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On Tuesday i.e., May 23, the court had reserved its decision after hearing the matter. -- aaa

Many methods have been tried for elimination of black money; we had several rounds of demonetisation, several voluntary disclosure schemes, some schemes to regularise undisclosed foreign assets, and so on. The only commonality between all such measures was their failure to prevent generation of black money. Strategically declaring their black money, tax evaders took full advantage of the frequently announced Government schemes. However, not many of the tax evaders discontinued their tax evading ways, so, after a few years, things came back to square one

The Indian Express’ UPSC weekly news express covers some of the important and burning topics of current affairs news from this week to help you prepare for UPSC-CSE. Try out the MCQs and check your answers provided towards the end of the article.

The RBI has a system in place for the disposal of out-of-use notes. They can come back as recycled banknotes or can be turned into briquettes. Read on to find out more

New Delhi, May 26 (IANS) The Reserve Bank of India (RBI) on Friday told the Delhi High Court that its decision to withdraw Rs 2,000 notes from circulation is only a "currency management exercise and not demonetisation".