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The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the notifications by the RBI and SBI enabling exchange of Rs 2000 banknotes without proof were arbitrary and against the laws enacted to curb corruption.
The Kerala Tourism department has used a piece of misinformation regarding the Rs 2000 note and turned into into a meme.
The decision to withdraw Rs 2,000 notes is different from demonetisation which involves eliminating the lawful acceptance status of a monetary unit in an economy.
The RBI on Friday announced the withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
Police suspect the notes might have been used by real estate players to dupe people by putting up a show of wealth.
The SC in a 4:1 majority verdict upheld the govt's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
The finance minister said there was no solution in the verdict to the financial crisis that resulted from demonetisation.
The Supreme Court on Monday upheld the decision of the government on demonetisation.
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4, is likely to pronounce its verdict on the matter.
The Narendra Modi-led BJP government had demonetised Rs 500 and Rs 1,000 currency notes in 2016.
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