Hailing that the move to demonetise ₹500 and ₹1,000 notes is fit for the country’s security and development, the Madras High Court has dismissed a PIL seeking scrapping of the government notification on the ground it cannot interfere in policies related to monetary system.
The petition was filed by the political party Indian National League (INL). The bench said the government’s demonetisation scheme is good for the country.
The petition filed at the Madras High Court had sought a stay on the dramatic decision announced by Prime Minister Narendra Modi on Tuesday night that the government was scrapping with immediate effect the existing currency denominations of Rs 500 and Rs 1,000 to combat black money, corruption and terror-financing.
M Seeni Ahamed, State general secretary of Indian National League, filed the case through his counsel S.M.A. Jinnah on the ground that sudden scrapping of high denomination currency notes and several restrictions imposed on bank transactions had caused immense hardship to many uneducated people who did not have bank accounts.
The now invalid notes of Rs 500 and 1,000 can be exchanged at banks and post offices till December 30. The new notes of Rs 500 and 2,000 are available at banks from Thursday onwards.
The bench of justice Nagamuthu and justice Muralidharan observed that even president of India himself had welcomed the central government’s decision since the move would curb black money.