New Delhi: The Supreme Court on Monday dismissed a batch of petitions challenging the Centre’s November 2016 decision to ban Rs 1,000 and Rs 500 currency notes. This move of the government had withdrawn Rs 10 lakh crore from circulation overnight.
A five-judge Constitution bench headed by Justice S.A. Nazeer pronounced its verdict on the matter. This decision of the Supreme Court has given a big relief to the Centre.
Along with this, the court also dismissed all 58 petitions.
The apex Court said that this decision cannot be reversed. There is no error in the demonetisation decision. “After examining the records, we have found that the decision-making process cannot be flawed merely because it emanated from the central government and we have held that the term recommendation should be understood from the statutory scheme.”
From the records, it appears that the consultation between RBI and the Centre took place within the last period of 6 months. In this case, the Constitution Bench gave its decision by a majority of 4:1. Only Justice B V Nagarathna disagreed with this decision and said the central government should not have done the demonetisation process.
Justice B V Nagarathna said demonetisation at the behest of the central government was a far more serious issue. Which has an impact on the economy and citizens. The immense power of the Centre can be exercised through legislation instead of notification.