Demonetisation "Well-Considered" Decision To Combat Black Money, Terror Financing: Centre To Supreme Court
NDTV
The Union government submitted the decision of demonetisation was executed on the specific recommendation of the Central Board of the Reserve Bank of India.
The 2016 demonetisation was a "well-considered" decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion, the Union government has told the Supreme Court.
Defending its decision to demonetise currency notes of Rs 500 and Rs 1,000 denominations, the Centre told the top court the step was taken after extensive consultation with the Reserve Bank of India and advance preparations were made before the note ban was enforced.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
"The withdrawal of the legal tender character of the specified bank notes was by itself an effective measure and was also a part of a larger strategy for combating the menace of fake money, terror financing, black money and tax evasion, but not confined to them alone.
