-PTI/ The Hindu Justice Nagarathna dissents from majority judgment, says DeMo of high-value currency notes was ‘vitiated and unlawful’ New Delhi: The Supreme Court on Monday upheld the legality of the Centre’s 2016 decision to ban Rs 1,000 and Rs 500 currency notes, saying the decision-making process was neither flawed nor hasty and that it was “not relevant” whether the stated objectives were achieved or not. In a big win for the Narendra...

-Hindustan Times The petitioners had questioned whether the Government carried out any study linking demonetisation as an effective tool to achieve the objectives of curbing black money, terror financing or fake currency. Hardships caused due to demonetisation cannot be the basis for faulting the Government’s 2016 notification to ban currency notes of ₹500 and ₹1000, the Centre told the Supreme Court, adding that the cutoff date December 30 fixed by the Centre...

-Hindustan Times Under the Reserve Bank of India (RBI) Act Section 26(2), a recommendation by the RBI’s Central Board precedes any decision to demonetise any series of currency notes. The Supreme Court on Friday asked the central government if the Reserve Bank of India (RBI) had informed it that demonetisation will result in the withdrawal of over 86% currency in circulation. Making a query to the Centre as part of its consideration of...

-PTI/ The Hindu The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy. Currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At ₹30.88 lakh crore, the currency with the public is 71.84% higher than the...

-The Telegraph In a remarkable development, for the first time in 20 years, currency in circulation (CIC) declined during Diwali week. With the increased acceptance of digital payments in the country, over-reliance on cash is slowly fading away. Over the years, the Indian cash-led economy has now changed to a smart-phone led payment economy, says a research note.   In the report, Dr Soumya Kanti Ghosh, group chief economic adviser of State Bank...