RBI informs Delhi HC that withdrawal of Rs 2,000 denomination bank notes was a currency management exercise
RBI informs Delhi HC that withdrawal of Rs 2,000 denomination bank notes was a currency management exercise
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The RBI on Friday informed the Delhi High Court that the withdrawal of 2,000 rupees denomination banknotes from circulation was a currency management exercise and a matter of economic policy. The court, which was hearing a public interest litigation challenging the RBI’s decision to withdraw the banknote from circulation, posted the matter for hearing on Monday (May 29).
A bench headed by Chief Justice Satish Chandra Sharma was asked by the RBI to defer hearing on the plea in light of the fact that the verdict stands reserved by the court on another PIL concerning the withdrawal notification.
Earlier, Reserve Bank of India Governor, Shaktikanta Das said, from time to time, it withdraws notes of a particular series and issues fresh notes. Mr. Das said the 2000 rupees bank notes were introduced primarily to replenish the notes withdrawn following demonetisation and that purpose has been fulfilled and there are enough notes in circulation. Exchange of 2000 rupees banknotes started from 23rd of May and will continue till the 30th September this year. Mr. Das also clarified that RBI is withdrawing the 2000 rupees notes from circulation but they continue as legal tender.
