The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that withdrawal of ₹2,000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the notifications by the RBI and SBI enabling exchange of ₹2,000 banknotes without proof were arbitrary and against the laws enacted to curb corruption.
A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said it will pass an appropriate order on the public interest litigation by the lawyer.
