The government had requested the SC to not pass any interim order on note ban as the move will lead to more cases of black money which the SC bench did not buy, saying when common man was not getting a single note, large amounts of new notes were being recovered throughout the country.
On December 15, the government fully stopped use of Rs 500 notes as it had given some relaxation in their rules. Till Thursday, Rs 500 notes continued to enjoy their legal tender status at select outlets including at LPG centres, petrol pumps, paying for public taxes and school fees with a cap.
The government has now completed a total phase out of Old High Denomination currency notes from the banking system after extending many relaxations in their use. On November 8, the government took the entire nation by surprise through a televised announcement that it was scraping Rs 1,000 and Rs 500 denomination currency notes.
Both the denominations constituted over 86 per cent of total currency in circulation in system and government cancelling them caused huge cash crunch in country that led to long queues outside banks and ATM kiosks.
(Sourced from agencies, feature image courtesy:oneindia.com)
