New Delhi: The Supreme Court in a 4-1 judgement on Monday rejected the challenge by 58 petitions to the Union government’s 2016 decision to demonetise Rs 500 and Rs 1000 currency. The apex court
The five-judge Constitution bench of the apex court, headed by Justice S A Nazeer, upheld the Modi government’s 2016 decision to demonetise the two currency notes saying the decision, being Executive’s Economic Policy, cannot be reversed. The decision making process is not flawed as there was consultation between the Reserve Bank of India (RBI) and the Union government.
The court rejected the challenges on the ground of decision-making process saying that the decision to scrap the high-value currency notes cannot be said to be unreasonable ant it is not relevant whether the objective behind the decision was achieved or not.
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“The notification dated November 8, 2016 valid, satisfies test of proportionality,” the bench said.
Apart from Justice S A Nazeer, justices B R Gavai, A S Bopanna, V Ramasubramanian and B V Nagarathna were the other four members of the apex court bench.
Justice Nagarathna was the only member of the bench who said demonetisation process was illegal. “The demonetisation process was illegal but as the proess took place six years ago, it cannot be reversed,” she said adding that demonetisation resulted in very harsh situations for the citizens, it should have been done only after passing a legislation in Parliament.
However, speaking about the intention of the Modi-let government’s decision, she said that the demonetisation was well-intended and its object were to combat the depraved practices of black money, terror funding and other such practices.
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