Rs 2K currency notes: RBI doesn't have power to withdraw banknotes, petitioner tells HC, court reserves verdict
The Reserve Bank of India (RBI) cannot withdraw from circulation or discontinue banknotes and only the central government is vested with such powers, the Delhi High Court was told on Tuesday. The submission was made by the petitioner Rajneesh Bhaskar Gupta who has filed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination currency notes from circulation.