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The Supreme Court on Tuesday directed the Central government to take steps to ensure that the common man was not burdened by its decision to discontinue old Rs 500 and 1000 notes. “Discontinuing of higher denomination notes appears to be carpet bombing and not surgical strike,” the bench said.
The Apex Court was hearing a clutch of petitions demanding the roll back of the government’s decision to scrap the old notes. The bench asked the government to file an affidavit to justify its notification and the steps it has taken to ensure people have enough liquidity. Refusing to stay the government’s move for the time being, the court said that it will examine the legal validity of the notification and then take a decision. The bench also said that not everyone who had Rs 500 and 1000 notes “can be painted as a black money hoarder”.
Attorney General Mukul Rohatgi informed the bench that Rs 3.25 lakh crore were deposited in the banks since November 10 and Rs 11 lakh crore would be added in the next few days. The hearing has been adjourned to November 25.
Meanwhile, Economics Affairs Secretary Shaktikanta Das addressed the media on Tuesday and said banks will be using indelible ink to track unscrupulous people who are making multiple visits to the bank counters.
Source: Indian Express