RBI Defends Before Delhi High Court Rs 2,000 Banknote Exchange Exercise
NDTV
The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the 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 Reserve Bank of India (RBI) today told the Delhi High Court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the notifications by the RBI and SBI enabling exchange of Rs 2000 banknotes without proof were arbitrary and against the laws enacted to curb corruption.
A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said it will an pass appropriate order on the public interest litigation by the lawyer.
"We will look into it. We will pass an appropriate order," said the court.
