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The Supreme Court on Tuesday declined to stay the demonetisation of Rs 500 and Rs 1,000 currency notes announced by Prime Minister Narendra Modi on November 8 but wanted the government to justify the drastic step through an affidavit. The court will examine its legality with reference to the provisions of the Reserve Bank Act.
The bench presided over by Chief Justice T S Thakur clarified that it did not intend to interfere in the economic policy of the government, but asked the Attorney General to file an affidavit explaining what steps the government had taken to ensure liquidity.
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