Plea to make all transactions above Rs.5,000 cashless

January 04, 2017 12:38 am | Updated 12:38 am IST - MADURAI:

The Madras High Court Bench here on Tuesday sought the response of the Centre to a public interest litigation petition seeking a direction to it to make all monetary transactions beyond the value of Rs.5,000 cashless in order to achieve its objective of curbing black money, fake currencies and use of the latter to fund terrorist activities.

A Division Bench of Justices A. Selvam and P. Kalaiyarasan asked Assistant Solicitor General G.R. Swaminathan to take notice on behalf of the Centre as well as Reserve Bank of India and ascertain their views. K.K. Ramesh, Managing Trustee of Centre for Public Interest Litigation, a non-governmental organisation based here, had filed the PIL petition.

According to the petitioner, the Centre should have actually made the use of credit cards, debit cards and online transfer of funds mandatory for any transaction beyond Rs.5,000 in order to achieve its objective of curbing unaccounted money and circulation of fake currency notes instead of having demonetised the Rs.500 and Rs.1,000 notes since November 9.

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