Madras High Court dismisses plea seeking stay on demonetisation scheme
The Madurai bench of the Madras High Court today dismissed the petition seeking a stay on demonetisation of Rs 500 and Rs 1,000 notes.
The petition was filed by the political party Indian National League (INL).
The bench said the government’s demonetisation scheme is good for the country.
INL had filed the petition saying the move affects the basic needs of the people and asked for more cash counters in public places.Since early morning today, people have been queuing outside banks and post offices to exchange their old currency with the new notes. In several places across the country, senior citizens have faced inconvenience while waiting for hours at bank branches to collect money.
It is a great move by the government but then the notice was very short for people to react. Not all of us have enough money that would last two days,” said Chirag Deshpande, a private sector employee.
Prime Minister Narendra Modi had announced Rs 500 and Rs 1,000 notes invalid in a surprise decision on Tuesday. The decision, the government said, will break the back of black money hoarders.