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A PIL has been filed in the Delhi HC against RBI's notification withdrawing ₹2000 banknotes from circulation.
It argues that the RBI has no independent powers under the RBI Act to discontinue banknotes.
#DelhiHighCourt #2000notes #RBI
It argues that the RBI has no independent powers under the RBI Act to discontinue banknotes.
#DelhiHighCourt #2000notes #RBI
The petition has been filed by an advocate named Rajnessh Bhaskar Gupta.
He argues that the power to discontinue bank notes is only with the Central government and there is nothing to show that the government has passed any such order.
He argues that the power to discontinue bank notes is only with the Central government and there is nothing to show that the government has passed any such order.
Just yesterday (Tuesday), the Delhi HC had reserved its verdict on a similar plea filed by BJP leader Ashwini Upadhyay.
He had challenged the RBI notification in so far as it allowed exchange of notes without furnishing any identity proof.
He had challenged the RBI notification in so far as it allowed exchange of notes without furnishing any identity proof.
🚨Breaking News: ₹2000 denomination banknote is set to be withdrawn.
However, these notes will retain their status as legal tender.
Let's understand what's going on in a simple way 👇
#2000rs #2000notes #rbi
However, these notes will retain their status as legal tender.
Let's understand what's going on in a simple way 👇
#2000rs #2000notes #rbi
Q. What was the objective of ₹2000 banknotes?
A. The ₹2000 denomination banknotes were introduced in 2016 to address the currency requirement following the withdrawal of ₹500 and ₹1000 banknotes.
Printing of these notes stopped in 2018-19 as the objective was fulfilled.
A. The ₹2000 denomination banknotes were introduced in 2016 to address the currency requirement following the withdrawal of ₹500 and ₹1000 banknotes.
Printing of these notes stopped in 2018-19 as the objective was fulfilled.
Q. Why are ₹2000 denomination banknotes being withdrawn?
A. Most of the ₹2000 notes were issued before March 2017 and have reached their estimated lifespan.
The decision has been made considering these factors and the RBI's Clean Note Policy.
#RBI #moneysupply
A. Most of the ₹2000 notes were issued before March 2017 and have reached their estimated lifespan.
The decision has been made considering these factors and the RBI's Clean Note Policy.
#RBI #moneysupply
