The Supreme Court of India will have on 9 November a hearing about the 2016 demonetization of 500 rupees and 1,000 rupees banknotes.
India does have a history on demonetization of large denomination banknotes. In 1946 it were the colonial notes of 1,000 and 10,000 rupees; and in 1978 the Republic’s notes of 1,000; 5,000 and 10,000 rupees.
On 10 October five Judges of the Constitutional bench had a hearing on 58 petitions to reverse the demonetization. The Government argued that the issues were merely academic in nature, but the Judges agreed that they weren’t, and decided to have the hearing.
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