The Union Government’s decision to demonetize the Rs. 500 and Rs. 1000 notes six years ago was maintained by the Supreme Court Constitution Bench with a 4:1 majority.
According to the majority,
the Centre’s notification from November 8, 2016, is lawful and passes the proportionality test. Although demonetization was well-intentioned and well-thought-out, Justice BV Nagarathna argued in her dissenting opinion that it must be ruled illegal for legal reasons.
The bench additionally declared that it was impossible to call the 52-day waiting period for currency exchanges excessive.
It further stated that because the suggestion came from the Central Government,
the decision-making process could not be criticized. In terms of economic policy, tremendous caution is required. The executive’s wisdom cannot be replaced by the court’s wisdom.
The bench further ruled that the entire series of money can be demonetized under Section 26(2) of the RBI Act, which gives the government the authority to do so for any series of bank notes of any denomination.
The bench additionally declared that
it was impossible to call the 52-day waiting period for currency exchanges excessive.
It further stated that just because the suggestion came from the Central Government, the decision-making process could not be criticized. In terms of economic policy, tremendous caution is required. The executive’s wisdom cannot be replaced by the court’s wisdom.
The bench further ruled that the entire series of money can be demonetized under Section 26(2) of the RBI Act, which gives the government the authority to do so for any series of bank notes of any denomination.
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