India's Supreme Court upholds legality of 2016 note ban decision

Reuters

02 January, 2023, 12:40 pm

Last modified: 02 January, 2023, 12:42 pm

FILE PHOTO: A bank employee takes out a bundle of old 500 Indian rupee banknotes from a sack to count them inside a bank in Jammu, November 25, 2016. REUTERS/Mukesh Gupta

India's Supreme Court on Monday upheld the legality of the 2016 government decision to outlaw 86% of the country's cash in circulation.

The arguments in the case were heard by a five-judge constitution bench of the country's top court.

In November, 2016, Prime Minister Narendra Modi personally led the shock move to outlaw 86% of the cash in circulation to target undeclared "black money" and fight corruption.

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The petitioners included lawyers, a political party, co-operative banks and individuals, all of whom challenged the decision in the court.

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