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SATISH CHANDRA SHARMA, SUBRAMONIUM PRASAD
Rajneesh Bhaskar Gupta – Appellant
Versus
Reserve Bank of India – Respondent
JUDGMENT
Satish Chandra Sharma, C.J. The present Public Interest Litigation has been filed by the Petitioner seeking an appropriate writ, order or direction for quashing the Notification issued by the Reserve Bank of India (hereinafter referred to as `the RBI') vide press release dated 19.05.2023, bearing RBI/2023-24/32 DCM(Plg) No.S-236/10.27.00/2023-24 (hereinafter referred to as `the Notification in question'), and all other subsequent notifications in this regard. The Petitioner has prayed for the following prayers:
"(a) Allow the present writ petition and subsequently issue the writ of mandamus/certiorari or any other appropriate writ or order or direction quashing the RBI Notification/press release vide RBI/2023-24/32 DCM(Plg) No.S-236/10.27.00/2023-24 dated May 19, 2023 and all other subsequent notifications in this regard whereby the RBI has taken arbitrary unreasonable decision to withdraw the Rs.2000 denomination banknotes from circulation under the clean note policy or otherwise.
(b) Pass an order directing to the Respondent no.1 & 2 i.e. RBI and Ministry of Finance, Govt, of India to issue notification/circular for public at large clarifying the estimated life span of each
Courts should defer to legislative judgment in economic policy matters and not interfere unless the exercise of legislative judgment appears to be palpably arbitrary.
(1) Demonetisation – Even if there were reasonable restrictions on right to property, said restrictions were in public interest of curbing evils of fake currency, black money, drug trafficking and te....
The circulars restricting District Central Co-operative Banks from accepting specified bank notes during demonetisation were lawful and did not violate statutory provisions, ensuring financial integr....
Specified bank notes seized by authorities before cut-off date but returned after cannot be denied exchange merely on procedural non-compliance caused by the seizure itself.
The RBI's imposition of directives under Section 35A of the Banking Regulation Act does not necessitate pre-decisional hearings, emphasizing the need for depositor protection over procedural formalit....
Civil courts have the jurisdiction to determine the status of currency notes; prescribed officers' discretion is not absolute and must conform to statutory definitions.
Particular role of RBI as an important functionary in economic and financial system of country, with expertise in matters entrusted to it.
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