The Bombay High Court on Tuesday rejected a petition accusing RBI officials of irregularities during the 2016 demonetization policy. 

A division bench of Justice A S Gadkari and Justice Sharmila Deshmukh on September 8 rejected Manoranjan Rai's petition in which he sought an independent inquiry into the irregularities committed by some RBI officials during demonetization of Rs 500 and Rs 1,000 notes. 

''The courts should avoid interfering in the monetary regulatory framework of RBI''

It has been said in the order that this petition is nothing but based on incomplete information the petitioner has accepted that it is a scam. The High Court said that the work of RBI in issuing valid tender is a statutory function, which is supported by expert committees. This cannot be questioned on weak grounds.

The bench said, the demonetization notification issued in 2016 was a policy decision. 

''There is a presumption that the policy decision taken is genuine and in the public interest unless found otherwise.'', the Court said.

Further, the bench added  that, it cannot be disputed that RBI plays an important role in shaping the economy of our country and courts should refrain from interfering in the monetary regulatory framework. The court further said that in its opinion there is no basis to demand an inquiry or investigation.