The Delhi High Court on Tuesday reserved its order on a PIL challenging validity of RBI's notification of May 19 and SBI's of May 20, allowing exchange of Rs 2000 currency notes without any requisition or identity slips.
“We will pass appropriate orders,” a bench of Chief Justice Subhash Chandra Sharma and Justice Subramonium Prasad said.
The wrapped up the hearing in the petition filed by advocate Ashwini Kumar Upadhyay.
Senior advocate Parag Tripathi for the RBI submitted that the exercise being undertaken is a part of the statutory process and it was not a demonetisation.
Advocate Upadhyay, however, submitted that he was challenging the decision to allow the exchange of Rs 2000 currency notes.
In his plea, he contended the notifications are arbitrary, irrational and offend Articles 14 of the Constitution of India.
Upadhyay also sought a direction to the RBI and SBI to ensure that Rs 2000 banknotes are deposited in respective bank accounts only so that the no one could deposit the money in others' bank account and people having black money and disproportionate assets could be identified easily.
He contended that cash transaction in high value currency is the main source of corruption.
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