Rs 2,000 notes exchange has started at all banks across the country.
The Delhi High Court on Monday dismissed a plea challenging notifications enabling exchange of Rs 2,000 currency notes without any requisition slip and ID proof.
A bench of Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad rejected the petition, which has challenged the notifications by the RBI and SBI enabling exchange of Rs 2,000 notes without requisition slip and identity proof.
A detailed order is awaited.
Petitioner and advocate Ashwini Kumar Upadhyay submitted that a large amount of currency has reached either an individual's locker or has “been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people”.
The plea submitted that the notifications were arbitrary, irrational and offend Article 14 of the Constitution.
The Reserve Bank of India (RBI) has defended before the high court its notification, saying it is not demonetisation but a statutory exercise.
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