Weekly Current Affairs

Notice

  1. The Supreme Court refused to stay the November 8 government notification demonetising Rs. 500 and Rs. 1,000 currency and asked the Centre to take immediate measures to alleviate the hardships and sufferings of the traumatised common man who is “forced” to stand in queues to withdraw a little bit of his own hard-earned money.
  2. Noting that the apex court does not want to interfere with govt’s economic policy, Court said the objective of demonetisation may be a “surgical strike” on black money, but it should not cause hardship to common man.
  3. The Bench asked the Centre to file an affidavit by November 25, 2016, detailing the various measures it can take to lessen the hardship and inconvenience caused to people without hindering the larger objective of the government notification to get rid of black money and cross-border terror financing.
  4. Previous “demonetisation” in 1978 only dealt with high denomination notes which only comprised two per cent of the currency value in circulation. Now, Rs. 500 and Rs. 1000 notes occupy 86 per cent of the currency value.