SC dismisses plea against ₹2,000 currency exchange policy

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. File | Photo Credit: Sushil Kumar Verma

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. “