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- 2000 note petition dismissed in High Court; RBI withdraws Rs 2000 note from circulation on May 19
New Delhi5 minutes ago
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The Delhi High Court has dismissed a PIL challenging the RBI’s decision to withdraw Rs 2,000 notes from circulation. This PIL was filed by Advocate Rajneesh Bhaskar Gupta.
He had said in his petition that RBI does not have any independent power under the RBI Act to take such a decision. On the other hand, Senior Advocate Parag Tripathi, appearing on behalf of RBI, said that the recent decision of RBI is not demonetisation and it is only an exercise of currency management.
Understand the whole matter…
On May 19, RBI had announced to withdraw 2000 note from circulation. After three days i.e. from May 23, the process of changing this note started in banks across the country. People are reaching the banks to exchange their notes. RBI has asked to exchange 2000 notes or deposit in the account by 30 September. No documents have to be given to exchange or deposit 2000 notes.
The Reserve Bank has said in its circular that it will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI had told that the Reserve Bank has taken this decision under the ‘Clean Note Policy’. People can exchange 10 notes at a time in any bank, while there is no limit on deposits.
50% of Rs 2,000 notes returned – RBI Governor
RBI Governor Shaktikanta Das had told on June 8 that Rs 2,000 notes worth Rs 1.8 lakh crore have returned to the system. He had said that these notes are about 50% of the total circulation. While announcing the note withdrawal on May 19, the RBI had said that the total value of Rs 2,000 notes as of March 31 was Rs 3.62 lakh crore.
2000 note came in the market in 2016
2 thousand note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. When notes of other denominations became available in sufficient quantity, the printing of 2000 notes was stopped in 2018-19.
