Demonetisation: Big Supreme Court Decision On Centre’s Note Ban Move Today: 10 Facts


Demonetisation: Big Supreme Court Decision On Centre’s Note Ban Move Today: 10 Facts

Opposition claims demonetisation was government failure (File)

New Delhi:
The Supreme Court is likely to rule today on a petition challenging the Centre’s November 2016 decision to ban Rs 1,000 and Rs 500 notes. The move withdrew Rs 10 lakh crore from circulation overnight.

Here are the top 10 updates on this big story

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

  2. The government has argued that the court cannot decide a matter when no substantive relief can be granted. It would be “turning back the clock” or “like unscrambled eggs”, the Center said.

  3. A five-judge constitution bench headed by Justice SA Nazir heard arguments before the winter break and reserved judgment on December 7. The other members of the bench are Justices BR Gavai, BV Nagarathna, AS Bopanna and V Ramasubramanian. Justice BR Gavai and Justice BV Nagarathna wrote two separate judgments, it was learnt.

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

  5. Former Union minister and senior advocate P Chidambaram argued that the Center had not explored alternative methods of controlling fake currency or black money.

  6. He said that the government cannot initiate any proposal with legal tender by itself. This can be done only on the recommendation of the central board of the Reserve Bank of India (RBI), he said.

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

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

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

  10. Opponents have alleged that demonetisation is a government failure, destroying businesses and killing jobs. Congress chief Mallikarjun Kharge said, “Six years after the masterstroke, the cash available to the public is 72 per cent higher than in 2016. The Prime Minister (Narendra Modi) has yet to acknowledge this epic failure that led to the collapse of the economy.”

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