SC refuses to stay Govt’s demonetisation notification

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New Delhi: Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience. 

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A bench comprising Chief Justice TS Thakur and Justice DY Chandrachud further asked the government to file an affidavit regarding the steps it was exploring and considering in relation to an inconvenience caused to people due to the cash crunch.

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A batch of PILs were filed in the top court seeking quashing of the government's decision to demonetise Rs 1,000 and Rs 500 currency notes.

The apex court has set the next date of hearing on November 25. The SC's decision comes as there was no let-up in the rush for withdrawing money and exchanging demonetised notes across the country, as serpentine queues in front of banks and ATMs were a common sight even on Tuesday.

Prime Minister Narendra Modi last week announced that Rs 500 and Rs 1000 will no longer be legal tender from November 08, 2016 midnight. The pleas seek quashing of the government's decision on the grounds that it infringed citizens' right to life and trade among others.

Out of the four, two PILs have been filed by Delhi-based lawyers Vivek Narayan Sharma and Sangam Lal Pandey respectively. Two other pleas have been filed by individuals, S Muthukumar and Adil Alvi, on the demonetisation issue.

Meanwhile, Opposition political parties including, Congress, Aam Aadmi Party, Samajwadi Party, Bahujna Samaj Party, Rashtriya Janata Dal and many others have asked the government to reverse back its order.

At the moment, the daily withdrawal limit from ATMs is Rs 2,500, and exchange of old notes from bank counters is Rs 4,500. This apart, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000.

With reports of Jan-Dhan accounts being used by other people to deposit their unaccounted cash, the Finance Ministry today set an upper limit of Rs 50,000 for deposits into these accounts.

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