Terming the RBI’s May 19 notification and SBI’s May 20 notification, which permits the exchange of ₹2,000 banknotes without obtaining any requisition slip and identity proof, as “arbitrary, irrational”. “About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. Mr. Upadhyay said a large amount of the ₹2,000 denomination banknotes has reached either in lockers of individuals or has “been hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people”. Therefore, why is RBI permitting the exchange of ₹2,000 banknotes without obtaining identity proof”. Therefore, petitioner also seeks direction to RBI to ensure that ₹2,000 banknotes are deposited in bank account only,” the plea added.

Source: The Hindu May 23, 2023 12:37 UTC