Thread by @LiveLawIndia

#BREAKING - A Public Interest Litigation has been filed in the #DelhiHighCourt challenging the RBI's decision to withdraw Rs 2000 banknotes from circulation. The #PIL argues that #RBI has no independent power under Reserve Bank of India Act, 1934.

Denomination of Rs.2000 printed in 2016 and later on is in very good condition with strong safety measures and need not required to be withdrawn from the circulation under Clean Note Policy or otherwise, the PIL argues.

Thousand Crores have been spent from the public exchequer as a printing cost for printing good quality with better safety denomination ... which will be wasted, if such banknotes are withdrawn from the circulation measures unnecessary without any valid scientific reasons: PIL

Practically everyone has stopped taking Rs.2000 banknote from each other in the society/market after the RBI notification under challenge which creates hardship for the citizen of the country specially for women/ living in remote/village area: PIL

The present decision of withdrawal of only Rs.2000 banknote only after 4-5 years of circulation within specific deadline i.e. 30 Sept. 2023 is unjust, arbitrary and against the public policy and it is not the similar action done by the RBI in the year 2014: PIL

"RBI has no independent power under the Reserve Bank of India Act, 1934 to direct the non-issue or the discontinuance of issue of bank notes of any denominational values and the said power is vested only with the Central Government ... ," the PIL argues.

PIL In Delhi High Court Challenges RBI's Decision To Withdraw All Rs 2,000 Currency Notes From Circulation

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