New Delhi: The Apex Court of India will hold a very important petition challenging the constitutional validity of the demonetisation of Rs 500 and Rs 1000 notes that was set in motion a month ago by the ruling party in the Central Government. Here it will be a discussion on the ten crucial points that got introduced in the affidavit by the Central Government on the controversial monetary step.
- It is very important to curb financing in terrorism. The government will take crucial steps against the distribution of fake notes for various illegal activities around. Apart from this, there are smuggling and various other treacherous activities that takes place involving a huge sum of money. In a nutshell, it is very important to curb the black money which runs a parallel economy along with the deal economy.
- The cash transaction will not have any audit trial and will act as a channel to curb black money. Absolute elimination of black money will help the growth of the country.
- In order to get a better result in this demonetisation effect it is very important to promote digital mode of paying the money. Flow of excess liquid cash in the economy will lead to the rise of black money distribution. The country should go digital with its transaction for better growth.
- Earlier the process of demonetization was undertaken in 1978 declaring that the specific high denomination notes will cease to be a complete legal entity which will eventually be upheld by the Apex Court of India.
- The main aim of the government is to achieve a financial enclosure. These measures have been taken not only to enhance the process of banking system or the digital method of paying money but it is to make the financial system more accountable.
- It is very important to hostile the various agencies that finance the terrorist group with their black money. Not only this but it’s also important to take charge against the agencies that print fake notes and distributes it randomly in the economy.
A committee has been set up to look after the situation on a daily basis and based on that the appropriate decisions are taken to ensure that no one can suffer due to this particular move taken by the government.
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