NEW DELHI: The Delhi High Court on Tuesday reserved its order on a PIL filed by advocate Ashwini Kumar Upadhyay, challenging validity of RBI's notification of May 19 and SBI's of May 20, allowing exchange of Rs 2000 currency notes without any requisition or identity slips.

“We will pass appropriate orders,” a bench of Chief Justice Subhash Chandra Sharma and Justice Subramonium Prasad said, while wrapped up the hearing in the matter.

Appearing for the RBI, senior advocate Parag Tripathi submitted that the exercise being undertaken is a part of the statutory process and it was not a demonetisation.

Advocate Upadhyay, on his part, submitted that he was challenging the decision to allow the exchange of Rs 2000 currency notes.

In his plea, he contended the notifications are arbitrary, irrational and offend Articles 14 of the Constitution of India.

Upadhyay also sought a direction to the RBI and SBI to ensure that Rs 2000 banknotes are deposited in respective bank accounts only so that the no one could deposit the money in others bank account and people having black money and disproportionate assets could be identified easily.

Upadhyay has been consistently raising the demand for doing away with currency notes of above Rs 100 denominations and cash transactions to the sum of above Rs 10,000.

He contended that cash transaction in high value currency is the main source of corruption and the RBI and SBI should ensure that Rs 2000 bank notes are deposited in respective bank accounts only.