New Delhi: A Public Interest Litigation (PIL) filed in the Madurai bench of Madras High Court against the demonetisation of Rs 500 and 1,000 notes was rejected by the court on Thursday.
The petition was filed by M Seeni Ahamed, State General Secretary of Indian National League, on the ground that sudden scrapping of the currency notes would lead to immense hardship for the uneducated and the ones who did not have bank accounts.
However, Madras High Court was of the opinion that demonetisation is good for the country and hailed Centre’s decision, thereby rejecting the plea.
The now invalid notes of Rs 500 and 1,000 can be exchanged at banks and post offices till December 30th. The new notes of Rs 500 and 2,000 are available at banks from today onwards.
Centre has introduced certain restrictions such as, deposits more than Rs 2.5 lakh would attract tax and any income mismatch found would lead to a penalty of 200%.