Hearing against Rs 2000 withdrawal on Monday

May 26, 2023 14:26

The withdrawal of Rs 2000 denomination banknotes from circulation was a currency management exercise and a matter of economic policy, the RBI informed the Delhi High Court on Friday.

The court, which was hearing a public interest litigation challenging the RBI's decision to withdraw the banknote from circulation, posted the matter for hearing on May 29.

A bench headed by Chief Justice Satish Chandra Sharma was asked by the RBI to defer hearing on the plea in light of the fact that the verdict stands reserved by the court on another PIL concerning the withdrawal notification.

"List the matter on Monday. Give a small note also," the bench, which also comprised Justice Subramonium Prasad, told the parties. RBI counsel, senior advocate Parag P Tripathi, said the present petition by Rajneesh Bhaskar Gupta was misplaced as withdrawal of Rs 2000 denomination banknotes was a currency management exercise and not demonetisation, and a matter of economic policy.

"This issue of alleged demonetisation was the subject matter of an earlier writ petition where your lordship has reserved order. Let that order come. Your lordship may have it after that," he said.

Earlier this week, the court had said it would pass an order on the plea by lawyer Ashwini Kumar Upadhyay, which claimed notifications by the RBI and SBI enabling exchange of Rs 2000 banknotes without proof were arbitrary and against the laws enacted to curb corruption.

The RBI had then said withdrawal of Rs 2000 notes was not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.

« Back to LIVE

TOP STORIES

Maha portfolio: Fadnavis gets Home, Ajit, Shinde get...

Shiv Sena's Dadaji Bhuse is the new school education minister while Uday Samant continues to be the industries minister.

Govt tweaks election rule; why is ECI afraid, asks Cong

Based on the recommendation of the Election Commission (EC), the Union law ministry on Friday amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, to restrict the type of "papers" or documents open to public inspection.

Character assassination: Allu Arjun on stampede row

Hours after Reddy slammed the actor for holding a roadshow and waving to the crowds at the theatre, without referring to anyone, the 'Pushpa 2' star refuted the allegations and said it was not a procession or a roadshow.

Trudeau in trouble as ally vows to 'bring him down'

The future of Canadian Prime Minister Justin Trudeau's leadership appears increasingly uncertain after New Democratic Party (NDP) leader Jagmeet Singh, a key ally, said he would introduce a motion to topple the minority Liberal...

Ferry passengers planned throwing kids into sea: CISF

A team of CISF marine commandos rescued dozens of passengers from a sinking tourist ferry off the Mumbai coast, preventing panicked parents from throwing their children into the sea. The commandos reached the accident site within minutes...