The division bench of the Supreme Court, on Tuesday agreed to hear the PIL seeking complete ban of Rs. 500, 1000 and 2,000 notes and withdrawal of all taxes except custom and import duties; and implement a banking transaction tax on receiving / credit account.
As reported by Live Law, the petitioner, BJP leader and advocate Ashwini Kumar Upadhyay in his petition, alleged that high denomination currency of over Rs. 100 is used in illegal activities like terrorism, naxalism, separatism, radicalism, gambling, smuggling, money laundering, kidnapping, extortion, bribing and dowry.
“It also inflates the price of essential commodities as well as major assets like real estate, gold etc. These problems can be curbed by recalling high denomination currencies above Rs. 100 and making legal provisions to restrict cash transaction up to the limit of Rs. 5000. Black Money holders would be forced to deposit their unaudited money into banks and it will take years to generate that amount of black money again thus in a long way it will help in putting an end to the black economy. Another benefit is that people will deposit their money in banks; government will get a good amount of revenue, which can be used for betterment of society and to provide good infrastructure and other facilities to needy people,” the petition stated. The petitioner also claimed that if the government recalls higher denomination currency above Rs. 100 and restrict the cash transaction up to the limit of Rs. 5,000, it could lead to an increment of 4% in the annual growth rate.”
The division bench has agreed to hear the petition along with other PILs relating to demonetisation listed on Friday (2nd December).
