India’s top court upholds legality of 2016 note ban decision

Members of the media gather at the Supreme Court in New Delhi on Nov 9, 2019. (MONEY SHARMA / AFP)

NEW DELHI – India's Supreme Court on Monday upheld the legality of the 2016 government decision to outlaw 86 percent of the country's cash in circulation.

The arguments in the case were heard by a five-judge constitution bench of the country's top court.

In November, 2016, Prime Minister Narendra Modi personally led the shock move to outlaw 86 percent of the cash in circulation to target undeclared "black money" and fight corruption.

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The petitioners included lawyers, a political party, co-operative banks and individuals, all of whom challenged the decision in the court.