India's Supreme Court on Monday upheld the legality of the government decision in 2016 to demonetise 86% of the country's cash in circulation, saying the decision was taken in consultation with the central bank and followed due process.
A five-judge bench of the country's top court passed the verdict by a majority on a batch of petitions questioning the move. One out of the five judges wrote a dissenting opinion.
In November, 2016, Prime Minister Narendra Modi personally led the shock move to outlaw 86% of the cash in circulation to target undeclared "black money" and fight corruption. Despite the chaos caused, many people supported demonetisation after Modi framed the decision as a fight for the poor against the corrupt rich.
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