Demonetization: Again the Center in the Supreme Court that it has strengthened the economy


New Delhi
The central authorities has repeatedly claimed that demonetisation is without doubt one of the foremost measures to eradicate black cash. Within the new affidavit submitted to the Supreme Court docket, the federal government reiterated its previous arguments concerning demonetisation.
It’s stated that the Reserve Financial institution had advisable withdrawal of 500 and 1000 notes and primarily based on this, the demonetisation notification was issued.

From 2010–2011 to 2015–2016, there was a rise of 76.4 p.c in circulation of 500 notes and 109 p.c in circulation of 1000 notes. On this context, the federal government has withdrawn the previous notes and issued the brand new sequence with an goal to curb cash laundering, counterfeiting and unlawful monetary transactions, claimed the affidavit submitted by the Deputy Secretary of the Ministry of Finance. The Supreme Court docket had criticized the central authorities for not submitting an in depth affidavit.

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