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Demonetization in India
The Ordinance was challenged by a person acting as an accountant for a temple trust before the Allahabad High Court on the grounds that the right to acquire, hold and dispose of property under the Constitution of India was violated.
The court upheld the constitutionality of the Ordinance by concluding that once the high denomination bank notes ceased to be legal tender, any restriction on their transfer cannot be said to be unreasonable.
The Supreme Court emphasized that the time limit imposed for exchange of the high denomination notes was necessary in order to cease their circulation as early as possible.
What was the purpose of the demonetization decision?
The Supreme Court emphasized that the time limit imposed for exchange of the high denomination notes was necessary.
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