New Delhi: The Delhi High Court on Monday dismissed a plea challenging permission to exchange of Rs 2,000 foreign money notes without any requisition slip and identification proof. A bench of Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad rejected the petition, which has challenged the notifications by the RBI and SBI.
An in depth order is awaited.
Petitioner and advocate Ashwini Kumar Upadhyay submitted that a considerable amount of foreign money has reached both a person’s locker or has “been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people”. The plea submitted that the notifications had been arbitrary, irrational and offend Article 14 of the Constitution. The Reserve Bank of India (RBI) has defended earlier than the excessive courtroom its notification, saying it isn’t demonetisation however a statutory train.
SBI in its tips issued to all its branches stated that no kind or identification proof ought to be requested for from prospects to exchange Rs 2,000 foreign money notes, even because it underlined the one-time restrict of Rs 20,000 for depositing or exchanging the banknote. Other banks, together with personal sector banks and different public sector banks, might ask prospects of different banks to submit identification proof.
The RBI’s notification said that individuals have been given time from May 23 to September 30 to exchange or deposit Rs 2,000 notes in order that these might be withdrawn from circulation. These notes will proceed to be authorized tender even after the September 30 deadline, and can be utilized for transactions, the central financial institution had clarified.
(With PTI inputs)
