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Prime Minister Narendra Modi took a jibe at the Congress for coming out with a "Black Paper" on the NDA government, calling it a 'kaala teeka'.
A maximum of 10 Rs 2000 notes (Rs 20,000 in value) can be exchanged for smaller denominations through the issue offices.
The RBI last month informed that 93 per cent of these currency notes in circulation had returned to the banking system
In the first political arrest made in the case, the economic intelligence agency on Tuesday apprehended P R Aravindakshan, a close associate of the CPM State Committee member and former Minister A C Moideen.
Documents of properties worth Rs 15 crore were seized from the house of another partner, Anil Kumar
The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the notifications by the RBI and SBI enabling exchange of Rs 2000 banknotes without proof were arbitrary and against the laws enacted to curb corruption.
The decision to withdraw Rs 2,000 notes is different from demonetisation which involves eliminating the lawful acceptance status of a monetary unit in an economy.
The RBI on Friday announced the withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
Police suspect the notes might have been used by real estate players to dupe people by putting up a show of wealth.
The finance minister said there was no solution in the verdict to the financial crisis that resulted from demonetisation.
