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Note ban: SC stays High Court proceedings on demonetisation

Speed News Desk | Updated on: 10 February 2017, 1:37 IST

The Supreme Court today stayed proceedings on petitions against demonetisation notification in all high courts and said that only the apex court will hear pleas on this matter.

Earlier in November, the top court had refused to stay proceedings against demonetisation of high-value banknotes across various high courts.

Attorney general (AG) Mukul Rohatgi had then told the court that the situation following the 8 November demonetisation move, which led to a cash crunch and long queues forming outside banks and ATM kiosks, was improving and the Centre was monitoring the situation on a daily basis.

Prime Minister Narendra Modi, in a televised address to the nation on 8 November, said Rs 500 and Rs 1,000 banknotes will cease to be legal tender as part of a crackdown on black money, and counterfeit currency notes that go towards funding terrorist groups.

--With PTI inputs

First published: 16 December 2016, 3:16 IST