Demonetisation: Big Supreme Court Judgment on Central Govt’s Note Ban Decision Coming Soon: 10 Facts

Opposition blames demonetisation as govt’s failure (File)

New Delhi:
The Supreme Court is expected to give its verdict today on the petitions filed against the central government’s decision to ban Rs 1000 and Rs 500 notes in November 2016. This move wiped out Rs 10 lakh crore from circulation overnight.

Here are the top 10 updates on this big story

  1. As many as 58 petitions were filed in the Supreme Court challenging the note ban, arguing that it was not a considered decision by the government and should be quashed by the court.

  2. The State contended that the Court cannot decide a matter for which affirmative relief cannot be granted. The Center said it would be like “resetting the clock” or “unwrapping a rotten egg”.

  3. A 5-judge constitution bench headed by Justice SA Nasir reserved its judgment on December 7 after hearing arguments before the winter break. Justices PR Kawai, PV Nagaratna, AS Bopanna and V. Ramasubramanian are the other members of the bench. Justice PR Kawai and Justice PV Nagaratna wrote two separate judgments.

  4. The Center said the demonetisation move was a “well-considered” decision and part of a larger strategy to fight counterfeit money, terror financing, black money and tax evasion.

  5. Former Union minister and senior advocate P. Chidambaram argued that the Center has not explored alternative ways to curb counterfeit or black money.

  6. He said the government cannot initiate any project related to the statutory agreement on its own. This can only be done on the recommendation of the Central Committee of the Reserve Bank of India (RBI), he said.

  7. The Center has also withheld important documents on the decision-making process, including the November 7 letter to the Reserve Bank and the minutes of the bank’s central board meeting, Mr Chidambaram argued.

  8. When the bank’s counsel argued that judicial review does not apply to economic policy decisions, the court said the judiciary cannot sit idly by because it is an economic policy decision.

  9. The RBI acknowledged that “temporary hardships” are part of the nation-building process. The issues were resolved by a mechanism, it said in the submission.

  10. The opposition blames demonetisation as a government failure, destroying businesses and destroying jobs. Congress president Mallikarjun Kharge said six years after the ‘master stroke’, public cash is 72 per cent higher than it was in 2016. The Prime Minister (Narendra Modi) has yet to acknowledge this epic failure that led to the collapse of the economy.

See also  Hanson band members Isaac, Taylor and Jack pose with 39 members of their family as they ring in the new year.

Featured video of the day

New CCTV footage establishes the full horror of the Delhi woman being dragged by car

Leave a Reply

Your email address will not be published. Required fields are marked *