Delhi HC Rejects Plea Challenging RBI’s Decision To Withdraw Rs 2,000 Notes

The Delhi High Court on Monday rejected a Public Interest Litigation (PIL) petition challenging the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 currency notes from circulation.

A Division Bench comprising Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad dismissed the plea.

The petition had been filed by an advocate named Rajneesh Bhaskar Gupta who contended that the RBI had no independent power under the RBI Act to discontinue banknotes.

Petitioner Rajneesh Bhaskar Gupta had contended in his plea that the RBI has no power to withdraw 2,000-rupee currency notes from circulation and only the Centre could have taken a decision in this regard.

In May, the Reserve Bank of India (RBI) announced its decision to withdraw the Rs 2000 denomination banknotes from circulation as part of its 'Clean Note Policy'.

These banknotes were initially introduced in November 2016 to address the urgent currency requirements of the economy following the withdrawal of the legal tender status of Rs 500 and Rs 1000 banknotes.

However, with an ample supply of banknotes in other denominations now available, the purpose of introducing the Rs 2000 banknotes has been fulfilled, leading to the cessation of their printing in 2018-19, as stated by the RBI.