NEW DELHI (Reuters) – India’s Supreme Court on Monday upheld the legality of the 2016 government decision to outlaw 86% of the country’s cash in circulation.
The arguments in the case were heard by a five-judge constitution bench of the country’s top court.
In November, 2016, Prime Minister Narendra Modi personally led the shock move to outlaw 86% of the cash in circulation to target undeclared “black money” and fight corruption.
The petitioners included lawyers, a political party, co-operative banks and individuals, all of whom challenged the decision in the court.
(Reporting by Arpan Chaturvedi, writing by Shilpa Jamkhandikar; editing by Sudipto Ganguly)
