Center replied in the Supreme Court on demonetisation: The decision was taken after consultation with the Reserve Bank for 8 months

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  • PM Narendra Modi Govt On Economic Growth After Demonetisation | Supreme Court

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Under demonetisation, 500 and 1000 notes were banned from 8 pm on 8 November 2016.

The Central Government has filed an affidavit on demonetisation in the Supreme Court on Wednesday. It has been said that the number of 500 and 1000 notes had increased a lot. Therefore, from February to November, only after discussions with the RBI, on November 8, the decision to demonetise these notes was taken. The next hearing of the matter will be on November 24.

The government defended its decision
The government defended its decision of demonetisation saying that the decision to demonetise the note was taken on the special recommendation of the Central Board of Directors of the Reserve Bank. Demonetisation was part of planning and an effective way to deal with problems like counterfeit currency, terror funding, black money and tax evasion. This was the biggest step in the series related to changes in economic policies.

Enumerate the benefits of demonetisation
The Center in its reply also said that demonetisation has brought many benefits like reduction in fake notes, increase in digital transactions, detection of unaccounted income. In October 2022 alone, a digital transaction of 730 crores took place, that means a transaction of Rs 12 lakh crores has been recorded in a month. Which in 2016 was 1.09 lakh transactions i.e. about 6952 crore rupees.

5 judges bench is hearing
Petitions were filed in the Supreme Court against demonetisation. First of all, Vivek Narayan Sharma challenged the central government. Since 2016, 57 more petitions were filed against demonetisation. A 5-judge constitution bench comprising Justice S Abdul Nazeer, Justice BR Gavai, Justice AS Bopanna, Justice V Ramasubramanian, and Justice BV Nagaratna is hearing the matter.

Also read these news related to demonetisation…

Admission of a child born in the line of demonetisation

Khanjachinath in the yellow circle

Khanjachinath in the yellow circle

Born in the bank line during demonetisation, Khazanchinath has turned 6 years old. He lives in Kanpur Dehat. Every year the National President of Samajwadi Party Akhilesh Yadav celebrates his birthday with pomp. Former CM Akhilesh Yadav got him admitted to the famous Rama International School in Kanpur Dehat. Read full news…

2000 notes neither in ATM nor in bank, where did they disappear

6 years ago i.e. on November 8, 15.52 lakh crore rupees of 500 and 1000 rupees came out of the economy. Then there was the entry of new 500 rupees and big notes of 2000 rupees. Out of these 500 notes are in the market, but 2000 have disappeared. During the year 2017-18, 2000 notes remained the most in circulation in the country. Read full news…

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