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.
