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Business News/ News / India/  SC refuses urgent listing of plea challenging RBI permitting 2,000 note exchange without ID proof

SC refuses urgent listing of plea challenging RBI permitting ₹2,000 note exchange without ID proof

SC rejected plea to challenge the exchange of ₹2,000 currency notes exchange without ID proof and a requisition slip.SC refuses urgent listing of plea challenging RBI permitting ₹2,000 note exchange without ID proof

Supreme Court of India (Image: PTI)Premium
Supreme Court of India (Image: PTI)

The Supreme Court has refused to list urgent hearing a plea challenging the notifications enabling exchange of 2,000 denomination currency notes without any requisition slip and ID proof.

A vacation bench of justices Sudhanshu Dhulia and K V Vishwanathan took note of the submissions for urgent hearing of lawyer Ashwini Updhyay, and said it will not be taking up such pleas during the summer vacation.

Also Read: How will scrapping of 2000 banknotes impact Indian economy, banks?

The bench said, “We are not taking up these kinds of cases during the summer vacation." It further added that the plea can be mentioned before a bench headed by the Chief Justice of India.

Seeking urgent listing of the plea, the lawyer said the 2000 banknotes are being exchanged without any requisition slip and ID proof like Aadhaar card by criminals and terrorists also.

Also Read: Bank Holidays June 2023: Planning to exchange 2000 notes? Banks remain closed on these days. Full list here

In a short span of time, 50,000 crore have been exchanged in banks by returning banknotes of 2000 denomination, he claimed, adding the delay in hearing would lead to exchange of all black monies in banks.

Also Read: There are more 500 fake notes in circulation than 2000, RBI annual report shows

Updhyay has filed an appeal in the top court against the May 29 decision of the Delhi High Court dismissing his PIL challenging the notifications by the Reserve Bank of India (RBI) and the State Bank of India (SBI) allowing exchange of 2,000 banknotes without having to furnish any document.

Also Read: Deposit of 2000 notes, rise in RBI dividends to improve short-term liquidity

Earlier on May 19, the people have been given time from May 23 to September 30 to exchange or deposit 2,000 notes so that these can be withdrawn from circulation. These notes will continue to be legal tender even after the September 30 deadline, and can be used for transactions, the central bank had clarified

The bank notes in 2,000 denomination will, however, continue to be a legal tender, the RBI had 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 2,000 notes into bank notes of other denominations can be made up to a limit of 20,000 at a time at any bank starting from May 23.

In November 2016, the 2,000 denomination banknote was introduced under Section 24(1) of the RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all 500 and 1,000 banknotes in circulation at that time.

With the fulfilment of that objective and the availability of banknotes in other denominations in adequate quantities, the printing of 2,000 banknotes was stopped in 2018-19.

The printing of 2000 banknotes was stopped in 2018-19. About 89 percent of the 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of 4-5 years

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Updated: 01 Jun 2023, 12:43 PM IST
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