New Delhi, Jan 2: Upholding the Centre’s 2016 decision of demonetization, the Supreme Court on Monday rejected all 58 petitions challenging it, saying that the financial decision taken by the government can’t be overturned.
The bench observed that the Centre and the Reserve Bank of India (RBI) consulted for a period of six months before undertaking the exercise, and the decision wasn’t hit by the “doctrine of proportionality.”
SC asked RBI to file a comprehensive affidavit:
Justice SA Nazeer, who is set to retire on Wednesday, headed the five-judge Constitution bench comprising Justices BR Gavai, AS Bopanna, V Ramasubramanian, and BV Nagarathna.The SC previously reserved its verdict after directing the Reserve Bank of India (RBI) to furnish the relevant records linked to the government’s 2016 demonetization decision.
The Centre earlier told the SC that demonetization was a “well-considered” move.
RBI, government claimed demonetization had become ‘academic’:
Earlier, acknowledging the ambit of the judicial review of state policies, the bench said it would nevertheless examine demonetization. It said it was answerable to the plea filed to check if the move was a mere academic exercise or had borne any positive results. The RBI and the Indian government’s counsel repeatedly asserted that the matter had become academic in the last six years.
#SUPREEMECOURT #DEMONITIZATION #UNION GOVERNMENT #RBI #2016 DEMONITIZATION
