PIL In HC Against Exchange Of Rs 2,000 Banknote Without Requisition Slip, Identity Proof | Personal Finance News

New Delhi: The Delhi High Court will hear on Tuesday a public interest litigation against permission to exchange Rs 2,000 denomination banknotes without obtaining any requisition slip and identity proof. The plea was filed by lawyer Ashwini Kumar Upadhyay on Monday.

Upadhyay mentioned the case before a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad for an urgent hearing today itself. The court, however, declined the request. The petitioner contended in his plea that notifications by the RBI and SBI enabling exchange of Rs 2,000 currency notes without requisition slip and identity proof were arbitrary, irrational and offend Article 14 (equality before law) of the Constitution of India.

The petition said a large amount of currency notes has reached either individuals’ locker or “hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias & corrupt people. The petition said cash transactions in high value currency are the main source of corruption and are used for illegal activities like terrorism, naxalism, separatism, radicalism, gambling, smuggling, money laundering, kidnapping, extortion, bribing and dowry, etc., and the RBI and SBI should ensure that Rs 2,000 denomination banknotes are deposited in bank accounts alone.

“Recently, it was announced by the Centre that every family should have Aadhaar card and bank account. Therefore, why RBI is permitting to exchange Rs 2,000 banknotes without obtaining identity proof. It is also necessary to state that 80 crore BPL families receive free grains. It means 80 crore Indians rarely use Rs 2,000 banknotes.

“Therefore, petitioner also seeks direction to RBI and SBI to take steps to ensure that Rs 2,000 banknotes are deposited in bank account only,” the plea stated. Depositing Rs 2,000 currency notes in bank accounts will ensure those having black money and disproportionate assets are identified easily, the plea said.

On May 19, the Reserve Bank of India (RBI) had announced withdrawal of Rs 2,000 currency notes from circulation, and said existing notes can either be deposited in bank accounts or exchanged by September 30. The banknotes in Rs 2,000 denomination will, however, continue to be a legal tender, the RBI said in a statement.

In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23. In a communication to chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.

“Further, no identity proof is required to be submitted by the tenderer at the time of exchange,” the communication dated May 20 said.

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