Supreme Court on Demonetisation in India, Says – Central Government’s Decision is Correct
Supreme Court : On November 8, 2016, the central government suddenly implemented demonetisation in the country. Under this, 1000 and 500 rupee notes were taken out of circulation. After this decision, the whole country had to stand in queues to exchange the notes. 58 petitions were filed against the decision of demonetisation, on which the Supreme Court gave a big verdict on 2nd January i.e. today.
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Supreme Court Decision
The Supreme Court, while giving a major decision on Monday, has upheld the decision of the Central Government to close the notes of Rs 500 and Rs 1000 in 2016. The Supreme Court gave this verdict while hearing 58 petitions challenging the demonetisation of the Modi government. A 5-judge constitutional bench headed by Justice Abdul Nazeer said that economic decisions cannot change.
Earlier, a five-judge constitutional bench headed by Justice Abdul Nazeer had reserved its verdict on December 7 after five days of debate. Justice Abdul Nazeer, Justice BR Gavai, Justice A.S. Bopanna, Justice V. Ramasubramanian, and Justice B.V. Nagaratna was involve.
What did RBI say
– Procedure followed under the RBI Act for making recommendations to the Centre.
– The prescribe quorum was complete in the meeting of the Central Board of RBI, which decide to make the recommendation.
– Many opportunities is give to the people. Arrangements are made on a large scale to change the money.
58 Petitions Filed in Supreme Court
The petitioners claim that the process adopt by the government had huge flaws and should quash. This process made a mockery of the rule of law of this country. Demonetisation can done by the government only on the recommendation of the central board of RBI. But here the process was reverse. The Center withheld important documents during the decision-making, including the letter write by the government to the RBI on November 7 and the minutes of the RBI board meeting.
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Demonetisation Happened in 2016
On November 8, 2016, the central government suddenly implement demonetisation in the country. Under this, 1000 and 500 rupee notes are take out of circulation. After this decision, the whole country had to stand in queues to exchange the notes. 58 petitions is file against the decision of demonetisation, on which the important decision of the Supreme Court is to come on January 2.
