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Over three dozen petitions have been filed against the Centre’s November 8, 2016, move to ban currency notes of Rs 500 and Rs 1,000 denominations, following which the apex court had asked the Centre and RBI to file their replies.
Demonetization was component of a bigger strategy to tackle threat of counterfeit money, terrorism financing, black money, it further stated.
Decision was kept closely guarded to root out the menace of black money, money laundering, tax evasion and other illegal activities: Modi government
The central government, in its affidavit filed in the Supreme Court, said that it was a part of a larger strategy for combating the menace of fake money.
The Centre on November 8, 2016 from midnight declared the notes of Rs 500 and Rs 1,000 as illegal tender and requested to submit them to the banks.