Petition challenging the Reserve Bank of India's (RBI) notification to withdraw ₹2,000 currency notes from circulation. The Delhi High Court has reserved its verdict on the matter.

Senior Advocate Parag Tripathi, representing the RBI, argued that the withdrawal of ₹2,000 notes was a statutory exercise by the RBI and not demonetization.

The Division Bench, consisting of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, stated that it will pass appropriate orders in the case.

The petitioner, BJP leader and advocate Ashwini Kumar Upadhyay, contended that the RBI's provision allowing the exchange of notes without proof of identity was arbitrary and irrational. Upadhyay claimed that a significant portion of the ₹2,000 notes had been hoarded by separatists, terrorists, maoists, drug smugglers, mining mafias, and corrupt individuals.

Upadhyay clarified that he was challenging the provision allowing currency exchange without identity proof rather than the entire notification. He expressed concern that this provision could allow gangsters, mafias, and their associates to exchange their illicit money.

On May 19, the RBI had issued a notification announcing the withdrawal of ₹2,000 notes from circulation. However, it emphasized that these notes would still be considered legal tender.

The RBI advised people to deposit the banknotes into their accounts or exchange them for other denominations at bank branches.

The Delhi High Court is yet to deliver its verdict on the PIL petition challenging the withdrawal of ₹2,000 currency notes by the RBI.