Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Hindu
The Hindu
National
The Hindu Bureau

SC dismisses plea against ₹2,000 currency exchange policy

The Supreme Court on Monday dismissed a petition challenging the notifications issued by the Reserve Bank of India (RBI) and the State Bank of India (SBI) permitting the exchange of ₹2,000 currency notes without requirement of any identity proof.

A Bench headed by Chief Justice of India D.Y. Chandrachud rejected the petition filed by advocate-petitioner Ashwini Kumar Upadhyay, saying it was a policy matter.

The court found no merit in Mr. Upadhyay’s argument that the RBI notification on May 19 and the SBI notification of May 20, which permitted exchange of ₹2,000 banknotes without even obtaining any requisition slip and identity proof, was manifestly arbitrary and irrational and against Article 14 of the Constitution.

He had contended that the exchange was “totally contrary to the aims and objects of the Prevention of Corruption Act, Benami Transactions Act, Money Laundering Act, Lokpal & Lokayukta Act, Central Vigilance Commission Act, Fugitive Economic Offenders Act and Black Money Act. “

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.