The Supreme Court of India suggested 10 points come out of the present issue of currency notes:
(i) The top court on Tuesday declined to mediate with the administration’s choice to pull the old high-section cash, as asked for by solicitors who said the stunning move is inadequately planned and has hit families holding marriages and agriculturists in front of the gathering season.
(ii) Judges of the Supreme Court told that they would not interfere on the issue because the issue was related to economic policies of the government. But they would focus on the ways to solve the sufferings of the common people.
(iii) They likewise requested the government to consider raising the upper limit of cash that can be pulled back by individuals for the time being.
(iv) Precisely, a week prior, Prime Minister Narendra Modi said that inside hours of his declaration, the old notes would be unlawful for exchanges and should be kept at banks before the end of the year. He said this was a critical measure to check ‘black money’, forging and ‘corruption’.
(v) The old notes have been supplanted with revamped 500 rupee notes and new 2,000-rupee notes, which are at present hard to come by.
(vi) Banks are flooding, for the 6th day in succession, with clients holding up to get the new cash. To facilitate the bother, the administration yesterday changed the cutoff points on withdrawals and trades. So a man can now swap Rs.4,500 worth of old notes for new ones consistently. Rs.24,000 can be pulled back from records each week. ATMs can be utilized to haul out RS 2,500 every day for each card.
(vii) The government on Tuesday said that permanent ink would be utilized at banks to guarantee that individuals don’t bust the share of new notes allocated to every person.
(viii) Officials said this would forestall “deceitful people” from sending individuals starting with one bank office then onto the next to trade old notes, which implies similar individuals continue returning in the long lines, while others never get an opportunity to gather the new money.
(ix) Almost 45 billion dollars have been kept so far in ledgers.
(x) The sudden move, while applauded as a major change, has brought on immense disturbance to everyday life, particularly for needy individuals who live in the money economy.
Ultimately, the Supreme Court has requested the central government to present ‘plan of action’ to solve the hardship brought on to individuals after 500 and 1,000 rupee banknotes were cancelled.