NEW DELHI: The decision to ban Rs 1000 and Rs 500 currency notes in India was valid. The Supreme Court has said that there was no mistake in the notification of 8 November 2016.
On Monday, a five-judge Constitution bench of the Supreme Court delivered its judgment on a bunch of petitions that challenged the validity of the Modi government’s November 2016 decision to demonetising.
In November 2016, the central government had ban the old notes of Rs 1000 and Rs 500 rupees.
Hearing the petitions against demonetisation, said that it was legal to stop. The court said that the process of taking the decision of demonetisation cannot be called wrong.
According to the news agency ANI, before the note ban, it happened after consultation between the central government and the RBI.
SC upholds 2016 Demonetisation | Supreme Court says RBI does not have any independent power to bring in demonetisation and the decision was taken after the consultation between the Centre and RBI.— ANI (@ANI) January 2, 2023
According to the report, senior lawyer P. Chidambaram told the Supreme Court on Thursday, November 24, the Union government cannot on its own initiate any proposal relating to legal tender which and can only be done on the recommendation of the Reserve Bank of India’s central board.
“The Central government cannot on its own initiate any proposal relating to currency notes. It can only be on the central board’s recommendation. This decision making process should be struck down”, he added.
“This is the most outrageous decision making process which makes a mockery of the rule of law. This process must be struck down for being deeply flawed,” Chidambaram told the bench which also comprised Justices B.R. Gavai, A.S. Bopanna, V. Ramasubramanian, and B.V. Nagarathna.