new Delhi: Supreme Court on demonetisation says ‘2016 demonetisation valid’ Justice BR Gavai says Centre’s decision-making process cannot be flawed as there was consultation between RBI and government. SC dismisses petitions challenging Centre’s 2016 decision on demonetisation, upholds move Notification of November 8, 2016 valid, satisfies test of proportionality, says Supreme Court. On demonetisation, Justice BR Gavai of the Supreme Court said, “Whether the object is achieved or not is not relevant.” The Supreme Court today delivered its verdict on petitions challenging the government’s decision to demonetise Rs 1,000 and Rs 500 notes in 2016. A five-judge constitution bench headed by Justice SA Nazeer, who retires on January 4, has pronounced its verdict on the matter on January 2, when the apex court will reopen after its winter break.
According to Monday’s cause list of the top court, there were two separate judgments in the matter, which will be pronounced by Justice BR Gavai and Justice BV Nagaratna. Besides Justices Nazeer, Gavai and Nagaratna, the other members of the five-judge bench are Justices AS Bopanna and V Ramasubramanian.
SC upholds Centre’s 2016 demonetisation decision
read @ANI Story | https://t.co/TQaPPdiuor#notebandi #Supreme court #currency pic.twitter.com/qMn44XoB8J— ANI Digital (@ani_digital) January 2, 2023
The top court had on December 7 directed the Center and the Reserve Bank of India (RBI) to place on record the records relating to the government’s 2016 decision and reserve its decision.
SC on demonetisation | Justice B V Nagaratna differed with the majority view and wrote a dissenting judgment. – ANI (@ANI) January 2, 2023
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Why did people file a petition against the 2016 note ban? here’s everything you need to know
The Supreme Court today ruled in favor of 2016 demonetisation. Justice BR Gavai says the Centre’s decision-making process cannot be flawed as there was consultation between the RBI and the government. The SC has dismissed petitions challenging the Centre’s 2016 decision on demonetisation. But, why did people file a petition against it? check here
– Demonetisation created a lot of confusion and chaos across the country and as a result, forty-eight petitions were filed in the Supreme Court challenging demonetisation, arguing that it was not a ‘considered’ decision of the government and that the court should put it down . ,
However, the government argued that the court cannot decide a matter when no concrete relief can be granted. It would be like “turning back the clock” or “unraveling a scrambled egg”, the Center said.
A five-judge constitution bench headed by Justice SA Nazeer heard the arguments before its winter break and adjourned the judgment to December 7.
In its defence, the Center said demonetisation was a “well thought out” decision and part of a larger strategy. He further said that the decision was taken to tackle the menace of counterfeit money, terror financing, black money and tax evasion.
RBI’s view on demonetisation: The RBI acknowledged that there were “temporary difficulties” which are part of the nation-building process.