Demonetization Row: Supreme Court has refused to stay ban on demonetization of Rs 500 and Rs 1000 notes on Tuesday. The bench headed by TS Thakur has demanded complete details from the government explaining the steps taken before undertaking demonetisation.
Demonetization Row – Supreme Court has refused to stay ban on demonetization
The bench has however said that it will try its best to not stay demonetisation. Kapil Sibal, favoring the PIL petitioner said that the government has used demonetisation as a mere tool to clear its debt since Rs 500 and Rs 1000 notes accounted for 86% legal tender held in cash form in India.
Sibal added that the general public was the main sufferer as demonetization has caused most inconvenience to them.
Defending the government, Attorney General Mukul Rohtagi said that now the tension has eased out and there was a dire need of demonetization to be undertaken as some terrorist outfits had released fake currency notes into the economy of India. He assured that the government is trying its best to bring the situation under control.
The PIL petition had stated that the immediate move taken by PM Modi was not on lines of RBI Act as the RBI does not validate any such immediate demonetization to be imposed on the economy.
The next hearing is on November 25.