HC notice to RBI on plea against recall of old currency notes

Comments 0
The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void. Reuters The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void. Reuters
SummaryThe Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void...

The Madras High Court today ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005.

A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex bank's Governor and General Manager returnable by two weeks.

S Srinivasa Narayanan, an advocate, in his petition contended that the RBI had not disclosed the reasons for issuing the January 28 notification.

The notification, issued "completely overlooking the interests of public" had created confusions among the public and caused great hardship to exchange the old notes.

It was silent regarding availability of denominations and its value and the circulation of the currency issued prior to 2005, the petitioner submitted and prayed to declare the notification as unconstitutional and null and void.

He also prayed for an interim stay on its operation.

Ads by Google

More from BANKING & FINANCE

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...