Key Points
While dismissing a plea against notifications of the Reserve Bank of India and the State Bank India permitting exchange of Rs. 2000 banknotes without obtaining any requisition slip and identity proof the Delhi high court Monday said that this decision is not a decision towards demonetisation...
A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said, The present decision of the Government to dispense with Rs.2000 denomination banknotes is not a decision towards demonetisationThe decision of the Government is only to withdraw Rs.2000 denomination banknotes from circulation for the reason thatissuing these denominations has achieved its purpose which was to meet the currency requirement of the economy in an expeditious manner in November, 2016 when all Rs.500 and Rs.1000 denomination banknotes were declared to be not legal tenderto ensure adequate supply of money to meet the day-to-day requirements of the people...
It further said that six years since 2016 the Government has now decided to withdraw Rs.2000 banknotes from circulation which is not being used commonly while they remain to be legal tender...
The plea further submitted that cash transaction in high value currency is the main source of corruption and is 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 2000 banknotes are deposited in respective bank accounts only..
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