New Delhi, May 23 (IANS): The Delhi High Court on Tuesday reserved its judgement on a plea challenging the Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, that permits exchange of notes without any identity proof.

A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said: "We will pass appropriate orders."

The counsel for RBI Senior Advocate Parag P. Tripathi objected to the Public Interest Litigation (PIL) saying that it must be dismissed with exemplary costs.

The PIL has been filed by BJP leader and Advocate Ashwini Upadhyay.

Tripathi further said that this is a statutory exercise and not demonetisation.

"None of the points raised by my learned friend in any manner impinges upon the public issues," he added.

The PIL says that the notifications -- published on May 19 and 20 -- are arbitrary and offends Article 14 of Constitution of India.

The plea also seeks a direction to the RBI and SBI to make sure that Rs 2000 notes are deposited in respective bank accounts only, so that people having black money and disproportionate assets could be identified.

To weed out corruption, benami transactions and secure fundamental rights of citizens, the PIL, which has RBI, SBI and Union Ministries of Home Affairs and Finance as respondents, seeks a direction to the Centre to take action regarding the same.

"Recently, it was announced by the Centre that every family has an Aadhaar Card and a Bank Account. Therefore, why RBI is permitting to exchange Rs 2000 banknotes without obtaining identity proof. It is also necessary to state that 80 crore BPL families receive free grains. It means 80 crore Indians rarely use Rs 2,000 banknotes. Therefore, petitioner also seeks direction to RBI and SBI to take steps to ensure that Rs 2000 banknotes are deposited in bank account only," the plea states.