The Reserve Bank of India and State Bank of India’s notifications allowing the exchange of banknotes of the value of Rs. 2000 without a request slip and identification evidence were challenged by the lawyer Ashwini Kumar Upadhyay in a Public Interest Litigation (PIL).
Following the withdrawal of the Rs. 2000 from circulation, the State Bank of India issued notice to all the branches regarding the exchange starting from May 23, 2023 to September 30, 2023. Also stated that no request slip and identify proof is needed for exchange up to the limit of Rs. 20,000.
According to the lawyer in the plea, the decision is arbitrary and in violation of Article 14 of the Indian Constitution. Also mentioned that in order to prevent money from being deposited into other people’s bank accounts and to make it easier to identify those with black money and disproportionate assets, RBI and SBI must make sure that only Rs. 2000 banknotes are deposited in their respective bank accounts.
The Reserve Bank of India has withdrawn the Rs. 2000 banknotes from circulation due to the intention being fulfilled. The Reserve Bank governor in the press meet addressed on 22nd May 2023 has advised the people not to panic and take this as a currency management operation of the RBI.
The central government has previously declared that every family has an Aadhar Card and a bank account. Only 3.62 crore rupees worth of Rs. 2000 notes are in circulation, of which 3.11 crores have either been found in someone’s locker or have been stored away by separatists, terrorists, Maoists, drug smugglers, mining mafias, and corrupt individuals, states the plea.
The Central government must take the appropriate action against those who are holders of large amounts of cash and unjustifiable assets to eradicate the corruption and benami transactions to protect the rights of the citizens.
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