Center policy on demonetisation: The Supreme Court refused for exempting of banned old notes of Rs 500 and Rs 1000. On Friday in its interim order on demonetization, It declined to interfere with the Centre’s decision resolutely underlining that ‘these are matters of fiscal policies.’ The court further controlled all high courts from examining the issue, stayed proceeding there and transferred them to itself.
Government should try its best to honor commitment on weekly withdrawal: SC
The court refused dates for exempting of old Rs 500 and Rs 1000 currency note for certain service while stressing that the government is the best judge. Court also said that the government should try its best to honor commitment on weekly withdrawal of Rs 24000 per person. SC has referred the questions related to the policy to a five-judge constitution bench.
Referring to the seizures being conducted across the country, the court had asked the government how people were getting huge amounts of money in new currency. After questioning SC, the government had submitted an affidavit last week on demonetization in the Supreme Court, saying it is an attempt to expose black money stashed over the last seven decades.
Government: Demonetisation is to uncover stashed black money
Government said in its affidavit the SC that demonetization is a move to decrease ratio of cash transaction, adding the motive is to uncover illegal parallel economy.
Attorney General Mukul Rohatgi had earlier filed a transfer petition before the Supreme Court seeking a stay on all pending pleas against demonetisation.