Supreme Court refuses to stay demonetisation of Rs 500 and Rs 1000 note
The Supreme Court on Tuesday said the demonetisation of Rs 1000 and Rs 500 notes announced by Prime Minister Narendra Modi had done some collateral damage even if it was a surgical strike or carpet bombing against black money. It declined to stay the demonetisation.
A bench comprising Chief Justice T S Thakur and D Y Chandrachud asked the government why didn’t it raise the withdrawal limit. Saying the common man should not suffer, the court said the general feeling was that it had inconvenienced the common man. It asked the Centre to submit a report on steps it had taken to ease the chaos after the demonetisation.
The Centre said it will file an affidavit on the steps it had taken to overcome the difficulties faced by people to access their accounts and to deposit their old notes in exchange for the new notes.
The petitioner was also directed to give suggestions on how to make the transition without great public inconvenience and hardship as is the case now.
The government said they are in the process of doing everything necessary to normalize banking operations.