Cat would have been out of the bag: Centre tells SC on fewer notes being printed
The AG while explaining to the Supreme Court why more notes were not printed said that 86 per cent of the notes were in the denomination of Rs 500 and 1,000.
New Delhi, Dec 10: The centre continued to maintain that the decision on demonetistaion was a step in the right direction aimed at fighting the menace of black money.
The centre represented by Attorney General Mukul Rohatgi informed the Supreme Court that they could not print too many new notes as it would have led to the cat being let out of the bag.
The AG, while explaining to the Supreme Court why more notes were not printed said that 86 per cent of the notes were in the denomination of Rs 500 and 1,000.
"We could not have replaced them with new notes since it would have let the cat out of the bag," the AG said.
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"We are doing everything to reduce the inconvenience caused to people," he added.
The AG however opposed the idea of the court fixing a minimum amount a bank must give a customer.
The centre also opposed any decision on allowing district cooperative banks to accept deposits.
"This comes under the purview of fiscal policy and will courts decide on these issues too?" the AG asked.
A
judicial
review
would
arise
if
the
courts
go
into
fiscal
policy
the
AG
also
said.
The
court
however
retorted
by
saying,
"You
have
shaken
the
entire
country
up.
You
must
be
able
to
ensure
that
the
people
are
not
put
to
hardship.
OneIndia News