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Saturday, June 3, 2023
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SC To Pronounce Verdict On Centre’s Decision On Demonetisation

Amid the petitions challenging central government’s 2016 decision of demonitising currency notes of ₹ 1,000 and ₹ 500, the Supreme Court is expected to pronounce its verdict in the matter today.

Because of the ban on currency notes they were completely wiped out of circulation with immediate effect.

A total of 58 petitions were registered against the notes ban saying that the government did not take a considered decision and the court should struck down.

However, responding to the petitions the government said that the court cannot intervene into the matters where no tangible relief can be allowed and it will be like “unscrambling a scrambled egg” or “putting the clock back”.

On December 7, before the winter break a five-judge bench headed by Justice SA Nazeer suspended the verdict after hearing the arguments.

The other Justices of the bench were BV Nagarathna, V Ramasubeamanian, AS Bopanna and BR Gavai.

Meanwhile, commenting upon the same matter senior advocate and former Union Minister P Chidambaram said the centre has not considered any other way to take control of black money or fake currency.

He said, as the government cannot propose any legal tender on its own and it can only be possible on the recommendation of the central board of the Reserve Bank of India (RBI).

The senior advocate further said that the government even withheld crucial documents like the letter to the RBI on November 7, on decision making process and also the minutes of meeting with bank’s central board.

When the bank’s counsel said that judiciary cannot interfere in the decisions regarding the economic policy, the court responded that the judiciary cannot even sit with folded hands only because it is an economic policy decision.

The opposition parties have continuously called the centre’a decision on banning the currency notes a complete failure that adversely affected business and jobs. “Six years after the ‘masterstroke’ the cash available in public is 72 per cent higher than that in 2016. PM (Narendra Modi) is yet to acknowledge this epic failure that led to fall of economy, ” said Congress President Mallikarjun Kharge.

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