We all know the announcement Narendra Modi made addressing the country about demolishing 500 and 1000 bank notes the other day. This decree was applicable immediately i.e within 4 Hrs of the announcement. The time to exchange existing notes at banks and post offices is given until 30th of December 2016 and then at reserve Bank of India until 31st March 2017.
Though there was a lot of applaud across the country for this big step taken by our Prime Minister, there was a petition filed on Wednesday in Supreme Court to repress the declaration of scrapping 1000 and 5000 currency.
The petition voices that the time given for trading the notes is inadequate for the citizens and effects the financial balance and other aspects of livelihood. Hence the litigation demands either to extend the timeline for the exchange of these notes or to put down the decision of Modi government.
