Corruptors and criminals will benefit from the rule of changing 2000 currency notes without identity card

The hearing of the petition challenging the notification of RBI to exchange ₹ 2000 currency notes without proof of identity has been completed in the Delhi High Court today. Petitioner Advocate Ashwani Upadhyay argued that the rule of exchange of ₹ 2000 currency notes without any identity proof will benefit corrupt, criminals, terrorists and black money hoarders. This RBI rule is irrational and arbitrary and violates Article 14 of the Indian Constitution. He has demanded instructions to change this rule of RBI. He said that currency notes of ₹ 2000 should be deposited in bank accounts only or should be changed by revealing the identity. He has also sought a direction to the bank to ensure that No person can deposit notes in someone else's account, so that black money and people with disproportionate assets can be easily identified. The petitioner said that this is happening for the first time when currency notes worth Rs 3 lakh 11 thousand crore are being exchanged without any identity proof.                                                                          RBI has opposed the petition saying that it is an economic policy matter. The Supreme Court has said in many of its decisions that the courts should not interfere in economic policy matters. It is the right of the Reserve Bank to issue and withdraw notes, the court should not interfere in this. RBI demanded from the court that the petitioner should be fined for filing such a petition.                                            A division bench of High Court Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad, after hearing arguments from both sides, reserved the matter for orders.