Centre must adhere to notification of Rs.24,000 weekly withdrawl: Supreme Court

Supreme Court has observed that the Centre should adhere to its notification allowing withdrawal of 24,000 rupees per week from bank accounts after demonetisation of high-value currency notes.The observation by the apex court came on a batch of petitions challenging the government's demonetisation move on the ground that the people are facing hardship.

A three-judge bench comprising Chief Justice TS Thakur and Justices AM Khanwilkar and DY Chandrachud said that people are depositing money in large number and they should be given the currency.

Attorney General Mukul Rohatgi told the court that 13 lakh crore rupees have come in the banks so far. He said new



currency notes worth five lakh crore rupees are in circulation in the market. Besides this, 2.5 lakh crore rupees in smaller denominations of 100 and 50 rupees are also there, he said.

The Attorney General said that old currency notes worth 8000 crore rupees collected by district cooperative central banks (DCCBs) across the country have been allowed to be deposited in the Reserve Bank subject to KYC norms and the government will issue a notification in this regard within two days.

The Centre has also filed a plea seeking transfer of all the matters pending before separate high courts in the country to either the apex court or one of the high courts.