Don’t allow ₹2,000 banknote exchange without requisition slip, identity proof: PIL petition in Delhi HC

In a recent development, a Public Interest Litigation (PIL) has been filed in the Delhi High Court, urging the court to impose restrictions on the exchange of u20b92,000 banknotes without a requisition slip and proper identity proof. The petition argues that such measures would help curb the circulation of black money and illicit activities.
The PIL, filed by a concerned citizen, highlights the need for stricter regulations surrounding the exchange of high-value currency notes in order to promote transparency and accountability in financial transactions. The petitioner argues that the absence of requisition slips and identity verification has created loopholes that can be exploited for money laundering, tax evasion, and the proliferation of counterfeit currency.Source:- The Hindu 
The plea requests the Delhi High Court to direct the Reserve Bank of India (RBI) and the central government to ensure that individuals seeking to exchange u20b92,000 banknotes are required to provide a requisition slip stating the purpose of the exchange along with valid identity proof. This, according to the petitioner, would enable authorities to maintain a record of such transactions and deter illegal activities.
The petitioner, in the PIL, also draws attention to the potential misuse of u20b92,000 banknotes, which were introduced as part of the demonetization exercise in 2016. The high denomination of these banknotes makes them an attractive medium for hoarding black money, evading taxes, and engaging in unlawful activities due to their easy transportability and reduced bulk.
The plea asserts that mandating a requisition slip and identity proof for u20b92,000 banknote exchanges would act as a deterrent, as individuals would be more cautious and accountable for their financial transactions. It further argues that such measures have the potential to promote a cashless economy, as people would be more inclined to use digital payment methods that leave an audit trail.
The PIL petition in the Delhi High Court has generated considerable interest among legal experts and financial analysts. While some experts agree with the petitioner’s stance, citing the need for stricter regulations to combat illicit financial practices, others raise concerns about the potential inconvenience faced by individuals in genuine need of currency exchange.
As the PIL is set to be heard by the Delhi High Court, it remains to be seen how the court will respond to the petitioner’s plea. The court’s decision on this matter is expected to have significant implications for currency regulations and the government’s ongoing efforts to curb black money and promote financial transparency.
As the legal proceedings unfold, the outcome of the PIL will be closely monitored by citizens, financial institutions, and regulatory bodies alike, as it has the potential to shape the future policies and guidelines regarding the exchange of high-value banknotes in India.
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