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HomeCURRENT AFFAIRSBUSINESS2000 Note Update News: Plea Filed in HC Questions SBI's No-Form, No-ID...

2000 Note Update News: Plea Filed in HC Questions SBI’s No-Form, No-ID Policy for Rs 2000 Notes

2000 Note Update News: An application for a declaration that the State Bank of India’s (SBI) May 20 notification, which followed the Reserve Bank of India’s (RBI) May 19 notification and permits the exchange of Rs 2,000 banknotes without requiring a requisition slip or identification, is “arbitrary, irrational, and violates Articles 14 and is, therefore, inoperative” was filed in the Delhi High Court on Monday.

Petition Urges RBI and SBI to Track Rs 2000 Note Deposits

In order to prevent anyone from depositing money in different bank accounts and make it easier to identify those with black money and excessive assets, the petition asks the RBI and SBI to ensure that Rs 2,000 banknotes are only put in the bank account of the person exchanging the notes.

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Withdrawal and Legal Tender Status of Rs 2000 Currency Note

Attorney Ashwini Kumar Upadhyay filed the PIL. The withdrawal of the Rs 2,000 currency note from circulation and its continued legal tender status were both announced by the RBI on May 19. The bank stated that up until September 30th, existing Rs 2,000 notes could be deposited or exchanged at banks, but put a cap of “Rs 20,000 at a time”. SBI stated on Sunday that no request form or identity documentation is necessary to exchange Rs 2,000 notes. When the Rs 500 and Rs 1,000 notes were withdrawn in November 2016 as part of demonetisation, the central bank urged the public to deposit the new Rs 2,000 notes into their bank accounts or exchange them for notes of other denominations at any bank branch. Additionally, it advised banks to immediately stop printing Rs 2,000 notes.

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