted that the RBI has no independent power under the Reserve Bank of India Act, 1934 to direct non-issue or stop the issue of bank notes of any denomination .
The petition also states that the said power is vested only with the Central Government under Section 24(2) of the RBI Act, 1934. The plea further states that the RBI notification dated May 19, 2023 does not state that the Central Government has decided to withdraw the denomination of Rs 2000 from circulation under Section 24(2) of the RBI Act, 1934 . Nor has so far been issued any such notification by the Central Government regarding the withdrawal of the denomination of Rs 2000 from circulation.
The petition further states that as per the logic given by the present RBI governor, if the estimated life span of Rs 2000 denomination is around 4-5 years, then all other bank notes like Rs 500, Rs 200, Rs 100 Rs 20, Rs 10, Rs 5 etc. banknotes of Rs 5, Rs 50, Rs 2000 printed in the same year should have the same estimated life and be returned under the same clean note policy of RBI at any point of time irrespective of the consequences considered to be taken.
The petition also states that the small shopkeepers stopped taking Rs 2,000 notes after the RBI notification and did not consider that the legal validity of the said note is valid till September 30, 2023, which is a major threat to the public at large. creates an unprecedented situation for It may be noted that the Delhi High Court on Tuesday reserved order on another PIL which said that the decision of RBI, SBI and other banks regarding exchange of Rs 2,000 notes without any identity proof is arbitrary.
