‘CRITICAL STEP’: CENTRE DEFENDS 2016 NOTE BAN

NEW DELHI: The 2016 demonetisation policy was a critical step in a series of transformational economic policies which helped to not only combat the menace of counterfeit currency, terror financing, black money and tax evasion, but also nudged large sections of the informal economy to become part of the formal economy, the Union government told the Supreme Court on Wednesday.

The Reserve Bank of India, in a separate affidavit, too justified the move.