Supreme Court Rejects Plea on 2013 Currency Exchange Controversy

The Supreme Court has dismissed a petition alleging the RBI unlawfully exchanged defaced currency notes worth ₹30 crore in 2013. The petitioner, a former RBI employee, sought a CBI probe into the case. However, the court decided against it, citing the petitioner's suppression of his dismissal from the RBI.

The Supreme Court has dismissed a plea concerning allegations against the Reserve Bank of India (RBI) over the exchange of defaced currency notes totaling ₹30 crore in 2013. The petitioner claimed these notes were treated unlawfully, but the bench, comprising Justices Surya Kant and N Kotiswar Singh, refused the Public Interest Litigation, emphasizing no need for a Central Bureau of Investigation (CBI) probe.

In its January 10 decision, the court remarked that the petition, perceived to be in the public interest, lacks merit for further consideration. Nonetheless, the bench allowed that if necessary, the issue could be examined in a different legal context. Additionally, RBI representatives revealed that the petitioner, Satish Bhardwaj, had failed to disclose he was dismissed from his role at the bank.

Bhardwaj had alleged that the Jammu branch of the RBI exchanged the currency notes in violation of the RBI Act and the RBI (Note Refund) Rules, 2009. Documents from 2013 suggest a separatist group in Kashmir announced on Facebook that they stamped slogans on Indian currency worth ₹30 crore between May and August. The allegations asserted these notes could not legally be exchanged under RBI standards.

(With inputs from agencies.)