Rbi defends Rs 2,000 banknote swap exercise ahead of Delhi Hc, says ‘It’s not demonetization’

“This is not demonetization. The Rs 2,000 note was not commonly used. Other denominations continue to meet currency requirements,” Senior Solicitor Parag P Tripathi told RBI. .

The Reserve Bank of India (RBI) told the Delhi High Court on Tuesday that the withdrawal of the Rs 2,000 notes is not demonetization but a statutory exercise, and the decision to allow their exchange was taken for reasons operational convenience.

The court was hearing a plea from Barrister Ashwini Kumar Upadhyay that the notifications from the RBI and SBI allowing the exchange of Rs 2000 notes without proof were arbitrary and contrary to laws enacted to fight corruption.

A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said they would pass an appropriate order on the public interest litigation by counsel. “We will look into it. We will pass an appropriate order,” the court said.


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