Can’t reveal release date of Rs 500, Rs 1,000 notes: RBI

The RBI counsel made a submission to this effect on Friday based on a direction given by Justice N Kirubakaran seeking to reveal as to when public would be in receipt of the new currencies. He had observed on Wednesday that the release of new Rs 500 and Rs 1,000 would relive the public of hardships faced by demonetisation. 

The matter relates to a plea moved by a farmer, who sought to direct the registrar of co-operative societies to follow RBI guidelines pertaining to demonetisation and permit withdrawal of cash and exchange of old currencies in co-operative societies.

However, the judge posted the case for further hearing to November 28, based on the RBI counsel’s submission that the Supreme Court is already seized of an identical issue. It may be noted that during the previous hearing, the RBI counsel had submitted that, “The decision to ban District Central Cooperative Banks from exchanging notes was made apprehending malpractices.”