#Demonetisation: 6L crore collected, lending rates will decrease, says AG Mukul Rohatgi

#Demonetisation: 6L crore collected, lending rates will decrease, says AG Mukul Rohatgi

Murali Krishnan

The Supreme Court of India today issued notice in the Central government’s transfer petition filed in relation to twelve demonetisation-related petitions filed across seven different High Courts. At the same time, there has been no stay granted in any of these pending proceedings.

The matter was heard by a Bench of Chief Justice TS Thakur and Justices DY Chandrachud and L Nageswara Rao, with Attorney General Mukul Rohatgi appearing for the Central government.

When the case was taken up as item 1 today, Rohatgi told the court that these twelve petitions had raised different issues, an argument that the centre had stated in its petition as well.

To this, the court asked Rohatgi how much money had been received and whether demonetisation was a success. In reply,  Rohatgi said that 6 lakh crores have been collected till date, and that the demonetisation move is a success. He added,

“Banks will be flush with money and lending rates will come down.”

As for the hardships faced by the people, Rohatgi said that situation was returning to normalcy and the Centre is monitoring the situation on an hourly basis.

“We are monitoring the situation on a hour to hour basis. Teams have been deputed to actually go to different States and report back.”

The court proceeded to issue notice in the transfer petition but refused to stay any of proceedings currently pending in various High Courts. CJI Thakur remarked,

“There are different kinds of prayer and maybe some court might have given some relief to the parties…so we don’t want to stay it.” 

The transfer petition will now be heard on December 2.

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