New Delhi, August 30: Supreme Court on Friday issued a notice to the RBI and Centre, on hearing a petition seeking a direction to the Centre and others to permit the petitioner to remit the old currency notes of Rs 500 and Rs. 1,000 to the tune of Rs 1 crore 17 lakhs in one of his bank accounts. PM Narendra Modi Defends Demonetisation, Says 'No Job Loss Due to Note Ban'.
On November 8, Prime Minister Narendra Modi announced demonetisation, banning high-currency notes, Rs 500 and Rs 1000 from the market with an aim to end black money. Following the sudden withdrawal of the currency notes, there was complete chaos in the market. There was a cash crunch situation for a long time and it led to several jobs as well.
Supreme Court today issued notice to the RBI & Centre, on hearing a petition seeking a direction to the Centre and others to permit the petitioner to remit the old currency notes of Rs 500 and Rs. 1,000 to the tune of Rs 1 crore 17 lakhs to one of his bank accounts. pic.twitter.com/625xfYVBLF
— ANI (@ANI) August 30, 2019
PM Narendra Modi however, defended demonetisation of Rs 500 and Rs 1000 currency, rejecting reports of job loss due to the move in an interview to Aaj Tak earlier this year. He said, demonetisation did not cause a rise in unemployment but curbed the flow of black money.
Last year, Reserve Bank of India’s (RBI), in its annual report, revealed that almost all the Rs 500 and Rs 1,000 currency notes scrapped in November 2016 returned to the banking system. Out of the Rs, 15.41 lakh crore in circulation before November 8, 2016, Rs 15.3 lakh crore came back to the banks, which was 99.3 percent.