The Madras High Court on Thursday dismissed a petition challenging the Centreās move to demonetise Rs 500 and Rs 1000 notes.
The petition was filed by Indian National League party at the Madurai bench of the Madras High Court. The petitioner alleged that demonetisation of 500 and 1000 rupees notes cause problems to the public. The petitioner also requested a stay on the order and asked for cash exchange counters in public places.
However, the court order stated that demonetisation is good for the country and rejected the plea.
In a televised address to the nation, Prime Minister Narendra Modi announced on Tuesday that Rs 500 and Rs 1000 notes will not be legal tender from midnight of November 8. Calling this a necessary step in the fight against corruption and black money, the PM said that the government will try its best not to inconvenience people.
Banks and post offices reopened on Thursday, as thousands of people across the country lined up to exchange their 500 and 1000 rupee notes for new currency.