New Delhi, Nov 15: The Supreme Court today refused to interfere with the decision of the Union Government to demonetise Rs 500 and 1,000 notes.
During the course of the arguments there were some very interesting submissions and observations that were made.
The centre represented by Attonery General Mukul Rohatgi termed the decision as a surgical strike on black money. Countering him was Kapil Sibal arguing for the petitioners who termed the decision as a carpet bombing on the common man.
What transpired in the Supreme Court:
- For 50 years, the common man has waited for his Fiat car, phone and gas connection. There will be pain, but people are willing to wait- AG
- It is a surgical strike on black money says AG
- Carpet bombing of the common man says Kapil Sibal
- Your aim is to wipe out black money, but people are traumatised says SC
- People are standing in long queues doing nothing says SC
- Carpenters, maids, small vendors are dependant on cash. Can you reduce their trauma asks SC
- Why don't you increase the withdrawal limit so that long queues are reduced says SC
- We have received Rs 3.25 lakh crore in bank deposits says AG
- We are not questioning your fight says SC
- There is black money to the tune of Rs 16 lakh crore. We are expecting Rs 11 lakh crore to come to the banks. Rest of the money is in Jammu and Kashmir and North East being used to fuel violence says AG
- Our purpose is to ensure people who have hoarded cash in their homes deposit in the banks says AG