News Analysis India

Tag: Rs 2

  • SC rejects plea against exchange of Rs 2,000 notes without ID proof

    By PTI

    NEW DELHI: The Supreme Court on Monday refused to entertain an appeal challenging the Delhi High Court verdict dismissing a PIL against the RBI notification permitting the exchange of Rs 2,000 currency notes without any requisition slip and ID proof, saying it is an executive policy decision.

    A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha dismissed the appeal filed by lawyer Ashwini Upadhyay in his personal capacity.

    “This is the matter of executive policy decision”, the bench said while dismissing the appeal.

    On May 29, the Delhi High Court dismissed the PIL challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof.

    The high court had said the decision was taken to avoid inconvenience to citizens, and that it cannot sit as an appellate authority on a policy decision.

    The high court had maintained it cannot be said that the government’s decision is perverse or arbitrary or it encourages black money, money laundering, profiteering or abets corruption.

    An appeal was filed against the decision.

    Upadhyay said the Rs 2,000 banknotes are being exchanged without any requisition slip and ID proof like Aadhaar card by criminals and terrorists also.

    NEW DELHI: The Supreme Court on Monday refused to entertain an appeal challenging the Delhi High Court verdict dismissing a PIL against the RBI notification permitting the exchange of Rs 2,000 currency notes without any requisition slip and ID proof, saying it is an executive policy decision.

    A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha dismissed the appeal filed by lawyer Ashwini Upadhyay in his personal capacity.

    “This is the matter of executive policy decision”, the bench said while dismissing the appeal.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });

    On May 29, the Delhi High Court dismissed the PIL challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof.

    The high court had said the decision was taken to avoid inconvenience to citizens, and that it cannot sit as an appellate authority on a policy decision.

    The high court had maintained it cannot be said that the government’s decision is perverse or arbitrary or it encourages black money, money laundering, profiteering or abets corruption.

    An appeal was filed against the decision.

    Upadhyay said the Rs 2,000 banknotes are being exchanged without any requisition slip and ID proof like Aadhaar card by criminals and terrorists also.

  • Rs 2000 note exchange begins today

    Express News Service

    MUMBAI:  A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

    As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

    “Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

    He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

    RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

    The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

    MUMBAI:  A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

    As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). 
    The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

    googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });

    “Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

    He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

    RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

    The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

  • Will onions make you cry again? Onion prices in the wholesale market rose 28 percent in two days

    After removing the ban on onion exports from January 1, onion prices in Lasalgaon wholesale market of Nashik increased by 28 percent to Rs 2,500 per quintal in two days. The government on Monday lifted the export ban on all its varieties from January 1 due to the declining prices of onions. The Directorate General of Foreign Trade (DGFT) said in a notification, “Export of all varieties of onions has been exempted from January 1, 2021.

    Lasalgaon APMC secretary Narendra Vadhwane said that onion prices on Monday were on average Rs 1,951 per quintal in Lasalgaon wholesale market and since then the price of this vegetable has been steadily increasing in the market. On Tuesday, onion prices averaged Rs 2,400 per quintal and on Wednesday it rose to Rs 2,500 a quintal. Thus, the price has increased by about 28 percent in the last two days.

    Similarly, the retail price of onion in the national capital also saw an increase of 25-42 percent. The price of onion was Rs 35-40 per kg on Monday, which has increased to Rs 50 per kg on Wednesday. In September, the government had banned the export of onions due to the rise in prices and to increase availability in the domestic market. DGFT, a division of the Ministry of Commerce, deals with export and import-related issues. Maharashtra, Madhya Pradesh and Karnataka are the top three onion growing states of the country. India is one of the largest onion exporting countries. Its export destinations include Nepal and Bangladesh.