Page 6 - Note Ban News Today

The Centre has told the Supreme Court that the November 2016 decision to withdraw Rs 500 and 1,000 currency notes was "one of the critical steps in the series of transformational economic policy steps".

Government blocked reports that reflected poor state of economy

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The amount, as on October 21, was 71.84% higher than the amount for the fortnight ending November 4, 2016, just four days before the demonetisation exercise.

The court wondered if anything survived in the issue after all these years and said it will examine whether the matter has become merely academic.

A five-judge bench said said while it is aware of the ‘lakshman rekha’, it will still have to undertake a review of the decision-making process.

Petitions to be heard on Nov 9 challenge Constitutional validity of rendering 80% of all notes worthless unless exchanged, in PM's sudden announcement

The Supreme Court on Wednesday asked the Centre and the RBI to file comprehensive affidavits on the 2016 demonetisation decision, and also keep the files ready in connection with Centres letter to the RBI, the decision of the RBI Board, and the demonetisation announcement.

The top court said that it will have to examine the 2016 demonetisation decision to come to a conclusion whether the issue has become a mere 'academic' exercise.

SC wants the central government to