1.

The country of Indicatia is situated in the South-Asian region and is a Sovereign, Democratic,
and Socialist country. It's the most populous country and sixth-largest country according to
landmass.

2. Indicatia is growing at a rapid pace with a 3.8 trillion dollars vibrant economy. And it ranks 5th in
the world economy ranking 2023.

3. Indicatia's diverse economy encompasses traditional village farming, modern agriculture,

handicrafts and many more. Domestic Private consumption accounts for near about 70% of
Indicatia's GDP. Hence it remains the world's 6th largest consumer market.

4. Widespread corruption hinders the growth of Indicatia. The country's rank is 85th among 180
countries, according to the 2021 Corruption Perception Index reported by Transparency
International.

5.Accumulation Of back money disturbs the economic equilibrium and stability affecting the flow of
money in the capital as well as in money market, promoting Activities such as Terror funding, tax
evasion, Benami transactions, drug trafficking, narcotics dealing etc.

6. On 18th June 2018 Honorable Prime Minister Shri Dhirendra Pandit addressed the nation in a live
telecast, broadcasted nationwide announcing a mass demonstration i.e., stoppage and ban in the
use of paper currency of denomination Inr 551 and 1051.

7. The other currencies in form of paper notes and coins will remain legally valid. Also, he mentioned
that new currency with the denomination of INR 1100 and 2100 will have a legal tender and will be
circulated in the economy from now onwards.

8. Demonetisation by the Government of Indicatia was with the intent to prevent the usage of high
denomination notes for illegal transactions and to solve the problems of black money and parallel
economy. By the Bold policy of demonetisation government has accelerated the growth of the
economy.

9. Demonetisation will lead to a huge crunch of money that operates in the shadow economy and
will become a part of the banking structure. With this banks will have a lot more money to support
the economy and will positively affect inflation which is rising.

10. the way in which the old currency with denominations ₹551 & ₹1051. with the general public will
be exchanged with the new one was directed by Prime Minister of Indicatia Sri Dhirendra pandit.
Also amount of ₹11380 can only be exchanged by a person in a week, within a time limit from 18th
june to 19th july.

11. This sudden ban in currency with denomination Rs 551 and Rs 1051 resulted in cash shortage
and hence people have to wait in a long queue. Demand of cash increased leading to shortage of
cash in the bank as well.

12.Many people lost their life either because of standing in long queue or denial by hospitals to give
treatment in exchange of old currency notes which lead to death of many people. Small business
faced the major loss and people also had to keep their work in order to withdraw money from ATM
by standing in a queue , showing poor coordination between banks and government.

13. A step of printing the image of God Kubera in the currency notes and coins along with the image
of Bapu was moved by Government of Indicatia , Prime Minister Dhirendra Pandit. Which was
against the secular nature of state that is secular material like paper notes and coins should not
exhibit any particular religion.

14. Rabeesh Kumar a famous journalist filed a petition in the Supreme Court of Indicatia challenging
the step of demonetization and printing the image of Religious God in paper notes taken by the
Government of Indicatia.

15. Petitioner contended that this step of demonetizing currency is not in the accordance with the
provisions laid down in Reserve Bank of Indicatia Act 1934 and violates them and also it infringes the
fundamental rights of the citizens enumerated in the Constitution of Indicatia. also challenged the
step of printing the image of Religious God in paper currency.

16. The Matter is now listed to be heard before the Supreme Court in August 2022.