Demonetisaiton an attempt to unearth black money stashed over last 7 decades: Centre tells SC

News Agencies | First published: 24 November 2016, 17:56 IST
Supreme Court
Photo: PTI

The Centre, on 24 November, submitted an affidavit on the demonetisation issue in the Supreme Court, saying it is an attempt to unearth black money stashed over last seven decades.

Attorney General Mukul Rohtagi said that the Centre had filed a reply in the Supreme Court in compliance with the top court's earlier order on the issue.

"We have filed the report starting from the initiation of SIT and all other issues which could be the effect of demonetisation process," Rohtagi told ANI.

"No chaos on the part of people facing difficulties. If any, it would be sorted out as soon as possible," he added.

The Centre in its affidavit told the apex court that demonetisation is a step to reduce ratio of cash transactions, adding the objective is to unearth illegal parallel economy.

"Earlier, we constituted SIT to curb black money, amended Benami Act. The people might have to face some inconveniences. Re-calibration of ATMs is in full swing. Crores of fake currency notes have became useless. Funding of terror groups has been stopped," said the affidavit.

The apex court will on 25 November hear a bunch of petitions against demonetisation.