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India's Supreme Court upholds the legality of the government's demonetization of ₹500 and ₹1,000 banknotes in 2016. The decision, which invalidated 86% of the country's currency, was deemed legal and made after consulting the central bank. One judge dissented, arguing that the move should have been done through an act of Parliament. The government defended the demonetization as a measure against illegal cash hoarding, corruption, and money laundering.
Sunday, 1 January, 2023