New Delhi, Nov 24: The objective behind demonetisation was to unearth an illegal parallel economy, the centre has told the Supreme Court. In its affidavit filed before the Supreme Court, the centre stated that demonetisation is aimed at reducing the ratio of cash transactions.
The centre also said that the menace of fake currency has been tackled and funding for terror groups has stopped.
It further stated that demonetisation was also an attempt to unearth black money that has been stashed over the past seven years.
Further the centre also informed the court about the steps taken to ease the pain of the people in the aftermath of the decision to demonetise the Rs 500 and 1,000 notes.
It said that all steps were being taken to ensure that the transition was a smooth one. The centre states that re-calibration of ATMs is on in full swing. Further it stated that any difficulty being faced by the people would be sorted out.