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The Delhi High Court on Tuesday reserved its judgement on a plea filed against the Reserve Bank of India (RBI)'s decision to withdraw Rs 2,000 notes from circulation.
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In the previous hearing, the RBI had argued that this exercise was only for exchange of notes, and after September 30 — the deadline for exchanging currency notes of Rs 2,000 denomination — a decision may be taken after seeing a result of the exchange.
The Reserve Bank of India (RBI) has defended its decision to abolish INR 2,000 banknotes from circulation, stating it was a currency management exercise rather than demonetisation. The plea made by lawyer Rajneesh Bhaskar Gupta argued that the RBI did not have the authority to make that decision, noting that the absence of a statement confirming whether the government agreed with the RBI's decision raised questions about whether the bank acted alone. , Economy News, Times Now
New Delhi, May 26 (IANS) The Reserve Bank of India (RBI) on Friday told the Delhi High Court that its decision to withdraw Rs 2,000 notes from circulation is only a "currency management exercise and not demonetisation".